Post by Lady Stardust ★ on Jan 13, 2022 14:59:36 GMT -8
For actors - or really, any creative professional - going “full-time” is seen as one of the ultimate career goals. Being able to support oneself fully on creative endeavors, free from the constraints of a day job, is a reality for some but a distant dream for many others.
How much money someone needs to make per year to live comfortably varies widely from person to person. There are many factors that influence this, such as:
When is it generally considered safe to quit a job in pursuit of creative endeavors?
The most basic answer is: when your creative endeavors are providing you with enough stable, consistent income that you no longer need to - or even have the time to - have an additional job.
While dry periods are expected from time to time, if you routinely find yourself struggling to pay bills, it may not be the time yet to let go of that safety net.
Why part-time can still be a great option
How to set your “full-time” income goal
If you’re not already doing so, set a realistic budget of your monthly living expenses (you can find various budget templates online). Remember that your needs may fluctuate from month to month based on emergencies, one-time expenses, trips, etc. Figure out the *bare minimum* amount you would need to make per year in order to be comfortable.
To go back to the above, everyone’s situation is different. Let’s use an example of two fictional actors.
Actor A books a lot of industry-level voiceover work, but rents a house in the Los Angeles area which is known for its exorbitant cost of living, and is the primary breadwinner for their spouse (who only works part-time) and two children, as well as multiple pets. They also have health insurance and student loans to pay off each month, and occasionally take a family trip or outing. This means Actor A has very high monthly expenses and, despite booking a lot of voice work, still has to hang onto their day job to make ends meet.
Actor B is a bit younger and primarily does indie voice work online. They live with their parents and are on their parents’ health insurance plan, live relatively simply and have minimal expenses. Therefore, they are able to invest the money they make from online voice work into upgrading their home studio equipment, joining online casting sites, and taking classes.
First off, what exactly constitutes a “full-time voice actor?”
A full time voice actor is basically someone who is able to support themselves financially off of voice acting alone, without the need for a “survival job”. It doesn’t necessarily mean they’re working all day or even every day, but simply that they are making enough money doing it that they don’t need a traditional day job. Many actors who consider themselves full-time may, however, still do freelance work in adjacent areas of the industry, such as script adapting, directing, casting, or teaching.
Why full-time means different things for different people
How much money someone needs to make per year to live comfortably varies widely from person to person. There are many factors that influence this, such as:
- Cost of living in your current area
- Whether or not you are financially supporting others (spouse, kids, etc) or receiving support yourself (for example, living with parents or having a partner that contributes to household income)
- Your general lifestyle requirements and preferences (For example, do you tend to live a "bare-bones" lifestyle with just the basics, or be more extravagant and treat yourself to nice things? Are you content with living paycheck-to-paycheck if it means you can do what you love, or is the ability to save and/or invest money a priority for you?)
- Current debt (mortgages, credit cards, cars, student loans, etc)
Therefore, it is not really possible to set a specific amount of income per year that someone should be attempting to meet before quitting their day job. That number will be highly specific to each person’s situation.
When is it generally considered safe to quit a job in pursuit of creative endeavors?
The most basic answer is: when your creative endeavors are providing you with enough stable, consistent income that you no longer need to - or even have the time to - have an additional job.
While dry periods are expected from time to time, if you routinely find yourself struggling to pay bills, it may not be the time yet to let go of that safety net.
Why part-time can still be a great option
Unless your recording schedule is so intense that you’re having difficulty scheduling sessions on a regular basis, a part-time job can be an attractive option to provide a little extra financial stability while you pursue your creative endeavors. There are many jobs - particularly in the retail and hospitality sectors - that ask for evening and weekend availability, which will allow you to have some free time during typical business hours to schedule recording sessions with clients.
In the previous decade, it was relatively common for auditions to be held in-person at studios or agencies, which further complicated balancing day job scheduling. However, modern day auditions are almost entirely recorded independently and sent as mp3 files, so you can simply record the day's auditions on your own time when you are not at work.
How to set your “full-time” income goal
If you’re not already doing so, set a realistic budget of your monthly living expenses (you can find various budget templates online). Remember that your needs may fluctuate from month to month based on emergencies, one-time expenses, trips, etc. Figure out the *bare minimum* amount you would need to make per year in order to be comfortable.
From there, tally up your VO income from the past calendar year (ideally you should be keeping track of your freelance income via a spreadsheet, accounting software or similar method, but if you don’t have these records yet then you can use your most recent tax return). Are you meeting or exceeding your goal? If so, you may be ready to think about going full-time. If not, this will give you an idea of how much more work you need to pull in before you can do so. Remember that it is normal for self-employed income to fluctuate based on a variety of factors.
“How is [other actor] able to be full-time when I’m pretty sure I book more work and make more money than them?”
To go back to the above, everyone’s situation is different. Let’s use an example of two fictional actors.
Actor A books a lot of industry-level voiceover work, but rents a house in the Los Angeles area which is known for its exorbitant cost of living, and is the primary breadwinner for their spouse (who only works part-time) and two children, as well as multiple pets. They also have health insurance and student loans to pay off each month, and occasionally take a family trip or outing. This means Actor A has very high monthly expenses and, despite booking a lot of voice work, still has to hang onto their day job to make ends meet.
Actor B is a bit younger and primarily does indie voice work online. They live with their parents and are on their parents’ health insurance plan, live relatively simply and have minimal expenses. Therefore, they are able to invest the money they make from online voice work into upgrading their home studio equipment, joining online casting sites, and taking classes.
Despite the fact that Actor A works more often and makes significantly more money than Actor B, A’s living expenses are exponentially higher, which is why they do not yet have the safety net of quitting their job.
Some questions to ask yourself before taking the plunge
- How much money do I need to make per year in order to reasonably live?
- If I had an emergency expense (car breaking down, vet bills, hospital visit, etc) would I be able to handle it without going broke?
- Is my career trajectory trending upwards, or at least stable? Can I expect to make a similar amount or more next year as I did this year?
- If my landlord were to raise the rent next year, would this cause me a financial crisis if I were to quit my current job?
- Do I have any existing debt, and if so, what is my current status on loan repayments?
- Does anyone else depend on me for financial support (such as children, spouse/partner, pets, or aging family members?)
- Am I getting opportunities from a variety of different sources to where if things get slow with a particular client or studio, I will still be able to audition for other projects with some regularity?
- Do I have any additional freelance/sporadic sources of income that can provide a little extra financial cushion? (ex: Twitch/YouTube/Patreon, autograph signings/events/conventions, writing/directing/casting, workshops, musical endeavors)
- If I currently rely on employer-sponsored benefits (such as health insurance), will I be able to pick up these expenses on my own if I quit my job?
- Do I have a contingency plan in mind for what to do if I don't book work for a significant period of time?
Why going full-time might not always be permanent
Life circumstances change over time, and unfortunately, one’s career isn’t always going to be on an upward trajectory. Taking a step back doesn’t mean you failed. Some people may pick up side jobs temporarily to earn additional income, help supplement their paychecks during a slow season, and/or take advantage of additional benefits. For example, healthcare is generally quite expensive in the United States, but certain full-time jobs will provide their employees health insurance, which may be a compelling reason to hang onto that job as long as possible.
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