Your Passions vs. Your Finances
"Follow your passion and you'll be happy!"
That's what a lot of people will suggest. And that's a good suggestion. But it's not a reasonable, thought out course of action.
Besides it being the most vague advice you can give someone, when it comes down to it, there are some very real reasons why that might not be a feasible plan.
You may not want to turn a hobby into a job for fear that it will be corrupted. You may not be good enough with your current skills to be able to charge someone enough to survive on. Or your passion may not have much of an audience at all. If you like making miniature blinds for dollhouses, that's great, but I'm not sure if that's the next big thing. (Though I'm sure you could come up with some way of capitalizing on it.)
The main reason why working your passion can be difficult is and always will be money. And most times, it's because we don't have enough saved up to sustain ourselves while we build something out of nothing.
You can choose not to make a living off of your passions, but don't let your personal finances keep you from following your passions.
Money can help you reach your goals and achieve your dreams, but of course the lack of it can prevent you from getting anywhere close.
After reading countless blogs, books, and listening to financial speakers, I can tell you the number one reason people are looking for a high net worth is for financial freedom. The freedom to do whatever they want with their time.
For some, that's walking along every beach in the Caribbean at least once. For others, it's buying their dream car. You name it, people want to be able to do it without having to worry about a job or not having enough money to buy food.
For me, becoming wealthy is a goal simply because it will allow me to work on my projects when and where I want.
I want to be able to help a friend start a business by bringing in capital and other resources for them. I want to launch my own companies based on the markets I see in need and the solutions I dream up. I want to be able to work on building ideas and turning them into reality.
And I want to do it on my terms.
To do that, I'm going to need money. Money for myself and for others.
So while many of us are working towards our passions, it's often about finding a way to support ourselves in our new endeavors and thinking, "Am I making the financial choices in life that will give me the freedom to do what you want with my time?" I'm guilty of not always asking myself this question, but it does keep me from making some big mistakes.
How does following your passions fit into your financial plans?