Congratulations. You’re now a successful entertainment professional. You have a lawyer, agent, and manager (LAM) to help steer you toward the right projects and you’ve established an S-Corporation to channel your earnings. Now, you just need a system for handling all this income so you don’t end up financially scattered, confused, or worst of all, broke.
Working Remotely, Living Anywhere
Will you live in your current city forever? I’m not the only one who’s ever pondered this in Los Angeles gridlock, yet the vast majority of us keep the same home base even after our career obligations are over. So what would it look like to actually leave? Take Paul and Seth, who just moved to Asheville, North Carolina. Was it the traffic? The pandemic?
Following a big mar
ket drop, when anyone asks me if it’s a good buying opportunity my knee-jerk reaction is to ask why they have extra cash sitting around to begin with (without judgment, of course). With a few tweaks to your savings system and emergency plan, you can remove that question from your life forever.
When you’re an entertainment professional, you may reach that exciting moment where your earnings are high and you’re suddenly feeling pretty darn rich. But as my writer-friend Dave says, you’re not rich in Hollywood until you can live off your investments.
Jennifer, a recently retired executive, is a chronic under-spender. She’s been saving diligently for decades and now that she’s financially independent, she’s only skimming the surface of her nest egg. Two years later, she told me why.
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