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A dog walker opens a pet bakery. A freelance writer develops an online course. A YouTuber authors a book. A musician teaches kids. A blogger opens an Etsy shop. This is the portfolio life, and it’s how Millennials are redefining "job security."
Vocation is no longer a single career, but who we are and how we live our lives. Author Jeff Goins of What Is The Portfolio Life puts it this way:
Writers and artists have long had to figure such things out, but as the world of work changes, more people will be forced to think of their work less in terms of a job and more in terms of a portfolio.
Job security to past generations meant staying in the same place, climbing the career ladder, and 401(k)s. Whether you blame parenting styles, lack of great leadership, or a plummeting economy, that ladder climbing system is no longer working.
The portfolio lifestyle is not a totally new idea. In The Art of Work, Jeff Goins links the phrase back to Charles Handy and his 1989 book called The Age of Unreason. The time has now arrived when the concept is catching on.
But, this new way of doing things is not without its challenges. With preparation, managing a portfolio of different income streams and lifestyles can mean not only more job security but greater personal fulfillment too.
How can you do it?
Think Differently. Handy calls for "portfolio people" to set a goal for the year and break down financial needs from there. Leaving time not just for paying work but to build up other areas of our lives, as well. This creates a greater sense of purpose.
Ask yourself what you want to make for the year, how many days you could work, with time off, and how much you would need to make each day to make that happen. This kind of brainstorming opens up new possibilities.
Don’t see a way to meet your income goals where you are? Look elsewhere. Many Millennials are changing continents to make their dreams come true. While there is something to be said for working your area, there may be another calling for you: Don’t box yourself in.
In another book, The Second Curve, Handy says:
Anything that takes us out of our comfort zones for a while can act as a reminder that the past we are used to may not be our best future.
What currently is may be comfortable, but is it what you really want?
Get Your Head In The Game. One of the commonly cited reasons for why Millennials are the way they are, in a negative sense, is all those participation trophies we received growing up. Being rewarded for just showing up physically but not necessarily mentally.
Well, it’s time to really get our heads in the game. If we are going to turn this thing around, we need to gain new skills and grow our resolve and endurance. Instead of accepting that we’ve been dealt a bad hand, we can simply ask, "How can we make it work?"
How can I add more value to the marketplace? How can I build on what I’m already doing for greater financial success?
Ask yourself the right questions and then take action.
In an age of two-minute hot pocket dinners, we need to step back and realize that anything really worth doing takes effort. It requires us to create some new neural networks in our brains.
Fortunately, the technology we love provides all kinds of ways to do this.
We can read more. Think libraries are old school? An analysis by Pew Research found that Millennials are the American generation most likely to visit public libraries. We can take online classes. 99U, CreativeLive, Udemy and more platforms offer classes on every business and life skill imaginable. We can read sites like Forbes which you are doing now. Kudos.
Ask For Help Often. Some of us cringe at the thought, but we have to realize that social technology does not automatically equate real connection. Managing a portfolio of work and different income streams takes a lot of skills. We need to understand productivity, business, tax requirements, and more. Portfolio people do not have one boss to rely on to tell them what to do.
We need to let go of thinking we can just go with it and do everything on our own. We need mentors. We need experts with great advice.
We need back up.
Start developing genuine, truly connected networks. Sure, they can be on Facebook but make sure you choose active, supportive communities.
Put It All Together. The Industrial Age has turned into the Information Age. Use the information to your advantage. Take those varied skills, your multidimensional self, and make a living that provides security your way even if it is unconventional.
Having multiple streams of income creates job security and stability by not putting every resource in one box. It takes work. It takes courage. But you and others can benefit greatly if you take up the challenge. Think about how you can stabilize your multiple income streams. Work a part-time job while developing your side hustles. Or instead of one-off jobs, maybe you can charge a monthly retainer for your services.
Creating your own income mix means you are in control, not someone else. Freedom plus flexibility. Sink or rise, it’s all you. Let’s mix things up.
