Redefining Work in a Passion Economy
Dare to Escape: Chapter 2
✏️ DARE TO ESCAPE: Break Free from the Rat Race and Create Your Ideal Life
This is CHAPTER 02 of my book project. Read Chapter 1 here.
Redefining Work in a Passion Economy
“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.”
— Steve Jobs
The decline of traditional job security
It was 2003. I watched Dad at the dinner table, his eyes heartbroken.
After fourteen loyal years operating machinery as a tool setter and senior at his factory, he was laid off and replaced by cheaper labour. The company he dedicated over a decade of his career and life to ultimately put savings on a spreadsheet over his skilled tenure.
Just a year later, I faced a similar upheaval at Hewlett-Packard. Promoted to team leader after 12 months as a call centre operator, I soon found myself laying off my team as our roles moved overseas. I saw the confusion and betrayal in their eyes – and felt it in my heart.
These experiences, both my father's and mine, peeled back the curtain on a painful truth: job security in the traditional sense was no longer a guarantee.
My dad never fully recovered from that betrayal. After some time, he gave up on the pursuit of a full-time permanent job. Instead, relying on skills developed as a young mechanic back in Laos, he started hustling for cash by fixing cars for friends from our carport in South West Sydney, along with other odd jobs for cash.
As for me, I stayed with the same company. The grind was relentless, and I poured everything into my job until two life-changing moments shook me to the core.
First, I found myself physically and emotionally spent, a shell of my former self, leading to a harrowing stay in the hospital for brain surgery.
Then, in the midst of 2008's global financial crisis, I faced the cold reality of redundancy. It was a brutal awakening from the corporate dream I had been living.
The (not-so) funny thing… being let go by a corporation felt almost routine - just an old script performed with new actors.
After years of buying into the promise of job security under a branded banner, Dad and I both learned the hard way those assurances could disappear as quickly as roles on a budget sheet. No matter how diligently one plays by the rules.
In 2014, after working through feelings of guilt and shame for “failing” in my corporate career, I went on national TV to tell my story for the first time.
The Tech World Today: A Landscape of Uncertainty
Fast forward to 2023. The tech industry, a beacon of innovation, is also a mirror reflecting the instability of modern employment. Layoffs.fyi reports over 260,000 tech job losses in just one year.
In January 2024, I polled my LinkedIn contacts about job security. While the participant number wasn’t statistically significant, the results, particularly some comments, were revealing.
Ivan Chew, a Workplace Strategy Director with over 23 years of experience in property, construction, project management, psychology, training, and theatre, shared:
“Job security doesn't really exist anymore due to greater influence and volatility from market forces, a cultural shift for "short wins" (that's a bigger discussion to be had with the influence of "instant reward" in the 21st century), and the nature of jobs just changing. Larger corporations like the independent contractor so they can change direction (or cut losses) where and when required. But it works the other way as well with employees, as generally the public is sold on the "dream" of being "working for yourself" without really realising that it's a hell of a lot of work...!
Being multi-skilled works as a buffer (I'm biased in this) as theoretically, those who are should be able to find a job easier but not necessarily demand high income or be able to "climb the ladder", especially in a technical role.”
Steve Ash, freelance content, author and digital marketing consultant with over 20 years of communications experience, shared:
“The world of work has become very short-termist in recent years. Short contracts, zero-hours contracts and the threat of lay-offs means many of us are concerned about the stability of our careers.
The 'job for life' that previous generations took for granted is just not a reality for most of us in the job market in 2024. Even as a freelancer, I can see the change - which is somewhat ironic when going freelance was supposed to put me in better control of the long-term future of my own career.
The truth is that all of us, whatever our career path, need to be open to changing to something new, whether that's a new role, a new industry or a complete pivot to a new kind of skill set. Find the work and fit your skills to what's available: that would be my advice!”
The general sentiment echoed a lack of confidence in job stability, a stark contrast to the beliefs of our parents’ and grandparents' generations.
The Emerging Threat of AI
Adding to these challenges is the rapid growth of artificial intelligence (AI). An Oct 2023 survey by MyPerfectResume found that 78% of US workers fear losing their jobs to AI advancements.
This fear is not unfounded, as Sam Altman of OpenAI (the company that created Chat-GPT) has openly acknowledged that “Jobs are definitely going to go away, full stop.”
Rise of the Gig, Passion, and Creator Economies
In response to this shifting landscape, alternative economies have emerged.
The gig economy, characterized by short-term contracts and freelance work, offers flexibility and autonomy.
This shift has been facilitated by the rise of on-demand marketplaces that established ways for people to make money, such as Uber, Airbnb and DoorDash.
The number of global gig workers was expected to rise to 78 million in 2023. Furthermore, gig work is forecasted to grow to 50% of the U.S. workforce by 2027.
Yet, it also lacks the income security and benefits of full-time employment.
The passion economy, however, is centred around monetising individual skills and interests to create a more sustainable, long-term career.
Adam Davidson, in his book "The Passion Economy," defines it as a system enabling the monetisation of skills from anywhere, challenging the traditional time-for-money dynamic.
Parallel to this is the creator economy, a subset of the passion economy focused on content creation. With a market size estimated at $104.2 billion in 2022, it's a rapidly growing sector empowering entrepreneurs, influencers, and artists to monetize their content online.
According to Goldman Sachs Research, the creator economy could approach half a trillion dollars by 2027.
Opportunities for Companies and Individuals
For companies, both large and small, these economies offer:
Access to specialised skills: They are no longer confined to local talent pools and can access the best talent globally.
Cost-effectiveness: Hiring workers on a freelance or contract basis can be more financially viable than traditional full-time employment
Innovation: fresh, entrepreneurial perspectives that can spark innovation and creative problem-solving
Flexibility and scalability: The ability to engage workers on a project-by-project basis and
Access to niche audiences: Leveraging audiences or followings already prebuilt by Creators.
For individuals like you and me, participating in these economies means:
Flexibility and Autonomy: Enjoy control over your schedule and workspace, enhancing work-life balance.
Pursuing Your Passion: Focus on interests and passions for greater job satisfaction and fulfilment.
Diverse Income Streams: Diversify income by engaging in multiple projects, enhancing financial stability.
Entrepreneurial Opportunities: Utilise your entrepreneurial spirit to build a unique brand and venture beyond conventional employment.
Continuous Learning: Each project offers a chance to learn and develop skills, increasing marketability.
Global Network Expansion: Connect with a worldwide audience, broadening your cultural and professional exposure.
Creative Control and Ownership: Exercise control over your creations and retain intellectual property rights.
Direct Audience Engagement: By engaging directly with your audience, you build a trusted list of buyers and a personal brand. This not only increases your visibility but also shields you from relying solely on social media platforms or employers for income, ensuring more career autonomy and stability.
Finding Your Ideal Mix
This evolving work landscape allows for diverse models. Here are five common ones:
The Side Hustler: Full-time employees supplementing income with side hustles or gig work, balancing job security with personal passions.
Freelance Specialist: Professionals offering specialized skills to clients on a freelance basis, enjoying diverse project work and dynamic careers.
Remote Entrepreneur/Digital Nomad: Entrepreneurs managing their business entirely online, often from different locations, leveraging digital tools for global market access.
Portfolio Careerist: Individuals building diverse career portfolios with various part-time roles, projects, or gigs across multiple industries.
The Slasher: Pursuers of multiple, often unrelated careers simultaneously, characterized by the slash (/) symbol denoting their varied roles.
In each of these models, there's an echo of the work structures artists have long been accustomed to (shout out to Tam Cao for this insight).
The gig economy and its variants are not entirely new concepts but rather modern adaptations of work styles that creative professionals have been practising for years.
Each of these models reflects a shift towards more flexible, autonomous, and diversified ways of working, allowing individuals to tailor their careers to fit their lifestyles, interests, and goals.
Meet Adrian Neumeyer: IT project manager turned digital product entrepreneur
Like me, initially, Adrian Neumeyer followed a traditional career route. He worked in corporate IT and project management for over a decade.
On paper, Adrian had an enviable position - senior project manager at globally known companies like Bosch and HILTI. He led large teams on complex enterprise implementations.
But after years in the corporate grind, Adrian felt drained by office politics and long hours away from his growing family. This lifestyle no longer fit his values like freedom, authenticity and family.
To realign work with his priorities, Adrian left his unfulfilling job in 2019 to launch his own business. He started TacticalProjectManager.com - a website teaching practical project management skills to those in the trenches.
Building on his years of expertise, Adrian created digital courses blending real-world best practices with an engaging teaching style. He focused on adding value rather than extracting profits.
This values-driven approach struck a chord. In under two years, over 150,000 people were visiting his site each month. Adrian now earns a good living doing work he believes in and in a way that works for him and the most important people in his life - his family.
I’ll go into more detail about other types of work and business models that I’ve come across in Chapter 7.
Take Action: What Do You Value?
Reflect on your professional and personal highs and lows.
What values emerge as central to your successes and challenges?
Do these values align with your current work?
Understanding your core values can guide you toward work that resonates with your true self, leading to fulfilment and authenticity in your career.
Want to go deeper on uncovering your core values? I recommend taking Dr John Demartini’s free Values Determination Test.
Next week:
Chapter 3: My Crooked Career Journey
Early career aspirations and realities
Pivotal moments of change and realisation
Lessons from a salsa hustle, a FB ads business, and launching a content agency
My relationship with failure
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👍 3 THINGS THAT CAUGHT MY ATTENTION
1/ Watch: San Francisco Is Teeming With Self-Driving Cars And It’s A Mess
When my wife and I were last visiting San Francisco (2022), I would occasionally see Waymo self-driving cars cruising past me on the street.
I had heard of these autonomous vehicles before from a LinkedIn friend - Sophia Lovasz, who had some of her Waymo TikTok videos go viral. Like this one:
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So I was somewhat disappointed when, due to circumstances at the time, my wife and I couldn’t go for a spin in a self-driving car while we were in SF.
It’s fascinating to see in this video what has been happening since our visit to the US city and get a glimpse of what’s to come (assuming all the issues are ironed out).
2/ Read: In My Pajamas In the New York Times by
Who knew that someone's story of choosing pyjamas for an NYT feature could be so engaging?
And, of course, Emily’s definition of Authentic connection struck a chord with me.
Thank you @Emily Nagoski and congrats on the book and the feature.
3/ Listen: The Science of Why You Eat When You're Not Hungry–And How to Stop
I’m an emotional stress eater, and over the years, this has become problematic for sustaining my energy levels. What caught my attention in this podcast was the conversation around habits vs. addictions, how over-eating becomes a habit, and what you can do to change it.
🔧 TOOL OF THE WEEK
Sunsama
Sunsama changed how I manage tasks. It keeps things organised and running smoothly. I can't go back to the old ways without it.
- Intuitive user interface
- Seamless integration with other tools like multiple Google calendars, Gmail, Asana, and more.
- Serves as a central hub for planning needs
I love the daily task planning, drag-and-drop feature, and focus sessions. They have significantly enhanced my productivity. The price is worth it, considering the amount of anxiety it's helping you overcome.
PS. – Did you get value from this newsletter? If yes, then please:
Forward it to someone else who might find it useful too.