I am an unique individual in that I love my job; I look forward to going to work each and everyday. Given this, it may seem counterintuitive that I am constantly reading articles and blogs on financial security and planning for retirement. In the event that I were to lose my job, I do not want the added burden of the loss of financial security. It would undoubtedly take time to find another job that makes me as happy as my current job.
I have watched advice on financial security and planning for retirement evolve over the years. One piece of advice toward financial security that has become common place is having a second income. I doubt that this advice was prevalent for my parents generation. When I was my son’s age, pensions were heavily valued, and 401K was a novel idea to most adults where I grew up. Most often those with a second income had side jobs just to make ends meet.
A couple of years ago, my boss at EY told me that everyone needs a second income because we never know what may happen that is beyond our control. At the time this seemed like surprising advice from an extraordinarily successful man with a large pension in his future. I gave this some thought, and then I let the idea go. Then the pandemic happened.
Over the course of 2020, I watched so many lose their jobs through absolutely no fault of their own. I watched small businesses, that the owners worked for decades to build, close without warning. Of the many lessons that 2020 taught us, the fact that we do not have control of the security of our livelihoods stands out.
The upside to all of this is that in today’s world there are so many ways to establish a second income. The gig economy offers opportunities for a huge variety of skill sets, including driving, programming, running errands and pet care. Real estate offers endless opportunities. Many people have hobbies that can be monetized. The key is finding something that one enjoys doing and can balance without taking anything away from their current profession.
I encourage everyone to start thinking about how they may add a second income to their livelihoods. The website, www.MyBlankJob.com, offers a huge variety resources to help users find opportunities for a second income. When I go to the site, I it empowering to click on “Find Your Purpose“. In the “Find Your Purpose” portion of the site, users find valuable resources to further their careers, become entrepreneurs and identify opportunities for a second income. MyBlankJob has come along at just the right time as we all adjust to the uncertainties in today’s rapidly changing world.