We are the first slash career generation that puts meaningful work above money.
Traditionally, a slash career was associated with artistic or creative careers.
For example, an actor who waited tables or a painter who worked as a babysitter.
The slash career model used to be:
A passion + side hustle that paid the bills
What does a slash career mean today?
Slash career is “one person with multiple careers” or a “career with slashes”.
Slash career is the classic author/columnist/podcaster/comedian career approach you see so much on social media right now.
This career path is becoming more mainstream even for more traditional professionals like doctors and lawyers.
There are lawyers who write on the side, teachers who sell crafts online, bankers who decorate, and so forth.
Slashers are typically freelancers, but they can also be business owners slash freelancers.
It doesn’t matter whether your various projects are related or totally different, what matters is that you get your income from multiple revenue streams.
The slash approach is a great way to diversify your income (if one income dries up, you have another one to fall back on).
Why do people become slashers?
Do people become slashers because of financial necessity/ job insecurity or passion?
Of course, the outside factors such as lack of employment security, unregulated job market, etc play a role in slash careers trend.
[I’m sure that most actors or artists wouldn’t wait tables if they had a choice.]
But there is also a growing number of people who have a secure income but want to take their career to the next level or apply their skills differently.
The verdict:
Most people become slashers because they want to challenge themselves, realize their passion, or multiply their income streams.
Let’s be honest – many jobs are repetitive and we grow out of them and want to try something new.
For multipotential individuals, also known as multipotentialites, the idea of a ‘career’ for life is no longer an option. The idea of diversifying income has become a necessity with the growing threat of AI (artificial intelligence) etc.
How to begin a slash career?
Becoming a slasher is more accessible these days:
There is so much information available online, so many industries previously considered to be a ‘closed shop’ have now become available and information democratized.
Anything we want to learn is freely available on the Internet. Everyone can set up a website or learn how to get online traffic.
More people from different backgrounds are taking advantage of that, which is positive.
I recommend keeping your day job while building your side hustle.
Once your side hustle starts generating at least 50% of your desired monthly income, you can scale back your regular job.
You can then talk to your manager about lowering your office or work time to focus on your other passions.
Types of slash careers
There are 2 types of slash careers – portfolio careers and cluster careers.
Portfolio career
A portfolio career is a career path based on related and transferable skills, which you apply to different job functions.
So instead of working a traditional full-time job, you work multiple part-time jobs (including part-time employment, temporary jobs, freelancing, and self-employment) with different income streams that when combined are often more than your full-time position.
An example of a person with a portfolio career is a staff writer who works two days a week at the magazine, contributes to several other newspapers as a freelancer, and teaches creative writing part-time at a local college.
All the jobs above are related to writing.
Cluster Career
A cluster career is a career path based on seemingly unrelated industries, which you practice simultaneously or in rotation.
For example, Isabel is a lawyer, who worked as a journalist and a media consultant.
Jodie is an accountant, who also teaches maths and science at high school.
The point is – their jobs are not related and they wouldn’t have it any other way 😏
The benefits of having a slash career
Apart from the obvious career fulfillment and better work-life balance what are the lesser-known benefits of having a slash career?
1. Become more attractive to employers (especially startups or high growth companies)
The more experience you have across different areas (for example – data, analysis, design, marketing), the more attractive you become to employers.
A person with many projects is motivated, focused, and proactive.
Ambitious high-growth companies are always looking for well-rounded self-starters and innovators to help them get to the next level.
And people who have taken the initiative to develop a slash career, are more likely to bring those qualities into their office.
2. Multiply your income streams and become financially more secure
Having a second or a third source of income can make you less financially anxious.
An additional income can be a supplement to your overall portfolios, which means a higher quality of life and greater financial ability to face emergencies 👊🏽
3. Experience personal growth
Having multiple careers can reduce tediousness and burnout from repeating one single job.
Let’s be honest – it’s extremely hard to find joy from the work you’ve been doing for 10+ years.
Switching from one job to another will keep you intellectually stimulated and motivated.
When I started my 1st blog in 2013, it was my coping mechanism and creative outlet to learn writing.
I had no savings and I was struggling to get the job I wanted.
So instead of waiting for others to give me a chance, I decided to permit myself to learn how to write, market, and build something successful myself.
The blog helped me to become more confident and assert my identity as the writer slash blogger slash marketing consultant I am now.
How to get insurance with slash career
If you are thinking of going freelance or starting a business, you need health insurance to protect yourself and your family (especially, if you live in the country without national healthcare like the U.S.A.)
People are often nervous to go freelance because of healthcare issues in the U.S.
You really shouldn’t! In 2021 there are more affordable healthcare insurance options for freelancers than ever before.
Here’s what you can do:
1. Take advantage of COBRA (Continuation of Health Coverage)
If you’re currently working for an employer and planning to make a transition into the freelance world, you should take advantage of COBRA – or the Consolidated Omnibus Budget Reconciliation Act.
COBRA has a rule that when you leave a company where you had health insurance, your company must extend your coverage for up to 18 months.
This option gives you (and even your family) some time while you find other health coverage outside your employer.
2. Add yourself to your partner’s insurance policy
Adding yourself to your partner’s existing policy is something that many people don’t think about.
Some companies allow adding a spouse for free, which can save you a lot of money.
If in doubt or need more info, talk to a health insurance broker.
3. Check Affordable Care Act for self-employed and freelancers
The Affordable Care Act – also known as Obamacare or ACA is a state-backed health insurance plan for people on low income including freelancers and small business owners.
4. Shop for insurance at healthcare.gov
If you earn a decent income and don’t qualify for the Affordable Care Act, go to healthcare.gov.
Healthcare.gov is a federally operated health insurance marketplace that helps you find affordable plans in your area.
On the website, you can also check if you qualify for premium tax credits and other savings. To be eligible to use healthcare.gov you must:
- Live in the United States
- Be a U.S. citizen or national
- Not be incarcerated
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