Comments on: Following Your Passions to Making Lots of Money

By: MD

MD — Sun, 07 Mar 2010 07:09:29 +0000

It’s good to take a realistic look at things., especially your income (you know it pays the bills & all that stuff). We would all love to follow our passions to earn a decent living but first we need to: 1. Have a plan. 2. Start making a little bit of money.

By: Leah Rae

Leah Rae — Fri, 05 Mar 2010 18:24:05 +0000

It’s refreshing to hear this! I always flinch when I hear the “follow your bliss” mantra. I followed my passion – I am a poet. There is no way to make money from poetry. It’s just not possible. Almost all books of poetry that are published lose money for the publisher. Does that mean I shouldn’t do it? Heck no. It’s Does it mean I am working two jobs and doing my writing while on the bus? Yeepers. That’s for the candid take on this subject!

By: QuickTax Winners and Financial Ramblings

QuickTax Winners and Financial Ramblings — Fri, 05 Mar 2010 13:32:59 +0000

[...] Follow your passions to make money @ Studenomics [...]

By: MD

MD — Fri, 05 Mar 2010 04:54:42 +0000

Thanks for your input Mike. After reading 4-Hour Work Week and Crush It! in the same month, I’ve been immersed in the “passion” mantra. It’s definitely worth while to hear input from the “anti-passion” crew. It seems like the only people preaching about following your passions are those that are already making lots of money doing so.

My question to you is: do you ever see yourself quitting to follow your passions at all?

By: Mike

Mike — Fri, 05 Mar 2010 04:07:51 +0000

Hey MD,

I’m going to have a take a similar approach as @Financial Samurai.

You don’t have to be passionate about your job to make lots of money.

I work for a big financial services firm and for those who are willing to stay for 10 years or so , they can make 250k+/year. It will be a grind but the money will be there whether passion is there or not.

By: Financial Samurai

Financial Samurai — Thu, 04 Mar 2010 15:10:51 +0000

Sounds good, congrats on your graduation this summer! What do you plan on doing, and in what field?

My suggestion is for those to take the practical route and just side hustle on the side.

The line “treat your job as if you won the lottery” is actually my latest post

Cheers

By: MD

MD — Thu, 04 Mar 2010 14:55:09 +0000

I like this line– “Treat Your Job As If You Won The Lottery.” I’m definitely not a fan of the whole quit your job to follow your passions mantra. I don’t want to be a buzz kill, but if you’re making really good cash, what’s the point of giving it up? Your example hit it on the spot. Lyndon makes a good chunk of change and simply doesn’t know how to give it up. It’s easy for an already successful person to suggest that you follow your passions, but how do you convince the guy wants to make his guaranteed money now?

As for graduation– very soon =D.

By: Financial Samurai

Financial Samurai — Thu, 04 Mar 2010 13:59:28 +0000

Love your key takeaway point!

To answer your questions: You absolutely don’t have to be passionate to make lots of money as Lyndon’s case shows. All you have to do is being smart and dedicated to your job. Passion is a different level, which makes you want to do your job or whatever it is REGARDLESS of the amount of money up to a certain point.

After making much more than $50-70,000 for a single person, you DON’T really need much more. It’s just life inflation and gravy (savings) after that.

The way I look at it is if you can make more money now, it may save your work life down the rod. i.e. takes 10 years to make $500,000 making $50,000/yr or 1 year to make $500,000 if you do so you don’t have to work 9 years in the tail end so you can save and do whatever you want.

Regarding sucking it up, that’s what I’ve taken in a slightly different approach today in “Treat Your Job As If You Won The Lottery”. Thanks for the mention. When do you graduate btw?

Best, Sam