Is it normal to risk losing my "rich" lifestyle to change careers?

73% Normal
9 Comments

I started out my working life doing what I was "supposed" to do. I got a bachelors degree and an MBA, then took a corporate job and am now an independent consultant. Even though I've never really loved what I do (sometimes hate it), I've done well and live what some would consider a "rich" lifestyle - big house, fancy cars, a big boat, money in the bank, travel, etc. etc.

But, for all of my life I've had an interest in another area (having nothing to do with my current work) and am just finishing up my Ph.D. in that area. Now, I would like to write books on the subject of my Ph.D. dissertation. To really make this happen in a serious way, I would need to work way less in my regular job, running the risk of losing all momentum in my consulting business. My income could go to zero for a long while and I'd have to sell some of my "toys", scale way back my lifestyle and live off savings. It's even possible I would discover that my gf was more interested in my money and leave me. I could possibly lose all of my material stuff. I'm middle-aged, so recovering from a stupid move could be very difficult at this point.

Honestly, having a much simpler lifestyle sounds very appealing. Most of my favorite things to do involve "getting away" and sitting by the water, having a beer around a campfire and other simple things. I feel like I've done the "material" thing and would be happier doing what I really love. Even if that means living in a van down by the river. Hopefully, I wouldn't regret the choice later.

So, is it normal to risk losing financial security to go for your dreams?

Voting Results
73% Normal
Based on 11 votes (8 yes)
Help us keep this site organized and clean. Thanks!
[ Report Post ]
Comments ( 9 )
  • thegypsysailor
    9 years ago

    My suggestion, as someone who is well retired, is to consolidate and simplify.
    I'd sell everything that you can't live without. Reduce your expensive cars to one nice but reliable, economical, utilitarian vehicle. If you like boats AND USE THEM, (which most boat owners don't), then sell the big one and get something small, easy to operate and fun. Even a good RIB can be more fun than a 65 foot motor yacht which you never use. Sell the big house and get a nice comfortable place far from the hustle and bustle of the city, where you can write.
    Take all your money and buy an annuity. That will supply you with a fixed income for the rest of your life. If you need more until your books sell, then you still have some possible income from the independent consulting. But you will have money coming in every month, whether whatever you do from that point forward succeeds or fails.

    Comment Hidden ( show )
    4
    4
      -
    • Anonymous Post Author
      9 years ago

      Good advice, thanks. Funny thing about the boat - I have more fun buzzing around on the 9' dinghy with a 5hp motor, than hanging on the big boat. I've been a boater since birth, so would probably want to have some kind of craft.

      Comment Hidden ( show )
      0
      0
        -
      • thegypsysailor
        9 years ago

        Like I said, a 12 foot RIB well outfitted is a great way to go these days. Go for a quality one and it will last you. Going on a trip? Tow the RIB and play there, too.

        Comment Hidden ( show )
        0
        0
  • Robotdaydream
    9 years ago

    My opinion is quite cliche but you cant put a price on your happiness. I think happiness is the most important thing to achieve in life. So if you think it will make you happy then I say go for it.

    Comment Hidden ( show )
    4
    4
  • zzyzx
    9 years ago

    Look up the top regrets of old, dying people. Their perspectives might help guide your own decisions.

    Your concerns do seem normal.

    Comment Hidden ( show )
    3
    3
      -
    • Anonymous Post Author
      9 years ago

      Yeah, what's that old saying by an old codger, something like, "I do not regret the things I've done, but those I did not do."

      Comment Hidden ( show )
      0
      0
  • [Old Memory]
    9 years ago

    Being rich isn't the only way to be successful. As long as you strive to do the best at something you enjoy that's the best form of success.

    Comment Hidden ( show )
    2
    2
  • howaminotmyself
    9 years ago

    Do it! Get rid of the material. Purge. Those things will never bring you true happiness. And they certainly don't bring true friends or lovers your way. Live the life you want, not the life you think others want for you.

    Comment Hidden ( show )
    2
    2
  • Riddler
    9 years ago

    A Chemist

    Comment Hidden ( show )
    0
    0