How To Become Financially Stable and Keep The Job You Love

One phrase I often hear is “Michelle, you’re just lucky. Your story doesn’t really apply to anyone else.”

Someone even tweeted me yesterday and told me that while they liked my story, that it’s just not realistic.

I even had a friend tell me the other day that she hated her job and she felt like she was having a quarter life crisis. She didn’t know what to do next – leave her stable, but stressful job, or finally pursue something she wanted to do?

One of my top tips for anyone who wants to pursue a job they want is to work towards being more financially stable.

It makes the whole process easier because you won’t have to stress about money (as much) and you can focus on other things in life. Being financially stable can make getting or keeping your dream job more possible for many people.

First, lets not confuse what I’m talking about.

The job you want to pursue doesn’t necessarily have to be your “passion” or dream job. The job you are wanting can just be something that allows you to lead a less stressful life and do what YOU want to do outside of work. That could be spending more time with family, traveling, and so on.

Not everyone wants to combine their passion and their careers, and that is completely fine.

However, I don’t think anyone should ever completely hate their lives and their jobs. There are ways around that, and if you are spending a fourth of your life at your job then I think you should at least somewhat enjoy it.

 

It won’t always be easy.

I say this all the time, but great things in life don’t come easy.

A goal wouldn’t be much of a goal if you could reach it with no real effort.

Before I was able to leave my day job, I was working like crazy. I worked full-time jobs while also having a full course load in high school, undergraduate school, and graduate school. It was tough, but well worth it in the end.

You might have to work long hours in the beginning, take on side jobs (more on that below), sacrifice your social life, and more. However, it’s all about that end goal!

Related article: How I’m a Work-Life Balancing Master.

 

Cut your budget.

If you don’t have a budget, then you need to start one now.

If you don’t feel comfortable leaving the job you hate to pursue one you want, then you might want to see if there is anything in your budget you can cut. You can even go a little crazy and create a “bare-bones” budget where you cut everything you can so that you can reach your dream life a little more quickly.

Related article: 6 Ways To Be More Frugal and Save Thousands.

 

Pay off your debt.

Many people say that they don’t feel comfortable leaving their “stable” job because they have debt. Well, pay it off then!

I know that’s easier said then done, but you can always start paying it off now. Create an action plan, pay off that debt, and live a debt free life sooner rather than later.

 

You need an emergency fund.

I am a big believer in a well-funded emergency fund. We have a large emergency fund and we always have. The peace of mind it gives is well worth it.

An emergency fund helps me feel more confident in my business because I know that if one large expense pops up, or if I have a bad business month, then I can fall back on my emergency fund without feeling like I need to give up on my dream life.

If an expense pops up, you don’t want to stress about how you are going to pay for it. You also don’t want to put a large unexpected expense on your credit card that you can’t pay for because that will just lead to debt and interest charges you can’t afford either.

 

Pursue income on the side.

In some cases, you may need to pursue additional income in order to live the life you want to live. This might mean starting a part-time job, creating a side hustle, or adding passive income to your income stream.

I pursued side income for many years, and it helped me pay off my debt quickly so that I could leave the job I did not like and pursue my business full-time. It was hard in the beginning, but it all paid off and I would say that it’s one of the best things I have ever done.

Related page: Extra Income.

 

Have insurance.

Okay, this might sound like an advertisement, but I promise it is not. Having insurance (such as for your car or home), can help you lead a more stable life.

Too many people enter rougher times and eliminate their insurance policies. This can be a disaster because when you finally need to use that insurance, you may no longer have it.

I remember hearing about families who skipped out on paying their annual fire department bill (in some cities you have to pay this separately), and when their homes caught on fire, the fire department saved the people in their homes, but let the animals and the home burn down. Whether or not you agree with that, it has happened in the past, and it can happen again. It’s best to be insured.

 

What are you doing to become financially stable?

Do you have the job you want? Why or why not?