Actors are a business by themselves. They are entrepreneurs and CEOs of their own companies. Their unique set of skills are the products they sell. Therefore, the task of maintaining, investing, growing, and insuring themselves is essential to stay in business over the long term. There are many uncertainties associated with leading a life as an actor.

The fiscal pressures of being an actor

Actors do not have the benefit of a steady income in their profession. They only earn when they have an assignment, and because income is not equally spread through the year, managing the money they earn becomes critical. On the other hand, actors are under pressure to lead a celebrity-like lifestyle, emphasizing keeping up social appearances. As a result, they tend to hire the services of agents, public relations managers, lifestyle consultants, and now increasingly, social media managers. All of this makes financial advice for actors a prerequisite.

So, how do actors, who tend to have fluctuating income levels, find the means to engage in personal financial planning? Here are a few ways to help in financial management, some money-saving tips, and building a corpus to secure the future.

Acting is a profession like any other: One needs to take money seriously. When we think of actors, we usually picture the big stars in our minds. But there are hundreds of acting professionals out there struggling to eke out an ordinary everyday life. Sometimes actors glamourize the act of sacrificing for the sake of art and tend to ignore the finer aspects of managing their limited sources of income. Actors need to realize that efficiently working their money can provide them more flexibility and explore opportunities more freely.

Build a cushion or a safety net: The most crucial aspect of living with an irregular income is being prepared for lean work periods. Diligently setting aside a certain amount whenever there is a good payoff and resisting the urge to spend recklessly will help create a cushion for times of low work.

Different accounts for different purposes: Unlike the smooth transaction through a salary account from employer to employee, actors will be forced to engage in multiple, and at times complicated financial transactions. It, therefore, becomes critical to keep track of all accounts and practice good money management. Ideally, a primary bank account that accrues all your income should feed into separate accounts for monthly budgets and another for savings and investments. Subscribing to good growth funds, putting away small contributions every month will go a long way in ensuring a solid fiscal foundation.

Health and Life Insurance: Actors do not have employers to offer them medical insurance facilities. Being medically insured means one can handle medical needs without having to deplete savings. Similarly, a life insurance policy can protect families from an unfortunate eventuality and acts as a safe way to save money.

Get an Investment Consultant: The key to truly succeed as an actor is financial planning and analysis. Being an actor can be demanding and stressful, deprived of the time to manage our monies. Just as an agent is essential to help grow an actor's business, an investment consultant can help increase an actor's earnings.

Develop additional streams of income: Most actors quickly attain a certain amount of fame and recognizability and begin accruing a following among the general public. This following, if nurtured carefully, can be leveraged to earn some extra cash. Social media influencers are all the rage today. As an influencer, an actor can engage followers with highly unique content. Actors can also put some of their other skills to good use. Modeling, acting-course collaborator, speaking assignments, and other public engagements can help additional earnings and provide platforms to remain in the spotlight.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.