The words "starving" and "artist" are like peanut butter and jelly: they were meant to be together. Or were they?
To have a career as an artist requires an intense amount of discipline and commitment. A lot of people may think that channelling an artistic passion into a job will help make that job more pleasurable. But it doesn't come without its challenges. Having an artistic career can be a fulfilling and profitable endeavor if you stick to these tips.
1. Be creative in how you get your revenue.
You're already a creative person, right? So put that creativity to good business use. According to an article in Forbes Magazine, Artist and ArtBistro blogger Valerie Atkisson advises her readers that "in a profession that often lacks traditional benefits and job security, it's useful to rely on multiple sources of income, such as gallery showings, teaching positions, Web sales, commission projects and grants." Because you are taking a risk, you have to support yourself with these safety nets, to make sure you will continue to have the flexibility to keep doing your art. Being an "artist" will likely not be a livable income on its own, until you make it big.
2. Take advantage of the off hours.
As an artist, you many not be working 9 to 5. You may do a lot of your art early in the morning to catch the sunrise, or late at night during an insomniac creative binge. Part-time jobs are great to supplement your schedule, because you can work around them. Here is a great resource to find part-time jobs for artists.
3. Be unique in your branding.
Social media is huge resource for branding yourself. And it costs virtually nothing! Having a unique style and big social following will help get your work out there. Post photos of your work and engage with your community. Promote your blog or website and offer incentives to your followers. Learn the market you're trying to break into, and then come up with a totally different angle. Take your time and get it right. It also helps to befriend a graphic designer if you're not one yourself! Here are some tips about how to build your brand as an artist.
4. Take responsibility.
We know you're a free spirit and you just want to do your thing. But you still live in the real world. You'll still have to find a way to handle your accounting, budgeting, and saving. Ask friends for help and tips. You must be okay not having a paycheck every month, and being creative when money is short. Because being an artist is a job with little structure, you'll have to make some for yourself. Keep to a schedule and give yourself expectations for completing work. Planning now will help you out later.
5. Consider that art school may not be worth the expense.
Art school may seem idyllic, but think about it. What can you learn in art school that you can't learn on your own? You should weigh the amount of debt you will have versus the profit-building activities you'd be missing out on. You don't want to be using your art gains to pay off your debt, but instead, by putting it into your business. Check out these awesome DIY art sites for inspiration.
5. Network with those you aspire to be.
Make a business card and go out to gallery openings or shows of people you admire. Don't waste your time with no-name artists, because they likely will not have a lot to offer you. Reach for the stars, even if it sounds corny. Tell everyone you can about your art, and have a mini-portfolio on hand just in case anyone wants to see. Come prepared, and you will be rewarded.
6. Don't work for free.
It may be tempting to take an unpaid internship for the great learning experience, but consider the fact that the time you spend working for free is less time spent building your business. It may be more valuable to you to spend time in another industry that requires less brain space so that you can save all of your brain juices for your passion.
Being an artist is a brave endeavor, but you are not doomed to starve on the streets. With a little street smarts, you'll be able to indulge in your passion and build up a little nest egg too!
- 3 Keys To Making It As An Artist (Without Starving) ›
- 8 Ways An Artist Can Make Money - Business Insider ›
- How to make money with your art and illustrations | BradfordHines.com ›
- How Do Artists Make Money? - ArtBistro.com ›
- The Myth of the Starving Artist ›
- Artist Tips to be Famous and Make Lots of Money ›
As the years go by, you'll likely need to make some large purchases here and there. Plan for these major life purchases by identifying them and saving early.
While it's possible to be frugal with many aspects of your lifestyle, there are certain events and possessions that will require you to spend a substantial amount of money. Thus, a wise course of action is to begin saving well ahead of time while thinking about your goals for the future. This way, you'll be able to maintain a stable financial state even when faced with those large expenses. The following are a few major life purchases that you should plan for.
A Wedding
Marriage is a joyous occasion that many people look forward to. However, a wedding can be quite expensive, often costing thousands of dollars. Your family and your future spouse's family will often contribute to covering this, but you should still prepare to spend a good deal of your own money on the ceremony. If you're in a serious relationship and are considering marriage, you should plan where the funds for the wedding will come from and take the necessary actions to accumulate them. It's also crucial to discuss financial matters with your partner, since your property will merge once you get married.
A New Car
Automobiles remain one of the top modes of transportation. As a result, you may want to purchase a new car at some point in your life. Although you may be fine with an old or used vehicle at present, you may one day be motivated by a desire to acquire something nice for yourself or by the practical needs that arise as you raise children. Whatever the case, obtaining a new car is a major life purchase that you should plan for.
In addition to setting aside funds to eventually put towards a vehicle, you should also aim to build you credit score. This is because your credit score will determine your available car loan options. The higher your credit score, the more you may be able to lower your interest rates on your car.
A House
Owning your own residential property is a worthy objective that you may hope to make a reality one day. Ideally, you should save about 20 percent of the total cost of a house before you buy it. This will allow you to make a larger down payment and thereafter face less interest on your mortgage.
As with acquiring a car, the mortgage options that you'll have can change based on how strong your credit score is. You'll want to increase your score as much as possible in the years leading up to buying a house so that you can get more favorable interest rates. In addition to contemplating down payments and mortgages, you must also remember that you'll need to deal with property taxes, insurance, maintenance and repair fees, and sometimes homeowners' association charges.
It's also necessary to hire a real estate agent to help you with the buying process. There are different types of real estate professionals. You should know how to distinguish between buyer's agents and seller's agents so that you can obtain favorable prices on homes as well.
When you are newly hitched and learning how to combine your essential legal and financial information as well as your accounts, it can be confusing.
Many people live together before getting married and have begun the process of combining accounts and sharing responsibilities. However, some people wait to do this only after marriage, and others wait until they're married to live together. Whichever path you've chosen, it's still crucial to know a few tips to manage money together as newlyweds to determine where you should begin and how you can remain on the same page.
Discussing Money Motivations
As we begin to share money with our significant other, we soon find out what one person may rank as a priority regarding money and the other may not. As such, sitting down and discussing money motivations is important. Two people who cannot agree on how to handle money may cause serious issues. This should include:
- How to deal with money following payday. Is a percentage put into savings? Is that the day to splurge on dinner, drinks, and more?
- The frequency and size of payments made to debts. Some people like to pay minimums, whereas others pay in full or make double payments.
- What do you each consider money well spent? Is it a new 70" 4K television? Is it an investment? Is it paying as much debt off as possible?
- How do you go about consulting each other before making purchases over a certain amount?
Establishing Financial Goals
After you evaluate the motivations behind your money and how it should be spent, you'll need to spend time together hashing out financial goals. As newlyweds, there are certain things on your list that you're going to want to save for. How do you go about that? How much of each paycheck will you dedicate to a particular fund?
Some things in the future worth making a financial plan for include savings and paying down debts. This is the time to be honest about your current financial standing. If you're looking to buy a home, you'll want to assemble a first-time homeowner financial checklist to begin to develop topics of conversation. Some of the things to consider setting goals for are:
- Student loans
- Car loans
- Future children
- A house
- Medical bills
- Delinquencies on credit reports
- Vacation and rainy-day funds
- Emergency funds
Budgeting Together
The more honest and open you can be with each other about the money you have and now the debts you share, the better. Implementing plans for the best ways to have the things that you both desire while still taking care of existing demands is important. These can be uncomfortable things to talk about; however, these conversations are necessary.
Following these tips to manage money together as newlyweds will allow you to have a starting point for conversations that can be tough to start. The sooner you and your partner get on the same page with finances and the responsibilities that come with them, the easier the transition will be and the sooner you'll find success.
It's the dream: money you can count on to keep rolling in, even while you sleep.
Passive income isn't entirely passive, of course. You'll put in work up-front to get the profits rolling, so don't relax in your recliner just yet. But with so many potential sources of passive income available to you, picking one or several will mean that the day you can finally kick back will draw steadily closer.
Rental Properties
Real estate is a tried-and-true wealth builder for a simple reason: people will always need somewhere to live. Research the market in a growing community until you know a good deal when you see it. You can maximize rent by fixing up a deteriorating property or upgrading a mediocre one. The key is to hire a property manager to do all the day-to-day landlord duties for you—and you'll need a good one. Smart investors put their profits in another property and repeat the process until they have a diverse portfolio.
A YouTube Channel
You can start a blog if you're more comfortable hiding behind a computer, but consumers are more likely to prefer video content. Post a series of “how-to" videos to answer questions about whatever you're an expert in.
You can put up any content you want, but if you don't want to commit to regularly updating it, focus on “evergreen" topics that will draw clicks for eternity. Ads will create your income, especially if your channel grows in popularity. Better yet, sign up for affiliate marketing. If you recommend a product and provide a link to buy it, you'll get a small percentage of those transactions.
Auto Advertising
If you don't mind vinyl-wrapping your car with an ad for a company, you can get cash just driving around and running your errands. Make sure you contact a reputable company that doesn't ask for any money from you; if they're the real deal, they'll evaluate your car, your driving habits, your area, and more. Bonus: the brighter the ad, the easier it'll be to find your vehicle in the parking lot.
Digital Products
What's something that people will pay for but doesn't require shipping on your part? Finding that item is what can supplement your income indefinitely. Write an e-book, charge for your cross-stitching patterns, design prints that people can digitally download, invent an app, record a “masterclass," or whatever else you want. Every time someone new discovers it, the cash register rings. With a little more effort, this is a potential source of passive income for you that can continue to grow. Once you build up a customer base, they might want more products. The good part is that it's up to you whether you wish to give it to them.
