How Actors Can Save and Make More Money

DON’T FORGET:

As an actor YOU ARE A BUSINESS. You are an entrepreneur and CEO of your own company. The building/factory is YOU and the products you sell are YOUR UNIQUE SKILLS.  Therefore you can and should maintain, invest, insure, and improve your business so that you can stay in business over the long term.

Know EVERYTHING about your money

The first step towards improving your financial health as an artist is knowing where your money is going. Break down all of your costs per month and know exactly what it takes for you to meet all of your expenses including bi-annual union dues, yearly subscriptions and any debt you’re trying to pay off. Acting is a biz that has its highs and lows. You can be flush with cash after booking a gig and then go months with nothing scheduled. You must understand in detail what it takes to meet all your costs because if you cannot then you only put undue pressure on your acting life. You can’t take this or that gig ‘cause you’re forced into working extra shifts, not to mention that you become more desperate for each potential job that comes along and that desperation does not make for a good audition. You feel me, right? We’ve all been in that position, and it’s not the best for creative freedom so set yourself up for success by making a really honest assessment of your current financial situation. Then you can plan accordingly.

Build Your Budget

I know we just planned out exactly where our money is going and what our costs are. Essentially that plan is your budget, but I wanted to share some ways to improve on that core plan. For instance, in episode 27 of, professional actor, tax preparer for artists, and owner of Empire Tax Prep.com, Dominic Comperatore suggested a reverse budge

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You create a budget so you know exactly what your monthly spend is. Then you set up an additional bank account where you deposit all of your income into that bank account (Direct deposit, checks, gifts, etc.). Once that account reaches the amount you spend in a month, you can write yourself a check (a personal paycheck) for the next month. What happens is everything over your “personal paycheck” amount will be saved in the account and not be seen or touched by you, thus allowing you to immediately start saving faster.

Saving More Money

Y’all… this is where the digital revolution can really save your a** by saving your money.  The reverse budget mentioned above is one way to ensure any extra cash you get is saved, but you should absolutely take advantage of the digital apps and tools you can use to take small but consistent steps towards either spending less, saving more or BOTH!

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Actors

It’s such an important topic that I have two interviews on the podcast about actor taxes – episode 103 with Sandra Karas, attorney, SAG-AFTRA board member, AEA Secretary-Treasurer, and Director of VITA; and episode 23 with Dominic Comperatore, tax preparer, owner of EmpireTaxPrep.com. Like it or not it’s important to understand how your taxes as an actor and artist work because you will be able to keep them in mind throughout the year and therefore make the entire process easier when tax time comes around. While it can feel overwhelming especially as the tax code changes, there are still some core principles that will allow you to get the money you’re owed and keep the money you deserve even if you are audited. 

Making More Money (or Serious Side Jobs)

If you’re lucky enough to be working as a full time actor, congratulations! That is not the case for most actors and even those who find themselves employed for extended periods may also find themselves without employment for long periods. As that is the case, it’s important to have alternative streams of income. Here is where we are in luck. We live in the “Golden Age for Creatives.” While you can certainly still take on the typical side jobs of an actor like catering, waiting tables, or bartending, you are not forced into such a select few jobs that allow you the income and flexibility to make money and pursue your acting career at the same time. There is more opportunity than ever for creative individuals to make money online, through apps and services, or even working with businesses and organizations that are in desperate need for creative thinkers to help them transition into this new economy and marketplace.

Long Term Planning

Ok, friends. If you’ve stuck with me this long then you should hear me out on this last tip. Building a sustainable business and career is about planning for the future as much as it’s about solving the immediate challenges. If you know where you want to be in 5 years, then you’ll know what your next move should be in 5 days. Little steps will take you all the way towards your ultimate goals, but without some planning, foresight, and commitment, you won’t have that opportunity. And I will tell you this, even actors whom I spoke with who were series regulars on TV shows admitted that they thought that would be the thing that took their career to the next level. Guess what… as soon as the show wrapped… it was right back to the hustle. So don’t be waiting for this magical, mystical job that is going to allow you to get all your finances in order, pay off your student loan, and finally allow you the freedom to save for retirement or achieve your life’s goals. There is no magic waiting around the corner. If you don’t plan now, then you will not be at all prepared when you do land a great opportunity.

*Article Credit ~Master Entertainment Workshops

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