Pursuing your passion without compromising financial security

• If your hobby or passion project becomes profitable, seek guidance about how to set it up as a legitimate business, manage taxes, offer benefits and explore funding opportunities for growth.
• Work with a financial advisor professional to save for startup costs, create a budget and understand tax implications to ensure your passion project aligns with your financial stability. 

Benefits of passion projects

Some of America’s biggest companies began as passion projects. Steve Jobs and Mike Wozniak started Apple in a garage, while Mark Zuckerberg launched Facebook from his dorm room. Could your passion project be the next big success? You'll never know until you try.

Working on a hobby or passion project offers a break from the daily grind, allowing you to focus on what excites you. This can enhance creativity and improve performance at your main job. Some companies encourage employees to dedicate time to personal projects, fostering innovation and refreshing focus.

Six steps to get started

If you're ready to pursue your passions, consider these steps:

Knowing when to transition your hobby to a business venture

A side project can remain a hobby or evolve into a full-time business. If your passion project income surpasses your salary, consider committing to it full-time. If your business thrives, you might explore funding options like venture capital or an IPO.

Making dreams a reality

Passion projects can be transformative, offering creative rejuvenation and potentially profitable ventures. Speak with your financial advisor professional to lay the groundwork for your passion project and turn your dreams into reality.

The role of financial planning

Your financial and tax advisor can be instrumental in helping you save for startup costs, set a budget and understand tax implications

Passion projects can be large or small. They can refuel you creatively, enable you to think outside the box and even create a profitable business that aligns with your favorite activities. Talk to your financial professional about building a financial foundation for your passion project.