Career Discovering Your Purpose

Expert Advice: Funding Your Passion 

Thinking about venturing out on your own to start a business? We've got some expert advice for you!

Hey ladies! As part of our “Discovering Your Purpose” series, we will be getting expert financial advice on how to fund your purpose.

While passion and purpose have distinct differences, our passions ultimately feeds into our purpose.Many of us have passions that we want to explore and reap financial benefit from. Everyday, you hear about more and more people, especially millennials, venturing out on their own to start businesses in the area they are most passionate about. Many of us constantly battle between our happiness and having a roof over our heads. But why can’t we do both?!

So, I posed a question to a couple of financial advisors to give you their take on how to be smart with money when pursing your passion. We do recognize that not all passions need to be profitable or funded, but if you decide your talents are worth some extra cash, happy reading😊.

What recommendation do you have for people who are trying to pursue their passion have no financial means of doing so?

If we’re using an example of wanting to start a clothing line, I would recommend finding how much it’ll cost on an annual basis to run your business by researching competitors operating expenses. By having a number in mind, you can have a target number to save for. Next step would be to get multiple part time jobs that will accumulate cash steadily for you to put back towards your savings fund. You must work hard to make your dreams happen, even if that includes working multiple jobs.

– Mbato| Dallas TX

Hustling isn’t a bad thing. I look at it this way: do I eat or do I starve? Having this mentality helps me keep moving and not get upset or sit down when defeated.

I did it and I got inspired from a song called “I Don’t Get Tired” by Keving Gates – “don’t play with the hustle, you eat or you starve”. I love trap music, it’s inspiring.

Sheri | New York City, NY

What financial resources are out there that can help people fulfill their passions without having a traditional 9-5?

There are multiple investment resources to accumulate income in assisting one’s fulfilment of their passion. Although having a steady income from a 9-5 is nice, it is not enough if you aren’t making your money work for you versus it sitting in a bank account. Putting your money in IRA’s, mutual funds, 401Ks, stocks, real estate, cash value policies, and trading are some ways to accumulate excess funds by having your money work for you in the market.

– Mbato | Dallas TX

I live in NYC and there are small business solution centers that help with business information. Also, facebook has so many entrepreneur groups that can help provide those resources.

Sheri | New York City, NY

For those who work, how much should they save before they quit their jobs to pursue their passion?

You want to save at least six months to a year worth of your monthly expenses in your savings account. People who usually pursue their passion tend to have a slow start when generating income due to lack of clientele and building stability. With a nice savings cushion, they can take on the risk of not being paid for several months without any worry.

Mbato | Dallas TX

I don’t have a traditional job and haven’t in 6 years. As far as saving, they need to weigh the cost of their business expenses. We know a restaurant startup cost is going to be way more than, let’s say, a travel agent startup cost.

Sheri | New York City, NY

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