Our hope for a better tomorrow is rooted in our dreams. Without hope, life can be pretty bleak. Have you ever considered the risks and rewards of chasing your dream? We all get them from time to time – an idea for the perfect product; the next big thing; the killer app. Something people just can’t live without. What you do with it is really what matters.

The potential rewards of seeing your dream through to fruition could include financial independence, the freedom to quit your job, fortune and fame, expensive cars, a big house, and lavish vacations on your private jet. Okay, that last one was a stretch, but you get the idea.

The Risks and Rewards of Chasing Your Dream

What are the risks of chasing your dream? If your work finds out about it, they might think your other interests have caused a lack of focus and they could fire you. You could work yourself to death and alienate your family and friends. You could even go bankrupt.

EGGSTACK RETIREMENT PLANNER

If you keep your mouth shut at work, chances are they won’t find out. But that last one, going bankrupt, that’s pretty scary. Let’s explore that in more detail.

Every year approximately 1 in 100 U.S. households declare bankruptcy. When bankruptcies peaked in 2005, that ratio was closer to 1 in 50. Contrary to popular belief, bankruptcy does not make all of your debts disappear. What it does do is damage your credit for years to come, so on that basis alone it must be avoided.

When you are chasing a dream, it’s important to keep your spending in line. Until your dream starts reaping rewards, you would be wise to moderate spending.

Keep your idea to yourself while you are developing it. Discussing it with anyone other than your family could result in someone else realizing your dream.

Final Thoughts

Your dream may be to become a star athlete, a famous singer, or a business mogul. Whatever your dream may be, pursue it with passion and don’t give up. Don’t let yourself be discouraged and don’t dwell on your mistakes. 

Dreams and procrastination do not mix. If you have a dream, get after it and don't put it off. Someone who has a dream but doesn't do anything about it is just a dreamer. The world is full of dreamers.

If your dream seems too overwhelming, make a list of things to do and sort it from first to last. A journey of a thousand miles begins with a single step. Or if you prefer, the best way to eat an elephant is one bite at a time.

Photo credit: Pixabay Eggstack News will never post an article influenced by an outside company or advertiser. Our mission is to help you overcome uncertainty about retirement planning and inspire confidence in your financial future.