September 18, 2020

Financial Foundation Vs Passion

BELGIUM – The top 1% of the world are minding their  time, health, wealth, business… etc.  Do you know the difference between a financial foundation vs passion?

I do agree that the gap between the rich and the poor, the haves and the have nots has gotten obscenely unequal and if we are all honest with ourselves; things may not even get better in the coming years.

Dan Lok said so!

Today more and more women all over the world are going into business with the hopes of bettering their life and that of their family. Some are better prepared than others, but many times I read articles, with seemingly a recurring theme, follow your PASSION…

But then I ask myself at what costs? The reality is people are either working minimal paying jobs or well-paying jobs but are in so much debt that they are living paycheck-to-paycheck. I know the reality of both!

My Financial Confession

Money makes the world go round…

I came to Europe in 1997 with dreams of making it big and there was no one going to stop me, that is until I found myself at 23, taking a year sabbatical from colleague, with a good banking job, pregnant and broke. Being a called a statistic is something I hate with a passion, but I felt I had become the poster child for being a failure.

The worst part; the fact that I was in banking and not just any banking job, it was in Emerging Markets and thereafter Asset Management. Can you imagine going to work and handling financial transactions, but I was so unprepared that when my son was born, I could not even afford a baby car seat to take him home from the hospital.

I was passionate about building my career and getting the network to go with it, but in my own life financially I was failing. Trust me, the more money you make the harder you fall! 

Time to START Where you are!

To be successful nowadays, it seems you just must follow your passion and that you cannot get ‘Rich’ with a job… REALLY? Why, is it because today’s expectation is that to be considered successful, have to become a millionaire by 25?

I watched a video from Dan Lok, “Don’t Follow Your Passion(warning explicit language) and for the most part I agree with him, but the backlash he got was interesting… when all he was saying is, first make a living, than to become broke just following your passion.

Hopefully you are not misunderstanding my message, I am not saying don’t start that business or turn a hobby into your main form of income. But what I am saying is one of the most important foundations to have is to understand where you are financially. There are 3 stages to overcome before heading towards the hills of Passion. First, it’s about Make Money; this is mostly easy for women to do, but then there is the Grow and Keep money that many seem to fail at.

The best way to explain; say you like fish and you can eat it all day, so you dream and dream about eating fish…  Now, you don’t take ‘Action’ to go to the fisherman or the fish market, but yet you expect for the fish to somehow appear on your plate, cooked and ready to eat!

Funny isn’t it! But seriously that is this the same thing when all you want is to follow Your Passion, but don’t want to take the necessary actions required before hand?

Source: Unsplash

The Personal Finance Road to Passion

Look, before go quitting your job heading down the yellow brick road to follow Your Passion, first understand based on other personal finance experts I’ve spoken to, many indicate that in 2019 it’s wise to have at least a reserve of 18 to 24 months’ worth of expenses and that is just in case you lose your job!

Start with money management:

  • If your income is from a job, but you want to become a solopreneur or entrepreneur, you need to have at least 3 separate accounts for personal and business purposes
  • You should never mix personal money and business money
  • Main account for receiving your salary, with a savings account connected
  • Personal account for monthly expense
  • If indeed you become a solo/entrepreneur while having a job, you will need an extra account to automatically save minimum 25% for tax purposes
  • Have fix monthly expenses and stick to them as much as possible
  • If you have debt use either the Snowball Effect or Avalanche Effect

Remember, not all the money you make is yours to keep, but finances well managed gives you the most powerful thing you need when follow Your Passion and that is CHOICE!


FOMO, I didn’t know this acronym until my now 18 year old son told me, it means the Fear Of Missing Out! I once read, “What’s required, more than anything else is a sense of balance.” A quote from Christ Gardner from the author of the Pursuit of Happyness. It would be wrong of me to tell you not to follow Your Passion but remember, with everything in life there needs to be a foundation!

About the Her Grit Magazine columnist

Edwina Delamore is the owner of CSG Wealth a personal finance company teaching clients how to move from ‘Money Stress to Building a Financial Legacy’. She is also a speaker and a columnist at Her Grit Magazine, a Durban South African magazine that is made by women of color for women of color: Her Grit Magazine

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Financial Foundation Vs Passion

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