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.