Your acting career is directly tied to your relationship with money. There’s no way around it.
How fast you want to grow as an actor, how widely you want to market and network, how committed you are becoming a household face and name. All of this is affected by the dangerous money traps you fall into.
You would likely tell me that you’re ready to make a fortune and become famous. You’re ready to stop struggling, make a living acting, and building a business that can support you, your family, and every issue that matters to you.
Except, that’s precisely what you’re not saying.
I hear actors in your situation shit-talk money all the time. Money is the ultimate assassin to their hopes and dreams in most cases. So you’re going to see below, exactly how vilifying money is going to destroy your acting dreams.
It’s not your fault. Not at first. After all, crappy, limiting beliefs about money surround all of us. Most of us brought us middle or lower class. If you’re like me, you were not brought up with a silver spoon in your mouth.
But that’s no excuse to stay stuck in a dysfunctional relationship with money.
Here are the facts: There’s up to $1.3 quadrillion dollars in circulation or being traded. Quadrillion! Let me remind you that that is more than 1000 trillions of dollars.
Are you telling me that, you don’t think there’s enough wealth for you to have some too?
Actors sadly often fall directly into this money trap.
This is especially true for actors who do not have financial support in the form of a spouse, partner or family member. That makes a healthy majority.
Wealthy people think about money differently. They side step these traps and go for the gold. You can do the same. You must!
The 8 Money Traps You Must Avoid to Succeed Financially
Here are the most common limiting money beliefs I hear from actors. Which of these things do you believe deep down?
1. “It takes money to make money”
You’ve thought this at least once, admit it. I hear this from actors. All. The. Time. It’s what traps you into money jobs, and even stops you taking the right opportunities when they come up.
Here’s the truth though. The majority of millionaires are first-generation millionaires. They weren’t given $1 million, or even $10000, to invest as capital. They did it themselves.
Your job as an actor is to create capital to invest. You do need to invest in headshots, coaching, classes, workshops, marketing materials, internet services. You can do that all the time in a million different ways. Not just waiting tables or walking dogs.
Regular joes get rich all the time, and so can you. Persistence, strategy and courage will make you money.
2. “I Want Financial Security”
Your unsupportive family members probably told you, acting is not a career for someone whose top priority is financial safety and comfort. Yet in today’s economy, most careers are not.
Businesses close and downsize and automate. People are left with more massive student debt than ever before. If anything, you’re now in the same boat as most people who thought college meant financial stability for the rest of their lives. Not the case.
However, there’s a huge difference between seeking comfort and financial freedom.
You can seek that too. You have to use different strategies that we will discuss in depth – keep reading. You have to be focus on the persistence and courage mentioned just above. Then you can create most anything you want.
3. “I Need to Make Money”
You juggle a lot as an actor.
This belief that you need to make money is dangerous. It focuses on trading your time for money. You think, “if I work more hours, I’ll make more money.”
It doesn’t have to be that way, even if that’s all you were shown. That’s not how wealthy people think.
Instead, offer more value and receive more value in return. For you, a major component of this is honing in on your niche and brand. What are you offering to the market, and who wants it?
Plus, your on-screen career is all about passive income. Shoot it once, get paid continuously for it. That’s what a powerful union does for you. Focus on that.
Time is something you will never get back. Don’t throw away your time.
4. “The more money I have, the more problems I’ll have.”
Do you seriously believe that not having money is not having problems? That’s some awful advice.
Does your lack of money mean your life is problem-free right now? If you’re like most actors I know, they want more time, more flexibility, more money to invest in their careers, and more options to have some life balance.
They see major problems here. Because, like above, they’re just trading hours for dollars. Are you trading dollars for hours?
Broke is a problem for too many actors, maybe even you. In a recent survey, 56% of Americans have less than $1000 to their name. 43% couldn’t pay their monthly bills without their next paycheck.
This is beyond living paycheck to paycheck. It’s without any shield of protection in an uncertain world. You must do better than that with better planning.
Want the truth?
Money will offer you more control over your acting career, as well as more choices. I’d call that fewer problems.
5. “Money can’t buy you happiness”
This goes hand in hand with the trap just above.
Money is a tool. Happiness is a feeling you create. They are unrelated. They are NOT CONNECTED!
Stop tying together two things that are not connected. That’s all in your mind.
Let me say that one more time: they have nothing to do with one another, unless you connect them by choice. I have friends and family who are very happy with their life, even if they are not millionaires.
And I know millionaires who are completely miserable. Do you?
Are you meeting miserable millionaires? If you’re not, it’s time to increase your social circle. Actually, it’s good to meet the miserable millionaires, because they remind you that money and joy are not tied together.
Money is a tool that magnifies everything you already are. It also gives you more choices and options, for good or bad, including happiness.
6. “Money is the root of all evil”
This is the third consecutive trap about how “bad” money is.
Nonsense. Money is just a tool of commerce. It used to be jewels and spices. Now it’s money that gets us more.
In fact, this quote is just plain wrong. The actual Biblical passage is: “the love of money is root of all evil.” It’s about greed and loving money more than loving people. That would create unhappiness, in my book.
But let’s be clear, money is not evil.
You choose how you use money. Do you want to be able to take care of yourself, your family, your social causes and loves?
That’s your choice. If your choices are evil, that’s all on you, not money.
I know plenty of altruistic people who make hundreds of thousands of people’s lives better, by using their money to create a better world. That’s my choice too. What is yours?
As an actor, you get to touch people’s hearts and minds. They emotionally connect to you. You get to influence more people through good channels than most other people. I say, make some money, and do more good in the world!
7. “Money doesn’t grow on trees”
Remember the statistic up top: there’s around $1.3 quadrillion dollars in play in today’s economy. Quadrillion! It’s hard to even get your head around that number, there is SO MUCH MONEY.
Why shouldn’t you have a significant piece of that?
Money doesn’t care who has it. It wants to be cared for and grown, whoever has it. If you don’t take care of it, it will leave you.
Bill Gates, who created huge value and huge wealth, said it best: “If you’re born poor, it’s not your fault. If you stay poor, it is.”
Never forget, there’s more than enough to go around.
8. “Rich people are selfish”
Finally, the most judgmental, and brutal of all statements about money.
These are lies that poor people habitually tell themselves and each other to feel better about their income. Instead of focusing on getting out of their poverty, this story keeps them feeling safe.
If only they gave up this story for a better one!
Don’t forget, plenty of millionaires came from nothing.
I’ll go out on a limb here: it’s okay to be selfish so that you don’t have to depend on anyone else. Once you take full care of yourself, and responsibility, then your cup can run over. You can truly give and give and give.
Just like the “root of all evil” trap, plenty of rich people use their wealth to make the world a better, happier place. And don’t forget, they received their wealth from creating huge value for people. It’s a double win.
Money is a tool. You choose how to wield that tool. You can start giving plenty now, even if it’s not financial. Give your time, your spirit, your self. If you start becoming that actor, then what could you do with all of that money you will create?
Stop falling into old stories and easy traps. You’re an actor. You tell stories – so start telling yourself better stories!
It’s time to free yourself from the idea that money is bad.
Your limiting beliefs about it are all that is bad. They are unfair to you, so it’s time to let them go. You can start to change those one by one, until you become a master of giving, generosity and creating more value.
RELATED: Learn new strategies to get more auditions and get more work. Click here to learn more now.
If you want to learn how to make more money, keep more money and make money work for you, let’s work together: