You may be living your dream life as a professional performer, but it is important to start planning for the future now. Field Financial Strategies LLC financial advisor and Theatre Art Life guest contributor Sam Strum goes over some of the options that performers have to start saving and secure their livelihood for years to come.
As we approach a new year, I find that many of us attempt to establish financial savings habits, especially for the long term, but often fall short due to the challenges we face relating to our (inconsistent) income: When is my next contract? How many gigs can I book this year? How far apart will they be from each other? How much will I make? Is it even enough to pay the bills? We all have basic needs, like a place to live and food to eat, and some valid near-term wants—and most of us rightfully prioritize paying for those things. But why do we find it difficult to also set aside money for our future selves? If we don’t start saving now, we may find ourselves in a difficult position in our later years, when we feel like we “have to work” rather than choosing to work. This is especially true for performers, who may not have planned ahead and saved enough money when the time was right. That’s why it’s important to start saving as early as possible so that we...
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