Before you decide to pursue your passion full-time, these five steps will make sure you make the most of your investment
The urge to dive straight into trying to turn your passion into an investment could be irresistible—and harmful to your pocket—unless you have time and money to spare. It's easy to think that just because you know a lot about your passion, whether it's horseracing, cars, sailing or something else, that investing in it should involve a set of straightforward questions that you already know the answers to.
But unless you prepare in advance and think carefully about how you will pursue an investment in it, you could end up with big bills and little else. However, if you do approach such an investment in the right way, including weighing up the pros and cons and getting the right advice, you could have a rewarding time. Here are some things to think about if you want to make that happen:
1. Take a long-term view
Whatever it is you have a passion for will require time and money if you want to take it forward and make it a bigger part of your life. Buying and keeping a racehorse, investing in classic cars or art or setting up a social enterprise aren’t pursuits that you can pick up and put down at will just because you’re bored. You will only get out what you put in. Overnight results rarely happen.