Make a Move

We’re bombarded with cryptic headlines about layoffs at tech companies, the impending stock market collapse coupled with the rising cost of capital.

It’s true that if you’re someone who lives paycheck to paycheck (64% of Americans in 2022) or has less than $500 in savings (6 in 10 Americans) you will be completely fucked if you go a couple of months with no source of income.

I recently got laid off from a job in tech, and while I’m playing life on easy mode (no kids, no mortgage), I was reminded that a cushy tech salary in exchange for working flexible hours in my sweatpants is not guaranteed.

More importantly, I learned that I was a fool to have taken it for granted. I’m angry I waited to get creative until I was forced to get creative. C’est la vie.

If you sat me down in 2021 and said my reality would shift when companies became hesitant to hire/ the ones who are hiring will extend offers below the previous market rate to get discounts on labor, I’d laugh at you.

“My resume is airtight and I have a solid network, there will always be a job for me.”

I said that verbatim(mostly to people who argued I should start taking things a little more seriously) as if begging the universe to knock me off my pedestal. It worked.

I’ve only ever earned income from a company paying me to work for them and only them. The good ‘ole fashion way. Grassfed, farm-raised, W2.

In light of recent events, I feel the overwhelming urge to transition away from that familiar path to weather future storms. I’m fortunate enough to not be forced into taking any job I can get to put food on the table, but who knows if that will be the case in the future.

I'VE BEEN DOING THIS FOR MY KIDS, MAN. One day I’ll have to answer to them. And I imagine if they’re anything like me, they’ll be royal assholes about having to eat shitty food for a couple of weeks to save money.

If you’re thinking of diversifying income streams (you should be), now is the time. If you’re like me and think your job is guaranteed or, worst case scenario, you can find another one quickly… don’t be arrogant. It’s at your own expense.

Disclaimer - I’m not telling you to write an eBook on how to leverage ChatGPT. I’ll literally hang myself from the Tapanzee bridge if another 24-year-old tech bro on Linkedin claims to have unlocked the 11 secrets of using OpenAI to automate their entire job.

It’s easier than ever to make money outside of a 9-5 while still maintaining a 9-5 no matter your situation.

“Work” is more flexible than ever.

Remote, hybrid, 4-day work week. A lot of these ingredients have changed a “9-5” to

“9-11 then workout, then do some chores, then come back and work 3-7”,

Get to work on developing a side hustle while you take a break from your full-time job.

Companies are increasingly open to the idea of hiring contractors rather than making full-time a hire.

I can personally attest to this. Instead of taking a full-time job to replace the one I lost, I’ve taken up a few consulting engagements that allow me to have more control of my time and less risk of losing my entire paycheck because one company decided they no longer need me.

Since remote work is acceptable/ preferable, you can take on 3 clients in 3 different cities without worrying about meeting each of them in person.

Have a skill that you’ve spent 5 years developing at 1 company? Good, ask another company if they need help with that.

Lower cost to build, increased upside.

Naval Ravikant talks a lot about this. The digital age has created more ways to earn than most people are aware of. Distribution costs a fraction of what it did 10 years ago.

I’m “good” at writing (shut up) so I started a newsletter. I repurpose this content on Linkedin, Twitter, and Medium. All of that costs me $0. If it takes off it could be a 6 figure side hustle. It’s a big “if”, but the downside is negligible since I enjoy writing and don’t have to worry about an ever-shrinking runway. Think about something you like doing that you can repurpose on the internet.

The company you work for is not your family.

People who were told, “we’re like a family here at COMPANY X” are surprised when they tried logging into slack one morning only to find out they had been terminated.

Imagine if your mom kicked you out of the house like that. Changed the locks, kept your younger brother, and sent you 6 months of allowance to figure it out. That’s not how families operate. Your employment is a transaction. Never forget that.

Embarrassed? Everyone else is doing it.

In 2020 and 2021, new business registrations were up 25% YOY. They leveled out in 2022, but I’d gamble the number jumps up again in 2023 if folks continued getting burned in the job market. Don’t be embarrassed to tell someone you’re betting on yourself. The odds are increasingly more likely they are thinking about doing the same thing if they haven’t already.

As always, tell me why I’m wrong. I respond to every email and love the feedback.

Warm regards,

Matt

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