Monetize Your Passions: Follow Your Own Passion—Not Anyone Else’s But Yours!
Adapted From It All Adds Up: Designing Your Game Plan for Financial Success by Devon Kennard
The best feeling in the world is getting paid to do what you love. So, what do you love to do? What are you passionate about? I’m asking what you are passionate about, not what your parents, family, or friends think you should be passionate about! I’m not asking what your coach wants you to do, and I am definitely not asking what your major was in college or what you feel obligated to do.
In this day and age, there are more ways to profit from your passion than ever before. You don’t even have to quit your current job or bank a bunch of money before you start doing what it is that you love to do. Right now, right this very minute, you can start to make money doing what you love to do!
Football became a profitable career for me, but it hasn’t been my only passion. Obviously, I became passionate about real estate investing, but at one point it was only a dream that I would ever make money off of it. It took some time, but I was happy that I didn’t have to wait until I retired from the NFL to make money investing in real estate. And whatever it is that you want to do, you do not need to wait either. As a matter of fact, the sooner you start, the sooner you can start getting closer to your dreams.
SPLIT THE DIFFERENCE
It’s important to understand the difference as well as the overlap between monetizing your passion and earning mailbox money (which I introduced in chapter 2 and will talk about again in chapter 10). Quick review: mailbox money is earning money on a regular basis with little to no effort on your part. Monetizing your passion means making money doing something that you love to do. Monetizing your passion can lead to earning mailbox money, but that’s not always the case.
On the other hand, when you are creating mailbox money it doesn’t automatically mean you are monetizing a passion.
For example, if I’m hired as a keynote speaker for an event and I’m paid a fee, that fee is not mailbox money. It is a one-time fee for my service, not recurring mailbox money. It is however, monetizing my passion because I love speaking in front of people about football, personal finance, and real estate. Again, getting paid for what I love to do.
Now here’s where it gets a little tricky. Writing this book is a one-time event, but sales of it can go on indefinitely (I hope). If I sell the book while I’m giving a keynote speech and the sales continue after the conference is over, that qualifies as mailbox money because it, again hopefully, keeps coming on a regular basis.
Ideally, you should find ways where monetizing your passion also creates regular mailbox money, although let’s not forget the basic premise of monetizing your passion is simply to make money doing the things that you enjoy. Not only will you be happier because you’re doing what you love to do, but you can build a financial cushion that will open up even more opportunities.
No matter what you are passionate about, there is a way to monetize it. I can almost guarantee that you can find someone else who is already doing what you love; but know there is plenty of room out there for competitors. Why not you? Never assume that there are others just like you who have a head start doing and making lots of money from “your” idea, when in fact there are many more people like you not taking that first step that you are now contemplating. Go for it! No more waiting around. If you don’t take that chance and start working on things that will help you monetize your passion, it won’t happen for you. Sitting on your thumbs afraid to step out is not a good business strategy. But if you are willing to take a shot and start that business, create that course, post that content, or whatever it is for you, then you are finally starting the journey and giving yourself a chance to make money doing what you love. Maybe your business doesn’t explode into instant wealth, and it rarely does. Just go with it and stick with it.
Once you start, stay consistent and be adaptable. Just because you took a shot and started your clothing line, doesn’t mean you will immediately be profitable. You will need to put in time and energy every day to get to the point where it’s lucrative.
Almost all the time I am either evaluating or already underwriting (financing) properties that I’m interested in buying. It’s tedious work that’s not always fun, but it’s necessary for pursuing my real estate goals. For that reason alone I never really mind doing the work. My other passion is public speaking about financial literacy, personal development, and real estate. I am working with my marketing team to build a section of my business that allows me to do more of that.
What can you be doing to do the same? What’s your idea? I bet it’s a good one, or at least better than perhaps you even realize. You won’t know unless you take the plunge. Getting all wet isn’t a bad thing. Just towel yourself off and go again. Who knows? That next plunge might be into a pool full of cash.