584. Paul Millerd, Good Work

Unleashed - How to Thrive as an Independent Professional

Show Notes:

Paul Millerd, author of The Pathless Path and Good Work talks about his books. He explains the behind-the-scenes process of writing about work and the relationship to it. He explains the origin story of The Pathless Path, and how falling love with a woman and with writing led to a complete change in his professional direction. Paul, who had worked in strategy consulting for many years, left his full-time job and became a freelancer. He talks about this experience and how he felt like he was wasting his talent and needed a new story to make sense of how he felt and identify the possibilities that were emerging. The book is not a how-to book, but a friendly companion or guide for people already on similar paths. The book offers mental models, frameworks, and inspirational stories to help them venture into their own work. The conversation turns to money earned and why Paul chose to make less as a freelancer than he had in an employed position. He also talks about the impact of the money script and how societal views on taking a less-trodden path.

A Discussion on Good Work

Paul explains that 'good work' is defined as connecting with oneself and the work, which can be done in various forms. He believes that good work is time well spent, things one cares about, and that it will be interesting to see if people will connect with it. Paul shares his experience of writing for seven and a half years, where he has earned less than 30 grand a year due to some sales in his first book. He and his wife are aligned on the trade-offs and sacrifices they make, such as not owning a house or moving abroad for lower costs. Paul believes that good work is not for everyone, but rather for those who find it fulfilling and want to point their life in this direction. He has met hundreds of people from around the world who have material circumstances, but generally, they are not elite, educated, or high-wage workers. He doesn't recommend it for high achievers with expensive lives, as it is difficult to break out of the identity around status and continued achievement.

Examples of Good Work

Paul also shares examples of people doing what they consider good work, which is not necessarily creative pursuits. For example, someone taking care of a sick relative can shift work during their career, while a singer in Greece shares his music and feels good when he does so. He believes that good work is about prioritizing something of value in one's life and not just making money from it. Over the last year, Paul has been doing nothing but write and take care of his daughter, spending more than he has brought in, and seeing his income decline dramatically over the past six months. However, he believes that if he can get five to 10 experiences of writing a book or doing similar things, he will be happier with how he spends his life.

Exploring the Concept of Leaving Money on the Table

In the chapter Leave Money on the Table, Paul explains the importance of leaving money on the table and the challenges faced by those on unconventional or creative paths. He shares his experience of taking a pay cut to get a job at McKinsey from GE, leaving before receiving bonuses one month before. After quitting his final job, he watched his savings dwindle, but as he slowly started to make money, he found he was enjoying life more. He talks about getting paid in different ways, in experiences, time, and fun. He started to attract good people into his life and values these experiences. The conversation turns to how this concept applies to independent consultants. They should consider factors such as learning something, liking the people, having a decent lifestyle, making decent money, and potentially leading to future work. Paul believes that independent freelancers must leave money on the table to sustain their journey. He advises asking questions like how much would be paid for a project, how excited he is, and what he would do with the money he gets from each project. This approach helped him start his first book.

Thoughts on Status

Paul talks about losing his previous status due to the loss of an impressive job and career trajectory. However, while he still craves appreciation, respect, and admiration from others, he values status for aspects that are not necessarily measurable by money or standing on the top of the corporate ladder. Paul mentions that having a community of thinkers and being plugged into that community is more enjoyable than being anonymous. He believes that the internet has made it possible to build an intellectual life without going to academia or being in a PhD program.

Reclaiming Ambition

Paul explains that he associated ambition with working in the corporate arena and making as much money as possible. He had no one in his life who was an entrepreneur or working independently, so he had to find those people. Through conversation with a friend, he realized that he was ambitious about living a big life and being an active and present father. Paul also discusses the scripts that made him turn away from the idea of ambition. He emphasizes the importance of understanding and reclaiming ambition in one's life.

Side Projects that Fund Good Work

Paul discusses the importance of side projects. He emphasizes that product market fit and person interest fit are crucial for optimizing one's interests and finding fulfilling activities. He shares his enjoyment in creating content and helping people find opportunities. He believes that it is important to take side projects seriously and consider how they can fit into one's life. Paul created a course to make money without selling his time continuously. He also started running workshops, which eventually made money. He plans to use these workshops as a funding vehicle to pursue his goal of publishing 10 books. He has experimented with different types of projects, such as consulting skills and workshops, to find a balance between making money and maintaining a fulfilling life. Paul advises everyone who wants to change their life to rewrite their script.

Paul's podcast and website are available for people to follow his work.

Links:

The Podcast: https://pathlesspath.com/podcast/

The Website: https://pmillerd.com/

The Pathless Path Book: https://pathlesspath.com/

Good Work Book: https://pmillerd.com/goodwork/

LinkedIn: https://www.linkedin.com/in/paulmillerd/

Timestamps:

03:34: The Concept of the Pathless Path

06:18: Challenges and Rewards of Independent Work

07:01: Defining Good Work

11:18: Accessibility of Good Work

15:05: Examples of Good Work Beyond Writing

18:24: Challenges of Leaving Money on the Table

25:21: Reclaiming Ambition

38:19: Side Projects and Person Interest Fit

45:21: Rewriting Work Scripts

Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.