Still, if you are looking for advice on how to pull off the financial side of career change, please do take a look through past posts or download the free planning tools.  While tax laws for job seekers change often, I think you’ll find much of the content to be plenty relevant still.

If your interests extend beyond financial planning for career change, please visit me on Twitter for more recent communications on all things financial planning.  Hope to talk to you soon!

But, over the past decade or so, circumstances have been changing, in ways both positive and negative, individually and collectively, in our mindsets and life expectancies as well as the economy.  The upshot has been increased flexibility in the way we think about the various stages of the lifecycle, and the varying degrees to which we engage in learning, working, and leisure at all ages.  Because one size really doesn’t fit all — and despite the additional complexity a less traditional lifecycle can impose on your personal financial plan — I think that’s a good thing.  For more on this, check out this article Take A Break From The Binge by The Motley Fool.

Really? Out of work? Starting a new career with little to no income for the near future? Surprisingly, those circumstances could actually work in your favor. Here’s why…

College financial aid is based on the income tax year prior to the year the student enters college, i.e. the “base year”. Colleges will ask for that year’s data when putting together your student’s financial aid award for their freshman year. If it so happens that your income is low that year due to a career-change (or for whatever reason), you may be putting yourself in a more favorable position for need-based financial aid.

If you do the math, you will find that, for most kids, this “base year” begins midway through the junior year.  Translation: If you have a college-bound high schooler who is a junior this year, you have less than 2 1/2 months – until December 31 - to get your financial aid ducks in a row, so to speak.  So set a good example for your kid, a.k.a. prospective college aid recipient, and don’t wait until the last minute to do your homework!

Todd Weaver is a Senior Associate at Strategies for College Inc. who specializes in college admissions counseling and cost management. He writes a blog called College Search Game Plan and can be reached at tweaver@strategiesforcollege.com.

Now with the second anniversary of Pink Slip Lemonade Month barely past, news reports I’ve seen lately suggest that both job insecurity and unflattering pants are trying hard to stage comebacks.  Unless you have a fashion-conscious teenager, the return of bell bottoms isn’t likely to have a major impact on your financial plan. But the recent resurgence of pink slips at the national and local level is another story.

If you missed the boat on taking advantage of these tips for the newly reemployed the last time mass layoffs were in vogue and fear you may be a layoff candidate anew, now’s the time for a perhaps unwelcome, but important, walk down Memory Lane with this 2008 article Are You Financially Prepared for a Layoff? by respected personal finance author Jonathan Pond.

But even if you are 100% sure you have a “can’t fail” idea for a business, actually carrying the whole thing out is scary.  As any retiree will tell you, saying goodbye to the vaunted “steady paycheck” is a big step, and probably especially so in this still uncertain economy. 

Does that mean you shouldn’t do it?  Heck, no.  As the events of the past decade have played out, “employment stability” appears to have evolved into a rather quaint notion, evoking feelings of nostalgia even for many with so-called full-time permanent jobs.  So it could well be that the bigger risk lurks in staying at your current job. 

Risks, risks everywhere.  So what do you do?  Start by reading this:

In the article A top 10 list for all the risk-takers among us, Boston.com’s Scott Kirsner offers up some excellent ideas for mitigating the risks of taking the leap from employed to self-employed.  Check it out before you stop by your boss’ office to say “buh-bye”…

“The goal of this one-day retreat/workshop is to help you gain clarity on the career parameters you should consider to make better career choices for the future.

During the retreat, you will work on self-reflection exercises, alone and in teams, to help you better understand your lifelong career interests, your motivated skills, your behavioral style, and the rewards you want to achieve from your work. At the end of the retreat, we will brainstorm as a group to discover career options that will fit your unique needs.” – Randi Bussin

Click here for more information and to register for an upcoming session!

In this case, the couple wanted to start a family but felt they had to pay down their debt before they changed gears.  Smart!

Photo by Sharon Harvell

Could it be that the long-awaited bluer skies are finally returning?  The stock market, holiday spending, and other economic indicators are up. Most welcome of all perhaps, according to the latest report, unemployment is down. 

If you are one of the lucky beneficiaries of this nascent uptick in hiring, congratulations!  Before you get too caught up in the day-to-day demands of full-time employment, check out my thoughts and others’ on how to make the most of your new job – financially speaking — in this article Newly Re-Employed Need To Revisit Financial Goals by CNBC’s Shelly Schwartz.