Can you afford not to? Is my response. You may be in a job that pays well and you may get invited to all the right parties but if you are just “going through the motions” or your heart is not in it – why do you stay? One thing I have learnt since creating a portfolio career is that if you work hard helping others to succeed – you, and your healthy bank balance wont be far behind.
“How much do you need to earn?” – the question I was asked when I first flirted with the idea of a Portfolio Career. And indeed it is an interesting question that only you can answer.
What sort of lifestyle do you currently have? How many holidays? Do you have a large mortgage? Do your children go to a private school? What car do you drive? How much does all this cost and are you prepared to adapt any part of it?
Essentially there are 3 basic options of how to fund the initial stages of a Portfolio career.
1. Part time work – to fund portfolio exploration
2. Savings. 3 – 6 months “safety fund”
3. “Leap and the net will appear”.
All these approaches have merits and drawbacks. It’s just a case of finding the one that is right for you.
1. Part time work. This seems on the face of it, to be the most sensible one and indeed for many it is the only way they would consider trying this work style. Benefits are low risk and stability. Downsides can limit your horizons. Feeling like you still have a corporate job and just playing at discovering what work will bring you energy and fulfillment.
2. Savings. This is where we see redundancy as an “opportunity”. Many companies are offering monetary incentives to leave and the timing may be right for you. For me this was a great incentive to strike out on my own. Maybe redundancy is not an option but saving a bit every month could be. Are there things you can do without? Where can you make savings? Can you do a bit of overtime? Take in a bit of work? If you are serious about creating a career for the rest of your life – isn’t it worth putting a bit more investment now?
3. “Leap and the net will appear”. This is a tricky one. On the face of it yes –something will happen because you have made this big decision to leap. Something HAS to change and this can be very positive. You’ve made a commitment and have a huge incentive to follow through on every lead no matter how tenuous the link. The downside is that you need to take a “leap of faith” and it may be better to prepare the ground for a slightly softer landing.