In a recent survey of a group of our readers, we asked “What is stopping you from taking the first step toward a life of doing what you love?” And the answer (from more than 900 of you) was resounding. More than two-thirds of you (67%) answered “worries about money”.
And that wasn’t all. Nearly half of you (43%) answered ‘lack of confidence’, showing that so many of you share the same fears and obstacles.
The good news? There are ways to deal with each of them, bit-by-bit until the walls come down. This is a huge topic, which we deal with in detail in the Do What You Love e-course, which starts on October 13. For now we are going to tackle these two major obstacles and answer some of your burning questions to help you get closer to doing what you love, starting today.
On the journey towards doing what you love, one of the big obstacles is money, so let’s look at this first. Many of you are, understandably, concerned about the major impact a change of career or lifestyle would have on your family and your finances.
The reality is that most of us really do need to bring in some money from somewhere. However, sometimes we have a tendency to think in black and white: ‘In order to do what I love, I need to quit my job, but if I quit my job I’ll be broke, so I have to stick with it — but while I stick with it I don’t have the energy or headspace to think of something else to do, and I just end up getting more frustrated and less motivated, but if I quit I’ll be broke…’ etc., and on it goes.
We encourage you to take a step back and have a look at your attitude to money. Consider your money mindset and journal your answers to these questions:
- What is your view of money and what kind of relationship do you have with it? Why do you think that is?
- What does financial security mean to you? Are your beliefs about security really true? (i.e. Is your ‘safe’ career choice really as safe as you think? Is a salaried position safer than working for yourself for instance? You won’t make yourself redundant.)
- Is money the primary factor in most decisions you make about how to spend your time? If so, why is that?
There are many ways to do what you love, with some of them meaning that you earn money from doing it, and others meaning that you use the money you earn to allow you to do it.
Whether doing what you love means starting your own company, quitting everything and leaving on an adventure, finding a new way to generate income or simply finding more balance in your current situation, the best way for a smooth transition is planning. Doing what you love is a project – something you have to think about and map out. Not only will planning help you focus on what you want to do and how, it will also increase your confidence that you really can do this.
Your top 3 questions answered
1. How do I find enough money to start a new project?
It sounds like you already have an idea for a new project, which is great. That’s a major step in itself. And if you don’t know exactly what to do, why not give yourself a ‘test project’ (like a new adventure, or a piece of equipment to help you progress with something you are good at). Finding the finance to start it can be daunting, but you can break it down into some simple, practical steps.
- What will the new project cost to set up?
- What will it cost to run until you get a decent return from it?
- How much do you actually need in the bank to be ‘enough’ to live on while you get it going? What is the magic figure?
- What income would you have to forego in the short-term to get the project off the ground?
(These figures might be scary, but at least you have your eyes wide open)
Now think about your current situation:
- What funds do you have access to right now?
- What other funds could you get access to if you really had to?
- What income are you likely to generate over the next few weeks/months? (Your timescale will depend on the scale of the project you have in mind)
- What value can you place on your skills, that you could exchange for things to help you do what you love?
- Where can you cut back on regular spending for the next few months, and how much would that free up towards your project?
- Where can you cut back on planned/luxury spending for the next few months, and how much would that free up towards your project? (For example, would you be prepared not to go on holiday this year, in order to get your project off the ground?)
(Looking at the detail helps you get REALLY clear on whether or not you really want to do your project!)
While doing this, you will also have to think about what money means to you. Changing your attitude to money can make a huge difference in realizing how much you actually need, both practically and psychologically.
2. How do I transition from a well paid job to a life doing what I love?
There is an idea that the change will be radical, definitive and happen overnight. When this does happen, it is usually due to something out of your control (like being made redundant), or an extreme situation (like work getting absolutely unbearable). Usually this is preceded by a painful, stressful or worrying time. So why wait for that?
Take control, and plan your own escape. The more you plan your transition, the smoother it will be.
Firstly, get really clear on your current situation. What really makes you unhappy in your job? Is it about the job itself, or the people, or the commute? Are there any changes you could make right now to make more space for you and for doing things that you enjoy? Are there any ways you can use your job to get you closer to where you want to be (training, connections etc)? Can you put a transition plan together that would allow you to work on your next move while still being employed? Include clear milestones at 3, 6 and 12 months, so when you get there you don’t feel like you are ‘still stuck in your job’, but instead can see how much closer you are to where you want to be.
Then be sure to share your plans with those who will be affected by them. Get your family on board by showing them how much you have thought it through, including the impact it will have on them, and help them understand why things will be better for everyone after the shift. Smaller changes that gradually build will seem less drastic and scary to both you and your family.
And remember, doing what you love does not necessarily mean you will earn less in the long run. When you are interested and enthused it may well surprise you what other opportunities arise and just what is financially possible.
3. How do I get my family onboard with me doing what I love when it might have a negative financial impact on them?
You are a family. That means you are a team. If you are going to be happy as a team then all the team members have to be happy. Communication is key. Sacrifices may have to be made but these should be short term ones with everyone understanding that they are made to serve your long term family happiness.
Involve them in your project. The chances are the people who are doubtful about your project have a rational mind. Involve them in the planning. Show them your calculations and talk to their left brain. Draw diagrams, show them your vision board. Let them see that you have a plan and are serious about it. Listen to their concerns and talk about the benefits for them. Make it fun – challenge everyone in your family to find ways to cut back to fund the bigger dream. Make it exciting. You will find that people will love your energy and it will become contagious. Help them feel like it’s their dream and their success too!
Don’t spend, invest
It’s really important that you invest in what you value, as well as what you need. If you’re a graphic designer, you need to invest in software. If you’re a marine biologist, you need decent diving gear. If you’re a makeup artist, you need makeup. These are the tools of your trade. And if you need to learn things in order to do the thing that brings in the money, then do it. Invest in it. Invest yourself in it. Then you’ll see the rewards.
Every time you use money to get closer to your dreams, remind yourself that you are not SPENDING it (Poooufff! Gone!). You are INVESTING it (sowing the seeds now to reap the harvest later!)
Whenever you make a choice – what to do this week end, where to go on holidays, what books to read, what volunteering groups to join – keep your end goal in mind and choose the things that will help you to do what you love. Everything you do now is an investment in your future life.
Combine things, it will allow you to save money and time. You’re an accountant and are passionate about travel? Find an accountant job in a travel agency and learn all about the industry you love while having an income. Or maybe your passion is for gardening but you don’t know how to create a website to start selling your services? Check out skill swap websites (see “Resources” below) and find a local web developer to help you in exchange for weeding their garden.
I’ll be back soon with thoughts on that other huge barrier – confidence. Sign up for our newsletter here if you want these straight into your inbox.
In the meantime, look around you, keep an open mind, get planning and keep going.
Beth
Some money resources we love:
The Soul of Money by Lynne Twist
Happy Money: The New Science of Smarter Spending
Service swap websites
Why you need a side hustle
Career paths that pay you to play games
And two extra resources kindly suggested by our survey respondents:
The Renaissance Soul : Life Design for people with too many passions
The Smiling Mind app (meditation)
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