Money Talks Podcast: Can you afford to take a career break?
What are the costs involved and what lifestyle changes do you have to make? Andy Soh took a 2-year career break and shares his experience.
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It can be very tempting for some of us to quit work so we can rest, study or just spend more time with the family. What financial calculations do you need to make so you don't end up struggling? Andrea Heng speaks to Andy Soh, who does sales for SMEG Singapore and took a career break for two years.
Prioritise the things that (are) a "must pay", like housing, your car ... and of course the kids' allowance(s). You do not want them to worry that there's no food on the table.
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Jump to these key moments:
- 2:40 How do you plan for a career break?
- 3:49 Managing your expenses as a family
- 8:30 Explaining to your children why you are not working
- 11:00 Taking the backseat on the family's finances
- 13:47 Budgeting for a family holiday
- 15:06 Liquidating your investments
- 16:50 How much should you set aside?
- 19:32 The benefits of taking a career break
Source: CNA/jt
