NIM's TOP 10: "DANCING IN DEBT" Financial planning

"DANCING IN DEBT" Financial planning for #entertainers and #creatives requires special attention; planning should be not just for now, but for after their career wanes.

If money earned today is not properly #budgeted, #saved and #invested, the vast majority will end up either #bankrupt or in #debt. Remember, it’s not the #money you make; it’s the money you keep. 

 Do you regularly borrow from friends and relations just to make ends meet? 

How did you get to this point? 

Is it your lifestyle? Are you extravagant? 

Are you trying to keep up with the “pressure of celebrity?” 

Perhaps you just don't earn enough to fund your lifestyle and obligations. Your attitude to your debt matters; wishing it away or inaction makes things worse. Here are some tips: 

1. Prioritise your debt. 

2. Cut back drastically on spending. 

3. Tackle high interest loans first. 4. Try to earn additional income by putting all your skills to work. 5. Approach lenders, apologize for delay and reschedule 6. You may need to sell some assets. 

Don't avoid friends and relatives that you owe. Your borrowing behaviour affects lenders’ attitude towards you both now and in future. Have you registered for The Dance Workshop? Do share these tips with all the creatives in your world.