Art Biz Blog

10 financial homework assignments

In 8 Ways to be More Financially Savvy, I mentioned forming a financial support group and that, in my group, we give ourselves homework before our next meeting. On Twitter, @swcoffey asked what financial homework might consist of.

Here are ten real-life homework examples from our financial support group mixed in with some additional ideas. Keep in mind that I am not a financial advisor. You should consult a pro with your questions.

Image ©Mary Jo Bowers, Amber Waves of Grain.

1. Reimburse yourself for business expenses. I have a bad habit of letting those pile up and am trying to get better about having my incorporated company reimburse me for expenses that come out of my pocket. I also have a bad habit of not keeping track of mileage, so this is recent homework I’ve given myself that would also pertain to your art business.

2. Update your accounting books. If it’s been a long time since you’ve entered income and expenses into the computer (I hope it’s on the computer!), this might be good homework for you. (Coming up: software to make tax time easier.)

3. Set up a system to pay off your credit card debt.

4. Check your interest rates. I was so happy to marry someone who didn’t mind taking care of household finances, that I did the Happy Dance and never looked back. I ignored all of the minutiae of our financial well-being. Bad Alyson. Don’t do as I did. Know what your interest rates are for your credit cards, your mortgage, car loans, and so forth. Also, know your return interest on any investments and savings you have.

Bonus homework: Compare interest rates on credit cards and either 1) call your credit card company and ask for a lower rate or 2) if it makes good sense, transfer your balance to a lower-rate card.

5. Open a money market account. Another bad habit I had was hoarding money in my checking account--at 0% return interest! Look around and find the best savings rate. When I opened my money market 2 or 3  years ago, it was over 5% return. Now, because of the current fiscal environment, it’s down to 1.4% !!! Still, that’s better than zero.

6. Get a safe deposit box. This wasn’t a top priority of my husband’s, but I worried about our documents and took the lead here. What a relief to know that our most important papers are safe.

7. Write a will--especially if you have children. Ask around and get recommendations for attorneys while comparing pricing. I think you need to be very comfortable with the person in charge of your estate planning.

8. Change your beneficiaries. I was married 5 1/2 years ago, but it was only last year that I changed the beneficiaries on my policies and investments. My husband--with good reason--wondered why my parents, and not he, were my beneficiaries. It wasn't a task that was on my radar.

9. If someone besides you pays your household bills, get a grip on what your expenses are. You want to know exactly what it would cost you to continue living in the manner to which you are accustomed: garbage removal, newspaper, electricity, cable, Internet, phone, water, and everything else. You also want to be able to eliminate unnecessary expenses.

10. Track the hours you spend on a certain task. If time is money, you want to know when and where you’re spending too much time. You also want to know how long it takes you to make your work. After doing this for myself, I made the big leap and hired a bookkeeper--correctly assuming that she could get it done a lot faster (and more efficiently) than I.

I hope this helps. It's great to give yourself homework of this kind, but it's much easier to cross it off your list of you are held accountable by others.

See also:
Reading homework for financially savvy artists.
Software that will make your life (and tax time) a whole lot easier.

Podcast: Stop, and then get to work

Are you looking for that one thing that will propel your art career forward faster than you could have imagined?

It’s easy to get lost in the quest for knowledge. Stop looking for knowledge that you already have and then get to work. Listen to your wise inner self!

[3:20]

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Related

Art Marketing Action newsletter (a written version of this podcast)

Lay Out Your Curriculum (podcast)

Listen, Read, Act, Repeat (newsletter)

The Road to Peak Productivity (audio program)

→ Instructions for subscribing to the Art Marketing Action podcast on iTunes.

Tips for Survival as an Artist from Michael Shane Neal: Part 2

Today’s guest blogger is renowned portrait artist Michael Shane Neal, who generously offers hints for living a long and healthy artist's life. Please note that this was written for portrait painters, so change the language to meet your own needs.

Read Part 1 (tips 1-5) here.

6. Identify your market.
Who are you painting for? How can you best connect with the clientele that can become your patrons? Recognize “who” can purchase your work. Contribute to auctions that you know are supported by influential people. Contribute work to elite private school auctions, hang a portrait in an expensive children’s clothing shop, propose your work to a successful and well placed gallery, speak and share you work with local business clubs. Offer to paint a portrait for FREE for a highly respected local figure, and request an unveiling event. These are just a few of many ways to help identify your clientele.

7. Fair pricing.
Your goal is to have your work seen and to earn enough money to cover your expenses. Price your work fairly and reasonably. When starting the life of an artist, the more work you are completing (even for a modest sum of money) can create excitement and motivation by you and your client.

Image ©Michael Shane Neal, Rachel.

8. Diversification.
Don’t just become a portrait painter! If I had not painted fruit and landscapes along with portraits when I began, I would not still be a full time artist today. Not only does this diversification help you grow as an artist, but it provides other opportunities for you to show your work and advertise your name. Not to mention, providing alternative income! Teaching can also be a profitable experience for you and your students. Not only as an additions source of revenue, but it can also connect you to other artists and potential clientele.

9. Dependability.
You are a business as an artist. Go the extra mile and remain dependable at all costs. Be responsive and provide the best customer service possible. Unfortunately artists are not known for seeping schedules, arriving on time for appointments, or generally running their affairs in an orderly and responsive manner. Show your clientele that you respect them, appreciate the opportunity to work for them, and take your work seriously. Always do more than what is expected of you!

10. Develop a support system.
Develop relationships with other artists and friends you can trust. Share your work in progress with them. Share problems you are facing or new ideas...get their feedback. These relationships will help you in your life as an artist, making the experience richer and more rewarding.

Read Part 1 (tips 1-5) here.

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Related

Shane was my guest for an INSIGHTS interview last fall. His insights into the artist’s life were enlightening and he was overly generous with his advice--based on hard-earned experience. Read about this.

Tips for Survival as an Artist--from Michael Shane Neal: Part 1

Today’s guest blogger is renowned portrait artist Michael Shane Neal, who generously offers hints for living a long and healthy artist's life.

1. Set goals and write them down!
List things you would like to accomplish both in the short term and in the long term. You might consider committing yourself to a weekly class, list teachers you would like to study with, techniques you would like to improve on, subject and compositions you would like to tackle, galleries you would like to show with, competitions you would like to enter, etc. Setting goals is the first step to accomplishing them. Hang them near your easel as a constant reminder of what you will achieve.

Image ©Michael Shane Neal, Suzanne DeNeufville.

2. Work hard.
Whether you have the opportunity to devote your entire day, or just a portion of the day to your art, work hard! I have worked 12-18 hours a day for more than 15 years. It is important to devote as much time as possible to your growth as an artist, but you must work smart as well. An hour of painting free from distraction is worth 3 when the phone is ringing and the kids are home from school.

3. Study.
Set aside a portion of each day for study. Read about a favorite artist, visit a museum either in person or via the internet, browse through a favorite art book, sketch from life, etc. Spend quality time developing your skills by reading and studying each day.

4. Tenacity!
Don’t take “NO” for an answer! This can be no truer in the life of an artist. You will constantly face defeat and rejection. Galleries, agents, clients, friends, and even family may at times dampen your resolve. Put your passion to work. Remind yourself constantly that you can and will succeed. Pick yourself up after a bad painting, a rejection notice from a competition, or a negative review from a client. Turn each of these situations into learning opportunities. Ask yourself “what can I do better or differently next time?” Commit yourself to growth from every experience. Remind yourself constantly that you will succeed, that you will grow as an artist, and your decision to follow your dreams to become and artist will become or remain a reality.

5. Thrift.
For nearly the first 10 years of my life as a full time artist I painted every painting on a $2 easel bought second hand, mostly held together by duct tape and a prayer! I rented a small studio that was prone to flooding and had less than ideal lighting conditions. It was important that I kept my overhead low and focused on living off of less than I made. Survival is your main goal. Living frugally whether by choice or not, is important. Getting to the next painting is your ultimate goal.

Tune in tomorrow for Michael Shane Neal's Tips for Survival as an Artist, Part 2 and tips 6-10.

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Related

Shane was my guest for an INSIGHTS interview last fall. His insights into the artist’s life were enlightening and he was overly generous with his advice--based on hard-earned experience. Read about this.

Podcast: Identify (only) the next action

Want to avoid a backlog of tasks and feeling overwhelmed by projects you need to complete?

Clearly define your tasks and identify only the next action for your task list. Always ask yourself: What’s the next action?

Listen to this week's podcast for guidance on how to be more productive.

[4:24]

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More on This Topic

Art Marketing Action newsletter (a written version of this podcast)

The Road to Peak Productivity (recorded seminar)

→Instructions for subscribing to the Art Marketing Action podcast on iTunes.

DON'T do this!

Every Monday in the Art Marketing Action newsletter, I encourage you to do this and do that. I guess it’s also my responsibility to tell you what not to do. Let’s start with this list.

DON’T try to make your art into a business unless you are truly passionate about your work and understand what it takes to make it as an artist. You cannot make a living as an artist unless you have accepted and embraced the reality that you need to make money from it in order to survive.

DON’T drop in on gallery dealers and expect them to drop everything and look at your portfolio. Think about it. Do you like someone demanding your time when you’re trying to focus on work? Here's a better way to contact galleries.

DON’T forget the people who help you out along the way. Send lots of personal thank you notes and “just thinking of you” email.

DON’T try to create art in a vacuum. Most of art history’s greatest artists (and most successful personalities) were part of communities whose members were enriched by each others’ ideas and inventions. Read magazines and books, attend lectures, and be aware of what is going on around you.

DON’T go it alone. Set up a network of support, even if you have to go outside your family and current friends, to cheer you on. Limit your time with those who are negative about your career.

DON’T ignore the details. There are no shortcuts when you want to achieve great things. Put everything in place that will allow you to succeed.

Image ©Michael Orwick, Majestic Morning

Luck has nothing to do with lasting success

Today’s the day for the luck ‘o the Irish. All things green. Tiny leprechauns in cereal boxes. All that good stuff.

Happy St. Patrick's Day!

As far as I know, I have little to no Irish blood. English. Norwegian. Croatian. And only the tiniest drop of Cherokee. As I am so fond of the color green, I always make sure I’m wearing it on St. Patrick’s Day, but that’s about the extent of my celebration. A green sweater. In college, it was green beer and even green eggs and ham. When I worked in the U.S. Senate, the Senators from New York always sent us a green bagel or two on the 17th (yuk!).

Even with all of this green around me, I never have the Irish spirit. It just isn’t in me.

Nor do I feel particularly lucky. I might say “I’m so lucky” from time to time, but what I really mean is that I’m grateful for the things in my life. I’ve worked hard for them. The only thing I can feel lucky about is that I was born to two parents who were loving and nurtured my individuality. That, I  had nothing to do with.

Image ©Carol Steinberg, Anthurium on Porch.

Luck has little to do with your art career. You might think you’re lucky to be in the right place at the right time or to meet the right person, but you put yourself in that position. Don’t belittle your accomplishments by saying you’re lucky.

Don’t wait for luck to rain down on you. Instead, practice the following.

Know what you want. Don’t let anyone else tell you what they think is best for you.

Work hard. Many pursue an art career because of their passion for art. But maintaining a career--being self-employed--is incredibly hard work. Make sure you are prepared for this.

Take yourself seriously. No one else will treat you as a professional artist until you do.

Challenge yourself. If it’s easy, it’s probably not worth pursuing.

Be grateful for all you have. You won’t get more until you appreciate your current abundance.

Be persistent. Fall down, get back up, and know that the universe wants you to succeed. I do, too.

Podcast: Blast off in the New Year

Why start 2009 with a whimper when you can begin with a bang? Create your vision and make it happen.

[6 min. 8 sec.]

We’re going to work on mindset, routines, and intentions in the New Year Blast Off class, which begins next week. Think about joining us. Get the details.

What's standing in your way? What is the single thing you can do, be, or change in 2009 that will move your career ahead the fastest?

Prefer reading to listening? Check out the Art Marketing Action newsletter.
Subscribe to the Art Marketing Action podcast at iTunes.
Instructions for subscribing to this podcast.

Don't forget to acknowledge your accomplishments

Just a reminder from Monday's newsletter that I'll be setting aside time tomorrow afternoon at 1 p.m. Mountain Time to write down my accomplishments for 2008. If you care to make this a ritual, I'd love to have you join me at that time.

I ask you to join me to create some sense of community and group energy. But I also ask you to join me so that you make the time. It's important to do this for yourself.

To get a sense of the format and a list to prompt your memory, read: Acknowledge Yourself and Celebrate.

Thursday morning update: I woke up feeling a little sickly and was able to schedule an acupuncture appointment for this exact time. I'm sure it's nothing, but I don't want to take the chance. Good news: I know that clearing my chi will contribute some good to this process! Bad news: I won't be able to join in today. More good news: I'm shooting for the exact same game plan tomorrow (Friday)--in case you want to join me.

Please join me on this FREE call--tomorrow

Tomorrow night, December 21
7 p.m. Eastern Time
2009 smARTist Telesummit preview call

On this call, I'll share 10 qualities it takes to be a professional artist and how those will relate to the marketing plan I'm walking you through during my smARTist session in January.

It's FREE!
You just have to sign up.