On Portfolio Work, Fear and Embracing Uncertainty.

Welcome to Issue 01 of the weekly Own The Cow newsletter. It is a deep dive into how to take control of your work and financial future in the face of boundless uncertainty. Everyone has fear. Everyone who is successful has had to face the struggle. And if you are one of the millions who find themselves unemployed right now, you know the struggle is real. Jobs that seemed safe in January have suddenly evaporated.

Many of you might doubt your value. That others may not want what you have to offer. That you're not worthy. But that's a false story that keeps you stuck. It's time to level up.

Each week I'll give you three things to act on to move yourself forward towards owning your cow. Which is a fancy way of saying owning your success.

Are you willing to go all in on life?

1. PORTFOLIO WORK

Think differently about your work. Most of us focus on getting a job and having a career. We give our heart and soul to our companies. We seek increasing responsibility and bigger titles. We attend the meetings and respond to email. We deliver more value than we take. We like to think of it as a linear trajectory upward. Until it isn't. All it takes is one person to completely upend your life by sending you packing. By stripping you of your single source of money. Sometimes it isn't their fault. Market and business forces change. There is no security in a corporate job. At least not what we thought there was. Yes, some jobs are more in demand than others (i.e. software engineers). Because of this lack of security you need to create many revenue streams. You need your own work portfolio which reduces the impact one person can have on your income.

“But I don't want to work for myself you ask? That's too hard! And what about health insurance and my 401K?”

All good questions. Portfolio work doesn't mean you can't or shouldn't have a corporate job. Or work for someone else. Self employment is tough and our healthcare system makes it even tougher. It's not for everyone. Portfolio work is about having a side hustle (or two depending on motivation and tenacity). It means having several revenue streams to spread out your risk.

For example, here's a possible revenue mix to put it into perspective:

If you lost your job, at least you would still have half of your revenue coming in. This gives you levers to increase or change your mix. With a job loss you could invest more time in your side hustle and grow the revenue while looking for the next job. Or start a second side hustle.

Combine this with managing your expenses to live within your means. Instead of paycheck to paycheck. This is basic financial advice but also key to owning your cow. You need to take in more than you pay out.

Given the current economic uncertainty, each of us should have a 12 - 24 month emergency fund. It's hard for many Americans to save a large enough emergency fund let alone enough for retirement. Even if you are living paycheck to paycheck, the opportunity to start a side hustle for less money is more accessible than ever.

The key to success is tenacity and patience. You have to do the work. You have to take care of you. No one is coming to save you. In the coming weeks we'll cover how to get started in detail. To plant the seed on what's possible, think about what you have to offer. And what in your life annoys you that you might be able to fix.

2. PUT FEAR IN ITS PLACE

If you spend any time on social media or the news the world is a very scary place. It's fear inducing. We humans are hardwired to react to fear. It's easy to get sucked in and spiral. Yet in most cases the level of our fear is unwarranted. Most of it is in our head and it keeps us from living up to our potential. It robs you of joy. This week, ask yourself what scares you the most. Death is that for me. Yet having read "When Things Fall Apart" by Pema Chodron she has this perspective:

"Death in everyday life could also be defined as experiencing all the things that we don't want... Having a relationship with death in everyday life means that we begin to be able to wait, to relax with insecurity, with panic, with embarrassment, with things not working out."

Now I still don't want to die. But being less fixated on it allows me to be more present and thus more engaged and creative. Your key takeaway is that we blow fear out of proportion. By keeping fear in check, we’re better positioned to navigate the chaos around us. The more you push against fear, the more control it will have. The key is acknowledge it. Question it. Put it into perspective. You will still have fear (it’s what has kept us alive so long) but in time, you can make it work for you.

3. EMBRACE UNCERTAINTY

The only thing that's certain is uncertainty. The more comfortable you become with things being uncertain, the more adaptable you'll be to change. The more you won't be whipsawed by politics and markets and the unknown. Part of this is letting go. Another part is being curious about what's happening. There is opportunity in the uncertainty if you are willing to look for it. Chaos brings more opportunity than stability. Rather then accept things as they are, ask questions. Think about what if I. . . ? Or how did that get there? Like grassy medians. And who takes care of those?

Many jobs are created and many businesses started because someone asked some questions. A question like, who paints all of the stripes on the roads? Did you know there are small companies with specialized trucks that secure contracts to do this that are quite lucrative? That may not be your thing, but thinking about such things opens your mind to what's possible. And being open to what's possible plants the seed for a side hustle, or maybe even your main hustle. Which leads to income diversity.