Hey everyone! Been ruminating about it, so I thought it might make for an enlightening conversation. This may help some of you in terms of what to work on this year as well.
All of this indicates that because all of us are allotted the same 24 hours per day, what we do with our time is literally a matter or life and death. For that reason, I think it is also valuable to determine what has the best ROI of energy output as well.
I have been lucky enough to do well professionally, and much of my savings and financial growth comes from that.
I have the fortune of reaping several financial successes so my inclination to focus on supporting that work in its main career, partially due to bias towards that success as well.
The ideal way varies for the individual and is dependent on many factors including your background, career history prior to this job change decision, interests as well as strengths.
But the following are a few refinements to your main career focus:
Existing Value
Getting income means being off service: Earning incomes, on the other hand is an indication of how your employers/clients deem you being serviced at work. The score will already have a value, providing us with some baseline to work from. Because you are in a position already where people acknowledge your strengths, but at the same time, because of that they know exactly what is valued and not (or else how would others ever see value).
Advantages
- Personal Development: Understanding what is of value in the role you do; enables growth to be tailored form, i.e. where scope for improvement or extension may benefit (PD). Download Visual Vocab For example, a popular ingredient to percolating up impact and career growth is intentionally working on projects or with skills that are highly valued in your company.
- Added Value Increment: Attempting to add more value through new responsibilities, ideas or by adding efficiencies into the system. Going with this piecemeal, step-by-step process remedies a lot of those issues and generally yields much bigger career moves in the long game.
Strategies
- Ask for Feedback: Always ask both your supervisors and peers how you can do more to contribute.
- Spot Gaps: Be on the lookout for opportunities in your industry, where improvement can be made or an innovation developed and find a way you can begin to bridge those gaps.
Established Network
You probably work in your field, so you have a base of coworkers, mentors and industry contacts; Those relationships are important for career progression and can open up a lot options to better your life.
Advantages
- Utilize Connections: Do you know someone who knows someone? It might even be a way to tack some insights into the trends (or opportunities) on your network bandwagon.
- A Support System: A group of humans always have your back can hold a tremendous value when you work through career struggles or chase after new car dreams. These will not only refer or recommend you, but also give out their endorsement again which gives new opportunities a chance to open.
Strategies
- Connected Continuously: Stay connected through consistent communications, attending industry events and participation in professional organizations each month.
- Provide Value: Cultivate relationships by providing assistance and supporting members in your network which will incite reciprocal action as well as fortify those connections at the same time.
Industry Knowledge
Don’t think that means you have to boast your way through life, but knowing a lot about whatever industry you’re in is key. When you are attuned to the industry trends, realities and best practices you can take strategically informed decisions in your professional life with deftness.
Advantages
- Being informed: Once you know the industry inside and out, it enables to make more meaningful career decisions such as finding emerging opportunities or mapping your goals with the current trends in Industry.
- Competitive Edge: Knowing what financially successful people are doing and how to imitate or avoid them in your career is a competitive advantage.
Strategies
- Stay Informed: Obtain the latest information through professional periodicals, industry magazines and other related online materials.
- Take a Cue from Success Stories: Research about the people who have actually achieved what you dream of achieving. So conduct a proper analysis of their strategies, choices and practices to discover what led them towards success and how you can imbibe those principles into your life.
By contrast, here’s when concentrating on a side hustle could be the smarter move:
Discontent with Career
Maybe it’s time to move on from your current career if you are finding yourself unhappy or unfulfilled. It might be a lack of passion, work-life balance or growth opportunities.
Advantages
- Opportunity for Growth: Changing your career could result with higher job satisfaction and fulfilment. It can also pave new paths for learning and growth.
- Alignment with Interests: If you are entering a new career, it can be more suited to your natural strengths and preferences so that motivation is higher.
Strategies
- Self-Reflection: Identify factors in your current job that you dont like, and how would you go about changing it. Know what you are good at, love and want to do with your career.
- Research Other Options: Check out different careers that suit your skills and aptitude better. Schedule information interviews, job shadowing opportunities or internships to learn about the other employment areas.
Passion Project
If there is a project or an idea you are passionate about, transitioning said thing into your new full-time work can be incredibly worthwhile. Passion projects are typically based on a true love or excitement, which might result in long term dedication and achievement.
Advantages
- A Sense of Purpose: Passion projects tend to solve a problem the founder has come across in life which often correlates with them sticking it out even when entrepreneurship is tough.
- Innovation: Another amazing aspect of passion has to do with creativity and innovation that we can bring to it because we are interested in this makes us stand out from everyone else doing our job.
Strategies
- Validation: Put your passion project to the test before you go all in. Collect feedback and validate it in the market.
- Create a Realistic Plan Planning: Write a detailed plan on how you will start focusing more in one area while still keeping your current job. It provides finance, suitable market research and scaling up approach.
High-Income Potential
Opting for side hustle with high income potential can offer you great financial rewards. Search for things that yield a great ROI, invest in them — and let thousands of tiny leaks turn into your rivers overtime.
Advantages
- Financial Bounty: A side hustle with income-earning potential can keep you financially afloat, and speed up the path to financial milestones.
- Scalability: Good opportunities pay high ROI, AND can scale to earn you more with no additional work.
Strategies
- Market Research: Discover and evaluate side-hustles that make good money and identify patterns that indicate needs and competition to find where your efforts would make the most sense.
- Leveraging Skills: Find a ‘Side Hustle’ that suits YOU.
Career Limitations
For those of you dead in the water, it might just save your career — especially if your current gig is low on upward trajectory opportunities or a dying industry. Stagnation is the best-case scenario for lack of career prospects optimism; however, job satisfaction will just drop.
Advantages
- Diversification: Having a side hustle can give you an additional way to grow and learn, which ultimately minimizes the risk of your career stagnating or declining due to no fault on your part.
- Future-Proof Your Security: By learning new skills or exploring a different career, you make yourself more attractive to potential future openings.
Strategies
- Invest In Your Skills: Focus on the solution so that you have a demand for an up-and-coming industry or category from which to absorb new technology and understanding.
- Networking: Get to know the right people in your desired industry or field who can help provide feedbacks, insights and opportunities for transitioning.
Passive Income
The more automated or scaleable the side hustle, known as passive income to some extent allows you make money with minimal effort down the line. This could free up time and ensure financial stability without ongoing active participation.
Advantages
- Passive Income Streams: streamlining your success because they require less day-to-day management than active investments, giving you time to focus on other pursuits and be more leisurely.
- Economic Support: With a set passive income, it can serve as an ever-present funding base away from regular active employment.
Strategies
- Automation: Search for side hustles that have automation options like digital products, online courses or affiliate marketing.
- Scalable: You should focus on opportunities that you can scale, this means over time your income will increase without a commensurate rise in effort or hours worked.
For Younger Individuals
For those taking their first step into the world of work, investing wisely with your choice of occupation can lead to some of best returns over a working lifetime. On the other hand, even if you may be wondering what is a great income to live on while not earning any and are simply reverting — maintaining this perspective will assist with locating your way back onto top.
Advantages
- Foundation Building: A good, well-matched career and education path lays a strong foundation for future success as well growth.
- Goal Direction: Working within a career that aligns with your interests and strengths will likely increase satisfaction on the job, as well as overall in lifetime.
Strategies
- Career Exploration: Check out different industries and fields to figure out which one you would like that fits with your interests and goals. Get an internship, work part-time or volunteer in fields where you lack experience
- You Should Plan Your Education: Graduating with debt is not the end of the world, but it prepares yourself for your field so that you can make enough to pay those loans back.
Only do something on the side if it can be done without affecting your main job. One additional note, DO NOT quit your job until your side hustle can effectively replace at the very minimum 100% of your primary.
What do you all think? Are there any main points or aspects I left out?
