The term “Portfolio Career” is new to many but not in concept. The term basically means having more than one job, often 2 or 3, that combined make up a career. There are some really great reasons to have a portfolio career but there are also some important reasons why they don’t work for everyone.
One reason why a portfolio career works so well is that it is a great way to have employment in many different fields and areas of interest at the same time which is a great way to find fulfillment through work. For instance I had a portfolio of careers that included teaching (which I love), plus career counseling at a private art college (another love) and outplacement counseling (a niche I enjoy working in). This allowed me the opportunity to work in three different work settings and doing three very different activities – something I would never find all within ONE career.
Reason 2: You can do a job that you love that maybe doesn’t pay well, and combine it with a job you don’t like as much (or even loathe) but makes great money. I’ve met people who are accountants by day so they can earn a decent wage, but they have a second job in retail or dog training because that’s what they love.
Reason 3: Having more than one job can allow flexibility in areas of your life like vacation, telecommuting, and overall when you work. Having a portfolio career CAN mean that you are free to say to each employer when you’re available and willing to work and when you’re not. In theory this allows a person to decide when they want to work. However read below to see the cons of how this theory can sometimes play out.
Reason 4: Great segue to retirement. If you can move from one career to many jobs, often there is a job or job/combo among them that would work for you inretirment. For instance moving from a full-time role to a consulting role.
Reality 1: The most noted downside to the concept of a portfolio career is that often times you don’t work enough hours at any ONE job to be eligible for benefits. That can be a huge issue for many. For some if they are covered under a spouse’shealthcare benefits and are eligible for an IRA or some sort of retirement savings plan, then it works great!
Reality 2: Sometimes have 2 or 3 part-time jobs can make you feel like you’re working 80+ hours and can add to stress rather than relieve it. It is hard for some people to find that balance in working enough hours to make it a full-time career without overdoing it. Think about how much time it will take to commute from job to job, how many hours total, is there “other work” that is required not on the clock – take all of these into consideration before you decide if this is right for you.
Reality 3: Some people just don’t get it and they’ll think you’re not dedicated to your job and therefore if you are really looking to get ahead and move up the corporate ladder – certain professions/industries are not very open to this type of work situation.
Bottomline – it’s a great option for many people and I talk about it a great deal with clients when trying to find a way to create balance and/or fulfillment through work. It’s worked really well for many of my clients who are mothers as a way to stay in the workforce while still raising kids. It’s great for many of my clients who are skilled in something that if you did it for 40 hours a week you’d burn out. AND, it’s great for many of my clients who just have many interests and hobbies and they want to figure out how to incorporate those passions into their lives and get paid for in as well!
Have you ever thought of a portfolio career?
