This is a guest article from Stefanie! She’s trying to find ways to stretch her budget in one of the most expensive cities out there, New York City. A graduate of New York University’s drama and psychology programs at the height of the financial crisis, Stefanie discovered the world of financial planning out of necessity. Thanks for sharing your insight, Stefanie!
For those who don’t know, I am a professional theatre actress. At 27 years old, I’ve never made more than 30k in a year. Most of the time it’s somewhere between ten and twenty thousand; although, I want to say closer to ten. I face frequent and long periods of unemployment. After every job I don’t know when or even IF I will work again (in my field).
I can supplement my income by working in a place that doesn’t interfere with my job search (aka, auditioning, which limits me to service, babysitting, trades show hostessing, bartending, and any other place you’d expect to find a wannabe, or rather, a professional actor). My career also necessitates that I live in one of the most expensive cities in the world which compounds the fiscal strain.
While I’ve found a way to make the financial implications of my chosen career path work for me, the desire for a home, family, stability, etc., makes me question my endurance in living this nomadic and uncertain lifestyle. I see friends and coworkers deferring their other life dreams and continuing to tackle “the grind” at 30, 40, 50, 60, and beyond. And I don’t mean the grind of daily work, I mean the grind of getting up at six AM to stand in line for an audition, run across town to get to the next audition, take what little money there is to buy new headshots or take an acting class, then rush to work at four o’clock and close out at two or three in the morning. It’s the grind of trying to survive on passion.
It’s hard. They said it would be. I knew it would be. The only thing I didn’t count on was the trajectory. In most professions, careers are linear. There may be unexpected setbacks or a change that requires a temporary hardship, but generally speaking, you can progressively work your way up in a logical manner.
In my field, it’s more like riding a rollercoaster. You get a job, it ends, and you start back at square one. To be fair, it’s not quite square one because you develop relationships with people, theatres, and companies every time you work. These experiences are invaluable and have actually gotten me subsequent jobs. But still, you have to start over again, unemployed and waiting in the audition line until that opportunity or a new one arises. There’s no telling if it will be better or worse than the job you had before.
Sure, it’s up to you to choose which offers you accept, but when you’ve been waiting tables for a few months, it’s really tough to turn down that performing job, even if it is in Phoenix, in the middle of the summer, for $300 a week. Plus, you don’t get your health insurance benefits if you don’t meet the 12-work week quota. Sometimes you have to accept a job where you’re essentially LOSING money just to qualify for insurance.
It’s hard to take a step backward, in either pay or prestige, but such are the realities when “living the dream”.
The only way I’ve managed to handle a lifestyle where I have so little control is to empower myself where I can, and financial planning is an excellent way to do it. Knowing the uncertainty of my future, financially and otherwise, I put systems and strategies in place to reach my goals regardless of the “dream” trajectory.
I save diligently, I have a substantial emergency fund, and I’m cultivating my “side hustles” like crazy. Maybe in the future, my other dreams will require me to put this one on the backburner. But for now, while I can, performing is priority number one – even if it means sacrificing a stable income, certain employment, likely advancement, and the benefits that come with all of those things. Some dreams are worth fighting for.
it amazes me every time how people’s stories vary so much! I have to say that I admire your pursuit in following your dream – not many people would be willing to suffer for it. I hope you succeed, and I have to say: it’s incredible that you are able to save while earning what you do… that’s definitely a lesson for the overspender in me!
Thanks! Savings is easier some times more than others, but I always just do my best.
I agree with LMM – it’s awesome that you’re willing to sacrifice to follow your dream. Many folks that have sold out for higher incomes won’t be able to say that when they’re 70+ years old and look back on things.
I am so impressed with your drive and passion! And the fact that you have a substantial emergency fund (and an awesome blog!) I know you have to have an emergency fund because of the nature of your employment, but I’d be willing to bet that there are a lot of people in your situation who have given up the idea of having an emergency fund and use credit cards instead. Good for you for being so responsible. Great post!
Thanks Dee. I realized early on I’d need an emergency fund and was lucky enough to be working and able to save while that realization hit. It’s made a big difference going forward.
“While I’ve found a way to make the financial implications of my chosen career path work for me, the desire for a home, family, stability, etc., makes me question my endurance in living this nomadic and uncertain lifestyle.”
I think we all feel like that if you work in the arts. Although I’m sure if I went back to my 19 year old self and told her to go get that English high school teacher certification instead of a theater production degree, there’s no chance she would’ve listened. Or if she had, I kind of doubt I’d actually be happy in that life. I just have to KNOW how far I can go with it before I walk away, you know?
But good for you surviving in NYC. That is a tough, tough town.
I don’t know that I would change anything either, even now. I’m with you, I have to KNOW where I can go. And so far, it’s been pretty good (though hard).
I commend you for giving it your all to follow your dreams. I’m already a freelancer but not sure I could handle the ups and downs of a professional actor. You have to have really thick skin on top of everything else. I hope some big breaks and big money come soon!
Thanks Tonya, I hope so too!
It only shows that we all have our burdens to carry, our struggles to deal with. They just come in different shapes, color and sizes no matter what career path you may be in. But I can’t help but be impressed by your spirit. I guess we all just have to keep pushing and one way or the other, we can get to where we want to go.
Having goals attached to passion is very powerful.
The point is that you’ll never have to look back with regret — and I think that’s worth the financial burden. It’s great reading about you following your dream and making it work!
You’re right. I never want to look back and wish I had gone for it. It’s hard, but I’m grateful for the experience and every bit of success, small and large.
Great post Stefanie! It seems like so many people are willing to give up their career/work dreams way too early an settle into an office job they hate. It’s refreshing to hear that some people are willing to sacrifice to pursue dreams they know are worth pursuing.
I’m pushing for as long as I can, and enjoying each step along the way 🙂
Very few dreams are achieved without making some sacrifices along the way. Kudos to you on following your dreams and being smart about your finances at the same time.
Thank you! You’re right, most, if not all, dreams require some sacrifice.
Yesterday I clicked on an article listing the 10 worst jobs for 2013. Acting was on the list. They gave the average yearly salary – in a good year – for an actor at $40k. Which makes your budgeting/frugality all the more remarkable. I too admire you for pursing your dream. You should let us know the next time you have a job, so we can go see you and market your performance.
I’m actually SHOCKED to see an average of $40k. Maybe they’re not including the actors who have been unemployed most of the year.
Wow, that sounds like a tough life. Hopefully you’ll get a big break at some point though. Good luck!
Thanks! “big breaks” are a funny thing in theatre- they don’t necessarily translate to a more steady or successful career in the future. Sometimes they’re just an isolated moment.
Wow… This seems like an incredibly difficult reality to contend with. Stefanie, much respect for following your dreams like this.
I like how finish it off…Some Dreams are worth fighting for! Totally agree with you on that. You are such an inspiration, while many cower before uncertainity and give up their dreams for a stable life you are pushing even harder on yours. Wish you the very best 🙂
Thanks Simon. I have to push while I can!
It’s tough and I know a lot of what you are going through. I want to be a writer and it is hard to find the time when I work a full time job to support myself and my family. It is worth the late nights and long hours and suffering just to hopefully one day make it a reality and accomplish what I really want to do.
I hope we both make it big 🙂 !
Wow, thanks for sharing Stefanie – very well written article and great story! Good luck with everything and I hope it gets easier for you!
Thanks Roger!
stefanie, i agree that dreams are worth fighting for. you’re an inspiration for living your life genuinely and truthfully. most people can’t.
Thanks Catherine. It’s a ton of work and uncertainty, but I still love it.
Great post – it goes to show that money shouldn’t be the deciding factor in everything we do. Even in a job that has a low paycheck, if you are happy, that is all that matters. Personally, I would rather be in a low paying job I love than a higher paying job I hate. Life is too short and we only get one.
I want to do what I love AND make a ton of money 😉
We’re sticking it out in NYC as my husband works in post production TV. It helps that I’ve gotten far enough in my career where I’m making decent salary and get good benefits. He could make great money and then get laid off for three months which really sucks. He’s now at a place where his job is more stable but he took a paycut for that kind of stability. My good friend in NYC is in the same struggle as you (she was into theatre but now is more into her comedy gigs) and she purposely only temps so she can keep trying to get that next gig. I commend you for sticking with it!
Thanks Tara. Even temping is tricky because it falls during regular 9-6 audition hours. It’s great that no matter what happens with your husband, you have good benefits in place.
Thanks for the perspective! I wrote a post earlier how it seems hard to live off making less than $100k a year living in NYC and broke down all the expenses. I can’t imagine living off $20-30k a year?!
So you have a post detailing a normal budget month? Or can you share with us here how you manage? Any help from the parents? If you can make it in NYC off $30k/year then nobody should ever complain again!
Thanks!
Sam