Follow The Money, Not Your Passion

We have to be smart about this

It’s time I clarify a few things.

People make money doing things they love. I enjoy writing and make money from it. It’s entirely possible to make money doing what you love.

However, some people interpret “follow your passion” as “forget about the money.”

We’ve heard fairytale stories about founders starting their companies in garages. You don’t hear how their founders’ parents gave them money and quick access to incredible networks. No business executive is self-made.

We hear about how these people struggled for years before hitting their big payday. Then, the money kept rolling into their pockets.

However, they picked industries with significant income potential. That’s why the money ended up coming.

We All Need Money

Money helps us afford basic living expenses. It helps us travel on vacations. We can even buy time with it by delegating some of our tasks.

We’ll need plenty of it by the time we retire. Especially with transitory inflation not being so transitory.

Advancing in your career puts more money in your pocket. However, making money isn’t enough. Some people take a higher income as a sign to expand their lifestyle. Live humbly and save money.

Don’t Give Up on Your Passion

Do you like to draw art or play music? You can make money with those skills. However, you may not make enough money in the beginning. Some people eventually make full-time incomes with these projects. They then quit their jobs after much thought.

I’ve had many guests on Breakthrough Success talk about how they left their jobs behind. Guess what we all talked about? Money.

Some were making more than enough money from their passion for covering expenses. However, they continued working at the job longer than necessary.

Housing costs, utility bills, and groceries don’t care if you quit your job or get laid off. Some people went into their passion full-time after getting laid off. The layoff provided some of my guests with the final push to make full-time money from their passion. It was a survival technique that helped them thrive in the end.

Side hustles and extra income sources provide some support in the event you get laid off. Think you’re too valuable to get laid off at your job? Some of my guests thought the same thing. If the business falls under or desperately needs to cut expenses, no one is safe.

Starting a business puts more control in your hands. However, it needs to make money. You need a monetization model to turn your hard effort into cash.

I Write Fiction. That’s a Hobby

I completely understand that some people make a full-time income from fiction. I’m nowhere close to that. I haven’t built a platform or published any fiction books. Right now, it’s a hobby.

Could I grow it into a full-time income someday? Maybe. However, I also enjoy freelance writing and growing my current brand. I also make more money from those activities.

You can make room for your passions. Tracking your time will expose opportunities. I stopped watching TV and surfing the web. I use that extra time to write fiction. I’ll write fiction in 30–60 minute writing sessions. I write fiction roughly five days per week.

I read some fiction to get a better understanding of writing styles. Now, I’m done with that. I would rather write than read. I would rather create than consume. Passions make you active. Consuming makes you passive. Consuming content helps you learn, but at some point, you have to take action.

Swapping consumption with active creation helps you embrace passions while making money with your career.

Retirement Gives You More Time

Eventually, you’ll retire. If you follow the money, you can retire sooner. Lowering your costs and downsizing make it even easier to retire.

You can shift to part-time work if your expenses get low enough. All of a sudden, you have extra time. You got that extra time because you were smart about your money.

You can pursue your passions while working. Some passions can replace your day job. However, jumping ship too early presents an overwhelming risk. Focus on retiring sooner. Saving enough money and cutting expenses makes overtime hours less vital.

You Need a Plan

Following your passion isn’t an excuse to shove financials and ignore what’s happening. Schools don’t teach you how to be financially literate. I genuinely think some of that is intentional.

If everyone was financially savvy, brands that rely on materialism would suffer. The system needs incoming college students to not think twice about taking on 6-figure debts. If they figure it out after graduation, that’s fine. The damage has already been done.

Learning doesn’t stop after the classroom. A financial education almost always starts outside of the classroom. Track your income and expenses. Make frequent investments so you can benefit from the compound effect.

Financial objectives go a long way in helping you sustainably follow your passion. You can grow your career, explore monetization opportunities with your passion, and then make the shift when the timing is right.

Following the money first makes it easier to fully embrace your passion when the time comes. Until then, don’t give up on your passion. Continue doing it on the side and grow it over time.