Do what you are passionate about or what makes the most money?

[Renee in NC]

I have been thinking about this a lot over the past few weeks, and I thought I would bring it here to see what The Hive has to say on the topic.

 

As I (hopefully) work on my last CPA exam section, I have been thinking of where my career is going next. For the current trajectory, my best option is to get my MBA in Finance after receiving my CPA, then working my way up the ladder to Chief Financial Officer. This will bring a much higher salary, but will most likely mean more working hours. In order to make this happen more quickly, we would probably move every few years as I am hired for different positions.

 

I will say, though, that while I am good at what I do, and most likely would be able to move up fairly quickly, it is not something that I am passionate about. I've always made decisions based on what is best for all, and live by the mantra, "Sometimes you have to do things you don't want to do."

 

However, I have been thinking about my passion more and more. Maybe it's because I just turned 37. Maybe it's because I have to make a decisions about whether or not to get my MBA soon (my current employer will pay for most of it.) I am not sure why it has come up again. The last time I wanted to pursue it was when we were in FL, but we ended up here instead.

 

When I was 14, I visited WV with a friend. Her family owned a home in the middle of nowhere, and we spent a LOT of time on mountain roads. It was my first experience seeing the poverty of Appalachia. Since then, I have done a lot of research, been to other areas in the Appalachians, and watched plenty of documentaries and news shows. It has always been my passion to help the area in any way I could.

 

I think now I know how I can help, and the desire is getting stronger. I am not interested in providing food, clothing, or shelter per se, as there are many people and organizations out there already. There is a current push for Sustainable Development in the area by teaching landowners about sustainable agriculture, giving microloans for microbusinesses, etc. This is an area I really know, both from a farm perspective and a small business perspective. I really think I have a lot to offer in this area, as I believe that developing local economies is the best way to alleviate poverty in the next generation. (I say next generation because these things take time, and there are a LOT of other issues in Appalachia besides a lack of jobs.)

 

This would mean a MUCH lower salary, but this would be offset by a more reasonable schedule and less transition. My dh is finishing up his degree in Sustainable Agriculture, and this is an area where we could both do what we love and do some good while we are at it. It really comes down to money being the only real issue.

 

So, follow the path to monetary success or follow my passion? What would you do? Have you ever faced a decision like this in your life? What did you do?

[freeindeed]

I'm inclined to choose passion. In the long term it will be more fulfilling.

[Renee in NC]

I'm inclined to choose passion. In the long term it will be more fulfilling.

 

 

How much sacrifice, though? Assuming I could end up at $90K per year or more taking the CPA/CFO route, what would you do if the salary for the passion was half of that? At what point does the money trump the passion?

[Arcadia]

This would mean a MUCH lower salary, but this would be offset by a more reasonable schedule and less transition. My dh is finishing up his degree in Sustainable Agriculture, and this is an area where we could both do what we love and do some good while we are at it. It really comes down to money being the only real issue.

 

 

I had always work in areas that I enjoyed. But I stayed in a yucky job environment for a year while hubby was self-employed and not bringing in money. When he stop his break even business and was gainfully employed, I could switch to a lower paying job in a nicer company.

 

For us, money is an issue when we are not able to bring in enough after tax to cover living expenses and have to dip into savings. If we can break even with some money to save, than we follow our passion.

[freeindeed]

That's tough. I guess you have to decide if following your passion is worth the financial sacrifice, or if the higher salary is worth sacrificing your passion. Which way would you feel more content? What does your husband think?

[OrganicAnn]

First even if you think you are on the path toward CFO, there are lots of people who will be competing with you for those jobs. And it will be their passion as they compete with you for those jobs all the way up the ladder. So you may spend your time and effort working for something that might not happen. You may always make more money in the "for-profit" companies than you would going another route, but it may not be as drastic as you think. I would try to go an work for a "not-for-profit" company even if it is for a summer or a few months. That way you will be able to make better decision about what you want to do. Diane Sawyer did a special on Appalachia. You can several organizations she recommended. Christian Appalachian Project is one I've heard of. Good luck with whatever you do.

[Ali in OR]

I want something in between. If "passion" means no health insurance for instance, I might try to find something a little less glamorous but more stable. But I have no desire to make work my life for the sake of money. I would rather not climb the corporate ladder too high if it meant I couldn't get to my kid's soccer games or be here watching them grow up.

[bettyandbob]

Not to be negative, but unless I had more specifics about the passion approach as it relates to financial outcomes I wouldn't do it.

 

I'm all for following passions when you have no one dependent upon you. I tell my dc to study what they want in college (as long as they have no student loans) and pursue their dream job. However, when you have children to support the decision making has to be completely different.

 

So, I'd research the opportunities more before deciding. Perhaps, it would be good to have a timeline around dh building his experience while you work with your CPA track until the kids are launched.

[Susan C.]

Someone is going to have to do the business/finance side of the new business, why not you?

[nmoira]

How much sacrifice, though? Assuming I could end up at $90K per year or more taking the CPA/CFO route, what would you do if the salary for the passion was half of that? At what point does the money trump the passion?

 

 

I think at the point financial insecurity becomes a constant source of anxiety, and will vary from person to person.

 

Can you take a planned break from school to do year or two a trial run with your DH, followed by a reassessment of your situation? It's an endeavor that will look good on your CV, even if you decide to go back to the CFO track.

[wapiti]

To add to the considerations: what about college for your seven kids? How will you fund your retirement, realistically? When would you be able to retire? Would your dh be financially successful enough for you to work for little or no pay and meet these goals?

 

Also consider whether you could find a way to develop some sort of philanthropy years from now if you are more financially secure rather than less. There may be more than one way to help.

 

I would look for a middle path.

[Erica in OR]

There were a couple posts about this in January on the Get Rich Slowly website. I found "In defense of passion (with the help of reason)" interesting. Some stuff to think about, anyway.

 

Erica in OR

[Renee in NC]

To add to the considerations: what about college for your seven kids? How will you fund your retirement, realistically? When would you be able to retire? Would your dh be financially successful enough for you to work for little or no pay and meet these goals?

 

Also consider whether you could find a way to develop some sort of philanthropy years from now if you are more financially secure rather than less. There may be more than one way to help.

 

I would look for a middle path.

 

 

My dh will never be financially successful - he isn't career oriented. I will always be the provider in the family. We spent YEARS living on practically nothing. I won't go back to that again, but I don't think a position in this area would pay less than $30K (which is the max he has ever earned.)

 

Planning for retirement is an interesting concept I haven't thought a lot about. I fund a 401K, but the idea of retiring and puttering around my garden sounds, well, tedious and boring. I would like to have a paid for modest home, and enough money for the basics of life.

 

College? We will not be able to fund much more than community college and a state college while living at home. Anything more than that and they are on their own. That is just reality. My oldest is already on his own. The 14yo will not go to college, nor the 10yo. That leaves 4. It is a consideration, but not a big one since it isn't as if Plan A means we pay for college and Plan B means we don't.

[Meriwether]

My dad followed his passion (bought a small farm) but worked 2 part time jobs to pay for it. Money was tight, but it was a good life. FIL followed his passion and failed to provide well for his family. $45,000 is a good wage some places - more than enough to support your family while you follow your passion.

[Renee in NC]

Not to be negative, but unless I had more specifics about the passion approach as it relates to financial outcomes I wouldn't do it.

 

I'm all for following passions when you have no one dependent upon you. I tell my dc to study what they want in college (as long as they have no student loans) and pursue their dream job. However, when you have children to support the decision making has to be completely different.

 

So, I'd research the opportunities more before deciding. Perhaps, it would be good to have a timeline around dh building his experience while you work with your CPA track until the kids are launched.

 

 

My kids won't be "launched" for 14 years (at least.) My dh has no intentions of building a career or experience or anything - he just wants a farm with animals. Basically, I'll make the money so he can play with the animals. :laugh:

 

I think at the point financial insecurity becomes a constant source of anxiety, and will vary from person to person.

 

Can you take a planned break from school to do year or two a trial run with your DH, followed by a reassessment of your situation? It's an endeavor that will look good on your CV, even if you decide to go back to the CFO track.

 

 

Not at this point due to my age. The financial anxiety is a good point, though, and one I would have to explore carefully. We've lived some VERY rough years, and I won't repeat that experience for anything!

[DianeW88]

I'm not a fan of financial insecurity and poverty, personally speaking. I hate it. And I hate the worry and stress that comes with it. If you make enough money, you can save it, retire early, and then pursue your passion in your retirement. We do have a lot of things we are passionate about, but we've found that most of time, we need money to fund our passions. We've pursued career options that allow us to make the most money we can, then we save as much as we can, help our children, donate to charities, and have fun with what's left. "Pursue your passion" sounds wonderful, but if it doesn't pay the bills, it's not really all it's cracked up to be. Not to mention, if you have young children, your first responsibility is to them. Their needs, wants, education, etc. My kids come before my passions. Mainly because they are one of my top passions. :)

[Renee in NC]

My dad followed his passion (bought a small farm) but worked 2 part time jobs to pay for it. Money was tight, but it was a good life. FIL followed his passion and failed to provide well for his family. $45,000 is a good wage some places - more than enough to support your family while you follow your passion.

 

 

That is very true. $45K is not a good wage here, but it is plenty where dh is from. It's all about location.

 

Dh can grow food, too. That would be a plus.

[Renee in NC]

That's tough. I guess you have to decide if following your passion is worth the financial sacrifice, or if the higher salary is worth sacrificing your passion. Which way would you feel more content? What does your husband think?

 

 

My husband just wants his own small farm with animals. That would be a long way off if I follow the CFO track (because of having to move around.)

[Renee in NC]

I'm not a fan of financial insecurity and poverty, personally speaking. I hate it. And I hate the worry and stress that comes with it. If you make enough money, you can save it, retire early, and then pursue your passion in your retirement. We do have a lot of things we are passionate about, but we've found that most of time, we need money to fund our passions. We've pursued career options that allow us to make the most money we can, then we save as much as we can, help our children, donate to charities, and have fun with what's left. "Pursue your passion" sounds wonderful, but if it doesn't pay the bills, it's not really all it's cracked up to be. Not to mention, if you have young children, your first responsibility is to them. Their needs, wants, education, etc. My kids come before my passions. Mainly because they are one of my top passions. :)

 

 

I'm not a fan either, trust me! I would never put my dc back into poverty on purpose. It is not a decision between poverty and non-poverty. It's more of a decision between lower middle class and upper middle class.

[bettyandbob]

How long will you dh be able to grow food and work a farm. If your reality is that you have no retirement savings, then you will likely be working for the rest of your life. What kind of work can you realistically do for the rest of your life. Not everyone can do farm chores at 90.

 

If your income is really the only income to consider realistically, would it be better to go for a higher income with a heavy savings focus so you have some cushion as you and you dh need to back off work some as you age.

[MedicMom]

There is nothing wrong with lower middle class. It sounds as if you can pay the bills and live on your passion. I would go for it

[Melinda in VT]

This is tough. I love my job. I honestly wake up every Monday happy because I get to work. (And it's not about getting away from my family. I work from home and so does DH.) In my ideal world, everyone would feel that way about their jobs.

 

However, I haven't had to make many financial tradeoffs to have this job.

 

How much do you hate the CFO option? I hate financial stress worse than just about anything.

[catz]

I would chose passion. But I do think that once you become a parent, that providing for your offspring becomes pretty top priority. So I would do it, but only if I compute it to be a workable living wage without constant stress.

 

My DH and I both kind of chose more practical paths and to tend to have very different and diverse passions. That we are comfortably able to pursue and fund thanks to a comfortable salary. I think it can be hard to balance these things. I can also see us doing something completely different once our kids are independent.

[bettyandbob]

Is there something where you are maintaining a higher income that does not require moving around, so that you can have a small farm too? That way dh manages the farm, provides some food and you can still bring in income and benefits like health insuracne.

[Renee in NC]

How long will you dh be able to grow food and work a farm. If your reality is that you have no retirement savings, then you will likely be working for the rest of your life. What kind of work can you realistically do for the rest of your life. Not everyone can do farm chores at 90.

 

If your income is really the only income to consider realistically, would it be better to go for a higher income with a heavy savings focus so you have some cushion as you and you dh need to back off work some as you age.

 

 

No he can't. I see that retirement keeps coming up. It's an area I hadn't given a lot of consideration to. I am contributing to my 401K at a low level now. I can reasonably work another 30-35 years. I would need to be able to save money to live on and pay off a home in that time.

[Renee in NC]

This is tough. I love my job. I honestly wake up every Monday happy because I get to work. (And it's not about getting away from my family. I work from home and so does DH.) In my ideal world, everyone would feel that way about their jobs.

 

However, I haven't had to make many financial tradeoffs to have this job.

 

How much do you hate the CFO option? I hate financial stress worse than just about anything.

 

 

Oh, I don't hate the idea, I am just not passionate about it. I am a very driven person, and whatever I pursue I do with everything I have. I like my job just fine!

[wapiti]

My dh will never be financially successful - he isn't career oriented. I will always be the provider in the family. We spent YEARS living on practically nothing. I won't go back to that again, but I don't think a position in this area would pay less than $30K (which is the max he has ever earned.)

 

Planning for retirement is an interesting concept I haven't thought a lot about. I fund a 401K, but the idea of retiring and puttering around my garden sounds, well, tedious and boring. I would like to have a paid for modest home, and enough money for the basics of life.

 

College? We will not be able to fund much more than community college and a state college while living at home. Anything more than that and they are on their own. That is just reality. My oldest is already on his own. The 14yo will not go to college, nor the 10yo. That leaves 4. It is a consideration, but not a big one since it isn't as if Plan A means we pay for college and Plan B means we don't.

 

 

I think you should figure out what you will realistically need for retirement sooner rather than later. Time flies. I would not enter into any decision to downshift your income level unless and until this is all planned out. I think this information is vital as you stand at a fork in the road.

 

As for the kids not attending college, do they have a path forward for earning income? Will they need assistance from you to get on their feet, etc.? Questions not to answer here but to think about along with all that financial planning you might do no matter which path you choose.

 

I would still try to find a way to do both. I wouldn't rush into anything and I wouldn't give up a chance for a mostly-paid-for MBA without a lot more exploration.

[Renee in NC]

Is there something where you are maintaining a higher income that does not require moving around, so that you can have a small farm too? That way dh manages the farm, provides some food and you can still bring in income and benefits like health insuracne.

 

 

Yes, we could stay in the area where we are. It would slow down the trajectory, though, as I would only be able to pursue opportunities within commuting distance. To be able to afford to have a small farm here, we would have to live further out in an area that would probably mean an hour commute for me. That isn't terrible.

[Annie G]

My vote is for a hybrid approach. You're still very young, and if you work a higher paying job now, when your kids launch you can scale back your work and enjoy pursuing your passion. You'll still have lots of years left to do that.

I'm 51 and our kids are adults, though two are still in school and living at home. But we're at a point where I work two very part time jobs because I love what I do, not because we need the money. Dh is looking forward to retirement in a few years...not to sit around the house, but to pursue our next adventure...an adventure we choose because we won't be relying on earning a high income.

Your passion sounds wonderful...but don't shoot your retirement years in the foot. So many older people are struggling...you don't want to join those ranks.

[AlmiraGulch]

It's hard when you hate what you do, but after a while every job is still a job. You can do what you love but have no money, and that brings stress to a relationship. You can do something you don't like but make enough money, and that brings stress to a relationship.

 

In my experience, ALL jobs bring stress. Suck it up (not YOU, but in general), do what takes care of your family, and follow your passion on the side.

[Dandelion]

 

My dh will never be financially successful - he isn't career oriented. I will always be the provider in the family.

 

 

Based on the above, my advice is to stay on the corporate track for awhile longer while slowly developing your vision for a Sustainable Development venture on the side. Were you thinking of starting up a non-profit with your DH, or going to work for someone else in this field? If you were thinking along the lines of a non-profit, your DH could start it up and work in that venture full-time, while you sit on the board and provide guidance/direction (very part-time). That would allow you to stay in your current position and provide for the family financially, while still pursuing your passion. Eventually, you might be able to join the non-profit full-time as it grows - without negatively impacting your family's financial situation.

 

Pursuing your passion is wonderful, and there are a lot of people who do very, very well for themselves financially while also doing a lot of good for their communities. I don't think pursuing your passion and making good money are necessarily mutually exclusive. But since you're the primary provider for your family, in your case pursuing your passion (at this time) may not be your best move.

 

Another thought. Is there any opportunity to pursue this passion of yours THROUGH your current employer? My last employer (a global Fortune 100 company) donated heavily to various non-profits and employees had the opportunity to volunteer (on company time) at various non-profit organizations. We could also suggest non-profits for our company to invest employee time/money into. If investing in Sustainable Development will enhance your employer's image and they can see the benefit in supporting this, you might be able to have your cake and eat it too. Think big. :)

[Renee in NC]

I think you should figure out what you will realistically need for retirement sooner rather than later. Time flies. I would not enter into any decision to downshift your income level unless and until this is all planned out. I think this information is vital as you stand at a fork in the road.

 

As for the kids not attending college, do they have a path forward for earning income? Will they need assistance from you to get on their feet, etc.? Questions not to answer here but to think about along with all that financial planning you might do no matter which path you choose.

 

I would still try to find a way to do both. I wouldn't rush into anything and I wouldn't give up a chance for a mostly-paid-for MBA without a lot more exploration.

 

 

Very good points. One child is on his own, the next will be a mechanic; there isn't much the community college program could offer him in terms of training, so he'll go straight to work after high school. The 10yo is not intellectually capable of college, and will likely end up as an equipment operator or work in a restaurant in some capacity (both are his passions.)

 

The mostly paid for MBA is a BIG consideration, though it isn't necessarily out of the question, either. We wouldn't go anywhere for 3 years, which would give me time to pursue the MBA.

[Renee in NC]

Based on the above, my advice is to stay on the corporate track for awhile longer while slowly developing your vision for a Sustainable Development venture on the side. Were you thinking of starting up a non-profit with your DH, or going to work for someone else in this field? If you were thinking along the lines of a non-profit, your DH could start it up and work in that venture full-time, while you sit on the board and provide guidance/direction (very part-time). That would allow you to stay in your current position and provide for the family financially, while still pursuing your passion. Eventually, you might be able to join the non-profit full-time as it grows - without negatively impacting your family's financial situation.

 

Pursuing your passion is wonderful, and there are a lot of people who do very, very well for themselves financially while also doing a lot of good for their communities. I don't think pursuing your passion and making good money are necessarily mutually exclusive. But since you're the primary provider for your family, in your case pursuing your passion (at this time) may not be your best move.

 

Another thought. Is there any opportunity to pursue this passion of yours THROUGH your current employer? My last employer (a global Fortune 100 company) donated heavily to various non-profits and employees had the opportunity to volunteer (on company time) at various non-profit organizations. We could also suggest non-profits for our company to invest employee time/money into. If investing in Sustainable Development will enhance your employer's image and they can see the benefit in supporting this, you might be able to have your cake and eat it too. Think big. :)

 

 

We don't currently live in the area where I would want to work, and I don't have a passion to work with poverty in general. I don't think I would be interested in working in a non-profit in an urban area. I know that financial stability is VERY important in general, and it is a definite issue for me. I am just not sure where my "financially secure" boundary is; I imagine it varies from person to person.

[Renee in NC]

And just so everyone knows, I am participating in this thread while avoiding studying for the last section of the CPA exam. It's really theoretical since I will get up and go to work tomorrow, and enjoy my day. I don't hate my current track at all, but just pondering whether I could go the other direction. My current life does not allow time to work in any sort of a volunteer position, which is why it is almost an "all or nothing" requirement. I hope to have more time as my children get older, even if I don't pursue this idea.

 

The idea of what "work-life balance" means is almost laughable.

[Joanne]

We went back to school "together". I, too, needed to break out of the low income rut.

 

I chose education associated with passion. I will make an adequate but not impressive salary.

 

I do not regret it. But I also still have to work 3 jobs.

[thebacabunch]

Kids first, passion second. You CAN do it all, maybe just not all right now. We drive beat up cars and rent even though my dh makes a good salary as an engineer so we can put more into our retirement. We may need to take care of one of our kids and we are definately looking forward to retirement to follow some of our dreams which we don't even have the time for right now. I would also give your dh the time, during your studies, to show that he is truly passionate about farming. My mom rents out 2 of her 5 acres to someone who is trying farming and animals on for size.

[Barbara H]

Congrats on nearly finishing your CPA - that's a huge accomplishment. I believe there is a middle ground. There is a strong need in nonprofit for smart, ethical, hardworking financial officers. The salaries are not as high as they are in the for profit sector, but that may be offset by greater job security, better retirement and better medical benefits. And, also obviously the satisfaction of doing something you find to be meaningful. When I worked in nonprofit (in an organization related to Appalachian poverty by the way) some of the finance people were there to pursue a passion for service but also looking for a more sane life where they knew they could leave at 4:30 and be home with the family.

 

One place to start might be with contacting some nonprofits in your area and see if you can set up an informational meeting with a financial officer to find out more about what their day to day job is like. Make it clear when you contact that you aren't looking for a job, but instead debating long term if you want to go corporate or nonprofit. You won't get rich in nonprofit, but I wouldn't see this as some kind of far flung follow your crazy passion living on love sort of thing. You absolutely could be making a comfortable middle class living as a financial officer in nonprofit.

 

I just glanced at this briefly but it looks like a good overview. http://www.bridgespan.org/Publications-and-Tools/Chief-Financial-Officer/FeaturedPublications1/NonprofitChiefFinancialOfficer.aspx#.UQ8iumeum-Y

[Catwoman]

How much sacrifice, though? Assuming I could end up at $90K per year or more taking the CPA/CFO route, what would you do if the salary for the passion was half of that? At what point does the money trump the passion?

 

 

Money trumps the passion until you no longer have to consider the money and until you have enough money to be able to pursue your passion without even thinking twice about whether or not you'll get paid for it. Personally, I would never give up my financial security to pursue a passion that didn't pay well.

 

 

 

Planning for retirement is an interesting concept I haven't thought a lot about. I fund a 401K, but the idea of retiring and puttering around my garden sounds, well, tedious and boring. I would like to have a paid for modest home, and enough money for the basics of life.

 

Sure, it sounds boring now, while you're still in your 30's. How will it sound when you're in your late 50's and have been working for peanuts for 20 years? Or when you're in your 60's and find that you don't have the energy you used to have, and when you see all of your friends retiring and taking nice vacations and spending a lot of time with their grandkids? And what if your "passion" turns out to be tedious, boring, unappreciated drudgery? Your vision of what it may be like may be entirely different from the reality of the day-to-day routine of it.

 

And maybe the house you buy won't be too difficult to pay off, but "enough money for the basics of life" may be a lot more than you're imagining. If you follow your passion, you may end up with no pension for your future, and you may also have to pay for all of your own health care and insurance for the rest of your life. Those things are pricey! And there are always unexpected expenses.

 

I see that retirement keeps coming up. It's an area I hadn't given a lot of consideration to. I am contributing to my 401K at a low level now. I can reasonably work another 30-35 years. I would need to be able to save money to live on and pay off a home in that time.

 

 

You think you'll be able to work another 30-35 years, but what if you get sick or injured and have no choice but to retire early?

 

Everyone thinks they have years and years ahead of them in which to work, but they don't realize that retirement isn't always a matter of choice. Never assume that you will always be able to work, because that may not be the case.

 

 

Renee, I am sorry to sound so negative, because what you'd like to do is incredibly admirable, but I know how you've struggled in the past and I know how hard you have worked and studied and scrimped and saved to get where you are today, and I would hate to see you chuck it all away to do something that may or may not work out, and that you know will never pay well.

[Starr]

I would really consider the work hours and commute. How much time do you want to be away from your family?

[Beth in OH]

I am a program manager for a non-profit that resettles refugees--formerly a corporate attorney. Passion. My thoughts:

 

Know where the salary would come from and how much it would be. At my agency, you probably would make around $27,000-$30,000. Better salaries go with larger non-profits. Also, if the position is tied in any way to grant funds or government contracts, expect to lose your job when priorities change.

 

Would you be joining and existing capital group or starting your own? Many of the micro-lending groups I've seen are started by social entrepreneurs. That means hard work, low pay, and risk.

 

Be realistic about the average work week. Mine is similar to my life as a big firm corporate lawyer--just for anfraction of the salary. I love my job, though. Hard work, but very rewarding!

[gardenmom5]

It's all well and good to say "do what you're passionate about", but in the end, bills need to be paid. you need shelter and food. so, can your passion pay your bills? are you willing to live the income your passion would provide? do you HAVE to be a CFO to provide the income you want? can you live on less? (and work fewer hours), do you want to call the shots, or tolerate someone else telling you what to do?

 

those are questions you need to answer as you think on those things.

[Farmgirl70]

I'll play the other side a little....We've always chosen passion. Money would only trump passion when needs are not being met (which has been never). We have lived on very little sometimes (my husband runs a small non profit) and have always lived very simply because doing what is meaningful work to us is high up on our list of values. We don't mind going without luxuries when we need to as that has enabled me to be with our kids and my husband to do the work he feels called to and fitted for. We are not in debt. We own our house. We are saving for retirement. Our kids are encouraged to also follow their passion. I guess our philosophy might be to do what you feel passionate about or called to and then figure out how to work the rest out. I don't want to wait until retirement to do the things that feel most alive and meaningful.

 

That aside, the most important thing is for you and your husband to decide how you want to play things out as a family and reach a decision that is best for everyone. Best to you in the process!

[Mom in High Heels]

Can you work for a few years and put as much money aside as possible and then follow your passion? I'm not saying work 30 years and then go, but what about 10 or 15 years? You're in you're late 30's, in 10/15 years, you'll still be young (funny how my definition of young has changed now that I'm staring 40 in the face), and still be able to follow your passion and have a little bit of security. IMO, when there are kids involved, money trumps passion. Sad, but true. James Bond would love to do nothing but play music and draw all day (he's incredibly talented at both), but he has a family to provide for and we're more important. He will get a job when he retires from the military and probably work another 15-20 years, so we don't have to worry about having enough money to retire comfortably.

[LucyStoner]

I choose the non-profit sector for 2 reasons- more time for family and life outside of work (I made this decision when pregnant with my older son, while working in the non-profit sector and putting myself through college) and because I had (have) a strong desire to create positive social change. Over the last year, I have cut down work due to the family needs of homeschooling a son with special needs and am looking at being a homemaker for more than a few years at this point. When I return to work, I am not sure if I will go back to the same niche in the non-profit sector but I will most likely do something in support of social change. While this cost me a lot of money in terms of lower earnings (compared to my education and what I could do in a private sector), I have never regretted choosing this path, despite developing some misgivings about the structure and effectiveness of many non-profits. I grew up dirt poor and benefited from numerous assists to break what was on my mother's side a long chain of generational poverty. I knew that money wouldn't make me happier because I had learned to be happy with very little and I knew that my values were not consistent with not doing all I could to help others. I also think there is a lot of room in the non-profit sector for those with accounting, finance and business management skills. I worked mainly in management and fundraising and found that many non-profits faltered for lack of savvy in these areas. Your skills could make a huge difference as a CFO, Operations Director or Executive Director. In the non-profit arena, many CFO only have a CPA and not an MBA or vice versa. IME, while I wasn't going to get rich doing it, the career trajectory I was on was not too badly paid either. If you work for a well established and larger organization, you can earn close to what you cite as your CFO salary. While the hours are FT, FT in such a situation tends to be closer to 40 hours than in the private sector.

[Renee in NC]

Thank you for all the feedback. There are pros and cons to both ideas. If you were to ask my dh, he wants me to take the money track, no doubt. He can't follow his dreams unless I make a lot of money. My children want to stay right where we are - they love their school, their friends, etc. They'd like to have more money, too, since their friends are mostly upper middle class. They would prefer to live in a neighborhood where they could play with friends and ride bikes, while my dh's preference is the middle of nowhere without close neighbors. I'd like a reasonably-sized house for our family that doesn't break the bank.

 

One of the bigger considerations that wasn't mentioned was education. We picked the worst house in the best school district we could afford, and I am happy with their school. If we were to move to a location in Appalachia, this might not be the case.

 

So, it comes down to education, retirement, and college. I'll most likely end up staying on the track I am on, since I'm not a big risk taker, but I don't want to always wonder, "What if...?"

 

(One of the posts did make me realize that I need to make sure that if I have a job that doesn't offer long-term disability, that I will need to pay for it myself. If I were to become disabled and unable to work, we would become destitute again very quickly.)

[HelenNotOfTroy]

My honest opinion is that you should do what you are passionate about. If you need to do something else to make money as well, then you do multiple things. I would think there would be opportunities for owning your own accounting business online that would allow you to live wherever you want if the sustainable agriculture track wouldn't support your family.

 

I also think that showing your children that caring for others is an important priority, especially when you are passionate about something that will help those in need.

 

If you became disabled, you would still have the accountant skill to fall back on.

[Heather in Neverland]

 

 

Money trumps the passion until you no longer have to consider the money and until you have enough money to be able to pursue your passion without even thinking twice about whether or not you'll get paid for it. Personally, I would never give up my financial security to pursue a passion that didn't pay well.

 

 

 

 

Sure, it sounds boring now, while you're still in your 30's. How will it sound when you're in your late 50's and have been working for peanuts for 20 years? Or when you're in your 60's and find that you don't have the energy you used to have, and when you see all of your friends retiring and taking nice vacations and spending a lot of time with their grandkids? And what if your "passion" turns out to be tedious, boring, unappreciated drudgery? Your vision of what it may be like may be entirely different from the reality of the day-to-day routine of it.

 

And maybe the house you buy won't be too difficult to pay off, but "enough money for the basics of life" may be a lot more than you're imagining. If you follow your passion, you may end up with no pension for your future, and you may also have to pay for all of your own health care and insurance for the rest of your life. Those things are pricey! And there are always unexpected expenses.

 

 

 

You think you'll be able to work another 30-35 years, but what if you get sick or injured and have no choice but to retire early?

 

Everyone thinks they have years and years ahead of them in which to work, but they don't realize that retirement isn't always a matter of choice. Never assume that you will always be able to work, because that may not be the case.

 

 

Renee, I am sorry to sound so negative, because what you'd like to do is incredibly admirable, but I know how you've struggled in the past and I know how hard you have worked and studied and scrimped and saved to get where you are today, and I would hate to see you chuck it all away to do something that may or may not work out, and that you know will never pay well.

 

 

I agree with this whole post.

 

I would stay with the financially secure option (especially if I didn't hate my job AND my employer was going to pay for my MBA) and pursue my passion later, after my children were grown. Even if your children don't launch for another 14 years, that still gives you 15-20 years to work in your passion area.

[GailV]

Lucky you, someone has written a book on this very subject. Think of all the hours you can spend procrastinating whilst reading the book! A review here: http://www.nytimes.com/2012/09/30/jobs/follow-a-career-passion-let-it-follow-you.html?_r=0 and here: http://www.theminimalists.com/cal/ -- there are dozens more if you look around the internet. And the author has a blog on which he's been developing his ideas over the past couple of years with posts like this one: http://calnewport.com/blog/category/features-rethinking-passion/ (see also post tag Rethinking Passion), so you can spend hours and hours reading that, too.

 

Spoiler alert: Cal Newport's thesis is working right trumps finding the right work.

 

David Brooks (NYT columnist) on the same topic (lifted from Cal Newport's blog):

 

Brooks argues that you shouldn’t place yourself — your passions, your non-conformity — at the center of your universe. What matters to the world is what you do not what you want — and things worth doing are often “arduous and miserable.â€

 

 

 

Happy pondering!

[catz]

Everyone thinks they have years and years ahead of them in which to work, but they don't realize that retirement isn't always a matter of choice. Never assume that you will always be able to work, because that may not be the case.

 

 

Renee, I am sorry to sound so negative, because what you'd like to do is incredibly admirable, but I know how you've struggled in the past and I know how hard you have worked and studied and scrimped and saved to get where you are today, and I would hate to see you chuck it all away to do something that may or may not work out, and that you know will never pay well.

 

 

I think this is a great point. My dad had a major health problem and was forced to retire in his mid 50's. My mom and him are very good financial planners. He's been stable and generally healthy for a 69 year old now. He's had part time jobs on and off since then. But had they not planned for retirement, I can't imagine where they would be right now. Maybe in my living room.

 

Just because you don't imagine yourself retiring, doesn't mean you shouldn't plan for it. The unexpected can happen. Ideals can change. I think it's good to assume that your kids won't be in a position financially to help.

[Kim in Appalachia]

My dh chose to do what he is passionate about. I'm not going to go into details online, but he went to a top med-school, but then choose a "speciality" that is not high paying and working for a community health center providing care for those who no one else will. He chose ( we chose!) a lot less money to do what he loves, as well as living in an area that is hard to be in.

 

When I read that your goal is to be a CFO, my first thought was how areas like this desperately need good CFOs, as well as good management in general. Most who are good at what they do leave the area for more money, or just to live somewhere nicer (where there are things like good schools and stores. :) ) You can have your career and find a way to channel it to what you are passionate about. It's very possible.

 

You don't have to be directly handing out clothes and food. You can run a business that thrives in order to help an area grow.