That moment your creative career starts to take flight can feel like all of your Christmases have come at once! That feeling you’ve escaped the rat race and are finally making a dent in the world on your terms is unparalleled. Of course, the big issue for so many of us is that we have to play the game of life concurrently, which means we have to figure out some of those kinks and curveballs that life tends to throw, particularly in terms of the F-word: finances. Let’s face it, as a creative professional in the UK, you’ll face a number of financial challenges, so let’s highlight some of the biggest financial mistakes so you can continue to prosper and profit!
Get on the Property Ladder ASAP
So many of us still subscribe to the romantic notion of Mozart in his attic freezing half to death. We now live in an age where we know it’s just not good for our mental health, and therefore, if there’s one piece of advice we could all benefit from, it’s that we should get a base of operations that is ours first.
It’s harder than ever to get onto the property ladder, but we can certainly find ways to do it. There are a variety of programs for first-time buyers, shared ownerships, as well as financial support like bridging loans. However, we also need to remember that we have to save uber-aggressively for a deposit!
It can certainly feel like we are going against our fundamental creative instincts by playing this part of the game of life, but if we don’t do it now, house prices will go higher, and it will be nigh on impossible to find somewhere that’s not just a place to live, but somewhere that’s an actual home that nurtures and supports your sense of self. It’s not music to most people’s ears, however, get this bit done first and you won’t regret it later!
Consider a Portfolio Career
If there’s one major thing that many creatives mistake, it’s thinking they need to have one string to their bow rather than many. As far as our finances are concerned, we need to look at diversifying our streams of income. In the UK, there are various options, for example, a Lifetime ISA that pays 25% extra on top of what you put into it, which you can use to either buy a house or for retirement, which can make all the difference if you are not paying into a pension.
However, we also need to look at how our careers can serve us. We don’t want to be trapped behind a desk for the rest of our lives, and after all, this is why we are choosing creative careers! This is why we should recognise the importance of doing different things to keep ourselves afloat financially and ensure that we are tending to our inherent passions rather than feeling the drudgery of modern life.
Whether this is starting a business on your terms or looking at different ways of mixing employment and self-employment, this could actually make all the difference when it comes to making life a bit more exciting, especially during those fallow periods when you’re not able to get work in your chosen creative field.
Navigating Your Finances as a Creative Professional
Let’s face it, it’s tougher than ever to maintain some form of creative career, and rather than pointing the finger at the previous government (because we already know it’s their fault), we’ve got to take matters into our own hands. Be savvy and play the game of life, but do it on your terms!