Paula, you run a very capital intensive business that is profitable and it makes money. It doesn't generate those returns in the form of cash flow per se, which means you need liquidity. I have no objection to that at all. But one of your questions was, should I pay off the mortgage? That mortgage is 200,000 sitting in a bank account. You could easily write a check and in one swoop of the pen, you could have that mortgage paid off in the next five minutes,. but you choose not to.
#423: We’ve heard the warnings about following your passion.
People ask if you can *actually* make money doing what you love. They frame the question “passion or profit?” as though these are in opposition.
The majority – who have never tried – decry, “what if you fail?”
Nobody asks the more important question: what if you succeed?
Are you still going to love your passion when you rely on it to pay the bills?
We grapple with that question in today’s episode, which is devoted to side hustles and starting a business. We use questions from two of our listeners as a jumping-off point to discuss the realities of going into business for yourself, doing what you love.
We share examples from our own lives as professional podcasters, as well as from the lives of friends who are full-time photographers, musicians, writers and other creative entrepreneurs.
Enjoy!
P.S. Got a question? Leave it here
For more information, visit the show notes at https://affordanything.com/episode423
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