Does the world need a new type of financial independence? We already have Barista Fire, Coast Fire, Lean Fire, Fat Fire, and a plethora of other spin-offs, so should we add more to the mix?
Yes. Absolutely. Those terms are all surface-level explanations giving basic details of the “hows” to financial independence. We need a new term that highlights the whys.
Passion Fire does just that.
What is Passion Fire?
Passion Fire helps us define our reasons for pursuing financial freedom and design our lives around what matters most.
It’s about building wealth and ensuring financial stability that allows you to quit your traditional job while earning an income from your passion projects. An exciting aspect of Passion Fire is that you’d still work to make a living, but rather than toiling in a career you don’t care about to collect a paycheck, you’d jump into projects that excite and challenge you.
Passion Fire lets you work on your own terms in the fields that interest you.
It’s the ideal type of financial independence for artists, writers, homesteaders, and crafters. It also works for those passionate about service, allowing them to pursue traditionally underpaid industries like charity, wildlife conservation, or teaching without worrying about the paycheck.
But it’s far more than that. Passion fire creates financial solvency, allowing us to forge our own paths and break off the shackles of the traditional work-life paradigm.
Passion Fire vs. Barista Fire
To the casual observer, passion fire may sound similar to the tried and true path to freedom we call barista fire. Both types of financial freedom promote work during retirement to produce income, so neither embodies the true essence of never having to work again.
There’s a critical difference between the two, though.
Barista Fire gets its name from being a barista at a coffee shop. It’s an idealized version of a low-stress part-time job that puts some spending money in your pocket. Employees toiling in high-stress industries dream of part-time work that allows them to clock out, and barista fire offers that opportunity.
People pursuing barista fire long for part-time easy jobs, like working in bookstores and coffee shops. They work for the social aspect or health care and pull from savings to cover their basic living expenses.
Passion fire has nothing to do with earning pocket money or working a low-stress job.
In fact, some of our passions can be extremely stressful. Imagine working as a wildlife biologist in the rugged desert landscape, tracking an injured coyote for miles upon miles, or trying to help a single mother find shelter from he abusive ex for the night. This work is stressful but essential, and we’re passionate about helping.
Unfortunately, a lot of these industries don’t pay very well. Since I was young, I dreamed of being a wildlife biologist, but I sold out upon discovering their paltry earnings. I could work my dream job for thirty thousand dollars per year and constantly stress about money or enter an industry that pays me enough to pursue financial independence.
I chose option B, but in doing so, I’ve learned that I don’t have to give those ideals up for good. I only have to give them up while building my nest egg.
Are You Ready to Passion Fire?
Does passion fire sound like the type of financial independence that drives you?
It’s far more than just yelling triumphantly that you’re ready. You must do some soul-searching to discover what passion fire means. It’s the most personal path to financial freedom, but what it lacks in a set course, it makes up for in the abundance of choice.
Here’s what you need to consider if you want to pursue passion fire.
What Are Your Passions?
First, you need to decide what you’re passionate about. What drives you? What would you pursue if money weren’t an option?
Everyone’s answer is different, and sometimes we have multiple passions. That’s okay; when it comes to living your dream life, everything is open for exploration. Dabble in your multitude of interests until you find a handful worth pursuing.
I Don’t Know What I’m Passionate About
Sometimes we often get so beaten down with the mundane responsibilities of adult life that we lose our drive and don’t even remember what we were passionate about when we were young.
We can help with that. As passion experts, we developed a complete guide to helping you discover and monetize your passions. Our in-depth action plan will help you explore the things you loved when you were young, the things you’re good at, and the new things you want to discover.
Grab our Ultimate Guide to Discovering Your Passion and take your first step towards investing in the passion-fire lifestyle you deserve.
Can You Make Money with Your Passions?
The next step is to find ways to make money from what you are passionate about. Sometimes it’s easy. If you’re passionate about service or helping people, you can look for positions with charities and local government that align with the causes you care most about.
Other people have to get creative to make money with their passions. I’ve combined my love of writing and my love of personal finance to create this blog and then realized I could use the blog to explore the vast array of things I”m passionate about.
Partners in Fire expanded from a basic finance blog to a Passion Fire blog where nothing is off-limits. We explore the arts, science, mysticism, travel, gaming, wellness, and all the beautiful things that make life worth living. It embodies the idea of passion fire, heart, and soul.
Blogging isn’t the only way to monetize your passions. Creatives can sell handcrafted items on Etsy. Animal lovers can start a dog walking and pet sitting service. Designers can make products for print-on-demand shops.
Financial stability also enables you to continue your academic career. You may want to return to school to earn a teaching certificate or pursue a fine arts degree. You may decide to earn a graduate degree to research a cancer cure.
Once you have enough money backing you, the possibilities are endless.
How Much Money Does Pursuing Your Passion Cost?
Of course, there’s always a catch, and that last sentence highlighted the biggest.
Pursuing your passions gets expensive, especially for those living in the US, where college is prohibitively expensive.
As much as I long to study anthropology and attend an archeological field school, I can’t justify the outrageous cost.
Some of your passions may be equally expensive. Ensure you account for the cost of any advanced degrees or certificates when determining your passion fire number.
On the plus side, some passions are much, much cheaper. You can start a blog for as little as four bucks a month. You can begin designing T-shirts with Canva for free or upgrade to Pro for more design options. Blender offers free video editing, making it cheaper than ever to start a Youtube channel.
You can create tons of things for just the cost of supplies, like epic works of art, novels, short stories, handcrafted sweaters, and wooden home decor.
Consider a Realistic Timeframe
It will take most people at least five years to enjoy a passion fire lifestyle, if not more. The timeframe varies based on your passions and current financial situation.
If pursuing your passion leads you back to college, you’ll have a good chance of earning a decent income upon graduation, but you must consider the years and cost of schooling.
However, if your passion involves creating something with plans to sell, it could potentially take years.
It takes years for a blog to get off the ground and start earning an income, years for the Etsy store to hit its stride, and years to build enough products in your print-on-demand store that you can make a living from it. The success stories you hear about people who quit their jobs because something went viral overnight and they earned millions of dollars aren’t realistic, so please don’t use those as a basis for quitting your job.
Some people put everything into their passion and can still not earn an income. It’s essential to consider every possible outcome when planning your path to Passion Fire.
How Much Money Will You Need to Passion Fire?
After you answer these questions, you can determine how much money you need to Passion Fire.
First, consider how long it will reasonably take to turn your passion into an income-producing machine. How long will earning money from your art, blog, graphic designs, or E-books take?
You will need enough money in savings and investments to survive during that timeframe.
If your passion involves academia, you must research your degree program and determine how much it will cost. Consider housing, unpaid internships, and any scholarships or financial aid you will be eligible for.
Alternatively, you could maintain your day job while building your passion fire portfolio. It may take longer, as you’ll have less time to work on your passion project, but the financial security of a full-time job eases a giant stress burden, especially when you don’t have any money coming in.
Passion Fire After Achieving Financial Goals
Another path to Passion Fire includes a route more similar to barista fire. Work a stressful career while saving and investing. Use the income to reach coast fire, so you have a fully funded retirement, buy your house, and pay off debt.
Once you’ve achieved all your financial goals, quit your job for a lower-paying position you are passionate about.
For example, I could quickly be a wildlife biologist without further training or education. However, it would be silly to quit my high-paying job while I have debt to pay off and a few other financial goals to check off my list.
Once those are completed, I’d easily be able to pay my bills on a lower salary.
You could pursue something similar by downsizing your living situation, paying off all your debt, and squirreling enough money away to bridge the gap between expected passion fire earnings and living expenses.
Investments to Fill the Gaps
Most people don’t make fortunes with their Etsy stores and blogs. If you work on them full time, you have a much better chance of being successful, but some folks don’t make above the poverty line, even after pouring everything they have into their passion projects.
Having investment income to fill the gaps is essential.
Consider how much it costs to live for a year, and then think realistically about your earning potential over the next ten years with your passion.
If you spend 50K per year but only expect to earn 20K on your passions, you’ll need 30K to fill the gaps.
In theory, if you dedicate the same amount of time to your passion project as a regular career, you’ll scale over time and eventually earn more than you need, but you should prepare for a few years in the red to set yourself up for success.
Is Passion Fire the Fire For You?
We are all pursuing financial independence for different reasons. Some of us don’t want to work at all, and there’s nothing wrong with that.
The main reason I’m pursuing financial independence is to pursue my passions. I’d rather be less wealthy doing something I love than make a boatload of money in a miserable career. When I realized I could turn the things I love into a money machine, I decided passion fire was the fire for me and started my journey to make it a reality.
Most people want to work. But they want to do things they enjoy and can be proud of.
That’s why Passion Fire is already catching on. It lays out the hidden reasons why the financial freedom movement is so popular and offers everyone a path to achieving the life they want to live.
Join the passion fire movement and start designing your dream life today.
Partners in Fire 