Life Kit: Money Can you afford to make a big life change?
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Sep 30, 2025 Jill Schlesinger, a certified financial planner and CBS News business analyst, dives into making significant life changes with a finance-first mindset. She shares a five-step framework to assess your financial readiness for big moves like quitting a job or relocating. Jill emphasizes evaluating job benefits, liquid assets, and liabilities before making decisions. Her advice includes emotional pauses, analyzing spending habits, and forecasting financial scenarios. Plus, she shares her personal career transition, showcasing the importance of clarity and planning.
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Sunk Costs Don't Dictate Your Future
- The sunk cost effect makes people keep bad choices because they've already invested time, energy, or money.
- Jill Schlesinger warns that past investment alone doesn't justify continuing a path.
Inventory All Your Resources
- Calculate all resources you own, including retirement accounts and future entitlements like pensions.
- Count both liquid assets and benefits you might lose if you leave a job.
Account For Employer Benefits
- Include job benefits like subsidized health insurance, 401(k) matches, and dependent-care accounts when evaluating income.
- Model how losing employer benefits would change your cash needs after a reset.
