How to Follow Your Dream and Not GO Broke
Do you suffer from the “starving artist” mentality? This is the idea that if you pursue your passions you will be broke and won’t be able to live the life you want financially. So, how can you follow your dream and not be broke? Take a deep breathe because it is possible.
First off, what is your dream?
Would you start a non-profit? Would you work in the public relations industry? Fashion? Music? Be a Motivational Speaker? Is there something completely different you would do with your life?
In my opinion, in school we are “promised” that if we get a degree in a specific field then we will be able to find and attain our dream job…most of the time this is not how it works out.
Now in some cases it is. I know for my girlfriend, she is a Kindergarten teacher. Being a teacher was her dream job. Let me just say, it takes a special person to do that job. She genuinely loves teaching and she got specialized in that field (elementary education) in school. She knew that she wanted to be a teacher when she graduated, and that was the only job for her.
On the other hand, people major in something, they can’t find their “dream job”, and so they settle for a job and never actually pursue their dream. For example, if your dream job is to be a public relations professional but you can only find a job in human resources, all hope is not lost. You can still pursue public relations and not be broke.
Here is How:
1. Keep your day job and start working on your dream
Okay Phil that sounds easy. Is it? What did you do today to get closer to your dreams?
Exactly, a lot of people never start chasing their dream and they let each day pass with a sigh that they will start tomorrow. You want to get paid to be a motivational speaker, start a YouTube channel and start motivating! If you want to start a non-profit, go volunteer and learn the ins and outs of what goes on.
If you can start working on your dream each day while you keep your day job, you will be able to have money coming in while you build up your side hustle.
Now, we have all heard a story about someone who had such great passion for something that they quit their job, dropped everything, and went for it. Sometimes it works out and sometimes it doesn’t. The counter argument is that if you really want to follow your dream then being broke will motivate you more because of necessity to survive.
In my opinion keeping your day job and building up your side hustle/dream is the way to go.
2. Give yourself a Runway
Whether you decide to quit your job and go do your own thing or build up your side hustle/dream and then want to make the transition, having a financial runway is crucial.
As I shared in previous posts, having an emergency fund (Runway) is crucial to living a peaceful financial life.
Once you get that established, I would give yourself another 6-12 months of living expenses saved up before you pull the trigger and quit your job to pursue your passion if that’s the route you choose to take.
The other side to consider is, if you build your side hustle up to making the same amount each month as you are currently making, you could easily make the transition over without skipping a beat financially.
If you want to be in public relations, but are stuck in human resources, you could acquire clients on the side and once your portfolio is big enough to support you financially you can quit your day job and focus on your passion full time.
There are so many different examples of how this could work!
3. Be financially Stable First
This is exactly what I am doing! First, I paid off my debt, then I saved up and bought a place of my own, after I saved a ton for my retirement, now I have enough savings to take some risks and follow those dreams.
If you have consumer debt looming over your head or spend all your money on stuff you don’t need, then it will be hard to have a financial foundation to pursue your passions.
If you want to create a website/blog here are the Step-by-Step directions I created for you to use. All in, it probably costs around $100. It definitely is not easy, but if you have a passion or desire to do something, $100 and a lot of hard work is worth it in my opinion.
Yes, you can make money from a blog!
When I started this blog I knew I had a passion to help people take control of their finances and create the life they want, not the life they have to live.
I did not know anything about blogging, writing, or even social media marketing…I didn’t even have a twitter. What I found was that if you really want something, you will figure it out.