If swings in the economy or a global pandemic have taught us anything, it is that jobs in architecture and design are not safe. When a decline in the housing market occurs, most architects have income from only one job. Once that job stalls or comes to a screeching halt, many architects will find themselves in a financial bind. In this article, we will discuss the importance of architects having multiple income streams for financial security.
While there are plenty of architects who decide to go the route of a more traditional 9-5 type of job, millennial architects may not choose that lifestyle. No matter which method a person chooses for employment, there are always ways to start building another business while working your job in the design industry.
There will be plenty more posts on The Wealthy Architect about starting a side hustle, but for now we will cover the importance of creating those additional streams of income. This author has greater than six different streams of income and will discuss the reason this method is important for other fellow architects to consider.
Protection and Security – You’re probably used to getting up, getting ready for work, drinking your coffee on your morning commute, and working in the office all day. All of these traditional norms changed during the year 2020. With a pandemic afoot, all of these societal norms changed and forced companies to pivot and downsize.
Did you or any of your colleagues get laid off or fired? I’m sure this article is hitting home right now. With the internet at everyone’s fingertips, finding information on starting a business has never been easier. With the relatively low start-up cost for businesses, many home business opportunities can be created. Not only does a new business give you the ability to earn more income, this Archipreneur move could help provide future job and financial security.
Whether you’re buying stocks, rental real estate, or any other business/financial activity, diversification is key.
Pursue your passion – If you have side businesses or investments that are covering your basic pay and expenses, then why not start exploring your passions and following your dreams. What is holding you back? Is it your 9-5 job? Well at this point you can leave your 9-5 jobs and still have security with your multiple streams of income you have created. You can even work on passions that may not be quite as lucrative with your newfound freedom.
Stick to your guns and take calculated risks – Have you ever had your principal or owner in your firm require that you do your job in a way that is not congruent with your own personal beliefs? When you have multiple streams of income, you have the freedom to maintain your integrity and leave if you don’t like the direction things are going at work.
Do you have to quit your 9-5 job? Of course not! But…you could – Archipreneurs, much like every other entrepreneur, have a fear of failure. Having a healthy fear of business and the unknown just makes you a normal human. Getting your side hustle started while you have a sense of security at your 9-5 is a great way to curb some of that fear. A great piece of advice that I was given by my father was, “don’t quit your main gig until your side gig makes you as much money, if not more.” That sage advice has always proven to be beneficial for me in business and I am glad that I listened to my elders.
While this article isn’t completely exhaustive of the topic of creating multiple steams of income, stay tuned to The Wealthy Architect for part 2 in this series. Keep an eye out for our other articles as well to help you get your financial house in order and secure your financial freedom.
