The Starving
Artist Guide To Financial Planning
1. Introduction
2.
The Money Game
3.
Money Myth 1
4. Money Myth 2
5.
Money Myth 3
6.
What is Money?
7.
The Money Can
Canīt
Once I do make it big, all of my money problems will be
solved. Or, how I learned to believe there will always be a pot of gold at the
end of the rainbow.
We're dreamers. All of us. If we weren't, then we wouldn't be artists. We
wouldn't be able to tell stories, or create characters, or write music, or
paint, or draw. Dreaming is what fuels our creativity and our ambition. Without
it, we'd be nowhere. But dreaming can be a double-edged sword. Just as it can be
used to create our greatest masterpiece, so can it be used as a catalyst for our
own destruction. And nowhere is this truer than with our money and finances.
People in general are under the illusion that having a lot of money equals
financial success. By the way, this is the biggest mistake made by those who
generally don't have it. And if and when they do get it, they operate as though
all of their problems are solved. First of all, more money means more
responsibility. A lot more. Having it is only one part of the equation. The
trick is to know what to do with it once you get it. Some of you may be
thinking, "That's easy! I'll get a new car, buy a house, a tropical island,
travel the world, finance my own film, produce my own record, get a new
wardrobe, dine only at the swankiest restaurants!", and on and on. And maybe you
can do all of those things. But before you go crazy with your newfound treasure,
you might want to consider this:
Who's going to handle the finances? Is it as much as you really think it is?
What about the taxes? Are you aware of all of your tax options? Have you been
keeping good records? Are you organized? Do you have an accountant? Do you have
a plan in place? Have you spoken to a financial planner? Are you sure you can
trust them? Do you know enough to heed their advice? What if you get bad advice?
Have you developed good habits about money, or are you prone to over-spending?
What about retirement? Do you have enough to get you through periods of no
income? What if your newfound success is a one time deal? Or lasts only a few
years? What if you get sued? Do you have a will? Do you have, or plan on having
children? Can you take care of them adequately? Do you have money saved for
their education? Do you have life insurance? What if you get divorced? What if
your investments go sour? Are you prepared for huge losses? Do you have a nest
egg? Are you aware of all of your financial options? Would you know a good
investment from a bad? What if you get ripped off? What if you have a medical
emergency? Or become incapacited? Are your investments staying ahead of
inflation? Do you like to gamble your money? What type of investor are you? Do
you have asset protection? Are you aware that this is just the tip of the
iceberg?
Believe us when we say that these are just some of the questions that you're
going to need to think about if you want to achieve true financial security.
Having money does not guarantee it. If you're irresponsible, or you think it's
always going to be there for you, then you may just find yourself at the end of
the rainbow empty handed. And where did it all go? Into someone else's pocket.
Don't let this happen to you.
Next... Money Myth 3
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