Financial security or following my passions – can I have both?

I feel like I’m behind my peers financially. I am more of a creative person and have never really understood the world of money and business. I just want to focus on my creative pursuits and not have to worry about money, but that’s obviously not practical. I worry I’m not financially minded enough to create financial security for myself, and I also feel disadvantaged because my creative work is not as highly paid or stable as other careers. How do I create financial stability for myself, without having to give up my creative work?

I’ll take a broader interpretation of “creative work” here; after helping many people in this position, I know this question applies to a diverse range of situations, including freelancers with a fluctuating income, people in social or charitable work, or even religious or spiritual work.

Many people working in creative careers can feel like the world of finance is foreign to them. But it doesn’t have to be.Credit: Simon Letch

This can be a frustrating place to be. You want to do things that are important, meaningful and valuable to you. Yet, it feels like the way society is set up, you have to play by the rules.

You might feel like you’re stuck having to choose between two paths. Do you pick the path that brings you money – and with it, the comfort and peace of mind that come with financial security? Or do you stay true to your calling, accepting it will come with financial struggle?

Today, I want to share a few perspective shifts that I think will help:

Rethink your beliefs about the pursuit of money or financial success

Frequently, I find that people in this position have beliefs about money and financial success that work against them. They may see it as bad, wrong, materialistic, greedy or inaccessible, not possible for “someone like them”. This can make it difficult for them to take the steps needed to create financial security, or make them closed off to opportunities that could improve their position.

Here are some real-life examples I’ve seen:

• The yoga teacher who refuses to charge for classes to make it more accessible, but people who can afford it would happily contribute in a pay-what-you-can model.
• The musician who undercharges for performances and is scared to ask for travel costs to be reimbursed because “what if I lose the gig” or “am I worth that much money?”
• The baker who is running losses and keeps funding work out of personal savings because the idea of making a profit from her side hustle makes her feel selfish.

You can be a creative person and be financially successful, too. You can have both, but you have to believe you can have both, and you have to not see financial success as dirty, bad or wrong. It’s difficult to take action towards something you don’t believe is possible.

Start seeing finance as a life skill, not a specialised skill

Unfortunately, many people think of finance as a specialised skill because that’s what we tend to see in the media and movies. You hear the finance news reporting on the stock market, or movies like The Wolf of Wall Street and you start to think that’s what understanding finance is about.

What if prioritising financial security short-term isn’t ‘giving up’ or ‘selling out’, but securing your creative freedom long-term?

But that’s a bit like thinking that professional race car driving is the same as learning to drive. You don’t need to be a race car driver to learn how to drive your car to work.

Personal finance is the same. It’s a bit like driving or cooking. Sure, some people take it up as a profession, but you don’t have to have professional training or skills to learn the basics.

When you stop seeing finance as a specialised skill, and start treating it as a life skill, it makes the learning curve less painful. You stop wondering if something’s wrong with you whenever it feels difficult. You start to accept that it’s just going to take a little time and practice.

Start seeing finance as something that will help, not hinder, your creative passions

While many artists think of their finances as an afterthought, I think artists/creatives need to think of their finances first, not last.

Your financial security will give you the foundation to pursue your creative passions. It will allow you to fund projects no one else will, and take creative risks without worrying about the money.

One story that comes to mind is Arnold Schwarzenegger. Before making it big in Hollywood, he focused on building up investments in real estate. This gave him the creative freedom to pick acting roles without needing them to pay his bills.

So instead of thinking you can’t be financially secure because you’re an artist, what if pursuing financial security will give you the freedom to be more creative? What if prioritising financial security short-term isn’t “giving up” or “selling out”, but securing your creative freedom long-term?

Paridhi Jain is the founder of SkilledSmart, which helps adults learn to manage, save and invest their money through financial education courses and classes.

• Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.

Expert tips on how to save, invest and make the most of your money delivered to your inbox every Sunday. Sign up for our Real Money newsletter.