Follow Your Passion Career Advice is Tragic
Follow Your Passion Career Advice is Tragic
How to Fix It
Maximize the Value of You (Career)
At Millionaire Foundry we often challenge what we call common wisdom, which are sound bites of financial advice some often hear, accept, and then repeat as truth.
Common wisdom is not all bad and may be well-meaning, but its danger is that it can steer us in the wrong direction, often when it really counts. The results can be disastrous.
One piece of common wisdom career advice that deserves a major challenge is to always Follow Your Passion.
This advice has been repeated so often that its accepted as fact.
And like many pieces of common wisdom, it does contain some truth.
After all, it makes sense that combining work with what really professionally excites us has more potential for success than building our career around something we despise.
But this career advice can be painfully misleading because it misses the principle that we are only rewarded to the degree we leverage our skills to create value for others, and they in turn are willing to compensate us.
We explain the power of this important compensation-for-value principle in Maximize the Value of You.
If your desire is to build wealth, once you’ve identified your career passion, you have to take the second mandatory step of determining the marketplace for the value you’ll create from your focused passion.
A world-class poet may bring joy to millions with engaging poems.
But few poets are financially rewarded for that joy they create because their marketplace – their readers – aren’t willing to provide much monetary compensation for a poet’s output.
Thus a top poet, following their passion by honing their craft for decades, and despite delighting millions with their life’s work, may suffer a starvation-level income.
We can debate whether this is fair, but it doesn’t really matter, because those who make up any marketplace speak very clearly with their wallets.
In this example, consumers are simply unwilling to part with something of value (money) to reward the poet for the value created from their skills, experience and hard work.
If the poet is not interested in monetary compensation, but instead derives their rewards from the joy they create for their audience, then the lack of income doesn’t matter.
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