Acting Careers and Artist Finances - Abundance Bound

Sneak Peek...

noreply@blogger.com (Abundance Bound) — Wed, 15 Apr 2009 04:55:00 +0000

...at a video segment for our Artist's Prosperity 101 audio / video online course.

Click Here to see the first video piece about how to finally get financially organized... for good!

To your prosperity

Miata

Long Silence... New Program

noreply@blogger.com (Abundance Bound) — Wed, 18 Mar 2009 16:06:00 +0000

It has been a long time since my last post, but I have been working on getting a new program off the ground.

So here it is (fanfare...)

Artist's Prosperity 101

It is designed to give every actor and artist the tools necessary to develop a solid financial foundation, help them get their finances in order, and prepare them for a long term career in the arts (because we all know that lack of money drives you out of an artistic career quicker than anything else!)

I hope you like the look of it, and take advantage of what it has to offer.

To Your Prosperity!

Miata

Free Financial Teleseminar

noreply@blogger.com (Abundance Bound) — Mon, 05 Jan 2009 17:20:00 +0000

So, as we kick off into the new year, I have the first of our special teleseminar / webcasts "The Power of Prosperity" to announce.

Click Prosperity for more details.

It will be held on Tuesday, January 13th, from 5pm to 6:30pm pacific, and will be broadcast via both the web and regular telephone. Also, please don't forget that, even if you cannot make the call live, it is still worth signing-up, as we will be sending out a recording of the call to everyone who registers.

I look forward to hearing you on the call.

To your prosperity.

Happy New Year!

noreply@blogger.com (Abundance Bound) — Sat, 03 Jan 2009 17:43:00 +0000

Despite all the talk of SAG strikes, recessions, and more, lets make 2009 a great year for all of us.

More to follow soon, but in the meantime

To your prosperity!

Internet Television!

noreply@blogger.com (Abundance Bound) — Thu, 11 Dec 2008 17:02:00 +0000

I just read this press release from The Elevision Network - it is incredibly exciting stuff!

Click Affiliate Network to read.

Especially given these economic times, affiliate marketing can be an incredibly powerful way for actors and artists to generate much needed extra money - and this company offers an unbelievable training program for exactly that.

Currently this is only available to"super affiliates", but I will post again once the opportunity opens up for everyone.

To your prosperity!

Great Weekend

noreply@blogger.com (Abundance Bound) — Mon, 17 Nov 2008 23:51:00 +0000

Just a quick note to say thanks to everyone involved with our NY festivities this weekend: We met some great people, had a lot of in depth and interesting conversations, and heard some inspiring stories about peoples acting careers, and more.

More to come soon, but thank-you all again for making it such an excellent weekend.

To your prosperity!

Miata

From Starving Artist To Money Magnet Seminar

noreply@blogger.com (Abundance Bound) — Fri, 14 Nov 2008 21:27:00 +0000

I will be teaching a seminar on Sunday, November 16th, from 11:30am to 2:30pm called

From Starving Artist To Money Magnet

Topics covered will include:

* Conquering your financial fears so they are no longer a barrier to your success

* Becoming financially organized so you know your exact financial starting point and can develop a strong plan for the future

* Creating a debt elimination plan that will allow you to stop stressing out about those credit card bills

* Developing attainable financial goals and dreams that inspire and motivate you to move forward

* Much more besides!

So click Prosperity for more information and registration details, and I will look forward to seeing some of you there.

I am working on a specific investing post for next week, so stay tuned.

Also, please click the "comments" button below and let me hear from you - I always value people's input!

To your prosperity!

Miata

Holiday Jobs...

noreply@blogger.com (Abundance Bound) — Wed, 12 Nov 2008 23:18:00 +0000

... apparently, given the state of the economy and the fact that business' are cutting back left, right and center, there is a greater chance of getting into an Ivy League college than there is of finding a job this christmas.

Given that most people pursuing an acting career are at least partially dependent on part time work of some kind, if you have a job that you can tolerate, don't give it up yet!

More to follow...

To your prosperity

Miata

The Actor's Guide To Money Management

noreply@blogger.com (Abundance Bound) — Fri, 07 Nov 2008 01:09:00 +0000

It's here!

The first case of books just arrived - very exciting!

We will be lunching the book this Saturday, November 8th at Actorfest LA, and then will also be at Actorfest NY the following weekend - come by and check us out.

See you there!

To your prosperity.

Miata

Investments... in beer

noreply@blogger.com (Abundance Bound) — Sun, 02 Nov 2008 22:07:00 +0000

"If you had purchased $1,000 of shares in Delta Airlines a year ago, you will have $49 today. If you had purchased $1,000 of shares in AIG a year ago, you will have $33. If you had purchased $1,000 of shares in Lehman Bros a year ago, you will have $0. But if you purchased $1,000 worth of beer one year ago, drank all the beer, then turned in the aluminum cans for a recycling refund, you would have $214". - Bob Battle, quoted in the Washington Times.

Drink anybody?

Economics and Cows...

noreply@blogger.com (Abundance Bound) — Thu, 16 Oct 2008 19:36:00 +0000

I just got this from my Mother-In-Law (bizarrely enough), and thought it could inject a little humour into the otherwise dire economic news...

> > SOCIALISM
> > You have 2 cows.
> > You give one to your neighbour.
> >
> > COMMUNISM
> > You have 2 cows.
> > The State takes both and gives you some milk.
> >
> > FASCISM
> > You have 2 cows.
> > The State takes both and sells you some milk.
> >
> > NAZISM
> > You have 2 cows.
> > The State takes both and shoots you.
> >
> > BUREAUCRATISM
> > You have 2 cows.
> > The State takes both, shoots one, milks the other, and then throws the
> > milk away...
> >
> > TRADITIONAL CAPITALISM
> > You have two cows.
> > You sell one and buy a bull.
> > Your herd multiplies, and the economy grows.
> > You sell them and retire on the income.
> >
> > SURREALISM
> > You have two giraffes.
> > The government requires you to take harmonica lessons
> >
> > AN AMERICAN CORPORATION
> > You have two cows.
> > You sell one, and force the other to produce the milk of four cows.
> > Later, you hire a consultant to analyse why the cow has dropped dead.
> >
> > ENRON VENTURE CAPITALISM
> > You have two cows.
> > You sell three of them to your publicly listed company, using letters
> > of credit opened by your brother-in-law at the bank, then execute a
> > debt/equity swap with an associated general offer so that you get all
> > four cows back, with a tax exemption for five cows.
> > The milk rights of the six cows are transferred via an intermediary to
> > a Cayman Island Company secretly owned by the majority shareholder who
> > sells the rights to all seven cows back to your listed company.
> > The annual report says the company owns eight cows, with an option on
> one more.
> > You sell one cow to buy a new president of the United States, leaving
> > you with nine cows.
> > No balance sheet provided with the release.
> > The public then buys your bull.
> >
> > A FRENCH CORPORATION
> > You have two cows.
> > You go on strike, organise a riot, and block the roads, because you
> > want three cows.
> >
> > A JAPANESE CORPORATION
> > You have two cows.
> > You redesign them so they are one-tenth the size of an ordinary cow
> > and produce twenty times the milk.
> > You then create a clever cow cartoon image called 'Cowkimon' and
> > market it worldwide.
> >
> > A GERMAN CORPORATION
> > You have two cows.
> > You re-engineer them so they live for 100 years, eat once a month, and
> > milk themselves.
> >
> > AN ITALIAN CORPORATION
> > You have two cows, but you don't know where they are.
> > You decide to have lunch.
> >
> > A RUSSIAN CORPORATION
> > You have two cows.
> > You count them and learn you have five cows.
> > You count them again and learn you have 42 cows.
> > You count them again and learn you have 2 cows.
> > You stop counting cows and open another bottle of vodka.
> >
> > A SWISS CORPORATION
> > You have 5000 cows. None of them belong to you.
> > You charge the owners for storing them.
> >
> > A CHINESE CORPORATION
> > You have two cows.
> > You have 300 people milking them.
> > You claim that you have full employment, and high bovine productivity.
> > You arrest the newsman who reported the real situation.

> > AN INDIAN CORPORATION
> > You have two cows.
> > You worship them.

> > A BRITISH CORPORATION
> > You have two cows.
> > Both are mad.

> > AN IRAQI CORPORATION
> > Everyone thinks you have lots of cows.
> > You tell them that you have none.
> > No-one believes you, so they bomb the **** out of you and invade your
> country.
> > You still have no cows, but at least now you are part of a
> Democracy....

> > AN AUSTRALIAN CORPORATION
> > You have two cows.
> > Business seems pretty good.
> > You close the office and go for a few beers to celebrate.

> > A NEW ZEALAND CORPORATION
> > You have two cows.
> > The one on the left looks very attractive

Don't Panic

noreply@blogger.com (Abundance Bound) — Tue, 14 Oct 2008 00:15:00 +0000

Great article from The Motley Fool called The Number 1 Rule.

The long and short of it: the chaos isn't over, and today's upswing is probably just a blip... it will be right back down again before too long.

Having said that, that means lots of opportunity now for people who have some money to invest... provided they formulate a plan and stick to it.

To Your Prosperity!

Massive Phishing Increase

noreply@blogger.com (Abundance Bound) — Sat, 11 Oct 2008 18:26:00 +0000

Just a quick article I wanted to pass along to you all that I came across on the BBC website:

Phishing Article

To sum it up, there has been a 180% increase in phishing (people trying to get your personal details for credit card fraud etc) over the last year due to the financial turmoil that is engulfing the world. We went through the identity theft annoyance twice earlier this year (someone was booking Air India flights with one card, and charging a bunch of stuff to a Valencia WalMart with another), but we are still unsure how the people got our information.

Three thoughts:

1 - Keep good records! Banks are much more likely to believe you about what money was spent where if you can show them accurately your spending patterns etc. It gets much harder to prove if you don't have your account up on Quicken, Money etc.

2 - Never follow a link in an email that asks for your personal information! That includes not signing into facebook, or myspace, because many people use the same password across multiple sites, which leads onto:

3 - Use different passwords depending on the sensitivity of the site! Social networking sites can be short and sweet, but really get creative with online banking and similar things.

That's it. Nothing too much. So, even in these difficult financial times

To Your Prosperity

Learn About Money When...?

noreply@blogger.com (Abundance Bound) — Tue, 30 Sep 2008 17:49:00 +0000

Panic! Run for your lives! The world is collapsing! In the last year, the housing market has collapsed, taking with it the stock market. Oil prices have exploded, banks are showing record losses (how about $10 Billion for a quarter anyone?), and going out of business left, right and center, and, basically, lots of people’s money is going down the toilet. So now is not exactly the best time to be learning about one’s finances, right.

WRONG!! There is a great quote by Warren Buffet (Multi-Billionaire, Philanthropist and strong candidate for greatest investor ever) that says:

“Be fearful when others are greedy, and only be greedy when others are fearful”.

What happens when there is a big economic slump is that people panic. Sometimes this is with good reason: when it is easy to borrow, people tend to get in over their heads with debt. Combine that with a housing market bubble, and suddenly that house you’re making payments on is worth 25%less than you paid for it. Ouch. Or those banking stocks that were being pumped by brokers collapsed under the weight of bad loans. Ouch again. Or... but you get the picture. The trick to riding this all out, however, is to keep ones head, and not follow the herd.

Take stocks as an example. Let’s say you bought a solid company when it was at $25. Things happen, we hit an economic downturn, and suddenly that same stock is worth $15. Oh no. We’ve lost almost half our money. Quick, sell before we lose any more...

...Or not. If the company is strong, then it might not be its specific results that have caused its down turn, but a more general tide of poor performance across the country. If this is the case, then all selling does is make real the money you have so far only lost on paper. Combine this with the fact that you should be looking at holding stocks for at least the 3-5 year range, and with luck you won’t make any quick decisions that will loose you money. Everything goes in cycles, so instead of loosing ones head (and money at the same time), remember the old maxim:

“This too shall pass”

And keep on keeping on. The other thing, of course, is that when everything is down is actually a perfect time to be looking at putting money into the market, a house, or other currently depressed investment vehicle. I remember during the last economic downturn, in early 2002, I had just put my first real money into the stock market. A friend said to me “Why on earth would you be buying now? Everything is down?” I looked at him and said “Exactly”. We made over 50% return on that money in 2 years.

Not that we should be running out there and jumping into things willy-nilly. Random buying will make you just as broke as panic selling. But now is the time to seriously look at your financial situation. As opposed to fleeing all things financial in the coming months with the rest of the herd, swim up stream a little. Learn how to handle your debt properly, so that it isn’t hanging over you any more. Start a high interest wealth account so that you can have some money to start investing with in the next year. Set up your finances so that you are maximizing your tax deductions. Learn about how to handle money now, so that when things turn around (which they will) you are way ahead of the curve, instead of behind it.

Money Money Money (not always funny...

noreply@blogger.com (Abundance Bound) — Fri, 26 Sep 2008 18:48:00 +0000

... even in a rich man's world)

Given what is going on in the financial world, it would seem inappropriate not to comment on it, as there can be no doubt that we will all be effected what ever the outcome of all these debates and discussions will be. So, for what it is worth, here are my thoughts on the bailout, which I believe is necessary, but should only be passed with certain conditions attached. These are below:

1 - Tax payer equity ownership in the companies bailed out. Ie, we all become stock owners in the companies that are rescued under the plan. This to me is basic free market common sense investing, as it means that we will all benefit over the coming 5 - 15 years as these companies recover and prosper.

2 - Independent regulation and oversight. As has been seen time and again, the idea of any industry "self regulating" is ludicrous, because they simply don't do it. So, independent, bi-partisan regulation group, here we come.

3 - Golden parachute / income caps. Obviously those senior execs departing the company should not be allowed to walk away with million dollar severance packages. However, we do need to reward the incoming execs in such a way as to make them work as hard as possible to make our new companies (provided #1 has occurred) profitable. To me this looks like reasonable salaries plus highly lucrative deferred stock options - the kind they can't exercise for 5 plus years (I have no problem with someone earning $20 million if they have turned a bankrupt company into one generate billions a year... I just have a problem with the ones who bankrupted it earning that).

4 - Mortgage relief for homeowners. Some kind of system needs to be put in place to help people stay in their homes (such as lowering monthly payments, but extending the length of mortgages in default), as the trickle down effect of mass evictions / re-possessions cannot be calculated (plus, from the banks perspective, better to have some money coming in than a house sitting empty and unsold over the long term). However, I do not agree with extending this philosophy to regular consumer debt (cars, credit cards etc) - that's what debt plans are for.

So, like I say, my opinions for what they are worth. I would really welcome any comments / thoughts on this, as it is a topic that we will all be dealing with for a long time to come.

In the meantime, to your prosperity (sooner than later!)

Balancing Budget and Social Life

noreply@blogger.com (Abundance Bound) — Wed, 17 Sep 2008 19:54:00 +0000

Everyone’s going out for drinks after class. There’s a bar down the street that has great appetizers, and the cocktails aren’t too expensive, and it will be really good to connect with other people in the class, so never mind the fact that, with a couple of $7 drinks and an $8 plate of food and a 20% tip, that social hour ends up costing you $25. And you have class a couple of times per week, so that adds up to an extra $200 per month that you could really do with avoiding, but everyone else is doing it, and you don’t want to be the one to admit that finances are tight, and be a downer on the evening, so you go along and have a good time, but all the while feeling just slightly anxious because you know that most of this is going to end up on a credit card at the end of the month, and those bills are getting high enough as it is...

Does any of this sound familiar? I know this used to a regular occurrence when I first moved to Los Angeles to pursue my acting career. I would go out with friends after class, or rehearsal, and have a great time, but there would always be that nagging voice at the back of my head telling me that I couldn’t afford this. So the question is: how does one balance the need for a social life with the realities of a tight budget? We have three different suggestions here.

1. Don’t try to keep up with the Joneses. We are in some ways lucky, as artists, that we don’t have the pressure of some of our corporate counterparts in this area. For us, this area is more about dress and eating out than driving the newest Mercedes or living in the right part of town. But it is still a factor. The need to “look good” is almost beaten into us from an early age, so avoiding falling into this trap can be hard. Try shopping at a discount store instead of going to name-brand shops, or having coffee with friends instead of drinks (a $1.50 coffee is much easier on the wallet than a $6 beer). You will often find, especially when it comes to socializing, that people are really glad not to be spending money, as they are all engaged in keeping up with you as well, even if they cannot necessarily afford it either...

2. Forecast your fun. Forecasting is the process of projecting what your spending will be in any area of your life. The way to determine this is to complete a Chart of Expenses (email us at info@abundancebound if you would like one), from which you will be able to see exactly what you are spending, on average, across the financial board. You can then determine exactly what areas you are overspending in, and where you can spend a bit more if necessary. The key to this process is not denial, however: not not remove categories as trivial without serious consideration, because there is nothing like “forbidden fruit” for enticing you back. So never go into a month saying “I am not going to go out at all” - you are simply setting yourself up for failure. Instead, allocate a certain amount for “Eating Out”, or “Drinks”, or whatever other category you want, and then, when the end of the month comes around and you are near the end of your allocated funds, suggest Denny’s instead of the local bar for those after class drinks.

3. Work together to save money. Given that most people are in the same boat as you when it comes to money, be the first one to broach the subject of saving money with your friends. There is such a taboo in this country about discussing one’s finances that most people go through life never saying more than the obligatory “I’m fine...” (usually a lie) or “I’m broke...” (but with no real attempt to solve the issues causing that situation). Break with tradition and work with others on ways to both save and make more money. You will be amazed at the ideas that come out of brainstorming these things with like minded individuals, so give it a go! At the very least, it will take the pressure off the next time you say “Make mine a water...”

So anyway, I hope these pointers give you some ideas about how to have fun but still make sound financial decisions at the same time. Again, it is never about saying “I won

‘t go out until I’ve made $X.” That may work for some people, but I have yet to meet them. Instead, map out your spending, and put your money towards things that you will enjoy. Instead of feeling guilty about buying a Ice blended latte every day, and then stressed about the $30 on drinks going out with friends, drink regular coffee instead. $1.50 a day instead of $3.50 is $14 per week you have saved, which is $28 every two weeks, which covers an evening out with friends every other week. Talk to people, and work out things together, and then stick to your plan. Your bank account and stress levels will thank you for it.

Tax Rebates & How To Spend Them

noreply@blogger.com (Abundance Bound) — Mon, 08 Sep 2008 17:16:00 +0000

“Economic Stimulus” is something at the forefront of everyone’s mind these days, especially in the entertainment industry. With the Dollar at an almost record low, gas prices soaring, the general economy spluttering, a costly WGA strike just behind us and a possible SAG strike looming, things are looking a little gloomy.

Luckily, a little relief is at hand. As of May, those that have filed their income tax returns will be starting to get bonus checks in the mail; $600 for an individual, $1,200 for a family (check www.irs.gov for details on eligibility and timing). So the question on everybody’s mind is: “What do I do with my new found money?”

If you ask the government, you spend it. All of it. After all, that is the point of an “economic stimulus” package: you give people money, which they go out and spend, which generates cashflow to numerous business that would otherwise go with out, which means more money they spend in turn on supplies, and staff, and taxes... you get the picture. However, unless you strongly feel it is your patriotic duty to blow through your upcoming $600 at Macy’s (or Target, depending on where you like to shop), we would encourage you to consider using this windfall as your very own, personal “economic stimulus” package...

So, if we accept that we are not going to do what GW and friends want us to do with our money (you rebel, you), what to do with it? We would suggest putting it into three distinct areas in your personal financial life.

Debt Relief - $200. If $600 is the amount you end up with, then $200 of it should go to the credit cards. This should be on top of whatever amount you are paying them anyway, as it means the additional money will go straight to the knocking down the principle. Not only will this reduce your interest payment next time, but will feel great as well - something that is all to rare when it comes to money, but is none-the-less crucial to work our way out of tight financial situations.

Wealth Account - $200. This is one of the cores of the Artists’ Prosperity System, and is essential to any wealth building process. All a “Wealth Account” is is a high interest savings account which you use to build up money in until you are ready to invest with it. We think highly of ING for this (www.ingdirect.com), and they always offer highly competitive rates, but there are certainly plenty of other institutions that are just as good - they can easily be researched online. What I want to stress with this account, before we move on, is that it needs to be liquid (ie you can get your money in and out of it easily), and that it is not a savings account, or an emergency account, or a travel account (all of which can be great, but are separate from your wealth account). You only take many out of your wealth account to buy assets, namely things that either generate money for your or increase in value. Nothing else. Ever. Period. Have I made my point?

Treat Yourself - $200. OK, so blow through some of the money, and feel great about doing it! When else have you been given money to go out and spend? And it is for the good of the country! A real win win! So get out there and buy a new shirt, or that pair of shoes you have been coveting, or a couple of games for the Wii, totally guilt free. Reward is an essential part of building wealth, because it makes the discipline required in other financial areas significantly easier to bear. So treat yourself. You have, after all, just paid an extra $200 towards your debt, and started a high interest account (into which you will be putting money regularly, right?), so now is the time to spoil yourself a little.

And that is it. Nice and simple. Three areas into which to put your “free money” - and any other money that comes your way if you choose to. Some of you may, of course, want to put more into debt and your new wealth account than into a splurge for yourself, and that is fine. Just don’t take it out all together. As I said earlier, one of the keys to growing money is feeling good about it, so you really do need to reward yourself for having taken action on improving your finances. There are a number of places to go next but, if you really allocate your money into the three areas listed above, you have laid a great foundation for yourself, and taken a strong step down the road of financial security and prosperity.

Alter your state

noreply@blogger.com (Abundance Bound) — Fri, 05 Sep 2008 18:52:00 +0000

I will be expanding this into a real article shortly, but something occurred to me last night as I was playing one of those dancing games on the Playstation.

It goes back to something I learnt at a Tony Robbins seminar last year, and he called it "Changing Your State". Essentially, the concept is that we can alter our mental state by changing our physical one. I was certainly skeptical at first, but having walked across a bed of hot coals (9 months pregnant, I might add), I began to give the idea some credence.

Since then, I have used it repeatedly, and wanted to comment on it quickly as a way of getting out of the funks that effect us all from time to time... you know, that state of depressed lethargy that kills any good intention to work, and makes you want to sit in front of the TV eating ice cream... sound familiar? I am sure it does, to some of you at least.

SO, next time that happens, and you feel yourself slipping into a hole, jump up, and workout quickly. That can literally involve doing press-ups until you can't do any more, followed by squats and situps. Or go for a run. Or bounce on a trampoline (if you happen to have one lying around). Or do 100 jumping jacks. Anything intensely physical will shake you out of your slump quickly (sum total exercise time 5 minutes) and allow you to get really stuck into whatever it was that you were procrastinating about...

Anyway, just my thoughts on the matter (having danced myself into work yesterday...)

As always, to your prosperity, and don't forget to check out The Artists' Prosperity Home Study System when you get a chance.

5 Simple Money Rules

noreply@blogger.com (Abundance Bound) — Wed, 03 Sep 2008 20:23:00 +0000

The idea of tackling their financial situation often intimidates people. They feel as if the situation is too large, too overwhelming, to be tackled, and so they adopt the Ostrich mentality (ie sticking their head in the ground) and say things like "I will sort out my finances when I get my "big break"... at least, I know I did!

But the reality is that there are several small, simple things that anyone can do to improve their financial situation right away, things that will lay great ground work to build on over the course of people's creative careers.

Pay Yourself First

This really is the corner stone of any long term financial stability, let alone wealth. What this actually means is simply that, every month, you are putting a set percentage of your income into a high interest savings account, and not touching it until you are ready to invest with that money. And that is the key. This is not the "rainy day" account that you dip into when things get hard, nor is this the "splurge" account to get something special for yourself as a celebration. Money is only withdrawn from this account to buy assets with - an asset being defined in this case as something that either makes you money, or appreciates (increases) in value (so a new car would not be an asset under this definition!). Do this consistently and, over time, you will build up a very nice amount of cash to be investing with.

Regular Money Days - records & Organization

A "Money Day" is simply a day that you set aside to work on your finances. Now, it does not have to be a whole day, of course - unless your situation merits it... usually because you haven't done one for a long time! Personally, I set aside a couple of hours every other week, and then a meeting with my accountant over the phone every couple of months. Doing this accomplishes two things: it keeps your accounts in impeccable order, and it allows you not to think about your finances between times, freeing you up to think about and do other things... like your art

Fore-cast your spending

Forecasting is the process of allocating where your money will be spent. You start by going through your Chart of Expenses (email us at info@abundancebound.com if you need one of these), and finding out where and how you currently spend your money. You then go through that list, and determine which categories cannot change (rent, for example) and which ones can (groceries, entertainment etc). Having got that list, you can then make strong, educated decisions about where you choose to spend your money... as opposed to just blindly trying to cut out Starbucks or eating out. And that is the big difference between this process and traditional budgeting. We never suggest eliminating a category, as we have all heard "absence makes the heart grow fonder". But as opposed to going to Starbucks every day, can you go every other day? Or order a Tall instead of a Venti? Doing this in several areas can make a huge difference to your overall spending.

Keep business separate from personal

Many of us do something called "co-mingling": we operate our entire lives out of a personal checking account. The problem with this is that no "real" business does this - you would never see the CEO of Kinkos write a check for the company out of his personal account. What we need to do, at the very least, is set up a DBA (Doing Business As) account (www.legalzoom.com can help with this) for our artistic career, and get a business bank account associated with that DBA. Not only does this then allow us to clearly see what we are spending and earning through our acting career or art sales, but it also legitimizes the tax deductions we take due to our art - the IRS can clearly see that we are running our career as a business, not as a hobby. The reason this is important? Business expenses are deductible, hobby expenses are not (this distinction can hurt, to the tune of thousands of dollars of back taxes: one of our students got nailed this way)

Regular financial learning

Keep doing what you are doing right now! We take time to go to art school, acting classes, workshops... but we expect our finances - something most of us have never worked on (a fundamental problem with our education system, and something we will address in a separate article) - to somehow take care of themselves. Not only is this not realistic, it is dangerous, as we can make numerous serious mistakes blundering around while we try and find our financial way. The biggest reason people stop pursuing their artistic careers is lack of money. Knowing this, doesn't it make sense to put some time into financial education now, so that you are around for the long term? We read all the time about people only breaking out in their forties: wouldn't it have been sad if they had had to leave the arts before then because they had to make money? And wouldn't it be sad if that was going to happen to you... and you had to quit for the same reason? So carve out some time now to learn about money - it will be well worth it in the long run.

So there you have it - five simple things you can implement right now that will significantly improve your financial picture over the coming months and years. Incorporating all of these things into you daily and weekly lives is only a tiny time commitment of time, but the dividends from doing so can last a lifetime.

I would welcome any comments or thoughts. Also, don't forget to check out our Artists' Prosperity System

for details on how to get $300 worth of FREE GIFTS!

To your prosperity!

Ignorance Costs

noreply@blogger.com (Abundance Bound) — Wed, 27 Aug 2008 13:32:00 +0000

We’re all familiar with the phrase “What you don’t know can’t hurt you.” Unfortunately, especially when it comes to money, it’s completely wrong. What we don’t know about money can lead to extremely painful and expensive mistakes.

What we want to achieve with this article is nothing grand. No big concepts or sweeping statements. Our goal is to provide just a few simple, practical things you can implement right away that can save anywhere from a few, to a few hundred, dollars a month.

The first step to getting a handle on your finances is completing a Chart of Expenses. (Email us at info@abundancebound.com with “Chart Of Expenses” in the subject line and we will send you this Excel spreadsheet). This document will guide you in determining (in extreme detail) exactly how you are spending your money on a monthly basis. It also allows you to determine your average monthly earnings. Completing this chart can be a tedious process, but is a crucial part of really understanding your financial situation.

Something fascinating happens when you start to really look at your finances. All of these things on which you didn’t realize you were spending money, will suddenly surface. It is amazing (and frightening) to discover how much is disappearing through financial leaks we don’t even know are there.

Some examples:

Where do you bank? How much are you paying just to have your account? Are you charged extra if you actually go into the bank and make deposits or withdrawals with a teller? We had one student who had never realized she was spending $30 per month in “Bank Charges.” Explore what options exist for free checking, free savings etc: then shift away from whoever you are currently banking with that is over charging you for this stuff.

What credit card do you use? Another student had a “great deal” with American Express. They were getting all kinds of special stuff... and were paying around $350 per year for it. Once they looked into the services that were actually important to them, it turned out that there was a free option that provided everything they needed. They had been paying that extra money every year for nothing.

Do you carry credit card “insurance?” We have all been guilty of this one. You know, the tele-marketer who signs us up for a free 30-day trial of some service, offering a free credit report or something similar. All we have to do is call and cancel if we don’t want to continue... and it seems such an easy thing to do at the time... and yet somehow we never do! Then three years later we find out we have been spending $40 per month for something we never used or cared about... you get the picture.

The point is that, with just a little bit of effort, all of us can probably find an extra $25-$100 or even more – just by taking the time to really figure our where our money is going. This is money that can start going to paying down debt, building investment accounts and actually creating a prosperous future. This month, make a commitment to find and plug your money leaks.

Putting it off will just make it more expensive.

***

Take action about your finances! Visit The Artists' Prosperity System to check out our new home study course, and really start taking control of your financial situation.

Some basic casting advice

noreply@blogger.com (Abundance Bound) — Wed, 16 Jul 2008 04:08:00 +0000

A great post from our friend Erin Cronican's blog. Actors out there, take note!

"Bite-Size Business" with<br> The Actors' Enterprise: Some basic casting advice

Affiliates Wanted

noreply@blogger.com (Abundance Bound) — Tue, 15 Jul 2008 04:29:00 +0000

So, as we launch our new Artists Prosperity Home Study System, we need people to get the word out about it... and of course benefit from promoting it (we are a financial education company, after all: it would be remiss of us not to show our readers how to make money at least one way...).

So anyway, we are looking for active, dynamic people who have connections within the artistic community and are interested in making an additional few hundred (to potentially a few thousand) dollars a month for very little effort.

What people would be doing is signing up as affiliates for Abundance Bound, and then sending out an email or two (that we right for you and you simply "make your own") to your friends and contacts. That's it. Nothing stressful. No hard selling. Just a referral to people you know to take advantage of a product that is essential (and the only one of its kind) to anyone pursuing an acting or artistic career,

Anyway, anyone interested please let me know by commenting here, or by emailing me at miata@abundancebound.com. I look forward to talking to you all soon.

Miata

Artists' Prosperity Home Study System

noreply@blogger.com (Abundance Bound) — Thu, 10 Jul 2008 05:56:00 +0000

YAY!! IT'S HERE!!

After a long silence (mostly because Adam has been on a movie and I have been working on producing our new home study system), it has finally hit the shelves, so to speak.

The Artists' Prosperity Home Study System is now available, and I really think it is a great service. It is a 4 CD set and accompanying workbook, with step by step assignments designed to really get you into action around your finances, plus downloadable forms and worksheets, and FREE GIFTS worth around $300. Plus if people don't like it they can claim their money back ny time up to one year after their purchase.

So anyway, go to Artists' Prosperity System to find out more details about the prgram, your free gifts, and our 100% money back guarantee, and I look forward to hearing your comments about what we have to offer.

In the meantime

To your prosperity!

Acting Article on IMDB

noreply@blogger.com (Abundance Bound) — Sat, 07 Jun 2008 07:07:00 +0000

An interesting article posted by The Actors' Enterprise -

SAG granting waivers to independent filmmakers

Glad to see SAG are working with producers in the run-up a potential strike.

We are gearing up to launch a new CD set "The Artists' Prosperity System" shortly, so there will be more news about that soon. In the meanwhile, don't forget to visit Abundance Bound regularly to keep up on what is going on.

New Business Website

noreply@blogger.com (Abundance Bound) — Tue, 03 Jun 2008 01:34:00 +0000

Adam and Eben, his creative partner, have started a new website - an online cooking show!

It was actually originally conceived as a way to make the bulk of our groceries tax deductible, and if it generates income as well, so much the better!

One of the things I teach at Abundance Bound is building business based around your existing skills. I also know that having a home-based business of some kind opens up all sorts of tax deductions not available to those without one. Adam is a great cook (I hate to cook, so it is a good thing he does), so doing something around that seemed like a natural fit...

...anyway, I wanted to let you all know about it as an example of a business that could lead to some additional money, and eventually a decent side income to help support all your acting careers and artistic endeveours.

Also, here is the website:

M2 Cooks

Enjoy, and I would welcome your thoughts!