Future Plans

Patrick in San Francisco is getting his financial act together and looking toward the future. He asks Dave how to best handle his ideas to make his work dreams come true.

QUESTION: Patrick calls in from San Francisco, CA, thanking Dave for helping him get his financial life on track. Eventually, he wants to go into business for himself and has a couple of very different ideas in mind. Dave congratulates Patrick on his accomplishments, but advises him to decide on one goal and stick with it.

ANSWER: I think you need to identify one goal at a time. I wouldn’t try to do multiple things like this at once. If you want to open a consulting business, you need to start doing some consulting on the side that doesn’t conflict with your current employer. Start growing that business, and as you continue to work and save it might put you into a position to jump into it full-time.

Once that reaches a certain level, and you can maintain a steady income, then you can explore some part-time or side jobs as a musician. But start with laying these ideas and goals out, and stagger them so that when you reach a milestone in one area it gives you permission to move on to the other. I think this is a much better plan than trying to accomplish numerous things at once and not doing any of them well.