4 Levels of financial security (for engineers)
1. Job Security
This simply means knowing you will always have a GOOD job, no matter what happens.
One that pays well, that you enjoy, and gives you good quality of life. And you're in a situation where you can count on that, because of your network, your professional reputation, and having an in-demand skillset.
Most people think 'job security' means keeping the job you have now...
But true job security means you can get a good job again quickly, if you suddenly become unemployed. Even when the job market is down.
'Job security' also means you can easily switch to a better job if you need do. If your current job doesn't pay enough, has a bad manager, poor opportunities for advancement, et cetera.
This is the most basic level of financial security, that everyone should strive for.
2. Freelancing
The key benefit of freelancing, this next level, is more freedom.
In the best case, as a freelancer you work on projects you enjoy, while setting your own schedule, and earning at least as much as you could in a full-time job.
You also have more freedom of location (work from home, etc.) and time zone (i.e. when you work).
But there is a downside: while it's easy to get started with freelancing, it is usually quite hard to grow your income to a point that would match your income from a regular job.
Which is why not everyone should do it. If you are a technology professional, a regular full-time job is hard to beat.
3. Consulting And Training
This is an interesting level, because the service you provide is more strategic.
At this level, you are getting paid a higher hourly rate to deliver your expertise, in a way that changes how the client company operates.
This is usually harder to do than freelancing. You must first establish your authority and reputation, to attract the right opportunities.
But I will say the work tends to be more interesting and fulfilling, compared to freelancing. And it is quite possible to do this part-time, while you also have the security of a full-time job.
4. Business
For all the levels above, you are selling your time: you earn an hourly rate R, working X hours and earning X*R dollars, more or less.
With the 'business' level, you un-couple your time to your income. You can (say) stop working for a month, and experience no interruption in your income at all.
But this level brings great risk, and requires massive grit, resourcefulness and persistence. For almost everyone reading this, it's just not worth it. If you truly are an entrepreneur, you probably already know it.
So those are the 4 levels.
And focusing on #1 is likely your best choice.
The other levels are certainly NOT for everyone, because they require so much effort and risk, compared to the wonderful job opportunities we have as technology professionals. Being a full-time employee has so many advantages, it's hard to beat.
That said, you should decide which path you want to forge for yourself. Having that clarity is the first step.
Reply and tell me what which one YOU want, and that you are willing to invest the work into making it happen. You can just reply with a number (1 to 4).
To learn how to start climbing this ladder, go here:
https://boostedcode.com