For anyone who missed the session at LDI 2024, here’s a synopsis of the second in a series of four Artistic Finance podcasts recorded live in Las Vegas.
The discussion centered on building financial independence in the creative industry, with tips, personal stories, and advice shared by a panel of industry professionals.
The session was moderated by Amy D Lux, lighting designer and founder of LoboLux Design, alongside Ethan Steimel, lighting designer and host of Artistic Finance. Panelists included lighting designers and programmers Erica D Hayes, Matt Guminski, and Matt Mills—each bringing perspectives from their careers in design and live entertainment from their home bases of LA, NYC, and Orlando.
The Starving Artist Myth
The session opened with a discussion on the “starving artist” narrative. Panelists shared how this mindset can be detrimental to career growth and financial wellness.
Takeaway: Matt Guminski bluntly stated, “Theatre wasn’t sustainable,” emphasizing the importance of navigating through various jobs to find what is financially sustainable to work in creative fields.
Improving Financial IQ
Amy asked the panel ways in which they have improved their financial literacy.
Erica D Hayes started using tools like Gusto and QuickBooks, but when paired with an accountant, that was a game-changer: “It’s been an education about what documents I need.”
Matt Guminski highlighted the simplicity of long-term saving: “$135 a week can max out your IRA and that can get you to a million dollars by retirement.”
Matt Mills shared his success with real estate investing, using his first home as a rental to pay off the mortgage on his current property.
Empowering Confidence in Financial Decisions
Panelists candidly discussed what financial decisions they handle confidently versus those they find challenging.
Amy D Lux shared how doubling her day rate worked out surprisingly well: “The worst producers or project managers can say is ‘no,’ but they always come back with something.”
Matt Guminski and Matt Mills emphasized setting boundaries around rates:
“I don’t have a top number, but there is a low number that doesn’t make the gig worth it,” said Mills.
Guminski added, “I don’t discuss my rates with anyone. If I do a favor for someone, I don’t want that getting out.”
Increasing Financial Wellness
The panel shared practical tips for building financial wellness and stability:
Matt Guminski advocates saving 20% of income into a high-yield savings account before transitioning those savings into investments.
Erica D Hayes enjoys exploring crypto investments, adding, “I love investing and playing with crypto.”
Matt Mills highlighted his side gig at the House of Blues, which allows him access to Disney payroll benefits, which can include free park tickets for his family.
Audience Q&A
The session concluded with audience questions on topics such as business structures, quarterly taxes, and how to obtain an HSA (Health Savings Account) outside of an employer.
Final Thoughts
The session wrapped with Amy D Lux encouraging attendees to continue having open and honest conversations about finances within our creative community.
For the full discussion, visit artisticfinance.com/179 to listen or watch the episode. For more practical advice about navigating the intersection of creativity and finance, mark your calendar for LDI 2025, for more Artistic Finance sessions like this.
This session was organized by Amy D Lux and the Financial Independence Club.