Photographers think a lot about how to make money, but saving it (or wealth management) is a different matter altogether. It’s something that presents a unique challenge for many freelance photographers who don’t collect a regular paycheck or have employer-sponsored retirement plans. Saving can be even tougher when there’s always some new piece of equipment, software, or marketing program demanding your hard-earned cash. But saving is essential for anyone interested in owning a home, sending their kids to college, or retiring someday. We discuss the ins and outs of wealth management and financial literacy for photographers to help you set your financial goals.
Saving is something that I’ve been conscious of since I was a little kid watching Wall Street Week with my dad on Friday nights. I can remember learning that some people in the world had saved enough money that they didn’t need to work anymore. They had so much money that they could live off of just the interest and dividends from their investments. I remember thinking what a great idea that was and I was going to try to do it. Though I never made big money as a photographer, I’ve always been able to save. Even when I was shooting fifty-dollar assignments for the Associated Press.