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Turning your passion into cash

By Kemberley Washington · Bankrate.com
Thursday, May 16, 2013
Posted: 2 pm ET

In this quest called life, many of us have been blessed with God-given talents to shape or change the world. But due to financial pressures, we often seek paycheck stability over pursuit of passion.

But even if you have more month than money, you can still chase your dreams.

Step by step

Whether you have been called to design, write or consult, the key to turning your passion into cash is taking a small step at a time.

Consider pursuing your "passion" part time while you continue to work your day job. For instance, start your day a little earlier to have time to work on "passion" projects.

Creating and sticking to a schedule will help eliminate distractions. That can provide more time to do what you love.

Experience is key

If your main goal is to turn your passion into cash, don't shy away from small opportunities or assignments that may not pay as much as you expect.

That doesn't mean taking every opportunity that comes your way, no matter how low the pay. But you should carefully examine each assignment and understand how it can help create more opportunities in the future.

Don't undersell yourself

After you have obtained the necessary skill set and experience, be careful not to sell yourself cheap. Do research to understand what your time is worth.

To get opportunities, we may low-ball ourselves. But this can cause you financial headaches and other stress. Get a full understanding of how much you are worth in your intended field and be competitive in pricing.

As you continue to make more time for your passion, it will open doors to create fresh and new opportunities. Over time, that will turn into new cash inflows.

Remember, Rome was not built overnight! This also holds true with the pursuit of following your passion and dreams. Be diligent and keep at it.

Remember: your choice, your future!

Kemberley Washington is a certified public accountant and business professor. She writes a personal finance blog at Kemberley.com. Follow her on Twitter and on Facebook.

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