The Secret of Financial “Secrets”

For my next trick, I will now summarize every single book on personal finance that has ever been written:

1.    Don’t spend more than you have.

2.    Put a little bit away every day.

3.    Don’t touch what’s in #2 for a long, long time.

Yes, the so-called secrets of creating wealth really are as simple as the three steps described above.   Kinda like how every diet really boils down to “eat less, move more”.  So why is this so hard for so many people? 

Part of it comes from lack of education.  Since there are no required courses around the subject (I’ll save my rant on that for another post), we are forced to learn the mechanics of money from whoever happens to be influencing us.  (Better hope that person knows what they’re talking about!)  We end up doing ourselves a disservice because we don’t see, or lose sight of the bigger picture.  Just like the vast majority of us are blissfully unaware (or in complete denial) of how many calories that donut contains, few of us fully understand the eroding power a little splurge here and there has on our future finances. 

Humans being the complex creatures that we are, we also have our psychosocial or emotional states to contend with, sometimes even going so far as to cause ourselves intentional harm.  Continuing with my diet metaphor, this is the situation where we know full well that eating that donut is not what we should be doing, but we either feel bad and think treating ourselves will make it better, or even worse, we are rewarding ourselves for having been “good” up until this point. 

Lastly, there is the situation of not having the proper tools to make the system work like it should.  Unforeseen situations that derail (or fail to ignite) a sufficient income stream to support one’s lifestyle wreck just as much havoc as a hormonal or metabolic imbalance on the most dedicated of healthy lifestyle enthusiasts.  As artists this last one hits home particularly hard because not only do we often incur the most expenses during periods of the least stable income, and our “cost of doing business” is so high to begin with.

So what should you do?

1.    Educate yourself

Knowledge is power here.  You owe it to yourself to have a basic understanding of the way money works, especially the way forces of time, taxes, compounding interest and risk allocation affect it.  Read up, ask questions and talk with a licensed financial professional.

2.    Be realistic

In order to live within your means, you first need to know what your “means” are.  This includes researching the income potential of your chosen vocation.  Then look at the life you either are already living, or want to have.  Do the two match?  The more honest you are with yourself now, the less frustration you will have down the road.

3.    Adapt

So what if after a thorough examination you find yourself at a stalemate for income potential verses basic needs?  Now it’s time to do some soul searching and figure out if you need to figure out a way to bring more in or give some things up.  One or the other will have to budge, because it will eventually catch up with you.

Just like someone who has a significant amount of weight to lose, getting financially healthy can seem like a daunting, insurmountable task.  Have the resolve to stay the course, however, and the rewards are sweeter than anything else you’ve ever tasted.    

7 Reasons Why Every Performing Artist MUST Do the Disney College Program (and a few more why everybody else should do it too…)

I spent spring semester of my junior year of college getting in touch with my furry-side (and that’s all I’m gonna say, ’cause I still have the fear of God that was put in me by the confidentially agreement I had to sign) as an Entertainment Cast Member at the Walt Disney World Resort in Orlando, FL.  As this was a full time internship, I spent the time before I left doing some hardcore lobbying across campus to have my alma mater grant me credit.  In the end, I lost that battle (but don’t worry, I was able to transfer them in from another institution).  Even if I hadn’t been able to nab the credits, I still wouldn’t have given up the chance for a little adventure.  Good thing I stuck to it, because I can honestly say that having this on my resume has gotten me every “normal” job I’ve had since, in addition to opening up countless performing opportunities.  Below are just some of the things which make this experience so worthwhile.

For Performers:

·    Exposure to every kind of niche performing art form you can imagine.

Seriously, if you can dream it up, it is happening somewhere on the property.

·    You will strengthen your weak spots tremendously.

Speaking from the perspective of a Singer/Actor who “moves well”, by the time I left I was in the best dancing shape of my life.

·    You can constantly challenge yourself.

There are always classes offered if you want to improve or learn something new, and they’re grouped by skill level, so no one gets bored or feels overwhelmed.  Best of all, as soon as you’ve qualified for a new level or added something new to your arsenal you can sign up for new assignments (see next bullet).

·    There is always something new you can sign-up for.

The number of ways to perform around the parks is mind-blowing, and includes tracks in parades, shows and special events.  You can sign-up for whatever you are interested in, as long as you meet the required qualifications (height, skill set, and level of proficiency).  And there’s a very good chance you’ll actually get called up.

·    Auditions for opportunities outside the parks.

The Cruise Line, non-US parks and the Broadway shows all hold auditions there on a regular basis.  (Insider’s Hint: A 6 month or year stint at Tokyo Disney is the way to REALLY make some money while working for the mouse.)

·    You’ll know whether this is something you really want to dedicate your life to.

I came back absolutely certain of two things:

1)    There is a niche performance market out there for everyone.  Work incredibly hard and want it bad enough, and you’ll eventually carve one out for yourself.

2)    That lifestyle wasn’t for me.

Investing 6-8 months of your time to really figure this out is not such bad idea.  Plus, if you do could to a conclusion similar to my own, you are armed with a wealth of resources to go in a different direction (see below).  

·    The experiences you have will be unlike any other.

Oh the stories you’ll be able to tell once you’ve come back home!  (But of course you won’t, ’cause you signed that confidentiality agreement and all…) 

For Everyone:

·    The Disney Philosophy on Customer Service is simply the best out there. Period.

In a nutshell: If a kid drops his ice cream cone, you get him a new ice cream cone.  No stopping to ask a superior and no worrying about what it will do to the bottom line.  Even at the lowest rung on the totem pole, you are empowered to do what’s right for the “Guest”.  (That’s Disney-ese for Customer.)  It’s this proactive approach that really sets Disney apart.  You’ll get to hone your skills everyday while interacting with real people, plus get feedback from your managers.  Be forewarned though, when you come back to the real world after being in this environment for a while, it’ll really make your blood boil when other companies don’t treat you (or anyone else) with the same respect.

·    Thinking outside-the-box is not only the norm, it’s expected.

Above and beyond the preceding bullet, you are highly encouraged to get creative in order to give Guests their best, most personalized experience possible.

·    You are empowered to make magic for those who need it most.

Both Make-A-Wish and Give Kidsthe World families are frequent visitors to the parks.  I was lucky enough to inadvertently grant a child’s wish one day and I still tear up whenever I tell someone about it.

·    Exposure to how a really big company functions.

Just like finding out whether the life of a performer is right for you, so is finding out if you want to go to work for a super-ginormus conglomerate. 

·    Endless networking opportunities, across all areas.

Every month Disney University publishes a calendar chock full of events, many of which are meet-n-greets with heads of various departments that you otherwise would never have the chance to hear speak.  Take advantage of as many as you can.  If you aren’t working and there is an event, make it a priority to be there.

·    You’ll never look at presenting material in the same way again.

If you’ve visited the parks before, you already know that Disney is the master at transforming the act of waiting in line to get on a ride into an entertainment that could easily hold its own.  The same goes for their orientation and training sessions.  Mixed-modality doesn’t even begin to cover it.

·    The courses you are able to take will change your life.

If they are still offering one called Marketing U, make sure you take it.  You’ll thank me later.

·    There is hardly a major this isn’t directly applicable to.

Go on and try me in the comments – I triple-dog-dare you!

·    Explore areas of the parks you wouldn’t normally experience.

You get in for free, so you might as well check out everything!

·    Be privy to the latest and greatest.

As a Cast Member you often get to be the guinea pig for new rides and attractions.

·    Cast Member Only Nights at Pleasure Island

Unfortunately, they have since closed this part of the park so this one doesn’t technically exist anymore, but I’m sure they’ve come up with something just as great to replace it.  (Anyone who has been down there more recently than 2004, leave a comment and let us know!)

·    You will make at least 100 new BFFs.

I made friends at the audition that I was excited to see when I got off the plane, and I still keep in touch with people I met while I was down there.

·    The stories and experiences you’ll come back with.

I kind of said this in the Performers-Only section above, but it is no less true for any other Cast Member!

To learn more about the Disney College Program, check out https://www.wdwcollegeprogram.com/

Silence is Definitely NOT Golden

Quick, think about the last time you ran into someone you haven’t seen in a while – it could be a high school classmate, friend of your parents, that distant relative who show up every once in a blue moon.  Got it?  Good.  Now, what is the very first question they ask you? 

“So, are you still singing/acting/dancing/[insert appropriate artistic verb here]?”

People want to know what you’re up to.  (You’d probably be pleasantly surprised to find out who’s interested.)  After all, you were the one with the big dreams, setting out to conquer the world and going against convention.  We want to know how you made out with those pursuits.  So do us all a favor – START A BLOG.

I personally love reading blogs written by people I know.  (Hint, hint folks, send 'em my way.)  My favorite thing to do is to start at the beginning and watch as the “story” unfolds.  It’s so much easier than trying to decipher cryptic status updates, and I feel way more connected to their lives.  Let’s face it, no matter how hard we try, it is simply impossible to keep in touch with everyone the way we’d like to.  Plus, I’m now at the age where my colleagues who did manage to stick it out are starting to do some really cool things professionally.  

But why a blog, you ask?  Well, consider the following advantages:

[Note:  If you don’t want the whole internet to know what you’re up to, you can always set it to private and only allow people in by permission.]

·         It’s free, takes all of 30 seconds to set up and you don’t need to know a lick of HTML (although it is helpful).  So much easier than updating a regular website – trust me on this one!

·         Write as much or as little as you want, as often as you feel like.  (Just don’t let it go too long in between updates – there was a reason why we wanted to read this, remember?  Plus, it’s a little annoying when every post starts with, “Sorry I dropped out the face of the earth for awhile, again…” )

·         Share pictures, videos, and audio clips without having to worry about space requirements.

·         You don’t have to keep track of a zillion emails, or manage subscription requests.  If they’re genuinely interested, then they’ll read it.  And if not, then they won’t come back.

·         Easily set up a Donation button linked to a PayPal account.  Some folks may be inspired to help you out.***

***A couple of important things to keep in mind if someone does decide to give you money: 1) Unless you are a 501(c) organization, anyone who donates is not entitled to a tax deduction.  2) This does count as taxable income for you; therefore it must be reported it on your taxes and you’ll need to give Uncle Sam his cut.

Besides keeping the world up to date on your whereabouts, blogging has some very practical business applications too:

·         Linking your blog to your website increases your search ranking.

·         Interacting with others in the blogging community creates exposure to networking opportunities you otherwise may not have found.

·         Depending on how much detail you put into it, it can double as a log of your practice regiments, audition metrics and/or anything else you want to keep track of.

·         It serves as a place to showcase transferrable skills which may not otherwise be apparent to those considering you for traditional employment opportunities.

Probably one of the most important things you can do with your blog is cultivate a more educated audience.  Bring them along on the journey as you work through new pieces.  Point out nuances you discover in the score and provide examples of stylistic differences with YouTube clips.  If there is a particularly tricky technical section that you are struggling with, tell them about it.  They’ll be so much more excited when they watch you nail it in a live performance.  This is especially important for family and friends who want to support you, but honestly could care less about your chosen art form.  A little knowledge goes a long way in helping someone develop an appreciation.  Whether or not they actually ever get to the love stage is another story.

So what are you waiting for?  Get going and start blogging away!

A Wake Up Call

There is a moment in the second act of Terrace McNally's Masterclass when a frustrated student hurls the line, "I'm not an actress.  I'm just a singer." directly at La Divina.  In a live performance, this is immediately met with a cacophony of laughter, ooo's and "Oh no she di'ints!" from the audience.   Even without the added dramatic irony, it isn’t hard to understand where this visceral reaction comes from. 

Obviously, the concept of not performing while singing is simply ridiculous to any modern day singer.  But back in Callas' time, this was actually quite a revolutionary notion.  And the fact that she did it (with brilliance) not only single-handedly launched her into international stardom, but it also made her one of the most exciting artists of her day.

Thankfully, the act vs. sing dilemma has largely fallen by the wayside - save the occasional park ’n bark.  Unfortunately, nowadays it’s not all that uncommon to hear something along the lines of, “Oh, I don't need to know anything about business/finance/marketing - I'm an artist.”  And this is usually said with a great amount of pride!  Ummm, I hate to break it to you, but that kind of thinking will lead you straight down the path of having a certain adjective that starts with “s” and rhymes with “carving” placed squarely in front of your much cultivated “artist” status. 

The reality is, as soon as you decided to embark upon a life focused on artistic pursuits, you were simultaneously signing up for a lifelong commitment to entrepreneurship.  You are a business owner whether you choose to admit it or not – YOU ARE A BRAND!  And contrary to the very popular poverty mentality that runs rampant in so many not-for-profits and small businesses, just because you chose a life in the arts does not mean you have to live without all the comforts someone with a so-called “normal” job enjoys.  What you do need to do is accept responsibility for your actions, make intelligent choices and take control of your situation.  You need to start thinking and acting like any other business owner.  Fortunately, you have already proven to excel in one area where most “businesspeople” usually fall flat on their faces – you are not afraid to get creative!