2072: Best Career Path to Follow, Passion or Profit? by Laura Gariepy with Women Who Money on Career Decision Making

[00:00:00] Big non-profit hospital systems are making billions on 340B medicine markups. Hospitals can spend on luxury perks while engaging in aggressive debt collection practices. They get rich while patients like you pay more. Tell Congress it's time to hold hospitals accountable. Washington should fix 340B. Visit phrma.org slash 340b markup to learn more. Paid for by Pharma.

[00:00:30] Study and play. Come together on a Windows 11 PC. And for a limited time, college students get the best of both worlds. Get the Unreal College Deal. Everything you need to study and play with select Windows 11 PCs. Eligible students get a year of Microsoft 365 Premium and a year of Xbox Game Pass Ultimate with a custom color Xbox wireless controller. Learn more at windows.com slash student offer. While supplies last, ends June 30th. Terms at aka.ms slash college PC.

[00:01:00] This is Optimal Work Daily. Best Career Path to Follow. Passion or Profit by Laura Gariepy with WomenWhoMoney.com. Determining whether to prioritize the pursuit of wealth or personal fulfillment is perhaps the most critical aspect of choosing a career path, making a professional pivot, or pursuing an entrepreneurial idea.

[00:01:22] However, it's not necessarily easy to pick which path to take. You need to pay your bills, but you don't want to suffer from job burnout hate your entire working life. So, what do you do? Let's examine these seemingly incongruous career tracks to help guide your thinking. Hint, you actually have more than just two options. Choosing a career path. Depending on your situation, you could end up on the path to both the Holy Grail. A happy medium.

[00:01:51] Profit. Passion. Profit, then passion. Or passion, then profit. Let's take a look at each in turn. The Holy Grail. If your life's mission aligns with a high-paying profession, celebrate. You're in an amazing position to do work that matters to you while earning an incredible living in the process. After you jump up and down, though, take a moment to be grateful for your good fortune.

[00:02:16] Most people don't fall into this category, which is why the passion versus money internal struggle can be so agonizing for many. A happy medium. You may be able to find a healthy compromise between soul-enriching and wallet-fattening. This type of job would allow you to showcase your talents, derive some satisfaction from your work, and earn a respectable living. You won't necessarily feel like you're answering your calling, and you may not build wealth as quickly as you'd like.

[00:02:44] However, your financial needs will ultimately be met, and you'll enjoy a reasonable level of professional satisfaction when opting for this career path. Going the happy medium route can be a great plan if you haven't figured out what your calling is yet. Don't worry. Despite popular thought touting how great it is to follow your passion, it's not uncommon to develop one over time rather than just inherently knowing it.

[00:03:06] In fact, developing your passion may just be your ticket to an ideal career or successful business, both from fulfillment and financial perspectives. Profit. If you put your salary above all else when choosing a profession, you may build wealth faster than your peers, assuming you manage your money well. However, if you really dislike your job, it may be tough to stick it out long-term. Being unhappy at work can lead to higher levels of stress and depression, which will likely bleed over into your personal life.

[00:03:35] Additionally, your state of mind could cause poor performance, which may result in disciplinary action or getting fired. You obviously need to earn enough money to cover your desired lifestyle, but selecting a career path exclusively for financial gain may not be a good solution for your overall well-being. If you find yourself in this position, consider doing one of two things. Taking a lower-paying job and working a side hustle to make up the difference, or reducing your expenses to require less income. Passion.

[00:04:04] If you put carrying out your life's mission above all else when choosing a profession, you may feel a deep connection to, and satisfaction with, your work. However, if pursuing your passion means teetering on the financial edge, the situation is also hard to maintain for the long haul. Lacking adequate financial resources can lead to unmanageable debt, a lack of savings, and negative impacts on both your physical and mental well-being.

[00:04:30] Further, if you turn your passion into an income generator you depend on, your calling could end up feeling like a chore. While this will vary from person to person, some passion projects may be better left as hobbies. If you don't want to end up resenting the endeavor you love most, you should definitely seek work you feel good about doing. However, if you choose a career path based solely on passion, you may end up in real financial trouble. If you find yourself in this situation, consider doing one of two things.

[00:04:59] Take on an appropriate side hustle to augment your current income. Or, secure one of those happy medium roles. Note, remember though, you're not locked into your choice forever. Your working life can transition between following your passion and pursuing the money when the time is right. Let's explore how. Profit, then passion, career path. You could commit to prioritizing money over personal mission until you reach a certain financial goal, like financial independence.

[00:05:26] That way, you'll ensure your money needs are met and still ultimately have the opportunity to do meaningful work. Knowing you'll someday be able to change professional gears may be enough to get you through the working years you're less than enthused about. To make the most of this scenario, determine a specific timeline for achieving your financial goal and try to keep expenses low to expedite the process. Additionally, you may also want to stay somehow connected to your calling.

[00:05:52] Track how the industry evolves to ensure your relevant skills stay sharp and your interest level remains high. Remember, your burning passion at age 25 may be a barely smoldering ember by age 40. Caveat While some people successfully make this transition, others do not. For a variety of reasons, they end up not achieving the financial stability needed to pursue their calling. And passion, then profit, path.

[00:06:19] On the other hand, you could opt to fulfill your destiny early on your career path journey and then focus on making money. Going this route would also allow you to experience both personal fulfillment and high-paying work. Having a plan to build wealth after your calling has been answered may help to assuage your financial fears. Interestingly enough, maximizing the situation also involves a solid career transition plan and tightened purse strings to preserve resources.

[00:06:47] Additionally, you should think about how your passion work is preparing you for your next career target. Keep tabs on the transferable skills you are building and make a plan to address any potential skills gaps. Finally, continuously gauge your commitment to making the transition. Perhaps you'll discover pursuing your passion pays enough to meet your financial needs after all. Caveat If you decide to follow this path, you may find it difficult to turn away from your work according to your plan.

[00:07:14] Staying this course longer than expected, or indefinitely, may lead to future financial problems. Final Thoughts on Choosing a Career Path Opting between pursuing a profitable career or following your passion is an intensely nuanced and personal decision. This article is meant to provide general information to help guide your thinking. Before selecting your path, you're encouraged to take some time for introspection.

[00:07:39] Consider, will you agonize over not fulfilling a certain role for the rest of your life? And could you grin and bear a less-than-ideal job because you're committed to reaching certain financial goals? Truly knowing yourself will help you make professional career choices in line with your personality and life goals. It may take some time for the answers you need to emerge, and that's okay. If you're still feeling unsure, consider speaking with a life, career, or decision-making coach to help you dig a little deeper.

[00:08:12] You just listened to the post titled, Best Career Path to Follow, Passion or Profit? by Laura Gariepy with WomenWhoMoney.com When you need to build up your team to handle the growing chaos at work, use Indeed Sponsored Jobs. It gives your job post the boost it needs to be seen and helps reach people with the right skills, certifications, and more. Spend less time searching and more time actually interviewing candidates who check all your boxes.

[00:08:39] Listeners of this show will get a $75 sponsored job credit at Indeed.com slash podcast. That's Indeed.com slash podcast. Terms and conditions apply. Need a hiring hero? This is a job for Indeed Sponsored Jobs. Good sleep is everything. That's why Oli's Science Back Support is made with a blend of melatonin and L-theanine for both kiddos and grown-ups. So when your mind won't switch off, you've got something that can help. Erasing thoughts and restless nights won't stand a chance.

[00:09:07] Find Oli's Sleep Solutions for the whole family at Oli.com. That's O-L-L-Y dot com. And thank you to Laura for this great article today. She is a guest writer at Women Who Money, and I also want to thank Amy and Vicki who run that site. They are the co-authors of Estate Planning 101, from avoiding probate and assessing assets to establishing directives and understanding taxes.

[00:09:32] And as I said, they are the co-founders of Women Who Money, which is a website that provides helpful information on personal finance, career, and entrepreneurial topics, so that you can confidently manage your money, grow your net worth, improve your overall financial health, and eventually achieve financial independence. To check out more of their content, please visit them online at WomenWhoMoney.com. They've got great articles, of course, like this one, but also links to directories, recommendations, a glossary, and much more.

[00:10:02] Again, you can find all of that at WomenWhoMoney.com. But that is a wrap for today's episode. I hope you enjoyed it. Thanks so much for being with me. And I'll be back again right here tomorrow, where your optimal life awaits. Thanks.