Funding your Artist Life
So trying to navigate this Artist Life financially, reads like a best seller to say the least, filled with money, drama and loss.
My story in a nutshell ...
WRONG! I worked hard as a performing artist and with very little guidance I saved enough money to buy an apt in New York City. I got a financial advisor from American Express Financial and thought my financial future was set. I realized my apt purchase was not the best investment, after the recommended 2 year wait, I sold it and made a profit. My advisor left American Express Financial to go it alone with her own financial company and I followed. I decided to invest in myself and a business idea that really haunted me. I wanted to become an entrepreneur, and my advisor believed in my vision, so naturally we went into business together. I funded the start up with the profit I made on the apt sale, but no worries I was in a very successful Broadway show so I was set ... right?
My business partner was arrested for securities fraud, I lost about $40,000. My broadway show closed 2 months later (yes the one we referred to as a government job), and I pulled my hamstring a week later in an audition. I put myself through real estate school on crutches, and within my 1st 2 months as a new real estate agent in NYC, the 2008 housing market crashes.
I filled for bankruptcy after a few years of thinking I could 'fix it'. My debt was almost $60,000 because I was trying to survive ... well everyone was.
I have since recovered from the financial depths, to now have a credit score in the 700's.
I know I compressed about 13 years into a few lines, but what I learned about buying and selling real estate, budgeting, saving, starting a small business, credit scores, credit reports and recovering from rock bottom, has been invaluable. This financial and emotional drama lead me to do research and more research, on why I did not know what now seems so elementary? What did non-performers know that I did not ... and why? What tools and resources are out there that artists can use to catch up, or at least be with the curve? What are the service organizations in my artistic community ready to help? I HAVE THE LIST!!!!!!
The truth is no one can do so much with so little like artists can, and yet we keep going and we keep creating. I took everything I now know and along with my mentors, created programs on financial wellness, tested it on myself and my cast-mates while on tour with Motown The Musical, with fantastic results. Now it's time to share it with my people.
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You can start with taking a look at your financial situation today. The truth will set you free!!!!!!
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