Major lifestyle and attitude adjustments are critical to making the money last while you pursue your dream.The amazing thing is that once you learn to live on less, it becomes a habit. The peace of mind that comes from relying less on materialism to define success usually leads to a greater and deeper happiness.Getting Real About MoneySo. Now we understand that pursuing vocational passion requires a major adjustment in our attitude toward money and material comfort. The next step is getting down to the details.
The trick is to look at all expenses, both big and small. Leave no stone unturned. No savings is too small, and no category of spending should be free from scrutiny.Those looking to leave a job to pursue a vocational passion face two core issues: raising enough money to fund a career change, and changing spending patterns to make the money last. Raising the money can be a tremendous challenge, depending on your financial resources.
IRAs, home equity, jewelry, valuables, and family resources are all avenues for raising capital to sustain your family during this transition.Consider these options to cut down your burn rate. Some will seem dramatic. But if you have decided that your only chance at happiness is to pursue a vocational dream, small measures won’t cut it. If you live in a “McMansion,” consider selling it. You could use the proceeds to buy a smaller house in a less expensive neighborhood. That would leave you with no mortgage or a much smaller “nut” to make each month.
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