Skip to main content Skip to footer site map

BWW Interview: How Artists Can Financially Plan for a Better Future

pixeltracker

Are you struggling to take hold of your finances? CPA Jodi Carter is laying out do's and don'ts for artists.

BWW Interview: How Artists Can Financially Plan for a Better Future

Jodi Carter, CPA, has spent decades helping individuals, couples, and families-from all different financial levels and circumstances-make countless choices. This unique view sparked her desire to teach people how to live their best lives.

Jodi founded Financial Insight Training to help people shift their financial lives from stress to freedom. And as a lifelong supporter of the arts, Jodi knew she had to create a program specifically tailored to the unique needs of artists, who live with fluctuating income and need specialized guidance for managing their finances. The IfcomeTM Paradigm is the framework for creative people to live as thriving artists.

Below, Jodi tells us more about Financial Insight Training and how artists can take hold of their finances in the new year.


Managing money isn't easy and there are often even more obstacles for those who work in the entertainment industry. Is there a common struggle that you find that people in this field encounter in terms of their finances?

The main challenge that artists have to manage is fluctuating or uncertain income - what I call ifcomeTM. There's a common perception that having ifcomeTM is a barrier to financial success. That perception is wrong, and I want to disrupt the narrative of the starving artist. If someone believes that they can't succeed, how can they? I think it's unfair to everyone in the entertainment industry to be weighed down with these old ideas. I introduce artists to new conversations about flexibility, the time needed for creative pursuits, and stability, the money needed to fully support their life. Flexibility and stability become the guideposts and the framework for a being a thriving artist.

What's the best piece of general advice that you would offer artists on how to manage their finances in 2022?

Many artists are surprised when I tell them, "You have a business!" If you think of your work as a business that is paying you, the individual, you will have access to a completely new view of your finances. Both your personal and business needs will be highlighted, which will help you make decisions focused on living your best life. To do this, I recommend dividing your business and personal finances into two separate bank accounts. It's the first step to gaining clarity about what you earn, spend, and save.

Can you explain a little bit about what Ifcome is and how it pertains to artists?

I first used the word ifcomeTM in a coaching session with an artist. We were discussing the challenges of having fluctuating income, and the feeling of uncertainty as we looked just a few months ahead. I realized that there was no language to describe these challenges, and that a new ideology was needed to help artists map their path to financial success. With each artist I work with, I see this new language and these new ideas shared and embraced in their communities. These ifcomeTM earners speak about their finances with confidence, and that's what all artists should be able to do.

What would you say to someone who thinks they don't have the time/energy/etc. to worry about financial planning?

We all spend time and energy thinking about money. It's unavoidable because it impacts every part of our lives. I want you to replace that same time and energy with thoughts and actions that make financial planning feel more like taking care of yourself. The tendency to think of financial success as an end game or as defined by a certain amount of money can trip us up, and often causes feelings of anxiety and pressure. Taking time to think about what matters most in your life is the first step in any good financial plan. Then, focus on the action steps that make you feel confident, both today and for the future.

I understand that you are a theater fan! Is there anything that you particularly enjoy about working with/advising people in this field?

I read an individual's financial information as a story of their life. That may sound funny, but I can see both their priorities and challenges in the data. When artists share their hopes and dreams with me, I show them that they can use their natural skills as storytellers to tell the financial story they want to be telling. When I connect those dots, they understand money in a whole new way and realize that they can define and achieve financial success. It is a magical moment, and you can catch me with tears in my eyes every time!


To learn more about Financial Insight Training, visit: https://financialinsighttraining.com/


Related Articles

Featured on Stage Door

Shoutouts, Classes & More

From This Author Team BWW