Stephanie says:

“You don’t need to be an expert to make smart financial decisions.”

The number one factor that deters artists from sustaining a career is the lack of financial stability.

We are not taught in school or in training about how to really manage money, let alone manage a career where money comes in on a job by job basis and there are often far more gaps between employment than almost any other profession. But as Stefanie says in episode 102 of The Actor CEO Podcast, you don’t need to be an “expert” to make smart financial decisions. Truly being smart with your money comes down to knowing where your money is going and being very intentional about your choices about your money.

The Struggle Is Real

Artists tend to have inconsistent sources of income and that can lead to a feeling that money is “happening to you” as opposed to you being in control and determining how and what happens with your money.  Stefanie suggests starting with what you do know about your money rather than fearing about what you don’t know.

✅ You do know how much your rent costs.

✅ You do know how much you spend on food in a month.

✅ You do know what your car payment is.

And if you don’t, take action to get those solid numbers, because once you know you can start to make more savvy choices around how to plan for them.

Knowing your consistent expenses will allow you make intelligent decisions around them so that you can decide whether you need to work an extra shift or if you can afford to take that out of town contract that only pays $150. Putting yourself into debt hoping that “the next gig” will solve your problems is not plan, and will end your career faster than you might want.

Hear Stephanie Share the #1 Money Misconception.

Stephanie says:

“THE BEST WAY TO NOT HAVE TO THINK ABOUT YOUR MONEY, IS TO PAY ATTENTION TO YOUR MONEY.”

Artists get stuck with, and we often accept, the stereotype that we are “bad at math” and therefore bad with money. As long as you’ve mastered enough addition and subtraction to know that you’re spending less than you earn, then you’re set. No genius level here, just practical attention to your most important details.

How Can Actors Make More Money?

Artists tend to glamorize “the struggle.” Doing it for arts sake and not for the money is a story that sounds nice until you can’t afford to continue doing your art for any sake…Don’t dismiss money. Realize that it is a tool that can provide you more flexibility and allow you the opportunities to take artistic chances.

Take advantage of the many tools out there to manage your money like MINT, that helps you track your money so you can see exactly how much is coming in and how much is going out every month. They have some slick budgeting tools too that will automatically track and show you which categories you are spending too much on and help you create a savings budget for the things you need.

Saving = More Money.

Mike says:

“I have one friend who PAID OFF HIS STUDENT LOANS using MINT while working in theater!”

Other apps will let you make your money work for you! Earning money on investments does not take a lot. Like really, not a lot at all. You may have $500 in a savings account right now that is doing NEXT TO NOTHING, when it could be earning far more money in an investment account.

Acorns, helps you invest your money for pennies on the dollar. LITERALLY. Every time you buy your Pumpkin Spice Latte for 3.75 (don’t lie, you get one when it comes around…) Acorns will automatically take that .25 and put it into an investment account where your money could earn interest and grow rather than wait around to be spent again on another seasonal cup of shame. 😝 Imagine what it would feel like to look at your account at the end of the year and see the $500 extra dollars you normally spend on temporary things growing into a real savings fund.

Actor Side Jobs

Now here’s the real truth. Yes, you went to school or trained as an actor and probably spent a fair amount of money to do so. You want to be out there making money as a trained actor, right? But you KNOW that acting jobs can come infrequently and in the downtime you have to have another job to pay the bills. It’s crucial that you realize that as an actor you have a variety of creative skills, people skills or abilities that can apply to so many different jobs. You don’t need to fall into the trope of being a server because it’s the only “flexible” job you can find that pays enough to cover your expenses and allows you to work as an actor when you need to.

Check out 7 Unique Actor Side Jobs

Did yours make the list?

Recently LinkedIn listed the top Hard and Soft Skills of 2018 that business were looking for in job applicants. CREATIVITY was the #1 Soft Skill. Guys, come on! That’s what you have! Businesses are looking for people who can solve problems creatively. They need to be online, figure out social media, create better ads, make awesome shows and content, design better products and services that appeal to millennials and each generation after. YOU can do that and you can do it in a way that is flexible and on your own time.

There are plenty of platforms like Care.com, TaskRabbit.com, or Fiverr.com to find ways to make extra money when you need it, but it’s using your creative talents to be working remotely in fields like design, voice over, editing, virtual assistants, photography, fashion, social media, video, fine arts, or many, many more and serving the needs of countless businesses out there while giving yourself the freedom not be forced into working that shift until 2am just before an audition.

I’m so glad Stefanie joined me on the podcast and shared so many practical tips that will help so many actors and artists change their mindset when it comes to money.

Don’t Forget!

I want to help more actors take control of their careers and money management is absolutely one of the keys. If you want a free video that explains how to create a budget just join the ActorCEO Facebook Messenger here and type “Hello.” My automated assistant will send you the free gift.