If you're one of those who believes that following your passion is a pipe dream reserved only for those who "can afford it", perhaps today's post will shed a little insight on just why following your passion could be the way to go!
Whether you want to believe it or not, more millionaires than you can imagine will be created in this economy.
Why?
Simply put: One of the fundamental components of wealth creation is doing work you love and there is nothing like a recession to force people into making part-time fun pursuits into money-making enterprises....
Yes....REALLY!
As a business and career coach, any conversation about career pursuits always seems to involve some discussion of whether one should pursue their passion or simply pursue money. Clients initially tend to be divided as to which path provides the better probability for generating real and lasting wealth.
If you have ever wondered the same, consider the following:
Back in the 1960's, Scrully Blotnick, Ph.D. psychologist, conducted a "wealth-creation" study of 1,500 people that lasted 20 years. He put his test subjects into two categories:
Category A said they would pursue money first and follow their passions later. A total of 1,245 people were placed in that group. They represented 83% of the people studied.
Category B was made up of only 255 people who said they would seek their passions and interests first and trust that the money would follow. They represented 17% of the people studied.
Twenty years later, there were 101 millionaires from the entire study. Interestingly, one hundred of the millionaires were from category B (pursue your passions), and only one millionaire was from category A (pursue the money).
The group that pursued their passions first and represented only 17% of the people studied, accounted for a whopping 99% of the eventual millionaires.
More recently, Thomas J. Stanley (author of The Millionaire Next Door and The Millionaire Mind) in his interviews of 733 self-made first generation rich millionaires who had an average of 9.1 million in net worth, came to this conclusion:
"They are ‘nichers,’ and they have little competition. ... It’s all about vocation, vocation, vocation. If you select the bedrock foundation of the ideal vocation, what then? You love the products you produce. You have affection for your customers and supplies. In addition, you know more about your niche market than anyone else and your customers don’t care if you were a C student in college - to them you are the answer to their problem."
The lessons learned?
To create real wealth, focus on your interests and passions first and the money will follow. Ironically, if you focus strictly on making money, you most likely will not have much fulfillment and may ultimately be negatively affecting your ability to create real and lasting wealth.
If you are grinding it out in a job or business you don't enjoy or lack purpose and passion for what you are currently doing, perhaps it's time to follow your heart, gut and passions. Now you have even more "proof" that it's time to work on PLAN B!
You were born to be great.
YES, you can!
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