#34 - Why Become a Consultant and Do It Part-Time with Your Full-Time Job?

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We salaried class Pakistanis face these 3 problems:

?? Ever-increasing inflation. In 2023, inflation rates were 20.18%, and in 2024, they've reached 24.76% so far.

?? High taxation. This year, taxes on salaries have increased, and many people are now paying double what they did previously.

?? Job insecurity. Due to the current economic and political uncertainty, we've seen a significant number of layoffs and business closures in recent years, increasing the fear of losing jobs.

This is causing our purchasing power to decrease daily, with the majority of our salaries going towards utility bills, groceries, and transportation expenses.

This leaves little room for saving, investing, and fulfilling our desires like eating out, shopping, and vacations. ???

As individuals, we cannot control any of these issues.

So what can we do?

We can only work to increase our income.

In full-time jobs, we honestly don't have much control over how much our salaries will increase each year.

On average, it's between 5% and 10% for most people, which doesn't compare to the whopping inflation rate of around 25% annually. ??

This results in a decreasing standard of living and compromises on the quality of products and services we use. We're often forced to switch to lower-grade products.

So the answer is, we can only create another income source.

There are many ways to add an income source to your full-time salary.

But one very effective way is to become a consultant in your own area of work and leverage your experience and knowledge to help businesses solve problems.

I myself have been doing digital marketing consultancy.

No matter if you're in the field of HR, software development, supply chain, or any other field, helping other businesses with consulting is a no-brainer.

However, consulting is not like your usual day job where you take orders from your bosses and work on them.

It's more of a leadership function where you guide the bosses on what they must do to solve a particular problem, improve a function, or achieve a target.

And this is where the money is. Here are a few benefits of becoming a consultant and doing it with your full-time job:

?? Zero investment to start. You don't need a fancy office, a team, or fancy equipment. You can even start it from your bedroom with your own laptop.

? No time bonding. In consulting, clients need results and value, not your hours. 2-3 hours a day can be enough, depending on how you manage your time and tasks.

?? No new skills to develop. If you have 4-5 years of experience in any field, you should have gained enough knowledge and experience to solve problems in your area of work. You only need to develop a consulting mindset and some soft skills.

?? Some services have lower taxation. My services of digital marketing fall under IT and IT-related services, which are subject to 4% taxation. Your services might also fall into a lower tax bracket.

?? Lifestyle profession. You can work from anywhere, anytime, and in your own way. But you need to be disciplined to become successful in a consulting career.

?? Financial freedom. We've been hearing a lot about financial freedom. Consulting can actually lead to financial freedom if you do it consistently.

There are many other benefits of becoming a consultant.

But the most important benefit is that it will increase your income, and you might even earn more than your full-time salary by just doing part-time consultancy.

Part-time income in today's time is not a luxury anymore; it has become a necessity, and part-time consulting can be your go-to for adding this part-time income.

If you need advice on consulting, reach out to me on my DM.

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