Financial ABCs for Artists, Part 1
“All I ask is the chance to prove that money can’t make me happy.”
- Spike Milligan
If you’re like most artists, you were born a dreamer with your head in the clouds. Growing up, you probably thrived in Art, Music, and English classes. You excel at painting, writing, cooking, or acting. Your friends think you’re a creative genius. You even graduated from college!
There’s just one problem - when it comes to money and finance, you feel like an idiot.
How the heck did that happen? Here are some reasons:
- Basic financial education isn’t taught in school.
- Artists generally care more about making art, not money.
- Art schools teach you how to paint, but they don’t teach you squat about money.
- Your well-meaning parents just didn’t teach you enough about financial management.
So here you are, thrust into this mysterious world of mortgages, credit cards, IRAs, and the stock market, and you feel like a dumb tourist lost in a land where everyone speaks the same language except for you.
Here’s the good news: you’re not alone, and you can fix the problem.
Where do you begin? You can do what I did - start educating yourself. The financial world has it’s own vocabulary, rules, and steps to follow, just like painting, knitting, and writing do. You’re not stupid because you don’t understand it. You just haven’t learned the language of money yet.
Here are some simple ways to improve your financial IQ:
1. Start learning the vocabulary: whenever you hear a financial term you don’t understand, jot it down and look it up on the internet. Keep a notebook. Keep the notebook in your bathroom or someplace where you can review it easily.
2. Watch the financial channels on TV. Leave them on in the background. Absorb the lingo, watch the panelists. Take notes.
3. Listen to The Dave Ramsey Radio Show. Dave’s “ministry” is to teach basic financial principles to regular folks like us. He offers sound, hopeful advice and encourages a debt-free lifestyle. You can subscribe to his podcast on iTunes, or listen to his archived shows via his website.
4. Read these books: The Trick To Money Is Having Some by Stuart Wilde, and Rich Dad, Poor Dad by Robert Kiyosaki.
Once you start learning the language of money and finance, the more confident you’ll feel, and the better informed you’ll be when making financial decisions.
Do you have any advice to share about becoming financially savvy? Any resources you recommend? Leave a comment!
Personally I’ve found Money Saving Expert http://www.moneysavingexpert.com/ one of the best resources around for people in the UK. Whilst it’s geared towards tips on how to save money, the site gives fantastic and trustworthy advice on all aspects of money matters plus there’s a good forum as well.
I’d also recommend The One Minute Milliannaire by Hansen and Allan.
I’m pretty good at handling money - but would like to be in a position to handle more of it
That was meant to be
The One Minute Millionaire: The Enlightened Way to Wealth by Mark Victor Hansen and Robert G. Allen
So true how school doesn’t teach you about financial management. Thanks for the tips!
Thank you Leah - I’ll have to check those out!
Dr. Nicole - I know - I’ll never understand why schools don’t educate us about money. It’s ridiculous!
“I’ll never understand why schools don’t educate us about money. It’s ridiculous!”
Schools Mission Statement
Teaching Students To Be Successful. That’s Job #6.
Hi Mark,
It’s not just artists who should learn about money management, it’s the majority of people.
I like the advice from Suze Orman. She’s one wise lady.
Dontorian - welcome to the cafe!
Barbara - Of course you’re totally correct about everyone needing money management skills. I only focused on artists because, well, it fits with my blog’s theme and I find that artists in particular struggle with overcoming the “starving artist” myth. Thanks for the Suze Orman mention - yes, she’s great!
Hi Mark,
I guessed that was why you “directed” your post toward artists, and it fits with your theme very well. As a blogger, I’m throwing myself into that category too, and will be following your series. It looks like it will be a good one.
The resources you’re sharing are fabulous.
BTW: I would love to read more on the myth of starving artists, and if that “title” has an impact on the mindset of a new artist.
Barbara - you betcha. I’ll definitely be blogging about the “starving artist” myth. Thanks! Glad you like the resources, too.