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Financial Freedom for Artists: 5 Essential Tips You Can't Miss
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- čas přidán 16. 08. 2024
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0:00 Intro
2:05 U.S. Facts
2:45 Tip 1: Know where your money is going
5:42 Tip 2: Create a Budget
8:05 Tip 3: How much is worth?\
9:30 Tip 4: Have an Emergency Fund of 3-6 months
11:08 Tip 5: Do not upgrade your Lifestyle
sound come to from left and this ıssues have all your video.
I don't know if you're aware but the audio in your past few videos have just been on the left side while listening on a earphone.
yeah... i was not aware and recorded a bunch of videos :(
but i already fix it so in a few weeks after that it will be all good. thank you!
Another banger video! Thanks for touching on financial topics 🙏🏽
I agree with with all these tips! I was able to pay off all my student loans before they continued with interest last June by using Dave Ramsey's baby steps. I do think that you'll need a bigger safety net like 3-6 months like you reccomend, just in case things happen. Building wealth after all your having no debt becomes really simplee, and compounding happens faster than you think. I'd like to know what steps you're taking right now to build wealth as an artist, and ultimately what your end goal is when it comes to finances. Great vids!
yeah i used daves baby steps and also got certified as one of their coaches... right now mostly investing at least 15%... finding other streams of income..... and gonna try to pay my home off early in maybe 12 years... and after that is really gonna build up from there
Thanks for the great advices! Sometimes it's hard to admit that financials are also a part of our lives as artist. Last year I enrolled in a trading course (stock/crypto) and even though I did not stick with it (the mental load was too much) I did get a few takeaways on budget planning. What can you say about this allocation of each month's salary or earnings in general
55% - Necessity - daily expenses
10% - Financial Freedom Account - for future, retirement, emergencies
10% - Long Term Savings for Spending - for enjoyment in the future
10% - Education
10% - Play - reward, used within the month
5% - Give - pay forward, extend help
nice! I think its going to be different depending on ones situation.... most people cant live of only 55%... however if this is doable for you this is extremely good and advantageous.
The things that i would do is the 10% for retirement i would increase to 15% but would not include emergencies in there. I would have a liquid amount separate for just emergencies.. 3-6 months. I would not want an emergency to disrupt my retirement future money.
If you are still taking classes or getting a degree or some sort of situation like that the education % makes sense but if im not like in my personal situation I would just save the money cash for whatever it is I want to study and then take those classes.... that way that 10% when is not needed i can use for something else.
And lastly, and this is more personal choice... I Tithe so thats just a 10% give minimum i do... one of the reasons I want to be more financially free is to give more so with time that percentage will increase hopefully.
I hope that helps!
@@ArtofJoseVega really appreciate this! I will reallocate and move things around. Looking at it, I think 10% on the education is a bit high considering I only spend on some tutorials (like your viking meadow, that really got me into quixel mixer and kitbashing my own assets, tyvm!) and very rarely, higher paid mentorships. Going to reallocate some to more important things like emergency and retirement. Thanks a lot!
I grinded during covid. I have a nice large house and a landrover off the back of it.
nice congratz
❤