Should you follow your passion for building wealth or focusing on an industry with money behind it? Following your passion is fantastic because it keeps you motivated, engaged, and makes you feel alive… Like there is a fire underneath you!
Passion could be a travel writer, a professional dancer, or a professional sunglasses model. However, I always hear, “I can’t make money doing that. Not a lot of money there…”
Look at the Industry
Look at the industry as a whole. Are there successful people out there now in that industry? Are they where you want to be and are they making a living from doing it?
If they are, there is money in that industry. That industry can work. The problem is, you haven’t figured out how to make money in that industry. You need to figure out the critical steps to get to where you want to be…
Just for the Money
People who do things just for the money don’t have passion or fire. Is it smart to go for an area or industry that has money, but no passion?
For a short period of time, it’s feasible. What is short? That is relative to you. How motivated and dedicated are you? Look at yourself in the past. How motivated have you been before? How dedicated are you relative to other people?
If you’re extremely motivated, it’s possible to stick it through. If not, you won’t have the passion, drive, and motivation to do something you don’t enjoy for 6-8 months or 5-10 years. Some industries take a lot longer to be successful at such as financial advising. It might take 10 years longer to be successful at financial advising vs being a travel writer.
Some Industries Take Time
You need to understand that certain industries take much longer and much more time. It’s all relative depending on talent, knowledge, and background. You can stick it out for a certain period of time to build wealth. But how much motivation and dedication are you going to have to build wealth in an industry that you aren’t interested in?
What if you follow only your passion and your passion doesn’t have a capital or financial exchange (such as a philanthropic activity)? I am all for the philanthropic side; make your money elsewhere and help out and contribute.
However, philanthropic activities are difficult to make a living on. There’s not a lot of money being exchanged in those areas. Be aware there are certain industries that don’t have money flowing through them. You probably won’t be able to build wealth in your life in those types of industries.
In the end, you need to decide what is important to you and where you want to go. What is your goal? What is your objective?
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