Money Money
Matter$Matter$Avoiding Avoiding
starving artiststarving artist
syndromesyndrome
The Financial Personality The Financial Personality ZooZoo
Are you an OstrichOstrich?
A SquirrelSquirrel?
A BeaverBeaver?
An ElephantElephant?
A PeacockPeacock?
The OstrichThe Ostrich
Has her head in the sand about money
May be embarrassed or unsure about money management
Baffled or intimidated, she may just ignore $$
The PeacockThe Peacock
Loves to strut his stuff
He wants to look good, and maybe show off a bit—status important
Gotta have that fabulous pair of shoes or cool new vehicle
The GrasshopperThe Grasshopper
Lives for today—she fiddles happily while the ants prepare for winter…
Has a hard time looking ahead or planning for a rainy day
The SquirrelThe Squirrel
Is a risk taker, gambler
May pay off—or may get in financial hot water (ie debt)
The ElephantThe Elephant
Saves everything, maybe a little miserly
Too tied down
Maybe live a little?
The BeaverThe Beaver
Eager for security, stability, security
Risk taking may be difficult
Balance!Balance!
Shades of multiple animals?
Peasquirrel?
Grassaphunt?
Ostrichopper?
Money
Ignore it, and it’ll go away…
Me and My Money
Money personality
Money = tool
Manage money
Personal Money MattersPersonal Money Matters
Getting PaidGetting Paid
• Use contracts– Use “official” templates– Deposits– Be direct– LegalShield
• Teaching and Gigging policies• Setting rates—research your area
BudgetingBudgeting
• Manage your money
• Set up income and expense items
• Track expenses carefully
• Treat your work as a business
MINT
mint.com
Savings—Pay yourself first!Savings—Pay yourself first!
• Short and long term
• Payroll deduction
• 8th Wonder of the World
• Savings Calculator
DebtDebt
• Avoid it if possible
• Pay down steadily
• Use credit cards only for cash flow, emergencies
• Student loans
• SNL on debt
Credit Score
Credit risk
• Loans
• Interest rates
• Credit limits
3 Credit Bureaus
300-850
Health InsuranceHealth Insurance• Resource
– www.ehealthinsurance.com
Blue Cross youth plans-check
• Via professional organizations– Artist unions– Location specific
More medical…
• Low cost options• N.I.P Clinic• AAH!
• Preventative care– Lifestyle– Minute Clinic– Springboard
Instrument/Renter’s InsuranceInstrument/Renter’s Insurance
Instrument insurance for pros is different!
Professional associations,
unions may offer options
Example—
Clarion Insurance
…and more insurance
Liability
Disability
International touring
Etc.
• Check Fractured Atlas
Fractured Atlas does much more…
Reviews @fracturedatlasFB/fracturedatlas
Taxes 101Taxes 101 All income + All deductions
Plan ahead—record keeping
Learn the basics
Dependent versus independent?
Rule of 30%
DIY or professional?
IRS Soup
W-2
1099
1040
1040 EZ
1040 ES
Schedule C
Business StructuresSole Proprietorship - A business owned and managed by one individual who is personally liable for all business debts and obligations.
Partnership - Two or more people share ownership of a single business.
Corporation - A legal entity owned by shareholders.
S Corporation - A special type of corporation created through a tax election. An eligible domestic corporation can avoid double taxation (once to the shareholders and again to the corporation) by electing to be treated as an S corporation.
LLC
Limited Liability Company (LLC) - A relatively new, hybrid-type of legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership
More…
Non-Profit - An organization engaged in activities of public or private interest that are not motivated by making a profit. Some non-profits are exempt from paying federal taxes.
Cooperative - A business or organization owned by and operated for the benefit of those using its services. Cooperatives are not a legal structure.
From www.business.gov
A cautionary tale…
FundraisingFundraising
OverviewOverview
PhilanthropyPhilanthropy
The word comes from the Greek, meaning
"love for mankind""love for mankind"
Modern definitions include the concept of voluntary giving by an individual or group to promote the common good and improve the quality of life.
Philanthropy and Taxes
Fundraising BasicsFundraising Basics
• In-Kind
• Sponsorships
• Ads
• Individual Donors
• Events
to Grant Writing…
What’s a “grant”?What’s a “grant”?
Money from foundations, corporations, and government.