Do what you love and money will follow
This is one standard piece of advice you will receive from successful entrepreneurs, like this commencement speech given by Steve Jobs at Stanford University.
While I totally agree with what he says, there may be some misinterpretations, especially by younger people. Eventually, Steve Jobs is the exception rather than the norm.
Translating this into another question, it means is it better to earn higher income doing what you don’t really like and achieve financial freedom faster and earlier, freeing up time to do what you like or do what you like right from the beginning, with less income and financial freedom much later if there is.
The issue here is the assumption of either or with regards to like and dislikes, less and higher income. In reality, a job that pays $10 000 per month may not be something you really hate and a job that pays $1000 per month may not give you 100% passion.
Don’t forget that passion and natural inborn talent are not necessarily the same.
Jet Lee once mentioned in a newspaper article interview that he joined the National Martial Arts Team when young in China so that he can have rice to eat. Martial Arts are not really a passion for him but he is exceptionally talented in it and makes millions from his talent and not really passion. Numerous examples can be found in other physical sports as well. Of course, this does not mean that he dislikes martial arts.
It will be perfectly “Do what you love and money will follow” if you are interested in biological/life sciences and able to get into medicine.
If your aptitude and inclination is in math and science, likes creative problem solving, engineering may be a better option than simply majoring in math and pure sciences. Simple because, it is much more statistically possible to make your first million through patents than through Nobel Prizes.
One does need to know that life is a compromise. Most of the times, you cannot have the best of both worlds. It is like balancing risk and returns in making an investment. Just like in investing, you have to compromise lower returns with lower risks and vice versa.
Sometimes, there is some career that you do not necessarily really dislikes 100%, or have 60% passion, but it may give you high income, allowing you financial freedom earlier, so that you can find something that you have 100% passion with lesser income.
When people says that “Do what you love and money will follow”, have to consider the fact that life is not either or, you may not necessarily dislikes a job (or only gives you 40% passion) that gives you $10 000 per month. It won’t be wise to give up that job for another one that gives you 60% passion and $3000 per month. This is for the case of career as in employment; it will be different if you are thinking of starting a business.
Even in business, it will be useless if products or services you have passion in producing don’t have market demand.
As a result, 3 key factors are needed to be considered in choosing and deciding on your career, and remember that there are varying scales on each factor as mentioned; it is not 0% or 100% for these 3 factors in whatever chosen field.
1. Passion
2. Talent
3. Potential income
Find the most economical intersection, depending on relative percentages in each for a particular chosen field.
In conclusion, let us look at what the sage of Omaha says and ponder over his views on this issue and ask your heart.
“There comes a time when you ought to start doing what you want. Take a job that you love. You will jump out of bed in the morning. I think you are out of your mind if you keep taking jobs that you don’t like because you think it will look good on your resume. Isn’t that like saving up sex for your old age?”
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Dear Jimmy
In my own journey towards financial freedom, I realise the important question to ask ourselves is, “what next” when we have achieved our targets. That reveals in us what truly drives us in life because once you have achieved financial freedom, your time is freed up to do whatever you want. But if one did not invest in personal self-discovery, one will realise the “what next” question is the scariest.
Understanding oneself is key to answering the question, “what is the meaning of life”. For me, it is to touch lives for the better and I can be more effective doing that when I’m financially free. But even before I reach that stage, I do what I can within groups of people around me.
Be well and prosper.
Hi there,
Super post, Need to mark it on Digg