Do What You Love And The Money Will Follow — Truth Or Myth?
One concept that has been taught, especially in the personal development industry, is the idea “do what you love and the money will follow.”
When I first started with personal development training programs and courses, my role models were people who seemingly were doing what they loved — leading personal development trainings and workshops. However they weren’t the best examples of people making a big difference while earning big money at the same time.
I then started learning from the likes of Anthony Robbins, the world-famous peak performance coach and business strategist, Bob Proctor, founder of LifeSuccess Productions, now known as the Proctor-Gallagher Institute, and Jack Canfield, CEO of the Canfield Training Group and co-creator of the Chicken Soup for the Soul® book series.
They were examples of people who were doing what they loved and making a big difference while earning big money at the same time. This had me intrigued especially when I saw many of my colleagues doing what they loved to do but weren’t earning the money they truly wanted to, which ultimately lead to frustration and struggle.
When I first started offered personal development workshops and coaching programs, I also felt I was doing what I really enjoyed but was not earning the money I wanted to. This made me question whether this concept of “do what you love and the money will follow” was really a true concept or whether it was a myth.
Over the years, as I have learned more about myself and the personal development industry, I have come to realise that this idea “do what you love and the money will follow” is true, however there is more to it.
Let me explain why I think that.
1. Most people who provide a professional service such as coaches, counsellors, therapists, or even consultants are usually competent at what they do however they are not competent at finding and enrolling clients into buying their products or services. I know from a coaching perspective, the number one skill of a coach needs to be the ability to find and keep clients.
This is one of the main reasons why so many service professionals struggle — they have not learned marketing skills or how to grow a practice or business. Focusing only on what you love to do is very risky because in order to be able to sustain a service or a business long-term, earning more than your expenses is paramount. Learning the mechanics of growing a business is one of the keys to success.
2. It is also common for service professionals or experts to undervalue what they know. Being able to charge what you think you’re worth can be very difficult as people’s money issues or beliefs come up. There is this notion that if you think good thoughts and send out good energy, then good things will come to us.
While having good thoughts, a positive attitude and healthy energy are the foundations of being successful, one of the key steps which a lot of people seem to miss is taking the right actions, in the right order, at the right time.
Charging clients what you think you’re worth is one of those critical action steps anyone in business can take. Knowing what to do and having the confidence to it, is also a reason why service professionals do not earn what they could be earning.
3. I know when I started learning from some of the mentors I mentioned earlier, I wanted to have a similar level of success, however one thing I didn’t recognise at the time was I only knew them because of their successes. I didn’t know them when they were struggling and taking the necessary actions to become successful.
For example, I have heard Jack Canfield say that before the Chicken Soup for the Soul® book series took off, they were selling books out of the boot of their cars plus they would sell books whenever they could get in front of an audience, whether that would be five people or 500 people. They did the hard yards and over time, the actions they continued to take made a difference and helped them reach the success they have today.
We tend to be in an instant gratification society now and some of it is due to how success is being portrayed in our culture. However, for an expert or service provider, who has been in the field for a handful of years, to think that they could have the same level of success right now as someone who has been in their field for many years, is wishful thinking.
I must admit, there have been some exceptions to this but those are rare cases. Most experts want the same success now but they have not put the necessary steps in place to achieve those levels of success.
I would imagine there are other reasons that could be added to these. I’m all for doing what you love. However, there is more to it than just that.
It really should be, “Do what you love and the money will follow when you have the right mindset, the right skill-set and are taking the right actions, in the right order, at the right time.”
Question: Do you believe the concept of do what you love and the money will follow to be true? Why or why not?
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