3 Pieces of Financial Advice For Photographers
Buy Nothing
This is a transcript from the video I shared on my channel. You can watch it here.
I’ve never been one to talk about money, but as time passed, I’ve learned a lot about money. We’ve all heard a lot of financial advice from our parents, friends, teachers and the internet. So, as a photographer, here is advice that will grant you some level of financial freedom.
Purchase Only the Essentials.
You started out as a photographer; you did not need much. Most of you reading this now started with a camera, a kit lens or, if you were lucky enough, you owned the nifty-fifty. A great lens for every photographer and one of the most affordable on the market. As you continue in your career, you keep purchasing things you think you need, but you really don’t. Some things are only worth renting, not owning.
I always stick to and with the essentials. I only purchase what i absolutely need and will use on a consistent basis. If it’s not a thing of necessity, don’t purchase it. Think of money like this. When you lose or spend $1000.00, think of how much time you’re going to spend in remaking that.
Don’t fix or Replace it Until it’s Broke.
You do not need to change your camera every year. Get what works for you and stick with it. There are new cameras with advanced technologies, but when it comes to image quality, we do not see much. A significant difference. I know the new mirrorless cameras are great, but do you really need them? I know photographers who use a 10-year-old camera, the Canon 6D and still make amazing photos! And this camera is 10years old! If it’s not broken, don’t fix or replace it. This way, you get to keep quality and still make beautiful pro-photos and on the plus side; you get to save more money.
Spend Less Than You Earn
This is the default advice when it comes to finances. It’s only natural for people to spend more as they earn more. It takes discipline to spend less.
Always look at where your money is going and try to cut back as much as possible — internet, rent, food, electricity, water. There are something which we cannot cut; basic needs. But if you find things which you can live without, take them away.
All the photographers I’ve spoken to desire financial independence. Pursuing your passion and staying broke helps nobody. It does not help you and it does not help the community too. Invest your money in something.
Currently, I’m investing with Achieve Ghana. It’s a Ghanaian app for everyone in Ghana. Achieve is offered by Petra Securities Limited and they grant the investor access to safe personal investment. Low risk. It’s my first time investing in anything which is not me.
I’m going to end this article here and, if you are an artist or photographer struggling with your creativity, I have the right book just for you.
