As much as you hear follow your passion these days, many people have pointed out that this is bad advice. I completely agree with this. Now life isn’t all about becoming rich, but wouldn’t it be nice if you had financial freedom. What is financial freedom? Here I will lay out a way you can get on your way.
If you are making a bet that you can make it in a highly competitive and niche field, you should always have a backup plan. For example, if someones passion is Art, absolutely pursue it. However, in college you could double major in Art and something more marketable such as accounting or engineering. In order to pursue certain passions, especially ones where the jobs are competitive and sometimes low-paying, you need an income. I am getting into this whole blogging thing, but before I actually see any money as a result, it will be a while. I wanted to set up a website and have people view my stuff and don’t care about the money I get from it. But in order to do that I need a roof over my head and Hot Pockets to eat (haha). So I am an engineer by day, but work on this website in my free time.
You hear about these stories where painters and musicians and dancers go all in and make it to the very top. This is incredible and makes for a great story of how they sacrificed everything to make it happen. Though for the vast majority of people, this isn’t going to work out. What follows will be a rather miserable existence as one follows this passion. Sometimes, there just isn’t money in certain areas as bad as you want there to be.
Another dream for people with a day job are those who want to pursue their passion full time. This is completely possible as you cultivate your skills over years of hard work. One thing you can do while you have that day job is save heavily for retirement or even an early retirement. I think you all should check out a website called “bogleheads.org”. It is about investing a certain percent of your income, say 20%, into an index fund/ retirement fund. Living frugally with a moderate income over years and years will eventually build into a massive fortune through compound interest. An early retirement will let you pursue that passion full time even if there is no money to be made from it.
Finances are the one thing that we always need to be conscious of. Because without them we will be out on the street, passion or no passion.