Jill of All Trades
FINANCIAL ADVICE
An idiom that has been used for many of the women in my family is, “Jack of all trades, master of none”. This phrase is often used with a tinge of negative association. It is usually applied to folks who are viewed as having a lot on their plate. They are proficient in the many activities they engage in, but not “focused'' enough (or privileged enough) to dedicate their time to only one pursuit. With my curiosity and many interests, I accepted that I was destined to be a Jack of all trades, or rather a Jill of all trades.
What I discovered later is that this idiom doesn’t end at “master of none”. The complete saying is “a jack of all trades is a master of none, but oftentimes better than a master of one.” The more I experience life, and the world of finance, the more this whole quote seems true.
It is well known and common general advice amongst the financial community that diversifying investments is advisable, so why stop there? I wouldn’t invest all my money in just one company, so why put all my skills into only one aspect of life? Having more than one talent, ability and or knowledge in a topic is arguably safer. There are no guarantees in life, and so being able to be resilient, and well diversified is crucial for protection.
I see this diversification in income streams often in my line of work. Working with clients to purposefully utilize multiple income streams is a basic step in the retirement planning process. Multiple income streams do not need to only exist in retirement. Creating a secondary income in working years can help accelerate your financial goals. My colleague and mentor Steven Harrison said it well on our first day working together; a lot of people have an income problem, not a spending problem.
So, while many may argue, why should I need more than one gig to succeed, I say why wouldn’t you? Protecting yourself against job loss, boredom, and debt is well worth the extra effort. At the same time, you get the opportunity to nourish talents or skills that have been ignored.
Think of ways that can create either passive income, or income that is generated when you want, in an area that is fun for you. You set your schedule and then give that money purpose. For example, I have a small side business that has nothing to do with finance, but rather it feeds my creative side. I choose the hours, number of clients I work with, so I don’t sacrifice time away from my family unnecessarily.
The most important part is, every dollar I earn in this secondary income goes directly towards paying my student loans. It doesn’t get deposited into my main bank account, but instead a separate account that is dedicated to this cause.
While your goals may be different from mine, the premise is the same. Creating a secondary purpose driven income stream can insulate and accelerate your financial goals. Don’t wait until retirement to take advantage of all your skill sets. Consider being a Jill of all trades.
CHELSIE L. CRANE IS AN INVESTMENT ADVISOR REPRESENTATIVE WITH CLEAR PATH FINANCIAL SERVICES, A MEMBER OF ADVISORY SERVICES NETWORK, LLC.
