You have to mind your own business
One key response to the challenges at hand is for workers to mind their own business.
They have to actively future-proof their jobs, increase their incomes, and preserve their wealth. This includes securing their future income streams from potential shocks of organisational restructures, poor health, automation, economic uncertainties, and poor management.
When salaries and wages do not increase, workers are forced to find alternative income sources. Hence, the rise of the gig economy.
One research that resonated with me showed that starting a side-business or participating side-gigs while still having a full-time job is the best pathway to success and job security in the future.
In a 2014 research entitled Multiple Job Holding, Skill Diversification, and Mobility, researchers found that individuals can use multiple jobs as a conduit for obtaining new skills and expertise and as stepping-stones to new or better careers, or even self-employment.
The acquired skills, knowledge, and expertise can give us diversity and security of income, increased job security, and a strong foundation upon which we can have future employment in the career of your choice.
The researchers found that multiple jobs do give us economic security and upward mobility.
Monetise your skills and secure your future job and income
It’s important to note that each person has gifts, skills, and knowledge that can enrich the lives and businesses of others.
In doing so, they could also earn some additional income.
Apart from earning salaries and wages, the monetisation of individual skills and experience will greatly benefit everyone, especially in their later years.
Unfortunately, entrepreneurship or starting a business is not for everyone because of individual risk profiles, personal strengths and preferences, and level of financial literacy and capability.
The appropriate response for workers is to acquire or develop assets well before retirement. Assets put money into our pockets. They include business systems like blogs and investments like real estate.
Apart from asking employers for a pay raise or switching to a higher paying job to earn an active income, there other options available to employees to generate passive income for themselves:
- Starting an online blog, Facebook group, etc., that monetises revenues from advertisements, affiliate marketing, and selling services and products.
- Starting an e-Commerce site that sells services and products or uses existing platforms like Amazon, eBay or Shopify.
- Investing in real estate.
- Investing in equities, commodities, and gold.
- Investing in websites or virtual real estate that is making money.
- Participating in a network marketing system.
- Starting a home-based business selling products and services, including participating in Airbnb, Fiverr, Uber, and Upwork.
The beauty of engaging in entrepreneurial endeavors part-time while in full-time employment is that when you do retire, you can still continue to keep your mind engaged and generate passive income by managing businesses and investments that you have already acquired or started years prior as an employee.
However, employees must check for potential conflict of interest issues with their current employer including terms of employment.
Businesses and investments are also insurance policies for employees when they cannot work for whatever reasons due to illness, injuries, retrenchment, disability, or simply being an older person (realities of life!).
If you simply want to be an employee all your life and have no interest in becoming a part-time investor or business owner, then financial independence is only a dream.
It’s getting riskier by the day, take action now
The situation will not get any better, unfortunately.
It’s getting riskier by the day for workers. There are less control and security over their jobs and employment than ever before.
It’s without a doubt that the journey to job security and reduction in stress and worry will take significant mindset change, hard work, commitment, and sacrifices.
Complacency will get employees nowhere.
Taking action will reduce your stress and worry. It will restore or enhance your relationships.
Start with your own knowledge acquisition journey. The best investment you can make is in yourself!