Financial advisors will tell you never put all your eggs into one basket.
Brilliant advice, but why does it need to stop there?
Having one source of income is risky.
If you’re working corporate and get laid off/fired you’re in trouble.
If you’re an entrepreneur/freelancer and lack predicable paychecks you’re screwed.
You and I have been told to choose something for your career then focus all your time and energy there, but what if that isn’t great advice?
What if I told you can have both? (have your cake and eat it too!)
There are pros and cons to choosing working for someone else vs. working for yourself, but if you manage your time right and stay organized there’s no reason you can’t sustain two or more options.
You may be hesitant to monetize your passion, which is fine, but is there another side project you can earn money from?
If working a salaried position within a company, “full-time” needs to be defined up front (ask in the interview process). The scary part is once you’re on salary you’re not being paid for the hours worked, but essentially based on the needs of the company (translation: overtime is not optional or compensated for).
Remember full-time is technically 30 hours and if you’re dealing with a startup you can negotiate this ahead of time. In fact it’s refreshing that most people working in startups actually encourage you to have side hustles.
Google made “side projects” cool by promoting 20% time. Employees get 20% of their work time to spend collaborating with others trying to create new products/services. Now everyone doesn’t work for Google or a company of that stature, but we all have the same amount of time in week to use accordingly.
For instance if you’re working a 9-6 job plus have a family, set aside a few hours a week after putting the kids down to draft out and test your ideas. If you’re single or dating, you really have no excuses.
Maybe you’re waiting for permission or inspiration, but like most things in life consistent practice brings results. Ask most successful entrepreneurs how many times they failed and the number is far greater than those who haven’t tried.
In the gig economy your “job” will change more frequently so if you’re not learning new skills or polishing your current ones, you’ll be left behind.
My point is don’t rely on one source of income to sustain you. In a fast-paced, changing world it’s better to have options in case something doesn’t pan out the way you anticipated it to. Life comes at you fast. Be ready.
Diversify your career. You have a better chance of succeeding that way.