Louise Pierson, the most financially-savvy singer we know, sent us a list of her deductions for this year. You might find some items you hadn’t considered.
In the 9:00-5:00 career-track world, retirement is usually figured into the employee’s benefit package. As free-lance singers working for a flat fee, it is up to us to provide for our “golden years.” One method is the individual retirement account: easy, convenient and effective.
Say the word “budget,” and you can clear a room of companions in 10 seconds flat. Few of us really want to think about budgeting, and we may even consider ourselves to be doing well to have a savings account. But with a bit of work, some patience, and a helping of frugality, it is possible not only to survive, but thrive as a single-income singer. One thing to bear in mind is that singers aren’t like other wage-earners! Our income arrives in fits and starts, and we may have a great month followed by three very lean ones. This feast-or-famine reality is all the more reason to be aware of your financial situation, warts and all. We found a singer who has performed in Europe and many theaters in the United States, but who has the income of a struggling singer and still manages to save. She isn’t a financial professional, but she is savvy, determined, and very practical.
