Would You Sleep Better With a Second Income?
You hear that the recession is over and things are back to normal, and then Microsoft announces it's going to lay off 18,000 people. That's a lot of people leaving one company in a short time.
Our client Andrew went on a long-scheduled vacation to attend his daughter's college graduation. "It's crazy how hard I worked the two months before that vacation, so everything would run perfectly while I was gone," he told us.
The day he got back from vacation Andrew learned his division had been sold. "They're offering you a job with the new owners, but that's not a good thing," his boss told him.
"How so?" asked Andrew.
"Well, the job they're going to offer you is 1000 miles away and includes a big drop in pay, but because it's going to be offered to you, you either have to accept it or give up severance pay."
It is a different world now. I get very nervous when anyone tells me "I have one full-time job that I love, but it consumes all my time!" I love that you love your job - you can't imagine how much I love that, but I still want you to diversify!
I don't want your income, your contacts, your learning and your mojo to depend on one employer. That's too risky!
When you're a consultant or any kind of supplier, having one client makes you a little crazy. I believe it affects your brain chemistry. One the one hand you fixate on your sole client or employer's every need, but at the same time you aren't as sharp at noticing changes in the outside world. You lose your feel for the environment. You don't maintain your network. Your focus shrinks to just one client or one boss.
What happens if that client or boss says "We're through?"
If you have a full-time job, money is still a constant issue. One of the things that bugs me about corporate and institutional fake-itude is the degree to which we can't share our concerns about finances at work. It doesn't look good. You're supposed to be above petty concerns like that, but how can you be?
"Wow, I see somebody got you pretty good and left a nasty dent in your car," says your co-worker with a smile one morning.
"Yeah, heh-heh, that was crazy," you reply.
"I was just buying fish food and somebody sideswiped me in the parking lot at the pet store."
You're thinking "I've got a big deductible on my insurance policy, and I wasn't expecting to have to pay for bodywork on that car. I just found out my son needs braces on his teeth, too. What am I going to do?"
You need to sleep at night. You need to know that you have a second revenue engine running alongside your full-time job, one that you can kick into higher gear when you need some extra cash. It isn't hard to start a side business at night and on the weekends.
It takes a little time and a big step out of the mindset "Who, me? My own business? Oh no no, I have a Very Responsible position! I'm not the type to dabble in entrepreneurism!"
It's exactly that attitude among otherwise smart and savvy people that terrifies me. Maybe it's because I spend my days talking with people who got bushwhacked. They were sure their jobs were secure because a certain VP liked them or because they'd just been promoted.
On top of the emotional trauma when a job goes away, do you have to face a sickening financial plummet, too?
Launching a side business is useful completely apart from the money you earn doing it. Too many working people are too far from the ground, these days. They don't know how their salary is derived other than from a chart on the wall in HR. They don't have a visceral feel for how they add value to their employer.
Start a side business, and watch that disconnection from the ground disappear! You'll see and feel exactly how your products or services earn whatever they cost.
You could get a part-time retail job, but that's a low-yield strategy. There's no sense using more of your precious waking hours earning less per hour than you do on the day job.
Think about earning money doing things you don't do at your current job. You could sign up with Elance to provide writing, graphic design or marketing services (or lots of others) to folks who could be based anywhere in the world.
Get a business card and pick up some bookkeeping, resume-writing or tutoring work. What else can you do, apart from the work you do in your day job? I know you've got more than one talent!
Get the real estate license you started way back when, and do referrals only. Start a blog or a subscription site on a topic you know better than almost anyone. Start a side business doing catering for small events or as a stylist for people who want to make over their closets. Why not? You could be a home and office organizer, a virtual assistant, an IT consultant or a strategy coach on the side.
You could teach people to use social media. You could paint houses.The second-income possibilities are limitless. I'm not talking about shadowy get-rich-quick schemes. This is going to take work and you're going to have to stick with it. But imagine the payoff!
Your day job is not going to suffer when you start a side business, believe me. Your creative and operational juices will flow and you'll find that you're more efficient at everything you do, at home and at work. They say that if you want to improve your time management skills, you should take on something new!
Are you afraid of giving the impression that you aren't serious about your daytime job? Don't worry about that - just make sure your company doesn't have an anti-moonlighting policy (an anti-Human Workplace idea if there ever was one).
If you're worried about the impression that a person might take away learning that a successful salaryman-or-woman like you has another gig on the side, then choose a specialty that's a million miles removed from your regular job.
The key is to step out there and do something! Learn what every entrepreneur learns. You have nearly half a year to get your business going before 2015 hits, and imagine how you'll feel when your business is up and running?
You're CEO of your own career, so why not be CEO of a business, too? Your venture will give you the opportunity to learn everything about strategy, sales, marketing, HR and people that your day job doesn't teach you.
Imagine how much more soundly you'll sleep when you have a second way to earn money, and your entrepreneurial flame is growing?
I can see your business cards now!
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Editor, Copywriter, Freelance Writer, Business Strategist, Online Marketer
10 年I love this sentence, "The key is to step out there and do something!". I see so many people thinking,thinking, thinking! Thinking or learning or preparing won't ever solve the problem. Doing will, and normally in short order!
I completely agree that everyone must have a second income which means have a plan B . So if you loose your job there is something to survive on. It is difficult as your job takes your entire day, as we tend to give in our best and lso put in extra hours even forgetting to have a meals on time or taking a holiday to relax. Yes but it is not impossible. Having a second income would help you sleep better. Liz, I love all your articles and thank you as they set your brains to do an overtime job.
Corporate Communications, Media Expert, Public Relations, Executive Communications, External Engagement, Employee Communications, Content Specialist, Data Analysis, Philanthropy
10 年It would be hard to sleep better with a second income. First of all, you're already worried that you need more money and that will undoubtedly cause stress that ends up taking a toll on your health. A second job would inevitably mean less time to get away from work and rest. Therefore, you'd end up losing more sleep!! A wise friend once told me that no employee is irreplaceable and that a monument won't be built after you when you are fired or quit. Too often, we forget to live.
Digital Health Strategist & Researcher | Mental Health Advocate & Educator | Change Leadership Trainer, Facilitator and Coach
10 年Thanks! I really needed this.
Copywriter and Content marketer
10 年It depends on what your role is. If it's a role where you don't have a huge responsibility on your shoulders then this sounds like a good idea. However, if you work long hours and this routine could affect your health.