Another important thing to say about money is that even if you’re not going to do stocks, maybe your thing is collectibles. I have some collector’s edition coins for example. I invested in them and will definitely sell them at a profit one day. Perhaps your thing is art or Disney collectibles, or maybe it’s as simple as just putting money into a savings account. I had savings when I was first starting out and I think it was about 2% interest which doesn’t match inflation at all, but it’s better than nothing to have savings, to have that security.
This is something I feel is extremely important if you’re going to be an artist or an actor. In Big Magic by Elizabeth Gilbert, she was really smart about saying that you should avoid getting into huge debt as an artist and if you already have huge debt, then work to pay that off, but having something saved up – to me as an actor – is so incredibly important.
Let’s say that you book something, and let’s be honest, that’s what we’re all trying to do. We’re all trying to book that movie. Whether it is in town or out of town there is a good chance that you’re going to have to miss work and while you may believe that your boss will be happy to give you the time off, the chances are that they will simply refuse. What are you going to do? Are you going to quit the movie or the job? The job of course! This is where having that financial security of knowing that you can quit and even though you may not make as much money on this acting gig, maybe they’re only paying $50 per day which is crappy pay, but you’re doing what you love and that is the trade off. After all, why let a minimum wage job hold you back from your dreams, that’s just crazy.
Having savings and a way to access your money and do well that way is definitely super valuable because you have that sense of financial security and that allows you the freedom to make those choices when the opportunities present themselves. This advice is the same forwriting or any other artistic endeavour. Having that little cushion, that backup whether it’s bank savings, stocks or cash is going to make you feel so much more secure about your career and then you will be willing to take bigger risks and that is so important. As an artist, it’s all about taking risks so that you can do what you love doing, in fact that is possibly one of the most important things about a career as an artist, taking risks, but you need to be financially responsible too.
I have found some great advice in Money: A Love Story by Kate Northrup, which is an excellent book, Rich Dad Poor Dad by Robert Kiyosaki and Richest Man in Babylon by George S Clason. The list of wonderful books to read about money goes on and on.
My advice for you, as an artist, is to be proactive about getting involved in protecting your future because as an actor, crew member, model, etc you don’t have that 401K so you have to get more savvy about your money. I promise that it will impact your career for the better.