Why Taking Control of Your Money is Personal, Personal, Personal
Money talks.
Money controls. Money limits and money frees. Money, money, money. From the dawn of time, an individual’s wealth has determined so much of their destinies. It has caused war, while simultaneously creating valuable alliances. It allows for personal freedom while also complicating what was once simple. From comforts, to security, to opportunities, your personal wealth determines, like, a lot.
So, why are we still talking about and approaching money in such a clinical way?
Money isn’t just about the numbers. When we at The Freelance CFO bring up “wealth management” or “getting your f*nance shit together,” we’re not talking about lining your pockets and cashing on those dividends just for the sake of it. Figuring out how to manage your money and create long-term, sustainable financial security for yourself is a 1,000% vulnerable thing.
Money, more than anything else, is highly personal.
So, it calls for a personal story.
Let’s Rewind a Bit …
It’s March 2020.
You’re an actor living in New York City, doing that “starving artist” thing you’ve heard so much about. Despite the high cost-of-living that comes with living in the Big Apple, you’ve build up a pretty solid savings account, have signed with a new agency, have found a new “main” survival gig that doesn’t crush your artistic spirit and you’re preparing for the world premiere of a play you’ve been workshopping for the past three years. Frankly, when news of COVID-19 begins to spread, you don’t really believe the entire world could be shut down by some stupid virus.
And within 48 hours… everything changes.
Your world premiere is postponed and then “indefinitely delayed.” All of your auditions are canceled. Two of your catering agencies file bankruptcy. Several other catering agencies canceled all shifts outright without any warning. That shiny new survival gig shuts down mid-shift and you’re sent home. You lose over $3,000 in confirmed income in a single evening, and your landlord won’t let you cancel your lease. NYC declares a State of Emergency. Two days later, you call your parents, use frequent flier miles and return home with 2 weeks worth of clothing, not knowing what to do, what’s coming, or how the hell you’re going to be able to pay rent on that now-empty apartment.
This happened to me.
And this whole cluster-f*ck of the last 2.5 years has taught me a lot… but, more than anything, it’s taught me some valuable lessons about what money really is.
Money is Security
I’m no stranger to financial troubles (I spent six years in NYC as an actor, so it’s kind of in the job description). But the kind of financial uncertainty that myself - and countless others - faced at the onslaught of a global pandemic is beyond anything I could have reasonably expected. The industries I relied upon for years to keep a roof over my head (primarily entertainment and hospitality) were completely decimated beyond recognition, and still struggle today.
And this is coming from a place of immense privilege. This is coming from a person who had family who could take care of her, who had at least some savings put aside to help pay that rent, who knew that if they contracted this not-so-stupid-anymore virus, there would be a way to afford treatment. My scenario, while not good in any sense of the word, is a far better one than faced by many, many others.
Money is Opportunity
How can some pivot into a new industry when they don’t have the money in order to get the proper training or certifications? How can a person move their family closer to family after being laid off unexpectedly? How can an individual follow their passions, start fresh and carve out a new future for themselves, when they’re struggling to stay afloat in the present?
Like so many others across the world, this pandemic has forced me to reevaluate much of my life, my choices, and where I see myself in the years to come. And like many others, financial stagnation and uncertainty (during the height of the pandemic, and now) has limited many of the options that would have otherwise been available.
Money is Freedom
Being unable to leave New York City without the help of my parents was one thing. But even before Ms. Rona set the world on fire, finding chances to escape the constant grind of catering shifts and open call auditions was, frankly, really f*cking hard.
The hustle mindset wasn’t just a mental trap I designed for myself in my quest to get on Broadway - it was the only way I knew how to survive.
Money is Creativity
One of the saddest things I’ve witnessed during this pandemic has been watching the plans and aspirations of my artist friends wither and die. They (like myself at one point) were all one paycheck away from eviction. And the thing is... they didn’t technically do anything wrong.
They saved where they could, cooked their own food, borrowed the internet from cafes and libraries. But what can dreams do in the face of such unadulterated chaos? My friends are leaving New York forever and all because of one, inescapable reality: they can’t afford their dream anymore.
Now… Let’s Look Forward.
I’ve imagined a world where I’d taken a harder look at my money habits and mindset. Where I began investing earlier, and took advantage of high-yield savings accounts. Where I leapt into the world of acting not with the mindset of “All of Nothing,” but one that involved prioritizing my financial security in equal measures to my passions to tell stories on stage and screen.
But at the end of the day, 2020 Katie was doing the best she could with the knowledge that she had at the time. 2022 Katie sees things a bit differently. Because, more than anything, I’ve realized:
Money Makes You More of Who You Are, Not Less
Too much talent and potential wastes away due financial illiteracy, scarcity mindset, and fear. Too many people are unable to provide for themselves and their families because they’re living paycheck-to-paycheck. Too many individuals are unable to live in the way they wish, doing the things they want to do, wearing the clothes they want to wear… because they’re pinching pennies just to get by. That way of living is in the past, and should remain there.
I do not believe that any person – any struggling actor, any aspiring dog mom, any visionary entrepreneur – should be put in the position where their dreams are shattered because they can’t afford it. When you picture the life you want for yourself, it shouldn't be with the asterisk of *but only if I win the lottery.
You have a duty to live your singular, wonderful and uncommon life to the fullest. So, start today. Don’t wait for permission from anyone, least of all your past self. Don’t let the clinical, fear-based teachings of your past get in the way of your future. Everything you’ve ever wanted is just on the other side of fear.
So… what are you waiting for?
Take the first step towards financial freedom and a life of your own design:
Sign up for our free 5-Day “Get Your Money Right Challenge.”
Subscribe to Confident Money with Katelyn Magnuson, a podcast that tackles Money Talk for Real People (almost) every Monday.
Start your Financial Freedom Vision Board with our downloadable Affirmations Kit and Money Manifestation Checks.
Take a true leap by signing up for our Facebook group, Money Mavens, where we dive deep into a variety of topics with guest speakers, workshops and more.
Disclaimer: The information provided in this blog is for educational purposes only and does not constitute financial or tax advice. Reach out to The Freelance CFO team with any questions regarding specific financial concerns, or seek the services of a fiduciary.
