Emergency Fund:

An emergency fund is money that you put into an account in case of a rainy day.

Actors – this is not money you use from one job to the next – it’s money kept for true emergencies.

I like setting up an emergency fund in a money market account (that’s liquid – aka can sell at any time) that doesn’t show up on my online banking, so it’s out of sight and I’m less tempted to spend it.

Experts recommend saving 6-12 months of expenses in your Emergency Fund.

**Disclaimer: I (Michelle Dyer) am not a financial advisor, please contact one. The views expressed are strictly my own and do not reflect my employer.**

Retirement:

“Retirement?! Why do I need to be thinking about retirement in my 20’s? I’m just barely getting by now!”

Check out my blog post on Compound Interest.

…and my favorite JP Morgan Compound Interest Chart

The earlier you start saving, the better off you will be.

Your future self will thank you!

Debt:

Items Referenced:

• Book – The Total Money Makeover – Dave Ramsey
• Workshops – The Actors Fund

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The dreaded “B” word.

Budget:

For some reason I shrivel up at the word budget.

I associate it with restriction, which I associate with losing weight – it’s just not a pleasant thing for me.

But, we do need to know where we are, before we achieve where we’re going.

So – here are my tips on discovering how much goes in and out each month (yes, even on an inconsistent actors’ salary).

If you have more money going out than in each month there are only two solutions

1. Spend Less, or
2. Make More

Which one works best for you?

Compound Interest:

Check.

Out.

This.

Chart.

*This* is why I do what I do.

https://www.businessinsider.com/compound-interest-chart-march-2016-2016-3

**Disclaimer: I (Michelle Dyer) am not a financial advisor, please contact one. The views expressed are strictly my own and do not reflect my employer.**

Hosted on Acast. See acast.com/privacy for more information.

**Disclaimer: I (Michelle Dyer) am not a financial advisor, please contact one. The views in this video are strictly my own and do not reflect my employer.**

This audio is taken from a series of videos I made on YouTube called Finances for Actors - the playlist can be found here: https://www.youtube.com/playlist?list=PL7SaDpSM3GOH0lDaEuEvEvSv_VDps0bs7

https://MichelleDyer.com

https://SurvivalJobsForActors.com

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