Portfolio work is all about making money in several different ways.
It will look unique to all of us, varying massively by the stage of our career, whether work is a choice or a necessity and our ambitions for the world. No two portfolio careers are alike. It’s part of what’s attractive about them. You can literally choose how each interest of yours fits within your life. Whether it makes you money, enables you to give back, keeps you performing your best or even does all three at once.
The opportunities are endless. Which is infinitely exciting.
But, it’s also infinitely overwhelming. With no guidelines to follow, models to work with or rules to live by mastering life as a multipotentialite in your 20s is hard. You’re stuck trialling many different models of work, never knowing if you’re balancing everything just right or you’re just missing out on your potential. You end up saying “yes” to everything, only to find yourself faced with the cold harsh reality that time is finite and your interests are infinite.
So, where do you even start?
Obviously it depends. But, if you’re in your 20s and need to earn enough to live I suggest the “Triple Portfolio Model” is your starting point.
The Triple Portfolio Model
This operating model for portfolio work is built around 3 complementary yet separate focuses that enable you to live in the short-term, while building something scalable in the long-term. It’s low-risk, requires minimal up-front investment and will propel you to new heights in at least 3 areas of your life.
The “Triple Portfolio Model” is for anyone who:
Knows their purpose, strengths & direction.
Lacks the credentials or experience to charge high rates.
Needs to earn enough money to afford to live each month.
Wants depth of experience in three core areas.
Is willing to play a longer lifestyle game.
In short, it’s perfect for anyone just starting out in their career who has an abundance of both time and energy, but a lack of money.
Here’s what it looks like:
The Earner
This is your main gig that covers all your monthly expenses. It’ll probably look like a full-time job, but can be negotiated to 4 or even 3 days a week if you’re still able to cover all your costs. If you’re already an entrepreneur this is your main revenue earning business that brings in the money each month.
It’s purpose is to earn you money in the short-term, while teaching you the skills you’ll need for the long-term. You’ll be paid an hourly, weekly or monthly salary for your efforts. Which is both a blessing and a curse. It’ll provide you with the income security to play offense elsewhere. But, it’ll also seriously limit your earning potential long-term.
Be wary of it’s golden handcuffs. It’s more important that The Earner focus is aligned to your purpose, in a role that enables your unique skillset and with a team that trusts you work on your terms than if they pay an extra £10k a year. Aim to earn enough to live in a role that will equip you with the experience you need without sacrificing your evenings and weekends. Because your time & learning is infinitely more valuable than the unnecessary income here.
Weekly time commitment - 20 to 50 hours (depending on costs).
The Passion
This is your side hustle that delivers on your purpose. It’s not simply a secondary income stream to diversify your earnings. It’s your long-term play that focuses on being the change you want to see in the world. It’s the activity you’ll happily do for free for years without ever seeing a penny.
The Passion’s goal is to alight your intellectual curiosity and play to your super strengths. It’s your 10 year game that you own. And you’re not paid by the hour for it. You’re paid by the value you deliver. In the beginning this will be a big fat zero, but in time you’ll realise it’s exponential. You’ll just need to choose a focus that you’d happily turn up for every week without expectation of payment for years on end for the sheer joy of doing it.
Reaping The Passion’s reward is all about leverage. You need to create once and distribute an infinite number of times. The upside should be unlimited. Meaning you’ll have to treat your work here as your ‘magnum opus’ (most important work), focusing on the sweet spot of consistency and quality. The best examples here are from the creators you already know best… YouTube videos, books, newsletters, communities, courses. Find your version.
Weekly time commitment - 10 to 20 hours.
The Hobby
This is the interest that you can lose yourself in for hours. You’re likely already pretty good at it. Think of it as the enabler that meets most of your physical needs. Without it you’re not yourself. With it you feel on-top of the world, able to withstand all the challenges thrown at you.
The Hobby’s goal is to enable you to perform your best in your other two focuses. Ideally it plays 3 crucial roles - it keeps you fit, it keeps you socialising and it keeps you clear in thought. If you are paid for it, it’s for your performance and not your value or your time. The money is not the aim, but a nice bonus.
A great hobby is all about consistency. It’s your escape from your other two focuses that gives you the time to relax, recharge and come back again. In it you’re looking for complete and utter immersion. Which usually looks like engaging you both physically and mentally with other people. Meaning that the best examples are sports, both team and individual.
Weekly time commitment - 10 to 20 hours
How They Evolve
See the Triple Portfolio Model as a starting point that provides you with the parameters to get going. Once you’re in motion, things will change. That’s inevitable. Especially as you start to reap the long-term rewards of The Passion and The Hobby, which will likely move you beyond this model.
With enough time, dedication and scale, The Passion has the opportunity to become The Earner. This is a pretty amazing moment and is when most decide to quit their main gig for good. Do strive for this day, but be cautious of when you make the switch. For the risk of losing the love of your work in search of the numbers that drive your income can become overwhelming. To avoid this Creator burnout you’ll need clear boundaries, enough financial headway and a close connection with why you started in the first place.
The Hobby can also become your main source of income. It’s less likely than The Passion as it requires you to compete directly with other people for a limited number of slots. But, it’s definitely possible. Going Pro like this can be amazing. However, it can also be extremely stressful. Relying entirely on your performance to earn an income means you’re just a few injuries, illnesses or bad days away from it all falling apart. It’s why Pros use the opportunity of their ability to diversify their income into several Passions (ie. Podcasts, Merch, Investments) that they retire to once they pass their physical prime.
Conclusion
This is actually the model that I’m using in my life right now.
The Earner is my 4-day a week Executive Team Co-ordinator role at The Portfolio Collective. The Passion is building the Mastery In Your 20s community. And The Hobby is competing in Ironman races. I still coach, present and write on the side, but I see these as supporting activities that enable my 3 main focuses and overlapping mission.
To get started you don’t need to have each of three figured out. Keep trying different Earners, Passions & Hobbies until you find the ones that play to your strengths. Work on defining your mission (see here) first and aim for the industry of Earner and Passion to overlap. For learning relevant skills in your 9-5 that you can apply to your 5-9 will make the process 10x easier.
The goal of the model isn’t necessarily for The Passion or The Hobby to become The Earner. It definitely can be. But, it’s also totally cool continue with all 3 for a long time, switching them out when it makes sense to do so.
For success as a multipotentialite is however you define it.