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Pursue a Portfolio Career
John" had built a solid career and was a respected senior manager at a midsize company. Then the company downsized and John, 51, was let go. Though he wasn't desperate financially, he still had to work. John updated his resume and applied for jobs but received no responses.
But John wasn't too excited about doing the same thing again. He liked some aspects of his old job, but it was narrowly focused, and he had other things he wanted to do and another side of himself he wanted to explore. John, a composite based on some of my 50-something clients, turned a career disruption into the catalyst for a bold, new step. He decided to pursue a portfolio career, which can be a smart strategy for experienced professionals at a career crossroads. What Is a Portfolio Strategy? A portfolio career is the pursuit of more than one income source simultaneously, usually by applying the various s****s you've developed throughout your career to different types of work. For example, you could combine consulting with part-time work, teaching at a local college and freelance writing. You could use your speaking and facilitation s****s to lead workshops at companies or educational institutions. You could even develop your own product or service. But such a career will not be handed to you on a silver platter. You will need to mine less-obvious and hidden markets -- small companies that need expertise on a part-time basis, for example, or vocational schools looking for part-time instructors. Another portfolio career characteristic is that you'll work at different rates. Some jobs will pay well and others won't, but the lower-paying gigs might be fun or offer intangible benefits, such as an opportunity to give back to your community. You will also likely deal with a fluctuating income stream, which you can smooth by securing ongoing part-time contracts. Alone, these contracts might not be enough, but when added to other contracts and jobs, they should give you enough to live on. Is a Portfolio Career for You? A portfolio career isn't for everybody, especially those who need group health insurance and other benefits that usually come with full-time employment. But if you can get health coverage elsewhere and a portfolio career sounds intriguing, here's how to evaluate whether it's right for you:
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