Friday, March 11, 2011

entertainment industry coach question 736:Now the stock market is messing up the economy because of the earthquake. Can we get a break?

I want to be gentle with my response here because I know this is not exactly a question, but an expression of frustration, with an underlying opportunity for me to blog about. First let me say, I feel your pain. As a business owner myself, it is scary when CNN has wall street people talking about how our economy is about to take another hit because of the repercussions of the earthquake in Japan.

That said, I've been glued to my TV all morning waiting for a Tsunami which may or may not hit the West Coast. I'm reading on Facebook and Twitter about all of my beach friends evacuating, so at the moment I'm far more concerned about their safety. Things can be replaced, lives cannot. The economy is unpredictable, loved ones and dear friends, and even people we don't know are real, and their safety is the primary concern here. Which leads to your semi-question...

This isn't really about the economy and it isn't really about your job as an entetainment industry professional. The entertainment industry has enough ups and downs and sidetracks to keep you off your game without the help of Mother Nature. What this really is about is how you manage your money.

I've given a seminar for years called "How to Maintain Stability in an Unstable Industry." This seminar gives you perspective on the nature of our industry and how you look at your relationship with money. Are you responsible with your income? Do you save for times like these? Can you afford to save if work is sporadic? And if it is sporadic do you create multiple streams of income to protect you and your family?

The bottom line is you have chosen an industry that has the potential to be feast or famine. You can't hide behind the fact that you're a "creative" to make excuses for not being responsible with your money and planing for your future and your family's well-being. Being responsible means that while your main focus is on generating the work you're passionate about, a percentage of your time must go into additional ways of creating income.

Nothing is guaranteed. Our world is unpredictable. We can only live day to day, not in the "what-ifs" but we must plan if we need to feel secure. Not everyone does, but it sounds like you do.

Perhaps today, even in your position of struggle and frustration, you can make a small donation to the crisis in Japan or help a friend who needs temporarily shelter in Los Angeles, something that makes you feel good about the fact that you can do something to help others no matter how bad it gets for you, you can still give back in some way.

Be safe!
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