Five Ways Towards Financial Wisdom for Arts Practitioners Michael Lee
In the arts, talk of money is like dealing in the “dirty business” of capitalism. The topic is wrapped up in shame, secrecy, and fascination. We have read about the high prices of artworks yet are expected to be hushhush about our personal finances and refrain from raising money matters. This text is not meant to provide financial advice, which financial advisers, courses, and platforms do best.1 Instead, by reflecting on personal experiences and observations, I offer the following considerations to answer the question: How can arts practitioners develop a healthy relationship with money for personal and collective flourishing?
1. Relate wisely to money. Ever given yourself a bigger treat than your windfall; or got annoyed by the rich for having it good? We all have our own narratives about money, and some of them do us no practical good. Self-awareness helps us to identify unhealthy relationships with money. A healthier relationship might look like this: we have clarity on our goals, such as owning an apartment, and understand that a certain amount of money is needed to reach them. Then, we act with financially supportive behaviours. Learning to identify signs of financial distress is also part of savviness, as money problems affect–and reflect–our mental health.2 Indeed, financial savvy does not require going to extremes like working tirelessly and stingeing excessively to achieve ‘FIRE’ or ‘Financial Independence Retire Early’.3 It is about having enough to care for oneself and one’s community.
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