Quick Tip – Antifragile Sources of Income

🚀 How resilient are you? – Issue #147

I’ve talked about vulnerability in your career before. We often make risky career decisions such as having one source of income, living on the financial edge in an expensive city, and working in a volatile industry.

The COVID-19 pandemic has impacted us in some unanticipated ways (e.g., toilet paper shortages, really?). But, it has also been a wakeup call for many companies, small businesses, and professionals.

For the first time, many people realize how fragile their jobs and businesses are. When folks are afraid to go out in public, shop, and travel, it has a significant impact on:

• Airlines, tourism industry, and the cruise industry

• Hotels, restaurants, cafes, and coffee shops

• Uber and Lyft drivers, and public transportation

• Massage therapists, barbers, and stylists

• Shopping malls and local retailers

• Schools, colleges, and universities

• Live entertainment, sporting events, and concerts

I know several people who are already impacted by COVID-19. They can’t go to work. Their business has slowed down due to a drop in customers coming in. Events, conferences, and travel have been canceled.

All of this means a loss of income, and they aren’t sure when it will recover.

I also know several people who haven’t been impacted at all. They can perform their work 100% remotely. Since they can’t travel or meet people in the office, they are making phone calls, videoconferencing, sending emails and messages, and sharing files and documents.

For these people, it’s almost business as usual.

Obviously, you’re not going to completely change professions or shut down your business in response to this current crisis. But, it should be a wakeup call for you too, if you can’t do your work or your company is suffering.

It would be a good idea to diversify your income streams to include something resilient to volatility in the economy and environment (I’m happy to talk with you about that). You also want to give yourself flexibility in how you perform that work, where you work, and when you work.

The world is changing, your industry is evolving, your profession is transforming, and you are growing older every day. Today, we’re dealing with COVID-19 and the ripple effects in our community, economy, and jobs. Tomorrow, it will be something else.

It never hurts to be prepared. Wouldn’t you prefer to have a backup plan so that you know that you can easily weather the next storm?

Do you have friends and family members with jobs that are impacted by the Coronavirus outbreak? What steps are they taking to bounce back?