Podcast Summary
Austin's comedy scene provides opportunity for Sebas: A man leaves his decade-long job to pursue stand-up comedy, relying on his wife's income for financial support during the transition period.
Sebas Matar, a 29-year-old financial auditor from Austin, recently left his job in the service industry after a decade to pursue a career in stand-up comedy. He had built a career there but felt stagnant and saw no ties left with the company. Although he's only been unemployed for a month, his wife's stable income as a wedding planner and event coordinator has helped them get by. Sebas acknowledges that Austin, known for its comedy scene and home to famous comedians like Joe Rogan, might increase his chances of success. However, he understands that making it in comedy is not just a matter of luck but requires hard work and dedication. Despite earning only around $1,000 from comedy in the past year, Sebas is determined to reach his goal and encourages his audience to support him by subscribing to his channel. The couple's combined finances have given them a safety net while Sebas pursues his dream.
Pursuing a career in comedy requires dedication and diverse income streams: Comedians may not make significant income solely from comedy, so having a financial safety net and exploring alternative income sources is crucial for a sustainable career
Comedy, like music, requires dedication and hard work to achieve financial success. While some comedians may sell out arenas and make millions, others may find success in smaller comedy clubs, making significant income each month. However, comedy may not be the primary source of income for many comedians, who may explore other opportunities such as voice-over work or production crew work to supplement their income. It's essential to have a financial safety net, such as savings, before making the move to pursue comedy full-time. Living expenses, such as rent, can vary greatly depending on location, and alternative living arrangements, like efficiencies, can help reduce costs. Ultimately, success in comedy takes time and persistence, and it's crucial to have a backup plan and diverse income streams to sustain oneself during the early stages of a comedy career.
Work ethic and reliability lead to employer trust: Dedication and hard work can earn employer support during career transitions, while effective communication and financial planning are crucial in personal relationships.
A strong work ethic and reliability can lead to flexibility and support from an employer during career transitions. The speaker shared how their dedication and hard work as a server earned them the trust and understanding of their boss, allowing them to pursue comedy without worrying about their job. Additionally, the speaker's personal life demonstrates the importance of financial planning and communication in a relationship, especially during significant changes like moving and starting a new career. The couple's ability to save and manage their money separately and jointly allowed them to make the move to Austin and maintain their financial stability. Overall, the conversation highlights the importance of trust, communication, and financial planning in both personal and professional contexts.
Continuing expenses during a career transition: During a career transition, it's crucial to be mindful of expenses to ensure financial stability and longevity.
Even during a significant career transition, people often find themselves continuing to spend money on their usual habits and expenses. In the case discussed, the individual was preparing for a new career while still making purchases at Nordstrom for food and holiday shopping on Amazon. Additionally, the person was actively applying for jobs but not making any income, relying on their savings. The individual had a "bohemian outlook" and was not considering getting another job to extend their runway. It's essential to be mindful of expenses during a career transition to ensure financial stability and longevity.
Balancing dreams and financial security: Believe in your abilities but also have a contingency plan for potential setbacks in competitive fields
Having a reliable means of transportation is essential for certain types of work, especially when it comes to ride-sharing or food delivery services. However, not everyone may have access to a car or the financial means to maintain one. Some people prioritize their passions, like comedy, over financial stability and may not have a backup plan. While it's important to be optimistic and believe in one's abilities to succeed, it's also crucial to be realistic and prepare for potential setbacks. The odds of making it in any competitive field are not in favor of everyone, and having a contingency plan can make all the difference. It's a delicate balance between following one's dreams and ensuring financial security.
Calculated risks and passions: Balancing contentment and improvement, evaluating risks and rewards, and learning from diverse experiences can lead to personal growth and success.
Taking calculated risks and pursuing your passions, even without a safety net, can lead to success, but it doesn't necessarily make it a mature or responsible choice. Some people may find themselves miserable in traditional jobs and choose to leave, but they often put themselves in situations where they feel trapped due to potential financial losses. It's essential to find a balance between being content with your current situation and taking steps to improve it. The speaker's experiences range from working for Tesla to various service industry jobs, and they've learned that putting oneself in diverse situations can lead to personal growth and the ability to bounce back from adversity. Ultimately, it's crucial to evaluate the risks and rewards of each situation and make informed decisions based on individual circumstances.
Exploring opportunities beyond current job: Individuals should weigh pros and cons, research potential employers, and consider intangible benefits before deciding to leave a job
While some people may feel trapped in their jobs due to various responsibilities and commitments, it's essential to remember that there are opportunities for growth and better work-life balance elsewhere. The speaker emphasizes that individuals often lack education about the job market and the possibility of finding a more fulfilling role with potential for advancement. However, there are exceptions, such as during economic downturns, and personal circumstances like having children or significant debts can make leaving a job more challenging. Ultimately, it's crucial to weigh the pros and cons, research potential employers, and consider the intangible benefits of a job before deciding that one is irrevocably locked in.
Navigating the Post-High School Educational System: Understanding Institutions and Debt: Understand different types of educational institutions and their offerings to avoid debt and financial burden. Have a clear financial plan and be aware of potential scams.
Navigating the post-high school educational system can be confusing, and misinformation can lead to significant financial burden. The speaker shares their experience of attending a private technical school instead of a college program, which resulted in debt and a pending application for loan forgiveness. They emphasize the importance of understanding the different types of educational institutions and their offerings. Additionally, the speaker shares their personal goals, including paying off their debt and eventually buying a car. They also mention the importance of having a clear financial plan and being aware of potential scams. Overall, the conversation highlights the importance of making informed decisions about education and finances.
Balancing present and future financials in a side hustle: Consider both present and future financials when starting a side hustle. Test the waters for three months before deciding to invest more time and resources. Don't forget to save for retirement and take advantage of compound growth's power. Strike a balance between living in the present and planning for the future.
While pursuing a side hustle like comedy, it's essential to consider both the present and future financial situations. The speaker shared that they're giving themselves three months to test the waters before deciding if they want to continue investing time and resources into their comedy career. However, they also acknowledged the importance of saving for retirement and the power of compound growth. The earlier one starts investing, the more significant the returns. The speaker emphasized that it's crucial to balance pursuing passions with securing a stable financial future. They agreed that it's essential to ensure that one doesn't end up struggling financially in old age. The discussion underscored the importance of striking a balance between living in the present and planning for the future.
Embracing the unpredictability of unconventional paths to success: Trust your intuition, have faith, and embrace the unexpected to find success in unconventional paths. Intuition and faith may not be easily measurable, but they're crucial for growth and staying true to oneself.
Success in unconventional paths, such as comedy or acting, doesn't always follow a traditional step-by-step approach. Instead, it requires a deep belief in oneself and a willingness to take risks and roll with the unexpected. The speaker in this conversation shared their personal experience of pursuing a passion for comedy and acting, which led them to meet people and experience situations that seemed unlikely but ultimately contributed to their growth. They emphasized the importance of trusting one's intuition and having faith, even if it's not something that can be easily measured or quantified. The speaker also mentioned the influence of books like "The Alchemist" on their perspective and the idea of understanding the language of the universe to guide their decisions. Overall, the conversation highlights the importance of staying true to oneself and embracing the unpredictability of life's journey towards success.
Parents' financial stability in retirement is crucial for their own sake and to avoid burdening children: Parents should plan and save for retirement to ensure their financial stability and avoid burdening their children. Societal safety nets may not be reliable, and one cannot guarantee their ability to work past a certain age.
It is a responsibility of parents to ensure their financial stability for retirement, not only for their own sake but also to avoid burdening their children. However, it's essential not to guilt trip children into taking care of their parents due to financial instability. Instead, parents should plan and save for retirement to avoid relying on their children for support. The societal safety nets like Social Security, Medicare, and Medicaid may not be reliable in the future, and one cannot guarantee their ability to work past a certain age. Therefore, it's crucial to plan for retirement and not leave it as a burden for the next generation. From a personal perspective, being financially responsible for one's retirement is an essential aspect of being a responsible adult and citizen in a capitalistic society.
Approaching Retirement Savings and Hobbies as Separate Bets: Be open to new opportunities while being financially responsible. Striking a balance between calculated risks and being adaptable can lead to better outcomes.
Everyone has their unique approach to finance and career choices. While some may view their pursuits as calculated risks, others prefer to spread their bets across various opportunities. The speaker, for instance, shared how they approach retirement savings and comedy as separate bets, with the latter being an all-in investment. However, the conversation also touched upon the importance of considering new perspectives and being open to change. The speaker acknowledged that they would have pursued their hobbies more aggressively if they had understood the potential financial rewards earlier. They emphasized that ignoring reality and staying ignorant to new information is not beneficial. Ultimately, the discussion highlights the importance of striking a balance between taking calculated risks and being open to new opportunities while being financially responsible. Each individual's approach to finance and career choices will differ, but being adaptable and open to change can lead to better outcomes.
Identify pitfalls and avoid them: Focus on artistry and long-term goals, be professional and persistent, and build a strong network to increase chances of success in the arts or any industry.
Focusing on the wrong reasons for pursuing a career in the arts or any industry can lead to failure. The speaker emphasizes the importance of looking at those who didn't make it to identify the pitfalls and avoid them, such as having an ego that's too big or quitting due to lack of immediate financial success. Instead, it's essential to focus on the artistry itself and the long-term goals, even if it means starting small and treating it as a side hustle. The speaker also highlights the importance of professionalism and persistence, as well as the value of building a strong network. Ultimately, success is not about making a large sum of money right away but about staying committed to the craft and continuously improving.
Staying committed to your passion leads to financial success: Work hard, make sacrifices, and believe in yourself to turn your passion into a full-time career
Having a clear focus and commitment to your passion, even if it means working multiple jobs or putting in long hours, can lead to financial success. The speaker in this conversation shares how he viewed his music career as his primary job, even when it was just starting out on YouTube. He emphasizes that he didn't get lucky but rather worked hard and made sacrifices to turn his passion into a full-time career. He also mentions the importance of having faith and believing in oneself, even when faced with doubts or challenges. Overall, the conversation highlights the importance of staying committed to your goals and turning your passion into a sustainable source of income.
Following your passion: A career possibility: Believe in your abilities, hustle consistently, seize opportunities, and remain flexible to adapt to changing landscapes. Financial stability isn't a prerequisite for pursuing your passion.
Following your passion and turning it into a full-time career is a possibility, even if it may seem uncertain at first. The speaker shares his personal experience of pursuing comedy as a career and how he was able to make it work through consistent hustle and seizing opportunities. He emphasizes that financial stability is important but not a prerequisite, and that luck and unexpected opportunities can play a role in one's career progression. The speaker also acknowledges that the landscape of work and opportunities has changed over time, and that flexibility and adaptability are essential in navigating a career path. Ultimately, the speaker encourages listeners to believe in their abilities and the possibilities of their passions, even when faced with challenges or setbacks.
Balancing Passion and Responsibility: Follow your dreams but ensure financial stability but don't sacrifice your best years for a career gamble. Save, avoid bad debts, and cover essential expenses for peace of mind.
Passion and responsibility go hand in hand. While pursuing one's dreams is important, it's equally crucial to ensure financial stability and take care of dependents. The speaker emphasizes the importance of being responsible adults and preparing for the worst while following one's passion. He encourages balancing the two and not sacrificing the best decades of one's life for a gamble on a career. The speaker also emphasizes the importance of having savings, avoiding bad debts, and making sure essential expenses are covered. Ultimately, the speaker believes that with belief in oneself and the universe, one can achieve financial success and live a fulfilling life. The speaker also encourages listeners to check out his comedy and financial resources on his website.
