The glam is not the jam
Assume ownership of your life.
Duh, right? Do you assume such? Or meld yourself to fit others' definition of what's good for you? Is it a mix? Or are you actually ruthlessly commanding ownership and control of you? Big responsibility this is. When you crash, it's on you. Can't blame your pet newt.
If you're still on the fence about taking your work into your own hands, consider how now that we have tools that allow us to work from most anywhere in the world, you're competing with infinitely more people. That means not only is there potential downward pressure on your income but that there's no room for mediocrity.
"As blue-collar employees lost their manufacturing jobs once their industries became more productive, white-collar employees will lose theirs. Anyone mediocre is at risk. And by mediocre, I do not mean “not good”; I mean interchangeable, lacking unique traits, lacking very, very specific skills that make them relevant for that particular job." - Dror Poleg
This means you have to set yourself apart from the crowd. You need to create your own personal brand. That's a fancy way of saying you need to know why you matter. You need to risk alienating some to reach your core. You must put some craft into what you do. You have to care. About everything. Dare to stand for something notable. Conform only to social norms.
The U.S. economy is down 8.2 million jobs since the pandemic. Although 266,000 jobs were added in April, the unemployment rate went up a touch to 6.1%.
If you're now panicking about the risk of being made redundant, stop reading, go outside and breathe deeply. Then come back. Remember that's happened to me twice in 20 months. I know how it feels.
Better?
Just as melting geographic boundaries via technology puts downward pressure on your job, the same technology gives you infinite possibilities. You used to be limited to jobs within a reasonable commute from you house. COVID bust open the doors of remote work. You and I live in a lucky time. Never before has such possibility intersected such uncertainty. There's more parity to starting a business or a project than ever.
Owning your life today means you get to create your own platform. Less and less is big tech going to manipulate the herd through algorithms. Yes, I know that sounds like a stretch. But look beyond the bigness. Know you don't need millions of people in your database to make enough. Digital products mean your marginal costs are extremely low. Therefore, the barriers to entry are largely in your head.
“But Mr. Cow, don't you know the rich are getting richer? Power is more and more concentrated? Income inequality is ridiculous?” - You
Yes, of course I do.
Which is why you MUST choose to own your life. Leave it to others and you're living their agenda not yours. There is great disparity. Acknowledge it. And then get to work on being the best you possible. You just might even find a way to solve for disparity.
The glam is not the jam.
Forget about YouTube stars earning millions. It takes a million views per month to earn $60K. To earn $100K you need 3 million views monthly with a 50% engagement rate. Play with the numbers yourself.
The real money you earn comes from building an audience and a connection. By doing the work that others miss. Or can’t see like you do. If you follow the glam you’ll always be behind.
“Yeah, you’ve said that several times already. Can’t you get more specific?”
Yes and no. You’ve got to find the intersection of the audience and you. That takes some trial and error. Patience and persistence.
I'm currently reading Creativity, Inc. by Ed Catmull, one of the founders of Pixar. What stands out so far is that the creative process is messy. Every Pixar movie sucks at first. Often times they don't know the story until they're into production. And it changes again and again until they get it right. Right they do. At Pixar, they don't sacrifice craft. It's their attention to detail and story that makes the difference. While so many companies say they believe that story matters, they don't walk the talk. You have to live it. Embody it. Do it.
Then controlling how you earn. You can earn far more with small audience that pays you $10 per month. To earn $100K annually you'd need just 834 subscribers. All you have to do is create the reason for people to pay you $10 per month and keep them engaged. Or create a steady flow of inbound leads to account for churn.
Last week I talked about a couple of newsletters earning significant income. What differentiates Stratechery from others and thus earning millions? It's the trust Ben Thompson earned and continues to earn. He has something to say that people want to hear.
I am thinking about how this newsletter can deliver the kind of value that Ben does. And Jeremiah Owyang. What you are seeing is me figuring this out in the open. I'll be the first to say it's not even close to where I'd like to be. I'm writing each week to sort it out. To show what's possible. Same with Walloy, my art gallery. That's a true passion project designed to justify travel and a cool camera or two. It's also in my blood. Can't help making pictures.
As you design your life, think about your story. Or the story you want to tell. What's the arc? What are the obstacles you the hero must overcome on your way to your 'destination' whatever that may be. And once there, how will you keep going?
While I haven't 'arrived' yet with either, this is the journey I'm on. I'm committed to creating this work portfolio that drives towards financial independence. And that helps others do the same. I'm motivated by multiple projects. Fueled by curiosity, why not? And why not you too?
Now if I can just make this as interesting as the latest Netflix drama. . .