One of the goals of Success Fundamentals is finding the core motivations and beliefs of successful individuals. One of the suggestions we have been encountering on nearly every episode is the need to find something that you are passionate about. The thinking is that aligning your career with your passions will likely result in you succeeding in that career path. Here are a few reflections and questions to consider:
1. Is finding your passion a necessity or a luxury? If it is a luxury than this suggestion may only be applicable to some and not to others. A single mom working in retail may have a passion for dance but may not have the means or time to dedicate to her passion.
2. Which passion should I focus on? What if you have a passion for brewing beer, chess, gardening, and computer programming? What process would you use to determine which of these passions to follow? One might suggest that you choose the passion that will net you the highest return monetarily, while others say that compensation shouldn’t be part of the equation.
3. Is there a difference between a passion and a hobby? How do you know the difference? Should hobbies stay recreational or should they be viewed as a passion and explored as a possible career path?
I wouldn’t shy away from a thorough analysis of the financial viability and implications of these questions. We do after all need to eat, clothe ourselves, pay our utility bills, and a litany of other financial obligations regardless of our passions. A good starting point may be to see if there is a way to sustain your current lifestyle while pursuing your passions.
Do a budget. Maybe your lifestyle costs $55,000 a year. Maybe you like chess and have dreamed of opening up a game room for people to play one another. Do the math, how much would you need to charge in order to yield a return of $55,000 annually? The math is straightforward. Take your time and write it out.
If you find out that it is feasible then you should strongly consider looking further into this pursuit. I would also suggest that you talk to as many people as you can prior to pulling the trigger including tax, legal, and financial professionals. What are your thoughts on this? Do you have any experience or suggestions? Please feel free to leave them in the comments below.