In her book, The Portfolio Life, Christina Wallace, a professor at Harvard Business School and a serial entrepreneur, introduces a model for thriving amid the constant disruptions of the 21st century.
“In the face of stagnant wages and limited upward trajectories, measuring success only by professional traction isn’t working,” writes Wallace. “So we need a more holistic definition, one that includes factors like health, relationships, and (gasp!) free time.”
Wallace’s holistic definition includes four pillars:
- Identity. A way to be ourselves without worrying about the market changing.
- Optionality. The ability to try new things without feeling limited to just one path.
- Diversification. Spreading out our resources to lower the risk of losing everything.
- Flexibility. Being flexible with our work and life balance and adjusting as needed.
Let’s dive into these four pillars in more detail.
The Four Pillars of a Portfolio Life
Pillar 1: Identity
We are more than just your work, writes Derek Thompson, a writer for The Atlantic. He talks about the rise of “workism” in America, where people define their identity and life’s purpose solely based on their jobs.
However, Christina warns against falling into this trap. While work can provide meaning, it should not be the sole meaning of our lives. Instead, she advises considering a broader perspective that includes our personal, professional, and relationship goals to define our purpose.
If we define ourselves solely by our job and fail to find our “vocational soul mate,” we might feel like we’ve wasted our lives. Christina suggests avoiding this by not leaving our identity solely in someone else’s hands.
Pillar 2: Optionality
Optionality introduces an alternative model for shaping our future opportunities, one that views them as a diverse set of potential paths rather than a single, narrow trajectory. We can exemplify this approach with engineer and creative writer Jai Chakrabarti, who resisted the pressure to stick to a linear, fast-rising engineering career.
Chakrabarti’s perspective felt inspired by some of his favorite writers who had day jobs alongside their literary pursuits. He took a break from engineering to pursue an MFA in fiction, knowing he could return to computer programming later if needed. By embracing the idea of meandering paths and combining his passions creatively over time, he found fulfillment and options for the future.
Wallace encourages us to adopt this mindset, acknowledging that it’s possible to explore multiple passions concurrently or at different stages in life. Such an approach brings fulfillment and opens up a world of possibilities.
Pillar 3: Diversification
Diversification suggests combining different sources to fulfill your requirements instead of relying on one job or company to provide everything. The author points out that companies are unlikely to revert to offering generous benefits, so it’s essential to consider other options.
One possibility is advocating for policy changes to separate benefits like health insurance, life insurance, and retirement accounts from the workplace and make them available to individuals at affordable prices.
However, this might be a long-term goal beyond our immediate control. In the short term, Wallace’s model empowers us to assess our needs and diversify how we address them, ensuring self-care and future security for ourselves and our families (should we wish to have one).
Pillar 4: Flexibility
Wallace challenges the traditional idea of work-life balance, which suggests splitting time equally between personal and professional spheres. Instead, she encourages making time for important things as they come up, regardless of when or how they show up.
This pillar rejects the all-or-nothing approach, where you are either fully working or completely taking a break. Instead, it promotes a mix of activities, including unpaid work for family or community, creating a more inclusive and nuanced understanding of work-life balance.
Conclusion
In summary, a portfolio life is about more than work. It involves defining our identities beyond our jobs, exploring diverse options, diversifying our sources of fulfillment, and embracing flexibility.
By incorporating these four pillars into our lives, we can create a fulfilling and purpose-driven existence.
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