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