3 Steps to Achieve Financial Security (Artists/Performers)

     There are many talented performers within the entertainment industry who are making their talent their career profession.  Some invest in financial advisors and some wing it out on their own. No matter which, one chooses to select they both share their pros and cons. But, with the use of the following three steps anyone can achieve financial security in their career. Whether he/she invest in a financial advisor or handle all of the business aspects on their own. There are three steps to achieving financial security; they are organization, protection, and keeping track of spending.

• Organization:
It is very significant to "know what you have, where it is, and how it works together.” In order to view or seek a complete picture of one's success in achieving financial security all thoughts, plans, visions, and finance expenses need to be all put together on paper, especially when it comes down to the finances. For instance, “if you have $10,000 in savings at an interest rate of .7 percent and $4,000 of credit card debt at 20 percent interest, you're actually getting a net of negative”. This is why it is important to look at all of the financial factors that would contribute to an artist/performers financial success in the entertainment industry.  This could help a performer create a realistic starting point.

• Protection:
When dealing with finances, it is very valuable to have all finances protected.  Bailie Slevin, a financial adviser at Forest Hills Financial Group says,  "A lot of people -- and artists specifically -- leave this to thelast step, which creates huge problems".  One way one can protect themselves when dealing with their finances, is to save up at least the minimum of three months of living expenses, this is one of the most basic form of protection.  The key here is to think ahead and stay protected because entertainment gigs come and go. So it is best to cover all bases for the times when one is unable to book a gig.

• Track Spending:
  This is one step if not all one MUST follow. A great way to keep track of spending is to ask, “what are your priorities"? This could help narrow down what expenses are needed, and will restore savings to afford protection.  In cases when a performer does not have a financial advisor to keep track of their finances. There are many different online sites that help keep track of spending/finances. I.e. mint.com, budgettracker.com, buxfer.com, etc.

     These are very simple steps anyone could follow to achieve financial security. As an entertainer, it is necessary to secure finances and plan ahead because it will only help better ones success in the industry. If the three steps seem too stressful or challenging (which I highly doubt), then invest in a financial advisor. Vice versa, if one want to start off managing their finance on their own that is fine to (eventually invest in an accountant or financial advisor when things start to pick up). There is no right or wrong way, but staying true to the three steps organization, protection, and keeping track of spending will only help an individual achieve financial security in their career.