How to Pursue Your Passion Without Going Broke

How to Pursue Your Passion Without Going Broke

You can live your dream life and provide for yourself and your family simultaneously. Here are a few ways to do exciting, passionate work while staying practical.

1. Let go of the “starving artist” mindset

Choosing the right career path doesn’t mean you have to sacrifice your happiness. If you have the starving artist mindset, you’re already giving yourself limitations on what you can do. It sets you up for failure before you even begin. Change your mindset and start believing you’ll succeed with all the hard work you put in and the strategies you apply.

2. Don’t quit your day job until you have enough savings

Once you’ve identified what makes you get up in the morning and ignites your burning passion, you shouldn’t make any hasty decisions, like quitting your day job to pursue your passion full time. You’ll get there eventually, but not on day one. First, you need a plan.

For example, you want to start a band. List down the steps you need to take to get to your goal. Determine which steps you can do while you’re still working. You don’t have to be jobless when you’re just at the point of recruiting bandmates. Realistically, it would be best if you had your day job to fund your dream; it’s your safety net. Once you have enough savings, only then can you consider quitting.

3. Skip on unnecessary expenses and save the money instead

To kickstart your savings, you need a solid savings plan. Ask yourself how much you need to save to maintain your lifestyle while pursuing your passion. You also have to think about the expenses of your new endeavor, such as start-up costs.

Once you have an estimate, proactively work towards it by budgeting and prioritizing necessary expenses. Skip tiny luxuries like overpriced coffee, gym memberships, and streaming services subscriptions.

4. Find ways to merge your current job with your passion

You don’t always have to keep your day job and passion separate. There are ways for the two to meet. If you’re looking into managing your business in the future, you can learn operational and management skills with your current company. If your heart is in performing, you can take the stage at company events. By grabbing these opportunities, you get to satisfy your passion while earning a decent salary.

5. Be confident and network.

You can’t make money out of your dreams if you don’t believe in yourself. This doesn’t only apply to your mindset but also your actions. Be a powerful advocate of your goals by putting yourself out there. Create connections and ask for advice from industry professionals. By letting other people know that you are passionate about a certain endeavor, you’re opening yourself up for opportunities.

When it comes to your passion, take every chance you can get. In the words of business magnate Richard Branson, “If someone offers you an opportunity and you’re not sure you can do it, say yes—then learn how to do it later.”

6. Develop your business plan and strategize

While it’s important to be confident, you must draw a line and not depend on wishful thinking. Have a well-developed plan in place that meets all your needs financially and emotionally. If you’re planning to go full time with your passion in the future, create a strong business plan that defines your target market, revenue projections, and market analysis.

7. Immerse yourself in the experience

What is it like to pursue your passion full time? Get your foot in the door by gaining experience. This is helpful if your current job is unrelated to your desired venture.

For example, if you dream of being a videographer but work as a call center agent, allot your free days to get field experience. You can do this by doing freelance work or assisting other videographers. Not only will you gain skills but also a paycheck.

Sometimes, if you think about your passion alone, you may fail to see how life is really like living your supposed dream. By immersing yourself in the experience, you can get more perspective to help you decide if this is the path you want to take.

Following Your Passion Isn’t Just for the Rich

It’s time to debunk the myth that following your passion isn’t practical in this reality-driven economy. When you tune out discouragements, you can focus on making ways to be financially stable while living your dream. Doing so isn’t easy; you have to be prepared before you leap, whether the preparations are emotional, behavioral, or financial.

If you’re looking for a safety net that grows your money, BPI AIA can help. With a flexible insurance plan, you can be ready for any uncertainty, like how a pandemic can limit your career or financial opportunities. Reach out to one of our Bancassurance Sales Executives online today!