4 Reasons Why Financial Wellness is Important for Actors
When it comes to wellness, financial wellness is one of the facets that is consistently left out of the conversation, especially for actors. We talk about emotional wellness, we talk about physical wellness, we talk about mental wellness, but hardly ever financial wellness.
It has always been clear that artists are consistently undervalued monetarily, and the strikes are shining a light on that. That being said, it is even more important that each of us individually as actors take financial wellness into our own hands.
You deserve to have an incredible relationship with money, no matter what is happening in the industry. And that relationship starts with you deciding that financial wellness is just as important for you to take charge of as another other facet of your wellness.
In this article, we’re going to talk about why financial wellness is pivotal for actors, and why prioritizing your relationship with money should be at the top of your to-do list (alongside therapy and acting classes).
1. Creativity thrives on financial stability
There’s a huge misconception that creativity comes from the dark pits of despair and struggle. You see stories of famous actors who used to sleep on park benches, or ate dry ramen for weeks so they could go to acting class—these are the outliers.
I’d even venture to say that if all of the creatives from these stories had financial stability, we would have seen even more bold art from them in their lifetimes—the financial struggle actually held them back from reaching their full potential.
Real, raw creativity comes from risk-taking. Taking risks is so much easier (and happens faster) when you have a safety net. You don’t make bold choices in an audition room when the pressure for that job to pay your rent is on the line.
Also, financial anxiety takes up a ton of real estate in your brain. That’s real estate that could be utilized towards creation, thinking outside the box and bringing art into the world the way only you can.
When you feel financially stable, your creativity has the space and capacity to play.
2. We are change-makers
From the beginning of theater history, we are told that this is how change happens. The theater is ground zero for thinking differently and sparking a movement.
And while that’s true, the language of the people in power (the ones who are making the laws and lobbying for policy) is money. If we can learn to speak that language well, our change-making possibilities grow immensely.
When we, collectively as actors and artists, are financially stable, we have the financial backing to tell the stories that need to be told (not just the ones donors approve of). We have the power to say no and stand our ground. We aren’t dependent on anyone financially, meaning nobody holds power over us.
The more financial stability we have behind us, the easier it is for us to communicate with people in power and insight into the real change that artists are known for.
3. The future of the industry cannot be sustained by “Starving Artists”
The future of the entertainment industry, and every kind of artistic industry, is going to drastically be different than what we’re used to. The old production models aren’t sustainable (as we’re witnessing with the strikes), wealthy donors are dying out and theater tourism is changing the landscape of what’s on stage.
The industry’s future is up for grabs, and we have the power to turn it into something that works for everyone—artists, audiences and producers.
But in order to do that, we can’t be starving artists. We need leverage, autonomy and capacity, all things that financial wellness gives us.
Starving artists have to take any job that’s handed to them. Starving artists can’t say no. Starving artists are dependent on others. The future of artistic industries cannot be sustained by starving artists.
4. It feels fantastic
Life feels lighter when money is a non-issue. The work that you put into achieving financial wellness pays for itself daily in the ease that it brings you.
You’re relaxed during your self-tape because you don’t need this job for the money. You can say yes to the last-minute getaway because you have money in your savings. You’re not stressing about an unexpected rent increase because you know making more income is in your control. You buy your lattes without guilt because you’ve put them into your money plan.
Caring about money does not make you a sell-out. Making choices in support of your financial wellness does not make you less of an artist.
Financial wellness is more than just having money in the bank (although that is definitely part of it). It’s about how in control you feel about your finances, how much you trust yourself with money, how using your dollars makes you feel and the safety you feel around money. Most importantly, it’s anchoring into the belief that you are in control of your financial circumstances, no matter what is happening in the industry.
We can fight against corporate greed while also not letting it dictate the kind of financial life we get to have.
Sit down with your numbers. Decide what you want financially. Get creative with income streams. Diversify them. Hire a coach. Check out a finance book from the library.
Give your art the gift of financial wellness, because your longevity in this business is the best thing you can give to this world.
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Brooke Tyler Benson, Money Coach + AEA Actor, is the founder of Not Starving Artists. She is bringing financial education and empowerment to creatives to create a new generation of wealthy artists living lives of luxury and purpose (no budgeting or bi-weekly paycheck required). After graduating with a BFA in Acting, it became her mission to destroy the “starving artist” trope once and for all. She is your financial cheerleader, bringing you accessible money education and coaching specifically for creative freelancers and small business owners.
