Why It’s Important to Live Debt-Free in the Art World
Hello, it’s Mel from brokeGIRLrich. Let me tell you a bit about my recent job hunt experience. After enduring countless unhappy months at work, it was time for a change. So, I sent out loads of resumes to just about everyone in the entertainment industry. Guess what? Finally, my years of experience seem to be paying off, people are actually reading them!
My boss wobbled me even further by sending me a long, not-so-nice email about a trivial issue. This upset gave me the energy to add cruise lines to my list of target employers. But, not just any – I did my homework and applied to only a few high-end, reputedly well-paying companies. Knowing the unorganized way they usually hire, I wasn’t expecting to hear back.
Here comes the pleasant surprise – I’ve already had three interviews. One from the ‘high-end’ cruise line, and four for one touring job which sounds super exciting. But there’s a catch – it’s a massive pay cut.
Beforehand, I knew that switching back to Stage Management would mean less income, as Production Management tends to pay better. I’ve constantly reminded myself about this since I started feeling unhappy at my job.
I made a conscious effort to keep my expenses minimal. My only significant spend recently was on accommodation after years of living rent-free. But what really excites me is my freedom to take up this lower paying job without worrying about debt; I had made it a priority to pay off my debt quickly.
I truly believe that if you wish to have a career in the arts, you need to plan for the lean years after school. Take the time to shake off your debt or build up a little financial cushion to help supplement lower-paying jobs.
That’s not to say there are no well-paying jobs in the arts. I’ve been a strong supporter of working on a cruise ship or touring right after school – it often covers many of your living expenses and lets you save too.
The thing is, working in arts doesn’t guarantee a stable, linear income. It’s more like a rollercoaster of different gigs with varying pay. It can mean earning minimum wage with a tiny touring company one year, then raking in a hefty paycheck from a corporate gig over a weekend.
Assuming I land this job, this will be the biggest pay cut I’ve accepted. But I’m excited about it. Why? Because I’ve worked hard to be debt-free and I’ve honed my personal finance skills. It’s these skills that are going to help me sustain this salary, and still keep me on track to achieve my long-term goals.
So, out of curiosity, have any of you ever accepted a pay cut to follow your passion?