Preparing better for layoffs + curated tweets, reads & a gift
Edition 10th: Lessons from layoff and how to build an antifragile career
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We all have been hearing about layoffs lately. It's a tough time. while I do completely empathize with them, I would like to share some practical lessons I have learned in my career.
Why take layoff lessons from me?
I believe I had an antifragile career. I have done my own startups (one successful small exit, the other failed), worked in agencies, and product companies, and a few years back tried a self-employed lifestyle.
Let's start with the most important point:
1 // Diversify yourself.
If the only source of your income is your full-time job then you're in a fragile position, my friend. It's easy to build other sources of income. You can start with teaching, for instance, become a part-time mentor.
I used to teach at springboard, designlab previously. Both need instructors for design and tech courses. Or try freelance work - Toptal, brainstrust is a great place to start. These ones are remote-friendly and you can set your own time.
👋🏽 Reply to this email if you are interested, I can refer you
Eventually, you can also build passive sources of income (eg. info products, Saas, tools) these ones are a little harder but worth it.
Perhaps I'll do a detailed post on this but for now, the below links will help you:
Get inspiration: 7 Side Hustles You Can Start in 2023 with Ali Abdaal
Listen to the My First Million podcast; they talk about this a lot
2 // Add some cushion to your savings account
Most of us live paycheck to paycheck, imagine for a moment nobody will be paying you a monthly salary. How will you manage? What are you spending per month, and how much runway do you have?
"The three most harmful addictions are heroin, carbohydrates, and a monthly salary."
- Nassim Nicholas Taleb
Some tips to help you save some bucks:
Track your spending and/or create a budget using apps like You Need A Budget
Cancel unnecessary subscription services and memberships
Try an automatic savings app, like Digit
Put money into passive mutual funds, high returns FDs
Learn about FIRE (financial independence, retire early)
3 // Don't delay your portfolio/resume
If you are reading this, write a note, yes, right away that "I will ship my damn portfolio".
Jolting down step by step for you:
Capture your accomplishments → Put together a V1 resume → Share with friends/colleagues for feedback → Iterate → Share it in an online community that you’re involved in.
❗️I have made some minimal resume templates reply to this email and I'll send you.
4 // Document your milestones
Imagine, you're suddenly cut off from your email/slack access. You wouldn't able to download your Figma files or take metrics screenshots.
Maintain thorough records of all your achievements, reflections on what worked and what didn't with your team, and a list of any awards you've received. Extremely HELPFUL for both your resume and interviews.
Lastly, don’t let the work define you 🙂
You're more than your work. Maintain a healthy boundary between your identity and work.
🐦 Tweets
MRR (monthly recurring revenue) is overrated. Just protect the downside and the upside will take care of itself.
Love this perspective. Speed of shipping is the biggest success indicator indeed.
Amazing curation for website inspiration by Daryl Ginn, bookmark this link 👆
🤣🤣🤣
📖Reads
1 // The Day You Became A Better Writer
Dilbert needs no introduction, even the Naval recommends this article for those who want to improve their writing.
→ Read more
2 // How Duolingo reignited user growth
The story behind Duolingo's 350% growth acceleration, leaderboards, streaks, notifications, and innovative growth model
→ Read more
Have a great week ahead,
— Shivam ✌🏽
This is great advice, especially #2. I always wanted to have some "F$*@ you" money so that if anything got bad enough (work, home, etc.) I could leave and be ok for a bit. It applies to layoffs too. I know this is a privilege, but given the option way more important than a new car or nicer apartment.