Creativity Information

Art, Artists and Money


Practical money tips for people in the arts.

1. Sock it Away

If you are in the arts there is no such thing as a steady paycheck. Money usually comes in spurts with no money, often for months, many months, in between. Don't make the mistake of thinking that spurts of income will happen on a monthly basis.

When you get money from selling paintings at a show, a role in a play, an advance for a book, any art project--sock it away in a very safe place, CD's or bonds or a savings account. Rainy days always come in the arts and hurricanes happen.

2. Live Under Your Means.

Don't even think about "keeping up with the Jones's." Live under your means. Forget the fancy car, the country club, designer clothes the expensive house, fancy vacations and private school for your kids.

That doesn't mean you can't do nice things for yourself and your loved ones in a reasonable way now and then, we all need to do that. And if you happen to make millions and become independently wealthy as an artist, then fine-go for all that later on. But, if you have to have that expensive vacation home in the most desirable location, then maybe being in the arts is not for you.

3. Your Rainy Day Fund

It is recommended that people with a steady paycheck put away eight months of income in case they loose their job. In the arts, it's a good idea to try and put away three years worth if you possibly can. Not an easy task, but if you can achieve it, you'll sleep a lot better at night.

4. Saving For That Rainy Day Fund

How to save for that desired artistic rainy day fund? If you can put a little bit away each month and leave it in a safe place, a place that adds interest-bonds or CD's for example, you will be amazed at how much you can accumulate. Forget any quick short cuts, they almost always backfire, and it will sabotage your art career.

5. Forget That Credit Card

Nothing can kill a career in the arts faster than credit card debt. If you know you can't pay for it when the monthly bill comes, then don't buy it.

6. Keep Receipts

On your taxes declare your art income and your art expenses. Keep receipts because if you are ever audited, you will need proof of your expenses.

If you have an accountant that does your taxes, that expense can be written off next year, and he or she will probably know how to do your taxes a lot better than you do.

7. Pay Quarterlies

When you do receive income as an artist, put a third of it away for taxes. You not only pay the IRS, but state taxes and Social Security. Social Security tax is 15%, as an artist you pay it all, you don't have an employer to pay half.

Pay Quarterlies, which means as an artist you pay a partial amount towards your taxes four times a year -- ask your accountant about this. If you make a lot of money that year, you won't get a huge tax payment that you hadn't planned on. If you don't make a lot of money that year you'll get a very nice tax refund. Both you and the IRS will be happy. (You can put the tax refund in the rainy day artist fund, instead of putting it towards that red Ferrari).

8. Health Insurance

Try and get health insurance. It's a luxury many artist's feel they can't afford, but it's important. In many cities there are art organizations that you can join for a nominal fee, which have group health insurance. If you live in a smaller area you can often get reasonably priced group health insurance by joining your local chamber of commerce.

9. Vocation

All of these tips assume that being an artist is your vocation. A vocation has been described as "something you can't not do."

Mary Baker 2005

Mary Baker is a contemporary realist painter, whose studio is in Newburyport, Massachusetts. This New England city, north of Boston, has been the inspiration for the artist's realistic oil paintings. Mary Baker is a professional artist and has shown in New York art galleries. Mary's art work has passion, depth and beauty, capturing moments in time that many people pass by.

You can visit Mary's website, Mary Baker Art, at http://www.marybakerart.com , see her beautiful paintings and read her comments on creativity, the creative journey, the creative process, Art, Artists and Vocation, Tips on Breaking the Creative block and creative space-the illuminating silence.


MORE RESOURCES:
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news


AdExchanger

Data And Creativity: Living In Sin
AdExchanger
Meanwhile, the czars of data have their own concerns: Is creativity superficial and the enemy of quantifiable measurable success? The answer to both is yes. That's because an overreliance on either data or creativity is the quickest path to failure ...



The Conversation UK

Creativity is a human quality that exists in every single one of us
The Conversation UK
When you think about creativity, it might be highly creative people like Mozart, da Vinci or Einstein who spring to mind. They were all considered to be “geniuses” for their somewhat unique talents that led to global innovation in their fields. Their ...

and more »


B&T

How To Foster A Culture Of Creativity
B&T
A culture of creativity isn't about bringing together hipsters in pimped-up rooms with ping-pong tables. It is about creating safe spaces in which everyone can be heard, and ideas shared and implemented through solid leadership. If people always see ...



AdAge.com

Why Sorrell says S4 Capital isn't actually snubbing creativity
AdAge.com
Martin Sorrell — whose S4 Capital recently began listing on the London Stock Exchange — asserted Tuesday his new venture isn't snubbing creativity even though its stated focus is in other areas.

and more »


INTHEBLACK

The human factor: harnessing creativity and innovation
INTHEBLACK
Creativity has always been at the heart of human endeavours but in a time when information overload has become our daily reality, it can be hard to find the headspace for creative solutions. Sir Ken Robinson, appearing at the World Congress of ...



Battle Creek Enquirer

Creativity abounds during Fall into the Arts in Battle Creek
Battle Creek Enquirer
Seventh-grader Colin Replogle said he likes art because you can make whatever you wish. That was certainly true Friday night when creativity abounded in downtown Battle Creek during Fall into the Arts. Projects ranged from Replogle's Froot Loops art at ...



GCC seeks enterprising individuals for upcoming Creativity Conference
The Livingston County News
BATAVIA – The Business and Commerce department at Genesee Community College has scheduled its sixth Creativity Conference for Nov. 14 at GCC's Batavia Campus, 1 College Rd. Under the theme of “Creativity in the Entrepreneurial Zone,” the ...



Entries for Ad Age's Agency A-List & Creativity Awards are now open
AdAge.com (blog)
Now in their third year, the Creativity Awards highlight outstanding work, people and tech in categories including Campaign of the Year, Creative Director of the Year, Best Work for Good, Consumer Product of the Year, and Startup of the Year.



The Conversation UK

Creativity can be the bridge between science and humanities education
The Conversation UK
Creativity might traditionally be associated with the arts and humanities, but it is equally important for complex problem solving in science, technology, engineering and maths. Important creativity skills include listening, observation and empathy as ...



Patch.com

Finding Creativity: 5 Questions With DISCO's Brian Connell
Patch.com
BIRMINGHAM, AL - Educator, writer, musician, artist - whatever you want to call Brian Connell - would likely be accurate for the new director of the Birmingham non-profit Desert Island Supply Company. DISCO is located in Woodlawn and aims at keeping ...


Google News

home | site map | Ocean Art
© 2006