Getting a new start in a different career often means making sacrifices and tough financial choices. Just ask D.J. Barker.

Barker had two uncles who were policemen.

Photos by LEITA COWART/Special (ENLARGE)

After years as an officer with the Austell Police Department, D.J. Barker became intrigued by the financial industry. He researched the field, got additional training and landed a job as an assistant to a financial planner with the Henssler Financial Group in Kennesaw.

(ENLARGE)

Ellen Springer, CPA and president of Strategic Business Resources Inc. in Kennesaw, says that it's important to budget carefully and to be judicious about borrowing money to finance a career change or a new business.

"I always knew that was what I was going to do. I was going to be a cop," Barker said.

He became a motorcycle officer for the Austell Police Department, and for six years he worked his way up the ranks, becoming a field training officer and sergeant in investigations. Long hours and working holidays went with the job.

But Barker also was intrigued by the stock market. He liked watching the financial channel on TV, with its streaming stock quotes. Despite the teasing, he would start his mornings at the precinct reading The Wall Street Journal.

At 29, as he and his wife, Amy, began talking about starting a family, he realized that the timing might be right for a career change. He didn't expect it to be easy. He knew they would have to do some research, assess their finances, make lifestyle adjustments and sacrifice in order to turn his dream career into reality.

Barker approached some brokerage firms, but he was uncomfortable with the high-pressure sales atmosphere.

"I knew I wasn't going to be comfortable pushing someone to buy something just so I would get a commission," he said.

On bike rides with his wife, Barker would pass the Henssler Financial Group in Kennesaw, so he looked up the company. Finding that it was a fee-only financial advisory and money-management firm, he sent them his résumé.

"I got the typical 'no thanks, not hiring' letter back, but there was a handwritten note from Michael Quinlan, the chief operating officer, saying that he liked my résumé. I called and asked for an informational interview," Barker said. "I wanted to talk to him about how to make this change."

Quinlan met and talked with Barker at length.

Barker had years of career experience but no college degree, so he enrolled at Kennesaw State University to start working on a bachelor's degree in finance. When Henssler had an opening for an assistant, the company called Barker in for an interview.

Three interviews, actually.

"We grilled him pretty hard," said Jennifer Thomas, a certified financial planner and principal with the Henssler Financial Group. "We knew he was bright, had a lot of life experience and wanted to get into the field. Our concern was that it would be such a drastic change. How would he handle it?"

Barker expected to take a big pay cut and to work during the day and go to school at night for several years. He and his wife were willing to forgo nonessentials, feeling that the short-term sacrifice would be worth the long-term goal.

"My wife was working, and that helped," he said. "We did the budget on paper and made the cutbacks, but, once you start getting those lower paychecks, you really feel the pinch.

"I went from a situation where I could make split-second decisions and knew what to do . . . to going back to square one. I was starting over, and even the terminology was strange."

After a few months, he found himself second-guessing whether he had made the right decision for his family.

"Amy has helped me stay positive, and the people I'm working with are great people and supportive. I'm gaining invaluable hands-on experience," Barker said.

He's determined to give it his all, grateful that the company was willing to take a chance on him. The couple are expecting their first baby in September and are looking forward to being home together for the holidays. Barker's continuing to work toward his degree.

"It will be a couple of years before I can move up, but I like what I'm seeing and [I'm] very happy with my decision," he said.

Look before you leap

Barker was right to research his dream field before making the jump, Thomas said.

"The biggest mistake that people make in changing careers or starting a new business is not researching it fully," Thomas said. "They need to know what they are getting into when they start over. It always takes time and money."

If you've been downsized or your plant has closed, it's important to start researching quickly, said Ellen Springer, CPA and president of Strategic Business Resources Inc. in Kennesaw.

"Being downsized is a big jolt, and you don't know what to do next," she said. "Remember that you can always change trains. If you just sit in the train station and let depression set in, you could end up using up all your severance pay or unemployment compensation."

She encourages clients to take advantage of any job-placement resources their companies offer and to seek career counseling through private counselors, the Georgia Department of Labor Career Centers, Small Business Administration centers, or community networking and job-search groups.

"Find someone who will help you see your opportunities, so that you can recover quicker," Springer said.

Yes, you may be able to turn your hobby or leverage your knowledge into a business — especially in this day of Internet commerce — or to leave the corporate world and become a teacher, but you need a sound financial plan.

"As a CPA, I work with clients who are trying to figure out what to do with their lives, and I get to help them achieve their dreams," Springer said. "I get to be the realist and help them know what they need to be aware of."

A new career often means starting at the bottom and taking a pay cut. It may require costly training to retool your skills. Small enterprise has start-up costs and almost never turns a profit instantly. How will you fund your career dream?

Know what you are giving up

"You may not be happy in your job, but if you've been there awhile you may be part of a pension plan or profit-sharing program. How much will you lose if you leave before you are fully vested?" Thomas asked.

Can you be happy living on less income? Instead of leaving the field or company altogether, you might consider training for a different specialty. Some companies or industries even will pay for the education.

Make sure you are moving toward a dream, not away from a nightmare boss or toxic company culture, she said. What is your motivation for making the change?

Create a budget

If you know you want a certain career and are willing to accept a smaller income, create a budget to see whether it's feasible.

"List everything that can't change: mortgage/rent payment, maintenance of home, cars, food, transportation, children's education, insurance, taxes," Springer said.

Eliminate nonessentials, and make sure you have a contingency fund for emergencies, such as if a child gets sick or the car breaks down.

Be aware of all the costs of a change, including tuition for career-change training or licensing fees and liability insurance for a new business. Experts recommend that you save three to six months' living expenses before starting a business or buying a franchise.

"You might need to work longer to save extra money for the transition. Could you work two jobs temporarily — or work and go to school — in order to achieve your dream?" Thomas asked.

Could you cut back your regular work hours and start your business on the side to reduce financial risks?

"You will probably need to pinch pennies, but don't do it in the wrong way," Thomas said. "You need to keep your health insurance, even though the costs may go up." Without health insurance, one accident could wipe you out financially.

Borrow wisely

Before enrolling in an educational program for a new career, talk to the financial aid department and the admissions department to see what financial help is available, Springer said.

"If you explain your situation and your goal, an admission adviser may help you figure out how to afford it," she said. "Schools have grants and endowments and student loans, and there are many community groups, like the Kiwanis, who offer scholarships."

There are also work-study programs and, in Georgia, the HOPE grant and scholarship.

When borrowing to start a business, avoid credit cards, which have high interest rates.

"Consider using the equity in your home, selling a piece of property/asset or securing a loan through your bank," Thomas said.

Talk with a Small Business Administration counselor to learn how to find investors for your business.

"Don't use your 401(k). It's expensive money. If you use it before you're 59½, you have to pay a 10 percent penalty, plus taxes on what you take out. You're also jeopardizing your retirement," Springer said. "I've seen people take out the money, thinking they'll make enough with the new business to put it back, and instead [they] lose everything."

Use all the resources available

People change careers every day, and the formula to having a good business is not complicated, Springer said. "The reason people aren't successful is that they forget to ask for help until it is too late."

She wrote the book "Turning Your Dream Business Into Your Bread & Butter: Recipes for Running a Successful Business From Scratch" (2007) to be an easy-to-read reference guide for small-business owners, who have to wear many hats and rarely are equipped for them all.

"There are so many resources [books, the Internet, career counseling and small-business organizations] to help you figure out what you want to do and how," she said. "It's quite possible to change course. Just be sure you're on a train that is moving forward."