Financial Advice for Artists

Stefanie O'Connell says that artists, who often live paycheck-to-paycheck and have fluctuating incomes, need to embrace the numbers and get real about their finances.

Artists should figure out the minimum amount of money they need to live each month, then commit to making that money each month. That will give them the freedom to do what they love. That minimum amount should cover basic living expenses like rent, groceries, and utilities, along with savings, long-term retirement goals, and debt repayment. Once they make that minimum each month, they can decide whether they should focus on earning additional money to cover discretionary expenses, or on devoting their free time to their art.