Why We Need to Prioritize a Debt Free Lifestyle in the Arts | brokeGIRLrich
I’ve spent months expressing my unhappiness with my current job and the time has come to do something about it.
I pretty much blitzkrieged the entertainment world with resumes over the last week and I learned a pretty exciting fact – I’ve finally seem to have enough experience that people actually read them.
My boss managed to push me a little over the edge with a lengthy, condescending email on my day off last week over .15 cents and in response I added cruise lines to my list of applications too, except I spent a few hours researching them and only applied to a handful of high end, supposedly extremely well paying lines. I didn’t expect to hear from any (because anyone who has worked for cruise lines before knows they are usually not know for planning ahead… or really having anything remotely like a hiring plan).
So to my pleasant surprise, in the first week of the blitzkrieg I’ve already had three interviews, including one of those high end cruise line.
Actually… I’ve already had 4 interviews for one of those jobs alone (a touring gig) and I’m pretty excited about it.
Here’s the thing though – it’s a major pay cut.
I knew going back to Stage Managing WOULD be a major pay cut, since Production Management is one of the few theater jobs that generally pays pretty well. I made sure to keep that fact in the front of my mind, the whole time I was discontent with my current job.
I made sure my lifestyle inflation stayed super low. There wasn’t much I could do about having to find a place to live after years of free housing, but that was pretty much the only major expense I took on.
The main thing I’m excited about though is that I am free to take a job that is a 40% pay cut because I prioritized paying off all of my debt as soon as I amassed it.
I really feel that if you’re going to make a living in the arts, you should plan to set aside 2-4 years after school (assuming that’s where your debt is from) to either pay off your debts or stockpile a nest egg that will let you supplement lower paying jobs.
This isn’t to say there aren’t jobs in the arts that will allow you to do that. By now you all know I’m a pretty big advocate of cruise ship life for a few years right out of school, but touring in general will often cover a lot of your living expenses and let you stockpile too.
Salaries in the arts are not a linear progression like most other occupations. They’re a rabid oscillation of diverse paying gigs – you might spent two years making $8/hr with a tiny touring company (and it’s really only $8/hr if you don’t watch exactly how many hours your working too carefully) and then you might go make $5,000 in a weekend working on a corporate gig.
For the first time in my career, assuming I get this gig, I’m about to experience a pretty extreme downward oscillation and I actually find I’m excited that I have the personal finance skills to be able to make a plan and work within that salary range to still achieve all my long term goals too.
I hope you land a job that makes you happier! Being set up to do so is really key, like you said, especially in an industry that is known for low pay rates and contract work that isn’t the most consistent. Don’t forget that your equivalent salary might actually be similar if your living expenses are covered.
I think in your case you needed to find another job, regardless of the money. If your ex employer got all up in arms over .15 cents you know it wasn’t about those cents. They were as unhappy with you as you were with them. I’m glad you cut those ties and seem to be happier. Money is important but it isn’t everything. I hope you find something that makes you happy and pays well. Fingers crossed it’s a gazillion dollars.
You know I empathize. The other thing about taking a pay cut to go on tour though is that you can have your living expenses significantly reduced so it evens out a bit more.
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That’s true. When I add in the per diem, I’ll be bringing home almost the same each week anyway – I’m really just losing the job security by going this route.
Congrats on all the interviews! And in only a week! You rock. Even in the corporate world I’m in, it seems a lot of “promotions” come with pay cuts. Or at least more work and more responsibility for the same pay. I recently landed a great promotion for the same pay as what I’m making now, but hey, I’ll be a lot happier, and there’s definite value in that. Glad you’re doing what’s right for you.
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Good luck Mel. I’ve received a few WTF e-mails in my day and knew it was time to move on. I have never taken a pay cut. I’m in that linear corporate world, but would if I was in your situation both financially and evil boss man. 🙂
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Good luck Mel…I can tell you make up your own rules and there is nothing wrong with that. Successful people take risk…a fact.
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That’s great that you got so many interviews! I know I could make even more than I do as a consultant but with my current situations, I have a such a measure of freedom, flexibility and location independence. These were driving forces behind my transition to solopreneurship and I am not anxious to trade them for more money at this point. As you said, making debt payoff a priority and living a lifestyle below your means affords you to search out opportunities that are a much better fit for you! Congrats on making this move Mel.
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I think freedom, flexibility and location independence can absolutely trump money once you’re making enough to get by. They’re part of why freelance seems so appealing to me.
I love your graphs!!! This past year, I have never made less in my life and I have never been happier. It sucks to take a pay cut; however, if it helps your mental health and you don’t need the income for other things like day repayment, it will not feel like a pay cut to you. Good luck with your interviewing!!!
Thanks! Making graphs with no statistical backing is actually pretty fun 😉
I decided to follow my dream of retiring early and often, After years of climbing the corporate ladder living the career-driven mindset madness until I had enough I then retired at age 51 and took some time off to recharge. I later took a position that paid 40% of my previous engineering career but I didn’t care because it was a job I was passionate about learning and doing. I went in as a Tech and with the lower pay and title came a lot less stress. I felt like I was being paid to learn something totally of interest to me. It checked off a lot of my passion bucket-list items and that was my main driver.
It is an awesome financial place to be in when you can do this and congrats to you for having the discipline to be in this position. I wish you all the luck in the world. It sounds like you have the financial side all figured out and now its just time to go out and enjoy this adventure.
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I understand the pay-cut worry (40% is a huge drop!) but your boss sounds like a major pain in the @ss…
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I find the life of an artist something very interesting and something I know I could never do. I agreed to participate in an African dance concert (I danced for fun in my 20s). It was an interesting experience, but I knew I could never be in performing arts. My hats is off to you and those who do and can make a decent living. Looking forward to see how your next steps unfold.
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