The G.E.M. Series Episode 1 Yolo Economy

[00:00:00] Blake:  Welcome to the GEM series powered by rocket level. On this podcast, we empower entrepreneurs to succeed by setting big goals, executing like a pro, and having a fearless mindset. The GEM series is all about investing in yourself. We're here to share the path, to getting what you want out of life. By sharing the stories of entrepreneurs who have done this themselves, providing thorough research from our team on what careers and habits are yielding the best results, and discussing the mindset it takes to overcome the obstacles that all future entrepreneurs will face investing in yourself, starts with putting in the work every single day.

[00:00:38] Blake:  And this podcast is here to help you do exactly that. My name is Blake Chapman. I'm the vice president of the ambassador program here at rocket lab. And I am thrilled to be your host for the gem series. Hello, and welcome to the GEM series. A podcast about financial freedom, entrepreneurship, and everything in between.

[00:00:57] Blake: I'm your host Blake Chapman. And today I wanted to share a few articles that are talking about this really big idea that's going on right now. So it's this movement that is happening all around the world, where more and more people are working for themselves, or finally working the way that they want to.

[00:01:15] Blake: This may not sound that novel to you, but just stick with me here for a second. So this revolution has actually gained so much momentum recently that the New York Times just released an article talking about this mass Exodus of the traditionally employed. What I'm talking about here is more and more people are quitting their day jobs to pursue passion projects and push to make this their primary source of income.

[00:01:38] Blake: They've even come up with a really catchy name. They call it the Yolo economy. So most of you probably know what Yolo stands for, but for those of you that are not acronym inclined Yolo stands for, You Only Live Once. And you know, that is the very truth that is pounding in the hearts of all of those who feel like their current job is a compromise to what they truly want out of life.

[00:01:59] Blake: Kevin ruse of the New York Times writes about this, saying that some are abandoning cushy and stable jobs to start a new business. Turn a side hustle into a full-time gig or finally work on that screenplay. Others are scoffing at their bosses, returning to office mandates, and threatening to quit unless they're allowed to work wherever.

[00:02:19] Blake: And whenever they. Wow. So this is happening in a major way. So many people have preached about this shift, but obviously, it's gotten big enough to the point that major outlets like the New York times are starting to pick it up and they even go on to back it up with multiple stories, like a lawyer who quits his giant firm to go to a smaller firm and work fewer hours and spend more time with his family.

[00:02:42] Blake: I mean, can you blame them? I'm a reporter for the daily beast who quit to pursue her freelance writing career so that she could have more time for her family and hobbies and several others. So with COVID was something that's kind of interesting is all of these people have had a year to chew on what they really want.

[00:03:00] Blake: And need to feel fulfilled and they're diving in headfirst. So the New York times actually details this exactly with a quote saying we've all had a year to evaluate. If the life we're living is the one we want to be living. This is said by Christina Wallace, a senior lecturer at Harvard business school, especially for younger people, who've been told to work hard, pay off their loans, and someday you'll get to enjoy.

[00:03:25] Blake: A lot of them are questioning that equation. What if they want to be happy right now? I mean, yeah. Right. What if they do want to be happy right now? What have you spent the last year saving a lot of money? You've given yourself a little bit of runway and you want to try out your passion project for a while.

[00:03:39] Blake: Should you do. Does fortune favor the bold I'm afraid that, you know, this is something you're going to have to answer for yourself? But what I can say is that there are a lot of options out there that fit this model of betting completely on yourself and reaping the rewards, whether that be buying property, doing real estate, digital freelancing, or starting your own business, there are tons more even outside of those.

[00:03:59] Blake: There's this really big shift that's happening across the board, where more and more people are not only demanding more from their jobs Or deciding to work for themselves, but also realizing that some of the ways that the traditional you know, work environment might not be exactly what we had kind of hoped for.

[00:04:16] Blake: Just do the math. On average, people are sticking with a job for three years and that's decreasing and they worked for about 40 years give or take. And what that means is you're probably going to have about 13 different jobs over the years, working for somebody else. And at each of these jobs most certainly seeing modest raises each year, rather than getting closer to financial freedom a lot, or even feeling like they're getting further from.

[00:04:42] Blake: Many others are you know, also recognizing this kind of trend towards autonomy. I found an article in entrepreneur today that says the corporate world has changed more in the past two years than in the past 20 years. It took a pandemic to make people realize that you don't need to travel for work.

[00:04:58] Blake: Two hours a day to sit in front of a computer that is connected to the internet, any. It is no longer possible to attract people to work at a full-time job and a corporate office because people have realized that the idea of a safe and secure job is just a dream that can collapse at any time. There's no need to work at a specific location and a specific city because we all live in the global village called the internet.

[00:05:21] Blake: So yeah, I mean the work, the workforce has changed. Not only have we been sitting inside for a year collecting savings and realizing that we can be just as. If not more effective working from home, but a lot of people have been laid off this year due to the pandemic. And you know, they've realized that maybe you're not quite as valuable to your company as you might've once believed.

[00:05:42] Blake: And you know, the bottom line is that all that matters to a majority of corporate companies are well, the bottom line. This is at least the way that it seems you know, to so many that are making these decisions to leave their jobs. But the interesting thing that I've been saying in many of these articles is that there are more and more people not really discouraging this kind of action, but rather encouraging people to begin taking up some sort of freelancing immediately and to strike while the iron's hot Deepak kind of cars, you a CEO of learning today.

[00:06:15] Blake: He actually says, if you're not in a full-time corporate job right now, it's time to start freelancing. Instead of trying to find a job in the post-pandemic new world order. If you're already in a corporate job, you need to start freelancing as a side hustle as soon as possible, even if you're just building your brand and doing free consultations.

[00:06:35] Blake: It is more than enough to start with because it creates the foundation for your future freelancing journey. You might have friction getting started in this journey if you're an employee or if Ben is one because the typical mindset of an employee is to look for security and something guaranteed for every piece of effort that you put in getting started with your freelancing career, is the first step in dealing with career and professional uncertainty.

[00:07:01] Blake: So much is starting to point to this idea that this is going to be the landscape of future entrepreneurs. There, there might be multiple ways to get there, but so many people are really beginning to point out that freelancing in some form or another is ultimately a more sure-fire path to financial freedom than working in a traditional corporate environment.

[00:07:20] Blake: I found this really, really fascinating, and I kept digging a little bit more and found an article by Justin Welsh, talking about this even more. And he said creators will dominate the economy in the future. In fact, they're just starting. So check out some of these stats, 50 million considered themselves part of the creator economy in 2021, and 2 million crews make six figures.

[00:07:43] Blake: Sponsored influencers are worth 8 billion, 29% of American kids want to be on YouTube. You also go on to kind of talk about the recent fight between. Floyd Mayweather and Logan Paul, right? Where you know, Floyd Mayweather talks about you know, why he even did it, right? So he says, wants to make money as a boxer, doesn't be a boxer, be a creator, right?

[00:08:04] Blake: There's a quote that says I can fight a fighter right now. And I can guarantee myself $35 million. I can eventually probably make 50 million for just a regular. Or me and Logan, Paul can go out, entertain, have fun and make nine figures. I want a hundred million or more 35 million for 12 rounds or a hundred million for six rounds.

[00:08:24] Blake: Big difference. So that was Floyd Mayweather's who you know, said that, but Justin Walsh goes on to say, remember, don't be a boxer, be a creator. I thought this was all really fascinating and it totally aligns with so many articles that I've been seeing recently. So I guess what I'm trying to say is if you're thinking about starting your own side hustle or getting into freelancing so much as pointing to a yes or that there's some support out there for this idea and it's proven that you're not alone.

[00:08:52] Blake: If there's something that you've been itching to try, of course, you know, think it through and determine what's best for yourself. But let it be more than just daydreaming tons and tons of entrepreneurs are proving that this is something that should at least be considered. Thank you so much for tuning into the GEM series.

[00:09:08] Blake: Let me know your thoughts in the comments and check out the link in the bio to read all the articles I talked about today. Until next time I hope everybody has a wonderful day. Goodbye.

[00:09:20] Blake: Thank you for joining us on this episode of the GEM. The podcast is for anybody dedicated to investing in themselves, stay tuned for our next episode and look in the links below for resources that you can use for yourself until next time. This is Blake Chapman, and remember to be awesome and do awesome things.