Portfolio Career: Pros, Cons and How to Get Started

A portfolio career is when a person monetizes their new skills with multiple streams of income. A portfolio career encompasses side hustles, multiple part-time jobs, or freelance work. Portfolio careers are part of the gig economy, and for many, because of the flexibility, stability, and increased remote opportunities, they are the future of work.

Portfolio careerists can work part-time jobs or participate in freelance work. They typically partake in full-time employment, but instead of a full-time job, they have multiple sources of income. For example, a graphic designer might make logos for several small businesses. An accountant might work at a law firm full-time but have part-time work as a woodworker on the side. A lawyer could buy and sell vintage antiques.

The characteristics of a portfolio career include:

1. 1. Career change or job search: Many individuals join the gig economy when they are ready for a career change or searching for a job. This part-time employment can sustain them until their next full-time job or show them that they prefer a portfolio career.
2. 2. Multiple income streams: People with a portfolio career use multiple streams of income to pay their bills. They often work multiple part-time jobs, or have a few side gigs.
3. 3. New skills applied in different industries: Since people working a portfolio career have worked in different industries, they have many skills that they use in a wide range of ways.

The benefits of a portfolio career include:

1. 1. A better work-life balance: People with portfolio careers typically have more flexibility in their schedules to decide when or where they work. They can often work remotely, and choose to set their hours around extracurricular activities, school, family responsibilities, or other positions, allowing them to have a better work-life balance.
2. 2. A varied skill set: People who work multiple diverse set of jobs typically develop a wide array of skill sets and experience across industries. This varied skill set may look unrelated but are actually transferable skills that allow you to switch career paths.
3. 3. A more stable income: With a portfolio career, you can draw an income from multiple people. This means you’ll still have money coming in even if you get laid off or fired unexpectedly and in an unstable job market. You also have transferable skills that work into multiple career fields, increasing your chances to find more work in the future.
4. 4. An extra income or side gig: While you might have a main income from one career path, you may have an interest in other kinds of jobs. You may even want to save up for a trip or need a little extra money to pay for rent. An individual with a portfolio career can make money through multiple career paths at the same time.
5. 5. Less commitment: Sometimes, you don’t want to commit to a certain type of job. You may want to test out a career before you fully commit or dedicate yourself to exploring your interests. Regardless, a portfolio career gives you the opportunity to cultivate experience without committing to anything.

Portfolio work has many benefits in the world of work, but it can make career development more challenging. Here are a few other disadvantages:

1. 1. A lack of benefits: While a portfolio career has many benefits, freelancers, part-time employees, and other gig workers don’t receive benefits like health insurance, retirement matching, paid time off, or employee wellness programs. Self-employed individuals like freelancers also have to pay self-employment taxes.
2. 2. A potentially more difficult path: Portfolio careers are becoming more common and widely accepted, but this isn’t a universally accepted truth across some career fields and companies. Others may see those who work in portfolio careers as lazy, flaky, or unwilling to make a commitment, which can make it more difficult to find an opportunity.
3. 3. Fewer opportunities for career growth: People who have chosen a portfolio career may discover it’s more challenging to advance their skills and status. A portfolio career can hamper your chances of getting promoted, especially if you’re not staying at one workplace for long. It’s also possible that the career field you work in only allows advancement through a more traditional career.

If you decide to launch your portfolio career, create and launch a simple plan. Remember, you can have a portfolio career alongside a traditional one, or pursue a portfolio career alone.

1. 1. Consider your creativity, skill set, and interests. Think of your skills, creativity, and interests so you can determine what kind of jobs you want to take on and what kind of jobs you want to use. For example, you might be a skilled photographer, but you might not want to take photos in a professional capacity. Or alternatively, you might have a passion for writing and want to find a way to monetize this skill through select freelance projects or short-term opportunities. It’s also important to evaluate your skills and interests to help you stand out.
2. 2. Define what success looks like for you. Unlike a traditional career path, where you can rise the corporate ladder, portfolio careers might only include milestones. Think about why you want to choose a portfolio career, and what success looks like for you. Determine whether you want to pursue a portfolio career to develop your skills or whether you can reach a certain income threshhold that will make you feel successful. Without an idea of what success looks for you, you may find yourself unhappy or unfulfilled in your new career.
3. 3. Network with the people in your life. Like any career path, networking can lead to more opportunities in the future. Use your varied experiences to develop your portfolio career. Reconnect with old colleagues, schoolmates, friends, and clients and see if they know of opportunities for you. They may be able to offer mentorship, connections, support, or even work.
4. 4. Start small and on the side. Launching yourself from a full-time position into a portfolio career can lead to unneeded emotional and financial stress. If you find yourself in a full-time position longing for a change, try freelancing on the side before quitting your job. The income will give you some financial stability as you explore this new opportunity.

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