Moonlighting is all about taking another job while working in your primary job so that it will add greater value in your life. In most cases that value is financial. In this article, we will look into Akshat Shrivastava tips on how to Moonlight even when our primary job makes it difficult to do so.
Akshat commences the video by stating that most tech companies don’t allow their employees to moonlight. However, their CEOs are allowed to moonlight. We can see this from the CEOs LinkedIn profiles in where they build their own personal brand. By doing so, they are able to moonlight by taking up opportunities like speaking at college events and corporate events. Other ways where they take up work is by writing a book, working with the government committees. Now, if leaders of the corporate sector can make money by doing parallel jobs, then why can’t employees generate side income by taking up part time jobs. As per the 1964 Central Civil Services Conduct Rules, it states that if one engages directly or indirectly in any trade or business as a government employee then that would be considered as illegal. But on the flip side, ministers run multiple businesses and get away with this. Some do it indirectly, via their family like their sons and daughters who run the business on their behalf. In this way, they expand their business empire. Besides this, they are also on YouTube and are earning from this. But if you are a government employee then you can’t make money by participating in any other trade besides your primary work. By seeing the above examples from the private and public sector, Akshat calls this behavior as ‘Doglapan’ which translates to ‘Double Standards’. He calls these people ‘Dogla’ as they show their double standards by taking up a second job to serve their own benefit. Now, the question arises that if you are in a 9 to 5 job, then how can you moonlight so that you can add extra income to your existing income? Akshat Shrivastava answers this by giving the following suggestions: Salary Increase The easiest way to make more money is to ask for a raise in your salary. But many overlook this and studies reflect that 50% of the employees never ask for a salary increase. One of the main reasons for not asking for a salary increase is because of shyness and asking for a salary increase makes employees feel very uncomfortable. Akshat advises us not to be shy to ask for a salary increase as if we don’t ask then we wouldn’t get. If shyness is the factor, then one should scroll on to Instagram where people aren’t shy to do even the weirdest of things with full confidence. These things to most would be regarded as senseless but requesting for a raise in your salary isn’t as you are asking for something reasonable. A rise in salary will result in a better percentage growth in your salary. One helpful tip while asking for a salary increase, is to properly justify the reason behind you wanting an increase in your salary. For instance, you can compare your performance and if it reflects good reviews like appreciation from your clients, how you help your company stay profitable etc, then you’ll be able to negotiate for a better salary raise. However, don’t ask for a raise in your salary when your company is downsizing, bad external factors like how in 2020 coronavirus affected companies’ profits. In case you aren’t able to get an increase in your salary, then you can start looking out for new jobs and once you get the job offer, you can use this as leverage by going back to your employer and asking for a fair raise in your salary. Progressive Firm It is important to pick progressive firms which remunerate you well for your time and don’t overwork you while offering a lesser pay. The reason being is that if a company offers a lower pay, then in such an instance, the company should allow you to take up other opportunities that enable you to moonlight for extra income. If your work environment reflects a lot of work pressure, negativity, mentality where people pull you down, not welcoming to an employee having more than one income stream and the work process is inefficient where you stay in office for a prolonged period of time, then such a company is a regressive firm. So, if you are working for a regressive organization, then look into ways to upskill to look more attractive in the job market so that you can shift to working for a progressive organization. Higher Education One of the fastest ways of growing and making more money in a 9 to 5 job is to improve your academic credentials. Akshat Shrivastava before he pursued his MBA degree from INSEAD, his salary was less i.e. he was making 20% of the money that he ended up making right after graduating from INSEAD. Leading companies like BCG, Bain, Mackenzie sponsor your MBA and some after your degree will even call you back for the job and increase your salary too. YouTube or Podcasting By youtubing or podcasting, you can moonlight flexibly along with your 9 to 5 job. To be on the safe side while youtubing or podcasting, it is better to talk about a very unrelated topic from your workplace so that you don’t get into issues with your employer. Akshat advises not to take sponsor ads while doing YouTube as a case may arise that when you are working with an organization and that company is not favorable to the organization that sponsored your ad, then this may lead you to problems with your employer as they would know that you have been paid for it. The problem with YouTube is that in most instances you might have to show your face whereas if you podcast, then only your voice matters. Further, the podcasting industry is growing and is very basic in many countries. As this industry grows, you can grow along with it. Akshat states that in most western countries, the podcast industry has grown but in areas where it hasn’t grown, in the next five years, growth is expected in those areas. Book Publishing After speaking to many people ranging from government officials, students, young employees, Akshat Shrivastava says that the employers for these groups of people are fine if an individual goes and publishes a book. If you are looking to monetize by book publishing, then keep these pointers in mind- You can self-publish your book, write on trending topics, write personalized emails to influencers by thanking them for giving you an idea so that in this way they can give you a shout-out to their audience. Stocks or Mutual Funds The smoothest way of making money along with your full-time job is via investing in stocks or mutual funds. The best way is to save little by little and use this amount towards stocks or mutual funds. In this way, you will turn your investment into a habit. Akshat Shrivastava advises to save 20% of your salary and use this amount to invest in stock or mutual funds. Startup Rentals For someone who is senior in age or has been able to save a lot of money, then they can look into the idea of startup rentals. For instance, undertaking an Airbnb business. One suggestion Akshat Shrivastava gives is that you can list your Airbnb business in your partner’s name so that you have an operating business in place along with your 9 to 5 job. He advises not to undertake startup rentals in cases where you have a demanding full-time job. But, if you have the support of someone like your partner, then it will become easier to run this type of business. Depending on your current work situation, you can look into executing one of these income streams. In case you aren’t able to take up an additional job for extra income, then you can look into increasing your salary in your primary job by asking for a pay raise. When this is not possible, it is advisable to skill up as this will help you to stay relevant to the job market and in doing so, you can move towards progressive companies that permit freelancing and give you the time to publish a book, start a YouTube channel, podcast, and the flexibility to look into entering the space of startup rentals.