Since doing work that you love almost always means a lower

canada goose How I do the work I love without going broke Kevin Mercadante, Money Under 30 Apr. 17, 2015, 3:07 PM Getty Images Is there some kind of work, career or business that you would love to do or be in, but you’re afraid to pursue it because it would mean an immediate drop in income? That’s probably the single biggest reason why more people don’t pursue their passion in life. But there are ways that you can do work you love without taking an oath of poverty. I’m speaking from experience here, because I’ve used these very strategies in order to become a full-time blogger. If anyone tells you that doing work that you love is a straight path forward, then it’s a complete fantasy. Is more like zig-zag ride on an elevator that goes down as well as up. But here are some strategies that can help you to get where you want to go, with a minimum amount of financial stress. Lower your living expenses before taking the plunge. It’s often said that you can make more money doing work that you love. In my experience, that’s absolutely true. But the tough part is getting from where you are now, to that place where you are able to maximize your income doing that particular work. Unfortunately, many of the things that we would like to do for a living don’t pay particularly well — at least not at the beginning. It’ll take some preparation to be ready for that shock. Before you even strike out on your own to make the career change, you first need to lower your living expenses to a level that will be consistent with the new reduced income. Just exactly how far you need to go with this will depend on how much you want to make a career change, and how highly you value your current living standard. But it is safe to say that the lower your expenses are, the greater the chances of success in your new venture will be. Be forewarned — this could involve serious sacrifices. You may need to downsize your living arrangement, or sell your newer car in favor of a cheaper, older model. You may also have to give up certain lifestyle preferences, such as regular restaurant meals, vacations, and $4 lattes at Starbucks. Cutting your living expenses is a real test as to how much you really want to make a career change in life. Not everyone is up to making that transition. Have somewhere safe to land.Flickr / Annette Q Pedersen Build up your cash reserves. Since doing work that you love almost always means a lower income — often much lower at the beginning — you’ll need to have a cash cushion. Before you even attempt to turn your passion into a full-time effort, make sure that you have enough cash saved that you can live for several months without an income at all. Use our emergency fund calculator to see where you stand, but understand that you may need to save even more than these recommendations if you’ll be relying on freelance or self-employment income in the future. A cash cushion will also improve your chances of success in the new venture. That takes advanced preparation, and that’s why you have to take care of this step before you even venture into your new career. Time to tackle those bills.Flickr / John Patrick Robichaud Pay off as much debt as you can. Even if you are extremely well-suited to a new venture, it can fail because you are carrying too much debt from your previous life. That is a drain on your cash flow, and that can end your dreams quickly. Once again, before you even step into your new venture, do your best to pay off as much debt as you can. In particular prolocogalliera , try to make sure you own your car free and clear. This is not only because car loans tend to have larger payments than other debts, but also because a car is an important part of earning a living in almost any field. The last thing that you want to do is have an important asset subject to potential seizure by a bank during times when your cash flow is low. You might need to keep your day job for a while.Flickr / Dev Bootcamp Don’t quit your day job … yet. In the classic mad dash for your passion, you quit your day job to pursue the passion on a full-time basis. If your life story were in a movie, you’d become an overnight success, and live happily ever after. But guess what? That’s not how it works in reality. And reality is what you need to be prepared for, not the movie version. If you want to reduce the risk of transitioning into work that you love, the best way to do it — and to improve the likelihood of your success — is to do it gradually. That means that you should start the pursuit of your passion as a side venture, while you still have your day job. In virtually any new venture that you undertake, the key to success is in your cash flow. Since it is very likely that your cash flow will not come from your passion Canada Goose outlet store , at least in the early going, you’ll need to get it from somewhere. So keep your day job, and continue to use it as your primary cash flow. And don’t leave the job until it is reasonably certain that the venture will work. You can take it a step further by reducing your day job to part-time status, even once it becomes apparent that the new venture will be profitable. This will buy you even more time to create the new income, while still getting at least some cash flow from your day job. Figure out how to make a little more money.Flickr / Jay Look for complementary income sources. The path to success in a new venture is almost never a straight line. And even after you reach a place where your income is satisfactory, the possibility always exists that there can be a decline or two somewhere along the way. For whatever reason, the income that comes from doing work that you love is often more erratic than the income that comes from jobs that you’re not particularly passionate about. You have to accept that reality, and be fully prepared to deal with it. That means looking for income sources to supplement the revenue from your passion. In an ideal world, those sources will complement your passion. This is also a way that you can identify additional revenue streams related to the work that you love. For example, in my case, after I started my blog, I started getting requests to write content for other sites. This wasn’t something that I was looking to do at the time, but it became a steady income in addition to the blog income. And now, I write blog posts that appear all over the internet, in addition to my own site. Anytime you get into a new venture, unanticipated opportunities will arise. You must keep an open mind and be prepared to be flexible and consider whatever comes along. The extra income that those opportunities can generate can often be the difference between success or failure in your new venture. Always be on the lookout for complementary income sources, and always be prepared to consider what comes down the pike. Now that the economy doesn’t seem to be generating the kinds of jobs-for-life that it used to, there’s probably less risk in pursuing work that you like than ever before. No matter how scared you may be to take the plunge, it is doable, but you do have to have concrete strategies to help make it happen. The strategies above will do just that. At least they have for me. Read the original article on Money Under 30. Copyright 2018. Follow Money Under 30 on Twitter. 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