The gig economy is risky
I’m a firm believer in making mistakes. Specifically, the all-out, crash-and-burn kind. You know those people who say “own it” — yeah, that’s definitely me. That’s the sort of high-risk, high-reward mentality that leads to really thrilling moments onstage and in life. And when the reward is that intense, so is the loss.
My formal background is as a professional opera singer. The level of training for a full-time career in the field includes Olympic-level physical, emotional, and intellectual training. Opera singers don’t use microphones, which means they must use their bodies in a perfect, practiced physiological balance to become a human megaphone.
They learn several languages, with enough facility to jump into rehearsals with colleagues who are relative strangers, singing about passionate love and infuriating politics while maintaining that physical balance in a foreign tongue.
Unlike the Olympics, regular opera singers don’t get endorsement deals. (Okay, famous tenor Plácido Domingo is sponsored by Rolex, but that’s a particularly singular example.) So despite its extreme training, opera is a medium that requires its artists to manage themselves as freelancers. Freelancers and be-your-own-boss types, I know you feel me: it’s difficult to anticipate which years will be the busy ones and which will be eerily empty.
Preparing for financial uncertainty
So how do you manage finances with so much up and down?
Invest time instead of money. I rethink how I’m approaching my everyday needs. I’m talking about what methods of transportation I use and how often; I’m talking about regular doctor’s visits or self care; I’m talking about any payments that you owe regularly. Is there any way to reassess seemingly non-negotiable expenses? Can you refinance a mortgage? Can you drop the gym all together and commit to really learning and developing an exercise routine? Find something convenient you can replace with free education; the Internet is an insanely abundant resource and should be milked for information.
Develop multiple interests and invest in them. I am a professional singer, but I also love to cook and am serious about it. I write frequently and across a wide spectrum of interests. I read avidly. When you invest in other ideas and interests, you make yourself a more powerful candidate for the workforce, and you give yourself more ability to seize opportunities. Who knows – you might find yourself pivoting careers.
Design a financial contingency plan before you need it (but go broke at least once). Do you have a place to crash if you can’t afford your own place? How much money do you really need to get through the month? How far can you stretch $50? If you can’t define your limits, you’ll never be able to develop a plan with thoughtful security.
What’s life without risk?
The freelancers who truly succeed are the ones who failed. It’s that Oscar Wilde quote, right? “Experience is merely the name men give to their mistakes.” And so have I before, and so will I again.
The only way forward is up. I’m going to take my experience along with me for the next chapter. I hope mine will help color yours a little, even if with a passing thought. Dare to lose it all — and see where it leads.
#Finance
