On a forum for entrepreneurs, I recently saw a posting that read something like this:
“I am so sick of being broke! I quit my high paying job to pursue my dream, and I now I never have any money. My prescription just ran out, and I can’t afford to go get it refilled! Wondering if I made a huge mistake!?”
The posting got lots of encouraging comments about “Oh girl, you can manifest more money if you just set your mind to it!” and “It’ll be ok–keep following your dream and believing!”
Apparently I was the only one thinking, “Yes, you’ve made a huge mistake.”
To whomever on the internet is selling people the dream that if you do what you love and work really hard you will make lots of money, please stop.
Your passion is not a guarantee towards income. Your hard work is not a guarantee towards income. Here’s the deal: there’s no guarantee. (Am I the most popular career coach ever, or what?)
Even if you choose the safer route of employment, layoffs happen, contracts get broken, and industries shift. But when you choose entrepreneurship, by definition, you are choosing risk.
Entrepreneur: a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.
And it is just fine to take on that risk. But know that risk is what you’re choosing. Plan accordingly. “Follow my dreams” is not a solid financial plan. I know; I’ve done it.
Yes, I have made some stupid money mistakes, mostly while I was pursuing my old dream career as an actor.
It’s easy to be blinded by passion. When you decide to go for it, go with open eyes. Horde a savings cushion. Hire a business coach. Consult a financial advisor. Do more than cross your fingers hope that it will work out so you can afford to refill your prescriptions.
And do it so that your dreams have better shot at actually coming true.
“Impractical” dreams LOVE practical plans.
So go ahead and quit your job. But be smart about it. Your dreams deserve it.