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Each year thousands of actors descend upon New York City, Los Angeles, and other major cities with dreams of making it big. But of the 100,000 or more professional actors in the U.S. only about 2 to 3 percent of them actually earn a living on stage or screen. It's a tough business, and even talented people give up the profession due to financial insecurity. Too bad they didn't read Actor, Inc.
You've got to pay your dues before you pay the rent - that's why so many actors find themselves waiting on tables while waiting for parts. Actor, Inc. sees it differently. Jamie Grady shows you how to take charge, blend your personal and professional lives, and become an artistic entrepreneur. Grady leaves the artistry to you but shows you basic money-management techniques for staying afloat, and more advanced ideas that give you the financial freedom to get ahead.
Grady interviews members of the field for tips on everything a professional actor should know not only to survive but to make a living - and maybe even retire one day:
Don't become a starving artist. With its resources, exercises, forms, and street smarts, Actor, Inc. is the book that makes acting work for you.
I Introduction 1
Why You Should Read This Book 1
Defining Success 3
The Idea Behind Actor, Inc. 4
Additional Contributors 5
Action Items 6
2 The Artistic Entrepreneur 8
The Home Office 8
Notes from the Field: The Whole Desk Thing 10
MySpace and Other Social Network Sites 11
A Business Plan for Actors 12
Notes from the Field: Thinking About Your Career as a Business 16
Action Items 18
3 The Principles of Time Management 19
Three of the Seven Habits 19
Focus on the Things That Matter Most 22
Notes from the Field: Paying Your Dues 23
A Time Management Exercise 25
Using a Time Management Matrix 35
Review, Evaluate, and Repeat 36
Notes from the Field: Opportunities in the Regional Theatre Market 37
Action Items 39
4 Fiscal Management of Your Career 40
Four Financial Truths 40
Notes from the Field: Pain Is a Very Good Teacher 43
Your Money or Your Life 46
Recording Your Spending Habits 47
Determining Your Net Worth 53
Action Items 55
5 Fiscal Planning and Goal Setting 56
Pay Yourself First 57
Notes from the Field: A Note on Saving 58
Establishing Financial Goals 59
Paying Off and Managing Bad Debt 60
Establishing a Cash Reserve Fund 63
Short-Term Savings 65
Long-Term and Retirement Savings 67
How Much Money Should I Save? 69
My Second Financial Advisor: My Father 70
Learn More 71
Scaring You Straight to the Bank 71
Notes from the Field: When Should I Pay Attention to My Investment Strategy? 73
Action Items 74
6 Understanding Common Tax Laws 75
Understanding Common Tax Forms 76
Tuition and Fees Deductions 82
Tax and Credits 83
Itemized Deductions 85
Keeping ProperRecords 89
Action Items 90
7 Taxes and the Actor 91
Qualified Performing Artists 91
Deductions for Actors 93
Notes from the Field: Why Join Equity? 94
Preparing Your Taxes 95
Tax Preparation Software 95
The W-4 Form 96
Action Items 97
8 Other Important Information to Consider 98
Notes from the Field: How I Got My Equity Card 98
Unemployment Compensation 99
Bank Service Charges and Fees 100
Credit Cards 101
Standard Monthly Bills 101
Financial Management Software 103
Credit Reports 104
Debunking the American Dream 104
Notes from the Field: Financial Pornography 105
Action Items 105
9 Your Business Team 106
Agents 107
Notes from the Field: Good Impressions 109
Managers 110
Notes from the Field: Keeping Professional and Cultivating Contacts 110
Tax Accountants 113
Financial Planners 115
Notes from the Field: What Do I Pay Attention To? 116
Action Items 116
Conclusion 117
Corporation You 117
Having Plans, Setting Goals, and Implementing Action 118
Action Item 120
Appendices Tax Forms 123
Appendix A Form 1040 2006 122
Appendix B Schedules A & B 124
Appendix C Schedule C 126
Appendix D Form W-4 2007 128
Bibliography and Other Suggested Reading 131
Resources and Information 135
Biographies 139
Overview
Each year thousands of actors descend upon New York City, Los Angeles, and other major cities with dreams of making it big. But of the 100,000 or more professional actors in the U.S. only about 2 to 3 percent of them actually earn a living on stage or screen. It's a tough business, and even talented people give up the profession due to financial insecurity. Too bad they didn't read Actor, Inc.
You've got to pay your dues before you pay the rent - that's why so many actors find ...