Bored of a 9-to-5 job? Try portfolio career
As individuals seek to maximise their talents, find work-life balance and monetise their skills through multiple income sources, the concept of a ‘portfolio career’ is gaining popularity – perhaps for all the right reasons
About 80 years ago, American psychologist Abraham Maslow introduced his famous five-level pyramid known as the 'Hierarchy of Needs.' At the base of this pyramid lies the 'physiological need' – representing a person's primary motivation to earn a living in order to fulfil basic requirements such as food, clothing and shelter.
Once this need is satisfied, individuals strive to progress through the subsequent levels, eventually reaching the pinnacle referred to as 'self-actualisation.'
The pursuit of money to fulfil essential physiological needs often compels individuals to explore various avenues, occasionally resorting to 'moonlighting.' The emergence of second-income, side hustles or multiple sources of passive income — all indicate the prevalence of people utilising their spare time to earn extra income.
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Whether it's a college professor providing private tutoring to students or a finance professional offering bookkeeping services to a small local business outside of regular office hours, numerous examples can be found across various professions.
This burgeoning phenomenon brings attention to the concept of maximising one's talents within ethical boundaries. And here comes the idea of a 'portfolio career,' broadly defined as a series of jobs, each of short duration, rather than a continuous stretch of a single occupation.
Pursuing a portfolio career requires individuals to be willing to take risks, venture into uncharted territories, and accept jobs that may bear no relation to their previous endeavours.
More freedom, more money
A portfolio career represents a working style where individuals combine multiple streams of income, continuously discover their self-worth, and strive to find the sweet spot between various opportunities.
While it offers a better work-life balance, extended periods of inactivity can potentially lead to frustration. With growing disillusionment surrounding traditional fixed-time work, it is unsurprising that many individuals now prefer a career that allows them to choose what they work on, when they work, and with whom they collaborate. Those with a portfolio career often engage in a variety of job types, whether full-time or temporary and may hold different positions simultaneously or at different stages of their career.
One notable advantage of a portfolio career is the freedom it provides for individuals to tailor their professional paths and monetise their skills through multiple income sources. This flexibility proves highly valuable, as individuals often need to adapt to the demands of an ever-changing world, rather than remaining confined to narrow skill sets that may become obsolete overnight.
Studies have shown that many older workers prefer a portfolio career due to the flexibility it offers, particularly after following a linear career path for an extended period. Instead of enduring a repetitive daily routine, a portfolio career brings the allure of variety.
High demand
Furthermore, portfolio careers are gaining traction as many companies struggle to fill permanent positions with individuals possessing rare talents while retaining the ability to adjust to short-term goals. Additionally, many jobs come with no guarantees of long-term stability.
Arguably, portfolio careers provide professionals with enhanced financial security by diversifying their sources of income, thus reducing reliance on a single job. This strategy helps safeguard against major financial crises that may arise if an individual loses their sole employment.
However, it is important to exercise caution and test the waters before transitioning from a full-time job to a portfolio career.
Many professionals of the present generation believe that a single job within a specific organisation is unlikely to provide the desired satisfaction, growth and versatility they seek. In contrast, a portfolio career enables individuals to explore their passions, take control of their career trajectory, and tap into multiple income streams.
These factors broadly contribute to the growing fascination with a 'portfolio career' and interest in pursuing it.
