Minding Our Money As Writers* Tips For Succe$$

It’s no secret that creative artists, though categorically intelligent, resourceful and fabulous by nature, are not always the best money managers. 

But, don’t just take my word for it.

Consider the many recording artists, authors, and actors that made millions in  compensation over their career span, then shortly thereafter were forced to file  bankruptcy or had nothing to show for their time, hard work and talent. Reportedly, folks like Barry Manilow, 50 Cent, Willie Nelson, Nicholas Cage and M.C. Hammer.

According  to Moneycrashers.com: 

“Despite raking in vast sums of money during playing, performing, and business careers, a shocking number of celebrities face financial ruin when work dries up or the consequences of poor past decisions finally rear their heads.”  

Let this serve as a cautionary tale.

Adding insult to injury is being a professional artist in the age of a pandemic. There are fewer outlets and venues to connect with live audiences to earn a buck. The cost of living is skyrocketing. The economy is uncertain. Prices at the grocery stores are so high that ladders will soon be required when visiting.

These factors make smart money management increasingly important; not just for famous folks, but for those of us seeking to survive and thrive in times ahead. 

THE BACK STORY TO TODAY’S POST…

Yesterday, I was in the process of ordering a poetry book from Amazon, when I discovered I had $35.00 in gift cards that had never been redeemed. One of the credits dated back a few years ago. Duh, who knew?! This triggered me to recall that I also have some gift cards received for my birthday and as Xmas gifts that have gone unused too. 

Oh how I hate waste. Whether it’s food, money, time…but, I’ll save that sermon for a future post.

Back to the point at hand.

Here’s a quote to live by and master in 2022 and beyond:

“ You must gain control over your money or the lack of it will forever control you.” Dave Ramsey

With this in mind, let’s examine 5 common ways many of us waste money or mismanage it as writers. 

Of which are you guilty?…

1. SIGNING UP FOR AN ONLINE CLASS, PAYING FOR IT, THEN NEVER FINDING THE TIME OR INTEREST TO COMPLETE IT

2. PAYING FOR A WEBSITE THAT WE RARELY UPDATE OR PROMOTE

3. UNDERCHARGING FOR OUR PROFESSIONAL FEES OR PRODUCTS   

4. WORKING WITHOUT CONTRACTUAL AGREEMENTS TO PROTECT US

5. INCURRING LATE FEES AND PENALTIES FOR PAYING BILLS AFTER THE DEADLINE

DO(S) AND DON’TS FOR GREATER FINANCIAL PROGRESS IN 2022:

            DO

• Become financially literate.  

There are numerous resources available. Books, library workshops, online sites. Remember that “knowledge is power.” 

• Learn to comparison shop.

It can save you thousands of dollars and provide a better quality of living. If you've never tried your local Dollar Tree store or a thrift shop, why not check it out to help you make more informed decisions in the future?

• Invest.

Stash.com makes it simple and affordable.

• Support other writers.

It’s crucial to our collective survival. Buy a book; take their classes; donate to their sites. If we don’t support each other, how can we expect others to?

• Learn from past mistakes.

“If you keep doing what you’re doing, you’ll keep getting what you’re getting.” Hello?

• Seek ways to increase your monthly income.

Here are a few options to consider: rent out some of the space in your home through Airbnb; teach an online class; sell some of your belongings on EBay. The options are endless.

• Pray over your finances.

It certainly couldn’t hurt.

DON’T

• Don’t try to keep up with the Joneses.

This pursuit can be exhausting and futile.

• Don’t overindulge.

“Moderation is the key.”

• Don’t underestimate the value of time spent wisely.

“ Time is money.”

• Don’t take unnecessary financial risks.

This is definitely not the best time for it. No one knows for sure how long the pandemic will last or where it will ultimately take us.

And last but not least, don't make the "starving artist" myth your reality.

Thanks for reading.

Your turn.

Do you agree or disagree?

How do you waste money as a writer? Let's learn from each other.

Image credit: Pixabay.com