The Art Of Banking: Why Creatives Need To Master Their Money Skills
In this contributed post, we take a look at the art of banking and how creatives can better master their money skills. We explore everything you need to know about tracking income to setting up a bank account.
Why You Should Learn About Banking
There are all sorts of reasons why creative people should learn about banking and make it their top priority.
First, money is more than just a tool to pay the bills. It’s something you can use to invest in yourself and support your higher goals. Cash is often the foundation of what you do, so having more of it can help tremendously.
Second, money is something you can use to instill discipline in your life. It’s something that makes it easy to find out whether you’re on the right track with your spending or if other people find value in what you do. Money is an excellent signal, telling you if your life's on the right track.
How To Use The Art Of Banking To Benefit A Creative Career
There are all sorts of ways to use the art of banking to benefit a creative career. Here’s what to do:
Educate Yourself And Learn From The Experts
The first step is to educate yourself and learn from the experts. Become financially literate so that you understand money, opportunity cost, capital investment, and growth. Having this knowledge puts you at a significant advantage over the 90% of people who don’t hold these concepts at the forefront of their minds.
There are all sorts of ways to learn about banking and money, including this blog, podcasts, the news, and educational websites. The more complete a picture you can create, the better you will be able to navigate what you learn.
Set Goals
The next step for creatives is to set goals. Consider what you want your financial situation to be 5 to 10 years from now, and what will give you the life that you want.
Don’t get into the trap of setting ever loftier goals and constantly striving higher. Instead, focus on what you need right now, and how you can live contentedly.
Learn The Process
You’ll also need to learn the various processes involved in banking and mastering money skills. It’s not always intuitive or simple.
For instance, find out how to obtain your Federal EIN quickly. You may need one of these if you want to open a business bank account.
You should also learn about financial statements, brokerage fees, and interest rates. These factors will also play a significant role in determining how much wealth you can build.
Make A Budget Or Start Tracking
Lastly, you’ll want to make a budget to ensure you’re setting aside a significant portion of your income for savings. Long-term, you’ll need around 10% set aside, though, you might want to include more in some cases, especially if you are nearing retirement.