Rethinking your career portfolio

To say that the world of work is undergoing a tectonic shift would be an overstatement, but there are changes nevertheless. Socioeconomic circumstances such as interest rate increases, a laser focus on cost, and remote work, coupled with Geo-political shifts like ongoing supply chain disruptions, increased political unrest and opposition to immigration, are definitely accelerating the transformation. A lot of the content on this blog comes from experience, conversations, and scanning the world for news and trends. While we have talked about the gig economy, non-linear careers, and being your own employer, much of the conversation still revolves around the traditional concept of an employer-employee relationship.

The world transitioned away from the idea of committing to a single employer until retirement a long time ago. Long service awards are no longer a badge of honor to carry with pride. Switching employers at regular intervals is the norm and the best way to increase salaried income. Then came a wave of people rejecting the notion of working for someone else, and entrepreneurship grew in popularity. Soon after, came the concept of the gig economy, holding multiple jobs at once and being accountable to multiple employers.

Now, the world has shifted all over again. First came the pandemic, ushering in the harsh reality of mortality and a ‘reevaluating your priorities’ phase. This resulted in people around the world wanting to retire early, spend more time with family and friends, and pursue a variety of personal interests. This was soon followed by massive economic uncertainties, challenging the way we viewed job security. And now, with rapidly changing Geo-political situations, one is no longer sure which businesses will remain in which locations. Unfortunately, in today’s world, you don’t get paid to spend time with your family and friends, to pursue whims, or to drastically cut down stress from your life.

The need for hedging your revenue sources has never been more urgent. Nor has the need to build a holistic career portfolio for your mental and financial security.

What is a career portfolio? HBR first talked about this concept in 2021. Since then, it has been written about multiple times. You likely already have an investment portfolio, and artists have a portfolio of work always available. It’s now time to bring the same concept into the world of work by transforming your career path into a career portfolio. You could have multiple paths within the portfolio, but it is time to diversify and do it seriously. And this is more than just diversification of your income streams. It is diversifying how you invest your energy into active sources of income that match the things you are passionate about. It is something I’ve been thinking about a little more than I have ever before.

If you can’t think about what to add to your career portfolio, let me start by sharing some of the possible additions to my portfolio.

1. The Day Job: I intend to keep the day job on my portfolio as the primary source of income. I love my job (on most days) and find it fulfilling in many ways. And because I talk enough about that on this blog and off, let’s move to the next.
2. Writing: I have been writing for as long as I have been talking and I don’t mean in the literal sense of putting words to paper. I wrote short stories as a kid and made a minuscule amount of money from them. This blog has been around for ten years and while I no longer invest as much time writing fiction as I once did, I would like to believe that if I put my mind to it, I can find a way to make some money from my ability to string words together. At least, I’d like to try because I enjoy it. I can’t monetize this blog since it will risk my day job, so it has to be writing not related to work. I am not banking on publishing books because unless it’s a roaring success and transformed into a movie, making money from it is akin to pulling teeth so a blog, column or short stories is more like it. [If you are looking for someone to write you a regular column, drop me a note!]
3. Podcasts: I have built and executed two podcasts from scratch for over three years now. Again, I can’t monetize the podcasts themselves because of my day job but I can help others set theirs up, run workshops on the topic and find multiple avenues to make some money off the skills I’ve acquired. After all, isn’t everyone looking to launch a podcast right now?
4. Becoming a landlord/AirBnB host: I put this in because while it may seem like a source of passive income to some, for someone who has never played the game, it feels like a big job consisting of endless paperwork, figuring convoluted processes and overcoming a set of irrational fears. Yet, for the first time ever, I have the opportunity to play in this space and I do not have any intention of letting it pass.

Those are some of the ideas I have. If you have recommendations on what I can add to the list, let me know. BUT – my challenge to myself for the next 30 days is to take building a career portfolio seriously. I am well aware that the portfolio itself will be years in the making but we have got to start somewhere and I’d rather start today than later. Over the next 30 days, I intend to build a three-year plan on getting at least three non-passive revenue generating streams that can potentially spin off into their own career. If I feel extremely confident, I may even share it here and maybe you can help me achieve it. And per usual – my challenge to self, is my challenge to you. I understand that it may be something that doesn’t interest you. Even if it doesn’t, I challenge you to visualize what your portfolio would look like if I held a gun to your head and demanded you create one. You don’t have to act on it but give it a thought.

And as you are thinking about your portfolio, here are three things I have learnt about getting the portfolio off the ground.

1. Spend money to make money: Perhaps the oldest saying in the book but also the scariest one. I am extremely risk averse when it comes to finances. My total stock investment is less than 350 euros! Yet, I realized with the pods that I am not the expert at everything. I either need to invest in tooling or people to ensure the right return on investment on my time and effort. It has historically been something that I am absolutely averse to doing but under the influence of a few key players around me, I have started to ever so slightly warm up to the idea. Which brings me to the next point.
2. Find the right partners: This too has been said to death. You may think you are a solo flyer. I thought that for a short while but the truth is, with the right business (or any) partner, the journey is far easier and enjoyable. However, it has to be the right partner and not just any partner. You need someone who will pull you up on the days when you just are not into it and will step in for you when you need days off. Find someone to complement your strengths and you’ll be golden. HR Bandit was a solo venture but now that I have a partner, she keeps me accountable when I am feeling ‘meh’ and is pushing me to think differently on how we do things vs just keep things the way they were. So just like the cash, don’t skimp on this one.
3. Intention:  Lastly – intention. You may like to believe that as long as you are doing the right thing and doing it well, you will automatically catch eyeballs, get promoted and make money. If that were true, I’d be a millionaire. But sadly, I’m not even close. Thus, we’ve got to give this as much intention as we give our day jobs if not more. Be intentional about where you invest effort, why and the return you expect to reap. You don’t leave your day job to chance, why would you treat your other careers any differently.

Also, should I add being a life coach to my portfolio? What would you pay me for? Let me know in the comments below. And if you are feeling generous and brave, do share your career portfolio with me. I can use every bit of inspiration I can get.  

Until then, have an absolutely amazing August and watch out for more content coming your way.