My uncle has been talking to me my whole life about the importance of understanding how “money works.” When I was young I didn’t really listen well to what he was telling me as it was not a topic that was riveting to a six year old who was checking out the toys in Kmart. But after I graduated from college and nearly ran myself into the ground working three jobs while choreographing for two theater companies I started to seriously recall what he had been telling me.
The first thing my uncle told me was to try to work around a single theme (which you can read more about here), no matter what I was doing, which helped me bring my life back to a somewhat manageable pace. But it was what he showed me after that started to turn my financial and art life around.
He showed me how to treat all of what I made like revenue so I could then pay myself an income, and so that my money could go to work for me. Once I understood the revenue part I began to see how I could keep my head above water no matter how sporadic my incomes was. This is what I created the 14 Day Art Biz Challenge for, so all artists could begin to put this into practice for their businesses.
But I didn’t understand how to make my money work for me, like he had described. I knew he invested in the stock market, something I felt was way over my head and that I had very little interest in. Turns out my uncle was no stock market expert either. Instead he understood what he referred to as the “golden rules of money”. There were three steps he took over and over again that enabled his money to compound, making him a millionaire over a relatively short period of time. His net worth is now around $2.5 million as a result.
These three steps were the three steps smart business owners who are consistently profitable take over and over again to make sure their businesses are always profitable, even when they don’t always have cash coming in. And it doesn’t involve making fancy investments. It involves learning how to reinvest in your own business with your art so you can grow it the way you want, while guiding your money to work for you in every way you want.
As artists, we have our own businesses by default, but the problem is that no one has shown us how to treat our income like business owners. This is what creates the “starving artist” mentality, which leaves us struggling time and again to figure out how to make ends meet.
The truth of the matter is that once you know how to treat all your income like revenue, you can start to pay yourself more than you ever realized while putting your money to work for you so that it begins to grow on its own, without you having to work more to make that happen. It’s creating a profit canvas that you alone determine how much it grows.
Want to know how to take these steps for yourself starting now, no matter how much you’re currently making?
Sign up for the FREE 14 Day Art Biz Challenge right now to begin the process of turing your work into the profitable vision you have for yourself.
I believe artists are hardwired to run the best businesses in the world. Help me prove my belief by taking action and sharing a theme that is integral to your art in the comments below or share a visual on Instagram using #artistsinbusiness and tag me: @alexisfedorpics!