Would You Like to Start an Expensive Hobby?
Many of us have expensive dreams and goals. I like to travel. I really enjoy seeing new places, and experiencing new things. I also like to eat out at nice restaurants and patronize live theatre and opera. Without an adequate income, my interests could easily overset my spending plan, leaving me with debt that could be crippling.
There are plenty of other hobbies that can get expensive as well. I have friends who enjoy attending wine tastings, as well as building up their own cellars and hosting their own tasting parties. My grandfather and others in my family love to play golf, a hobby that can become costly if you want the best equipment, and you play the best courses regularly. Others I know enjoy flying, but find that maintaining an airplane – even a lightweight craft – can be expensive (don’t forget hangar rentals and rising fuel costs).
Of course, there’s nothing wrong with having an expensive hobby. If you can afford it. And by afford it, I meant that you aren’t going in to debt to finance your hobby, and that you aren’t shortchanging your future by skimping on your retirement plan contributions and neglecting your emergency fund. I also believe that you should be able to “afford” regular donations to charity and/or your church congregation.
Using Supplemental Income to Do More of What You Love
If you find that you don’t make enough money to support your beloved (yet expensive) hobby, you can either cut back or earn more. While I am a big fan of cutting out the unimportant expenditures in your life so that your money is being used to fund your priorities, I don’t like the idea of pinching pennies. So I’m a huge proponent of earning more. This is where supplemental income can come in.
When you are ready to start a lifestyle fund to help you reach your “fun” spending goals, you can use supplemental income to keep it going. This income can come from a variety of sources. Some ideas for earning supplemental income include:
- Starting a side business
- Doing odd jobs around your town
- Offering your expertise as a consultant
- Taking on a part-time job (if you have the time)
- Building up an income investment portfolio
Most of the time, it takes planning and patience to reach your goals. For the most part, I can afford a weekend getaway anytime I want, but taking off for a week or two means that I have to save up for a few months, and plan my trip a little better. The same is true for many other hobbies. You might need to save up to get started, or build your hobby a little at a time. If you like flying, you might have to share a plane (and the costs) with a few others initially. It may be necessary to begin your cellar slowly, with a new bottle every few months.
No matter your hobby, though, if you make a plan to earn supplemental income, you will can reach a point where you will be able to do more of what you love.