4 Secrets to Taking Career RisksWhile Still Paying Your Rent

4 Secrets to Taking Career RisksWhile Still Paying Your Rent4 Secrets to Taking Career Risks- While Still Paying Your RentTake more risks is a common refrain these days. People of all ages are encouraged by their peers and employers alike to keep from staying stagnant- to mix it up, to try new things- all in the personenname of spurring innovation, finding your passion, and making big things happen for your career.Risk-taking is encouraged. But so is loyalty, building your brand and reputation by doing your job well, and- of course- paying your bills. How are you supposed to take risks then, while also ensuring you dont put yourself in career or financial ruin?You have to manage those risks, says Rachel Kim, Career Strategist and Coach at leading online lender and modern finance company SoFi. But we do think the career trend is moving toward people taking their own risks, before they risk losing their job in an unstable market.There are a lot of reasons why people dont experiment mor e when it comes to their livelihood, but most of them stem from fear fear of failure, fear of criticism, fear of the unknown. But theres another side of the coin, too- the potential for opportunity to learn and grow by taking risks. Knowing that, its time to get uncomfortable, get out of your comfort zone, and push aside your fear to bet on actually reaping massive reward.Youve probably heard a few common ideas for mixing things up, like starting a side hustle or taking a few online classes- and those are great ways to take the first steps toward your career goals without putting too much on the line.But what else is there? Quite a bit, actually Here are a few ways to make those big risks feel infinitely more doable. 1. Network for New Opportunities Under Your NoseTransferring departments, relocating to another city (or country), or telecommuting once a week- there are myriad opportunities for changing it up right where you work. And the inherent risks in those big changes, whether youre gunning for the new gig in marketing or gearing up to pitch your boss on working remotely, can be softened by the relationships you already have in place.From day one, we recommend the simplest steps at work Smile and introduce yourself to everybody, says Kim. Get to know other people and what they do, but also understand who they are as people. Build bridges so that you can get intel on new opportunities, build advocates to support transitions, ask to shadow a project, and so on.And if you dont yet have good inter-office relationships? Start now. Use technology to your advantage- connect with colleagues on LinkedIn, and start conversations based on their background and interests. Open up about who you are and what youre interested in, but also be creative about how you can support the people around you.Once you do, youll likely find that youre privy not just to new opportunities, but also to useful advice and feedback that will support and encourage you as you take risks in y our work- at your current company even in your current role and throughout your professional career.2. Design the Job You WantOr, in other words, take the risk of trying out something new at the place that already sends you that steady paycheck. Start by asking What does my company want? And then How can I use my strengths and interests to fill that need?This is an entrepreneurial skill that most companies love. You are solving a problem and aligning your work with your skills and passions. Its a win-win for you and your employerWhile its fairly simple to figure out where your company needs more support, its not always easy to figure exactly what you want. In instances like this, Kim recommends trying to write a personal mission statement, or- better yet- turning to the support of an unbiased party, like a career coach.A really good coach asks good questions to help you think through who you are, what your strengths are, and what you want, she explains. A great coach sees beyond wha t you can see, and theyll coach you so you can really believe that about yourself as well. They help you make external and internal connections- between how you see yourself and what your possibilities are.For this reason, SoFi offers career strategy and coaching services to its members, guiding them toward the opportunities that advance both their passion and their professional viability. Whether you work with a coach or not, once youre clear on the work you can do in the world, you can connect that to the needs of your company and design a position that suits you both.Once youve figured this out, craft a pitch to your manager that highlights the benefits of this new role for you and for the company. Emphasize your commitment to your work and the companys growth, and outline specific ways this new role could solve a problem or boost the bottom line. At the end of the day, whats the worst they can say? Thanks, but no thanks? Youll still be that much clearer on the work you want to d o- and perhaps ready to risk doing that work elsewhere3. Skip the Staycation Try a Shadowcation InsteadShadowing someone is another great way to try on a different career without having to leave your current job. It gives you realistic insight into what its really like to do the job- you may find its not all that its cracked up to be, once youve (literally) walked a few miles in those new career shoes. And shadowing someone in a new position or a different career will help you expand your network, connecting you to people who are already doing the work you want to pursue.Start by soliciting shadowing opportunities as you would job opportunities Turn to your network or research and connect with people you admire in the industry youre interested in. Send emails to the appropriate contacts indicating who you are, what your background is, why youd love to shadow them, and when. Let them know that you are open to whenever works best for them, and are happy to work around their schedule.T hen, clear your schedule. Use a few personal days to shadowcation instead of staycation-ing, ensuring that your manager and your co-workers will know youre offline and unavailable.Much like with a job interview, do your research before you show up, learning about the industry, the company, and the person youll be shadowing. Come prepared with specific questions you have about each, but make sure youre not asking questions you could easily answer yourself with a little bit of Googling. And instead of just following them around all day (or week), offer to help out Ask for specific assignments you can complete and meetings you might be able to sit in on.Finally, spend some time at the end of your shadowcation reviewing your experience with the person you shadowed, reviewing any follow-up questions and asking for feedback on your own performance. Of course, dont forget to send a note or a small gift of thanks, and stay in andeutung with your contact This might be the start to a new prof essional relationship. 4. Weigh the CostsFollowing your passion is important, but so is taking care of your responsibilities, says Kim. At SoFi, we want people to feel like theyre taking a good risk.The best way to feel comfortable with the risk youre taking is to calculate just how risky it is- and to make a plan to manage that risk. What will it actually cost you? If youre thinking about changing careers, for instance, consider Whats my projected income if I stay? Whats my projected income if I switch? Or maybe you think you need to quit your job to find your passion. Think through How many months do I think I would need to take off (and how many would I in the worst-case scenario)? How much of my savings would that require dipping into? SoFi currently has a Return on Education tool that helps members calculate the financial return of their degree, and the team is also working on a salary tool, based on the plethora of degree-, location-, and industry-focused salary information in their proprietary database. Additionally, Kim says that she and the other career coaches at SoFi always recommend adding a recruiter to your network as an unbiased party who will help you understand the financial implications of a given move. Theyll give you the real numbers, she shared.But there is also, perhaps, an even more important number than money to consider when planning for a career risk whats your ROR or Return On Risk?Theres so much more to consider than salary, says Kim. mora often, people take career risks to find more happiness and meaning, not more money. Remember what youre giving up if you dont take this risk- why did you consider it in the first place? Even if you failed, what do you gain? If you dont even take the risk, what have you lost? Thats the real cost.By planning ahead, crunching these numbers, and reflecting on your ROR now, you will actually have an answer to Whats the worst that could happen? and can make a plan to overcome or prepare for it, like sav ing money to lower the risk and lessen your fear. Youll also have a clearer understanding of Whats the BEST that could happen?- giving you more motivation to push through the risk. Whatever you do, it wont seem quite as risky when you have planned ahead.At the end of the day, dont let the perfect be the enemy of the good, says Kim. Sometimes you just have to start and then youll figure it out.Sure, theres a option your risk-taking wont pay off, but if you approach it with careful consideration and planning, and if you believe in your ability to succeed at something new, youll likely see greater professional rewards than you ever thought possible.