Issues Personal Finance Pointers for Artists

Share Article financial advice website remarks on the common referral to artists as being “starving artists,” and offers advice specifically catered to these creative souls to improve upon their financial state financial advice website today released their observations regarding the common moniker of the “starving artist,” and issued its own specialized financial tips to assist artists with getting their financial house straight. was inspired by an article, written by Michele Lerner and published in the on May 30th, 2013. Lerner quotes artist and author Elaine Grogan Luttrull in her article as stating that artists who brush off the financial side of their artistic careers are basically guaranteeing that they will be unfulfilled “personally, professionally, and financially.”

In an explanation for why it seems artists routinely rejoice in financial ignorance, Luttrull writes, "It has become socially acceptable to be numerically illiterate, even while actual illiteracy appalls. What's worse is that numerical illiteracy seems almost to boost the esteem of artists. They can't be bothered with numbers because they are too creative.” is confident that there is a way for creative souls to maintain their passion, imagination, and creativity while still being financially fulfilled. is quoted as saying, “As an artist herself, Luttrull speaks from experience. It’s perfectly fine for artists to take great pride in their creativity, resourcefulness, and whimsy. But we would argue that artists who are strapped for cash are limited in many ways. It could be that you’ll need to resort to taking any jobs available to you, even if it doesn’t fall in line with your goals. It could also be that the stress of not having a financial foothold could be affecting your work. We believe that being in a good financial state can really give you peace of mind, and what better channel for inspiration than one coming from a place other than stress?”

Chief Editor at Finance Spectrum said, “As an artist, as you age, if you never made it big your finances may be tighter than the average American. As you cross the magic line past 65 years old the government and the world at large treat you differently financially. We recommend at this juncture in your life to pause and review all of your insurance policies. You’ll want to evaluate if your regular life insurance policy will be sufficient or if you may possibly need a senior life insurance policy. Auto insurance companies also start to treat drivers differently after the age of 65. On the one hand, they know that you are more cautious than an 18 year old but on the other hand they know that on average your senses and reflexes may not be quite as sharp.”

The above-mentioned article reports about one musician who played weekend weddings to pay the bills, but dreamed of playing in smoky clubs and was unhappy with the way he earned his paychecks. Luttrull worked with him on a financial plan, and through budgeting and saving up a reserve, he was finally able to play music his own way. The article adds that as a now-successful musician, he charges incredibly high fees to play weddings—which makes it worth his while to give up one weekend. encourages artists to look at their finances a new light, viewing proper money management as a way to free themselves up to new opportunities and doing what they really love. recommends setting and keeping a consistent budget, trimming fixed expenses wherever possible, and putting the savings in an emergency fund for a rainy day.

About is an online column that offers financial and economic guidance to everyday consumers. enjoys publishing articles with tips on how to budget, manage debt, tackle loans, and invest wisely. Their goal is to assist readers with achieving their personal finance goals.

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