Ep18. The Truth About Job Security & Why You Need Multiple Income Streams

Relying solely on your 9 to 5 salary may feel stable and secure, but in reality, it’s a risky investment. If your paycheck is your only source of income, you’re putting your financial security in someone else’s hands.

In this episode of Hustle With Heels, I’m breaking down why job security is a myth, how the traditional career mindset is keeping you stuck, and what you can do to start diversifying your income - without quitting your corporate job.

If you’ve ever worried about layoffs, restructuring, or simply felt like your 9-to-5 isn’t enough, this episode is for you. 

What You’ll Learn in This Episode:

✔️ Why the “One Good Job” Mentality is Outdated – How the workforce has changed and why relying on one salary is financially risky.
✔️ The Corporate Job Insecurity Cycle – The hidden risks of staying in one job for too long and how it keeps you stuck.
✔️ How to Start Diversifying Your Income – Practical ways to create additional income streams while still working full-time.
✔️ Monetizing Your Skills & Expertise – Why your knowledge is a goldmine and how to turn it into a profitable side hustle.
✔️ The First Steps to Breaking Free – The simple mindset shift and action plan to start building financial independence today.

Links & Resources:

Book a Free 30-Min Side Hustle Clarity Call – Need help figuring out how to start? Let’s map out your first steps! Book Here.

Connect with Cindy on LinkedIn 

Follow Cindy on Instagram

Transcript

Welcome to the Hustle with Heels podcast. I'm your host Cindy Excell, a corporate girl, side hustler, wife and a mum of two. In 2020, I started my first start hustle as an online fitness coach while working in my corporate job as a private wealth manager. Over the years, I have been living proof that a corporate career and a side hustle can absolutely coexist in harmony. Today, I'm helping corporate women and early-stage entrepreneurs create wealth beyond their 9 to 5 jobs and build an online business on their terms. On this podcast, I'll share my knowledge, strategies and stories that will help you start and grow your side hustle. Whether you are ready to diversify your income streams or are looking to build a side business that aligns with your goals, I'm here to support you every step of the way. Now let's get started. 

Hey friend, welcome back to another episode of Hustle with Heels podcast. This is the show where we talk about building your dream side hustle while still working in your nine to five job. Now, today's episode is going to challenge some deeply ingrained beliefs we've all grown up with. But before we dive in, let me make something very clear. This episode is not for everyone. If you absolutely love the corporate world, If your dream is to climb the ladder, get the corner office and maybe become the next CEO of a global listed company, and if you want to dedicate your entire career to achieving that, then this episode might not resonate with you. And that is okay. I'm not here to convince you to take a different career path if you already love the one you are on. But if you have been feeling maybe a little bit stuck - Maybe you are tired of working for someone else, or maybe you just simply want something that is more than your 9-5 job and you've started to wonder if there is more to life than just the clocking in and the clocking out for a paycheck. Then this episode is for you. 

So today we are going to talk about why relying solely on your salary is actually a risky investment and how you can start diversifying your income to take back control of your career and your financial future on your terms. 

Now, let's start with a little trip down the memory lane. So when we were kids, what were we taught about, you know, having a career? If you're anything like me, you probably grew up hearing something like this: go to school, get good grades, get a degree, get a good job, and you will be set for your life.

It sounds so logical and simple, right? Like some kind of guaranteed formula for success. And for a long time, this advice actually worked. Some of our parents and grandparents could work at one company for over 30, 40 years. They got their promotion in the same company throughout their career. Then they retired comfortably and enjoyed their pension. But let's be real, that world doesn't exist anymore. The way we work has fundamentally changed. Companies no longer keep employees for decades. Jobs are outsourced, industries get disrupted, and technology and AI are automating roles faster than we can imagine. And yet, many of us are still holding on to this outdated belief that one good job equals financial security. 

Now, here is some reality check. How many times in your career have you either experienced or witnessed job insecurity? Maybe it was company-wide layoffs. Maybe your role was suddenly made redundant. Maybe you saw a colleague or someone who was amazing at their job, at what they do, but they get let go due to some sort of company restructuring. 

Here is a cycle I have seen over and over again in the last five to seven years:  You get a job and for the first few months or even years, everything feels great. You feel “secure”. Life is good. Then, a year, maybe years, passes, and something changes. Maybe it's a shift in the management team. Maybe it's a round of layoffs because the company needs to cut expenses and make that balance sheet look better before the next board meeting. Or even just a sense that your role isn't as stable as it once was. Or it could be the culture change due to the new management style - they change the process; they change the resources that you used to rely on to do your job,  and then the workplace you used to love working at, or you enjoy working at is no longer the same and you want a way out. So what do you do? Most people would immediately start looking for another job because that's what we've been trying to do. But that only keeps you stuck in this corporate job insecurity cycle. For some people, even if they are able to stay in the same role for years, not because they are thriving in the job, but because it feels ‘safe’. But let me ask you this. Is that really safe if all your financial security depends on that one single paycheck that someone else controls? Think about that for a moment.

If your employer decides to let you go tomorrow, what is your plan? For most people, naturally, it is to find another job. And that is fine. But what if there is a way to break free from this cycle entirely? This is where I want to flip the script. As a financial advisor for my day job, I tell my clients all the time, don't put all your money into one investment. It is too risky. And diversification is the key to get expected returns over the longer term for your investments. But here's the thing, your greatest asset isn't your share portfolio, your investments, isn't your property investments, or not even your house, your superannuation if you're in Australia, your greatest asset is actually your earning capacity. It is your ability to earn income. And yet, most people are putting all that into one basket - their salary. And if that basket disappears, so does your financial security. That is why diversification in this context isn't just about investing money. It is about investing in multiple ways to make money. And let me be super clear here. This does not mean quitting your job tomorrow. I did not mean that at all. It simply means creating options. 

Now let's talk about what that looks like in real life. As I said, you don't have to quit your job to get started. In fact, starting small while you're still in the job, in my opinion, is actually the best way to do it. As a side note, next week, I'm going to talk about why you do not need to hate your 9 to 5 job to start and grow your start hustle, which is going to be like an extension of this episode. So make sure you tune in next week.

Okay, now let's get back to talking about diversifying your income-earning skills. For some people, you can start with freelancing. If you have some kind of service to offer, you can offer service based on your skills. For other people, you can simply use your knowledge, what you already knew, your skills, your expertise, whether you've learned that through your corporate career or through your education. You can turn all that into an online coaching business, like I did. For some people, you might want to create some digital product, start consulting, or either monetising a hobby. The point is, what you already have, your skills, your knowledge, expertise, your experience, your personal strengths, whatever they might be, they are a gold mine. And many people don't see it. So many of us take what we know for granted because we thought if we know something, other people should do too.

But in fact that is far from the truth. You just need to spend some time exploring and identifying what kind of skills you already have that you can monetise. So when you have multiple streams of income, you are no longer relying on one employer for your financial security, and you, on the other hand, are in control. Now, we've talked about why diversifying your income is important.

Now let's get into the how. How do you actually break free from the cycle of job insecurity? I want to share a few simple tips here. 

Tip number one, rethink your mindset. Instead of asking yourself, what is my next job? Or I need a new job that pays me more? Start asking, what is the skill or expertise I have can be monetised that can create my next income stream? So this is such a powerful question, because it actually gets you thinking beyond the traditional career path. It forces you to think outside the corporate job model and start seeing opportunities you've never considered before. 

Tip number two is to identify your skills and strengths. I talked about this a lot in the previous episodes. If you want to hear more, go back to my previous podcast episodes. You will find a few episodes talking about this specific topic. To recap on that, take a good look at your skills, your knowledge and experience, your expertise. So what do you know that other people might pay for? Maybe it's something you do in your corporate job or maybe it's a personal transformation you've gone through. For example, I started my first side hustle in fitness coaching because I loved fitness and I experienced my personal transformation in health and fitness after I had my second daughter, and I wanted to share that with others. And later I realised that I actually want to have a bigger impact on other corporate professionals and show them to do what I do. That’s why I pivoted into a side hustle coaching business late last year. 

Tip number three is to start small and start now. This is where most people get stuck. They think they have to have everything figured out before they start. The truth is you just need to take that first step. It really doesn't matter what that first step is because once you start to take the action, the new opportunities and the new path will start to open up for you. So maybe that's offering a freelance service. Maybe it's just to start sharing your knowledge, like using a blog or starting a podcast, or even just brainstorming the idea for the side hustle that you want to build. Whatever it is, start now. It doesn't matter if it's messy. The key is to start small and test things out. 

Tip number four is to take a long-term approach. Think about you are building something that is sustainable. This isn't about making a quick cash or getting rich quick scheme. It's nothing about that. It is about creating something that you can grow over time and provide long-term financial security. That's why you would be in the best position to do this if you are in the job, where you do not need to worry about paying your bill. You do not need to worry about earning 10K, 20K a month by a certain deadline because all your bills, all your expenses, are paid by your corporate job at the moment. So you can afford testing things out and keep working on it until it works. Now, to wrap up this episode, relying on one job for your financial security is a risk you can't afford to take. Diversifying your income-earning skills isn't just about making money. It is about creating options, creating freedom and financial security that are on your terms. 

Here is what I want you to do after listening to this episode - Take five minutes today to think about one skill or passion or experience or expertise that you have that could be turned into an income stream. Write that down, and start exploring what is possible. 

If you are ready to take control of your career options, of your financial future but not sure about your direction, I'm offering a free 30-minute clarity call where we will map out how you can start leveraging your skills into an additional income stream. And you can book your free call using the link in the show notes below. Remember, you don't have to have everything figured out. The most important thing is just start. Because when you do, you will realise that you have so much more control over your financial future and over your career options than you ever thought possible. 

Thank you so much for joining me today. If this episode resonated with you, I would love for you to share it with a friend or leave a review because it helps this podcast reach more people just like you. And as always, I will catch you next week. Bye for now.

Thank you so much for listening to the Hustle with Heels podcast. I hope this episode has inspired you to take action towards your side hustle dream. If you enjoyed this episode, please take a second to rate and review it. Each review helps me help more corporate women and early-stage entrepreneurs just like you. Don't forget to take a screenshot, share it in your Instagram stories or on LinkedIn and tag me @cindyexcell. I will see you next week.