How to Avoid the Trap of the Starving Artist

You may count this as nonsense because it is the 21st century and some creative artists live large on Instagram. Why would your experience be different from theirs?

But let’s not forget the many actors and musicians who died after suffering from a disease. It was shocking to learn such famous people could not afford their hospital bills.

Some of these people once had money but did not build an investment from their earnings. Some could only earn enough to put food on their table but had nothing once they retired or fell sick.

Could you be in their position someday? Would you want to be in that position someday? Definitely not. You are not a creative artist built for present or future poverty.

If you don’t want to fall into the trap of the starving artist, what can you do about it?

Here are three things I am learning, and every creative artist should learn no matter your age or status. But you are likely to do better if you are still young and active.

Earn the Money

You cannot build wealth without money, so as a creative artist, work hard and smart to earn money to escape being poor and struggling throughout your career.

Go all out, build a network, and meet the people who run the activities around your art. Writers should write, submit work to editors, meet with agents and publishers, or self-publish.

Put in the work, and earn from different opportunities. Sell your work, become a digital marketer, or teach a course about your art.

You can do all these to bring in the cash.

Build Investments

The story of the musician or filmmaker who was once rich is common. These people earned lots of money and wasted it through their stupidity, ignorance, or carelessness.

Money is a temporary tool in the hands of anyone who does not invest it. It’s not enough to have some money in the bank because money is just as easy to put in a bank as it is to remove it.

You could invest in real estate, start a business, or build a business around your art, like a writer owning a publishing company, or a musician starting a record label.

Whatever you do, the old advice still works; don’t put your eggs in one basket.

Start a Pension

The hard part for many creative artists, especially those who do it full time, is that they must be active to earn money. Once they are old or no longer trending, the money flow reduces or stops.

Except you are smart enough to have invested in other businesses, you have a greater chance of dying as a poor creative artist. One smart option most people overlook is to start a voluntary pension scheme for themselves.

If you work for a business or a public institution, you might have a contributory pension scheme and earn some money once you retire.

But for a musician or writer, who worked for himself all his life, he has to build his pension. Start a pension scheme while still young, save some money every month in a voluntary pension plan, and monitor it.

It’s one of those lifesaving actions to fall back on when you cannot create your art because of old age or health issues.

The Future is Good

… If you build a plan for it. Don’t work your youth into a penniless old age. It’s what I tell myself every morning. Many creative artists live every day without a plan.

No financial plan, no goals, or interest in investing what they earn. Be smart. Run away from the trap of the starving artist.

Be the moneymaking creative artist. If you do not wish to die as a poor writer, designer, musician, or filmmaker, have a plan, and work your plan towards prosperity.

It’s not about how much you earn now, but how much you would have later.