Stuck in a 9 to 5 job that routinely reduces your hope for searching a job you truly love? You might have already attempted to go in a different career path and pursue your dreams, but you are taken aback by the fact that pursuing your passion also entails risks.
What if your dream career just cannot pay the bills? Will you still be brave enough to take a chance and make that big change?
It is not easy to give up your current job let alone pursue your passion while letting your bills pile up. If you have already read a myriad of articles on the perks of pursuing your dreams, you may feel you are ready to face the consequences except the undeniable fact that giving up the job that pays the bills can be such a big risk.
This is where number crunching plays a huge role. You can still pursue your passion and pay the bills at the same time. It is all about focusing on the things you really want to do.
You must also keep in mind that pursuing your dream career also requires you to make some sacrifices. As they say, “you can’t have your cake, and eat it too.”
1. How much do you really need?
There is no single amount that will “support a family.”
The amount of money you need to support a family in London, for example, is very different than what’s needed in Montgomery, Alabama. Even families within the same city do just fine at vastly different income levels.
The point is that you need to know that number for yourself. Knowing how much a role model makes is interesting, but not particularly helpful. It turns out there’s a psychological factor that is a better predictor of future earnings.
You often make as much as you need.
Think about that for a moment. What I’m suggesting is that if you’re a single parent who needs to support two kids on $55K a year, that’s probably what you’ll make. If you’re lucky enough to have a spouse or partner who cuts your portion of the bills down to half that, that’s probably what you’ll make too. This is true even if our two role models here are running exactly the same kind of business.
Why? Because it’s hard to push yourself to make more than you need. Running a business or stepping into an entirely new career field involves a steep learning curve and a lot of uncomfortable forays outside your comfort zone. If you need the money, you’re more likely to push past those fears than if the money is just a nice-to-have.
Currently I make almost no money from my business. I pay myself a salary of $1000/month, and that doesn’t happen every month. The needs of our family have been primarily funded by my husband’s income.
We also live a pretty modest lifestyle. For the last three years, I’ve used the top of the cat’s scratching post as a bedside table—not because we couldn’t afford a table, but because it wasn’t important to me…