Stop Waiting For Your Big Break
“Old habits die hard, but they do die.”
- DIE HARD WITH A VENGEANCE written by Jonathan Hensleigh, directed by John McTiernan
(3 mins)
Nearly every screenwriter or director I meet who doesn’t have a financial plan says some version of, “I hope to need your services one day soon.” What they’re telling me is that once they sell a script or book that gig, then they will get their sh*t together. The belief is they have financial problems now that will be taken care of once they land that feature.
I have some sobering news: your financial problems will not disappear if you suddenly “make it” in this industry. Whatever habits you have created for yourself now will continue when you have more money.
UNSCRIPTED REALITY
The reality is that not everyone is going to get a huge, life-changing deal. I understand that life-changing money means different things to different people. But sitting on your hands and hoping for a pilot that takes off is not the best way to play this game. I’m speaking financially, of course. I’m not here to crush dreams. I want to look at reality and plan for any scenario.
One of these scenarios involves making a steady living year in and year out. If that’s your life, then making sound financial decisions now will help tremendously. Because if the other hit-it-big-with-one-sale scenario doesn’t materialize, you’re going to wish you made smart decisions years ago.
The scenario you should be hoping for is one where you don’t have financial problems. Mo’ money less problems. This doesn’t mean a once-in-a-lifetime payday. It just means that you planned properly and are reaping the rewards.
PRACTICE MAKES PROGRESS
This is not all doom and gloom. There are good habits too! For example, if you’re currently saving 10% of whatever income you make, then continuing that percentage when you make more money is only going to dramatically increase your savings account. Even if you get one, fat paycheck then 10% is going to make a big difference.
However, the opposite can be true. If you like to spend money on material items but can only afford so much, you’re probably going to keep doing that, but now they will be much more expensive. If you have a consumption mentality now, chances are good that you will have a consumption mentality when you have more money, but on a bigger scale.
A yogi once told me that practice makes progress. So start with good habits now. The only way to create a habit is to practice it. If you make it a priority now, you will make it a priority later.
MAKE IT A HABIT
What are some of these good habits you can practice? Setting a spending limit on flexible expenses such as entertainment, dining out, and shopping is a good place to start. Knowing exactly where your money is going on a monthly basis is also important. Budgeting for those one-time, or once-per-year, expenses should not be ignored.
Always saving a portion of your income is incredibly important, too. It doesn’t matter your level of income. If you start saving a percentage of it each month, the compounding effect will always help in the long-term. You can also continue that habit wherever you are in life.
FINAL SCENE
What are you doing now that could be improved? Whether that big break comes or not is irrelevant. It would be a nice bonus if you sold a show. But practice as though it will never happen.
If you’d like more information about Personal Finance, you can schedule a complimentary meeting HERE.
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