Contracting, Accelerating Wealth and Standing on Business in 2024

Good Afternoon. It’s Sunday 17th December 2023, and in this week’s roundup, we’re covering Careers in the interim contracting market, accelerating wealth building, standing on business in 2024, and much more. First time reading? Sign up here.

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Employment News

On Monday 6th December, Spotify announced that it was laying off 17 percent of its employees in a bid to bring down costs. The company had laid off 200 in June and some 600 of its staff in January this year. In a letter to employees, Spotify CEO Daniel Ek said that the company had hired more staff in 2020 and 2021 owing to the lower cost of capital. Although the company’s output increased, most of it was linked to having more resources. Ek said that by most metrics, the company was more productive but less efficient. Read more here.

Convo of the Week

For some weird reason, Contracting in the UK feels like it is gatekept. Contractors who earn day rates of £400-2000/day rarely share information on how to go from Permanent to Contractor banking a high day rate in the interim market. For those of you who are reading this and are still not sure about what Contracting is. Contracting shares similarities with temporary workers, such as working for an end client through an agency, but there are differences. Contractors are responsible for their own business dealings, whereas temporary workers receive payments directly from an agency. A contractor is also different from a full-time employee in that they have the option to decline work.

If you have ever thought of career opportunities in the interim market, here are some of the top 5 industries where you can guarantee a six-figure paycheque: Legal, Finance, Project Management, Technology, Aviation & Defense. Here is also an article on How to Make £100k a Year as a Contractor which goes into detail on Contracting. Also, if you are really considering making the switch to Contractor in the UK, you really need to understand the difference between Inside vs Outside IR35. Here is another blog for you to binge-read.

Careers Advice

Playing the game in the city is a thing. The best way to get ahead is to really understand what companies want to see and also, what you need to do to improve your personal brand and attractiveness to corporations. If you want to get ahead in the city and climb the corporate ranks, you will need to take full advantage of these 5 tips to succeed:

1. Building Strong Relationships and finding your ‘crew’

2. Effective Communication Skills

3. Demonstrate the desire to learn more and enrol in courses

4. Set career goals

5. Don’t be scared to job hop if the right opportunity arises (weigh up your options - I touch on this a lot on TikTok)

Remember that building a successful career takes time, effort, and a commitment to continuous improvement. Stay adaptable, embrace challenges, and always be proactive in managing your professional development

Personal Finance

It’s another tough winter for many in the UK and so many people have been struggling with the cost of living and may see their debt demands rise.

The Financial Conduct Authority, which regulates financial services, says that 11 million adults in the UK struggle to pay their bills - a rise of 3.1 million compared with last year.

So what can you do if you find yourself in difficulty? Always see how you could boost your income, primarily by checking what benefits you are entitled to, and whether you are eligible for a council tax reduction or a lower tariff on your broadband or TV package. You could also consider a side hustle, working overtime or working two jobs. Here is an interesting Reddit thread I came across this week on Unemployed people who juggle multiple jobs, if of any interest, click here.

Side Hustle Spotlight of the Week

If you’ve ever listened to a YouTube video of “lo-fi beats to study or relax to,” you might have interacted with Michael Turner’s music.

Turner, 26, is a full-time musician who makes pop music under the name PLVTINUM. A year and a half ago, he started spending some of his weekends producing music in what he calls the passive listening space — and quickly found “lo-fi” music production to be a “very easy” side hustle.

It’s lucrative, too. Under the name Bonsai Beats — a band mostly comprised of Turner and guitarist Mike Bono — he’s earned an extra $33,139 over the past year, according to documents reviewed by CNBC Make It.

The Ideas Hub: ‘Numbers Don’t Lie’

Simmer Eats. The £3m+ Food business Simmer Eats story - The 2 brothers who built a million-pound meal delivery company: Simmy Dhillon launched Simmer Eats from his uni kitchen in 2017. He began by selling 40-50 meals a week at uni around campus. In 2018 his brother Jhai & mum joined the business and together invested £50k into a warehouse. During lockdown, the revenue hit £230k in 2020 rising to £1M+ in 2021. Simmer Eats has served 500k meals and generated £1M+ in 2022 with no external investors.

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Weekly Round-Up

Celebrity News: Diddy has come out of the frying pan, into the fire. From Cassie to other lawsuits. He is under pressure as he risks losing multiple brand deals.

Music: Kanye West debuted his new album Vultures this week. Foo Fighters announce 2024 tour dates with Nova Twins.

Sports: Worlds Sports Star Award - Voting is open until 22:00 GMT on Tuesday, 12 December, and the award will be presented during the show live on BBC One on Tuesday, 19 December.

Joke of the Week: What do you call 5 ants that move into a house with 5 other ants? TENANTS! 🤣

Travel: The best destination ranked for 2024 is Hawaii. No surprise there. Check out this blog on the best places to visit in Hawaii.

Health: As they say, summer bodies are made in the winter. Try this intermittent fasting diet to get in shape.

How to Spend it: Cybertruck release date. If you have a spare $60-100k you can blow it on a Cyber Truck

Why The Careerguard? The schooling system doesn’t adequately equip new adults for ‘adulting’. With our weekly nuggets of information, we spread knowledge fundamental for all 9to5’ers to know in 5 minutes to spark creativity, help someone consider a new career opportunity, and improve their financial well-being with also a little recap of the week.

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Thanks for reading,

Dominic

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