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Katy Chen Mazzara is a trauma-informed Master financial wellness coach and graduate of UC Berkeley’s Personal Financial Planning program. As a former freelance TV producer and award-winning documentary filmmaker, Katy understands the balance between dreaming and doing. She helps creative freelancers and entrepreneurs make more, worry less, and achieve true financial freedom, so they can create the life of their dreams.
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Jordan Coffing is a singer songwriter, amazing dog mom and we are married!
In this episode we talk about our personal money stories, combining our finances and how we communicate about money in our marriage.
Cash rules everything around me.
wu tang clan
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After calculating your net worth with a balance sheet the next step to understanding your financial wellness is measuring your cash flow using an income statement.
This spreadsheet will map out all of your expected income and expenses throughout the year to identify shortfalls or excess cash flow.
Net cash flow is what remains after your savings, debt payments, insurance premiums, living expenses and tax obligations.
Inflows – outflows = net cash flow
What you do with extra money is up to you!
I never had the sense that there was an end: that there was a retirement or that there was a jackpot.
Leonard Cohen
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Retirement is a strange word for musicians.
Financial freedom – working because you want to, not because you have to – doesn’t work either. Most musicians want to “work” as long as possible.
So what future state are musicians saving towards?
Complete control of your creative endeavors.
Imagine making art free of financial, contractual, or commercial obligations.
Does that sound like a way of life worth saving for?
These are the accounts (in no particular order) best suited to achieve artistic freedom as a self-employed musician.
The windfall of great riches can, if mismanaged, make things worse, not better, for the recipients.
Michael Mandelbaum
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You spent an entire life and career working towards your musical goals and living a certain lifestyle. Then, in a blink of an eye, you experience a financial windfall. The possibilities are endless.
Feelings start to arise.
Joy, pride, guilt, grief, fear, overwhelm, etc.
Perhaps all at once?
Now comes the most difficult part. The decision…
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