Esther Robinson, a filmmaker, entrepreneur and former foundation program officer, gave an advising session for the 2010 Reach Film Fellows at Cinereach. She shared advice related to filmmaking and financial concerns.
This video about debt (shot by Miranda Rhyne and edited by Stephan Greil and Nicole Woo) is the first of three clips featuring Esther.
Here are some key points:
Esther advises that filmmakers not take on much debt. In her experience, artists in debt often end up faced with very tough decisions regarding whether or not they can continue to pursue their craft.
Younger artists often assume that if they put themselves into debt early in their careers they will later be able to get out of it. However, debt often grows and become a major problem by the time the artist is 40 or 50. Artists often regret not getting a better grasp on their finances early on.
Starting to save in your early 20s is critical to accumulating long-term security. Take advantage of any automatic savings you may have now through a job (e.g. a 401K).
If you want a retirement account that allows you to access the funds quickly if you need them, a ROTH IRA will give you the flexibility to do that.
If taking $1,000 from your IRA will make or break your ability to make a film, you can consider taking out those funds. But, Esther cautions, if you receive prize money, or other income towards the project, put the funds back in your account right away.
Esther advises that filmmakers use the same power of positive thinking they use to make their films to envision and realize pragmatic, achievable goals like having a savings account or investing in a home.
Loading more stuff…
Hmm…it looks like things are taking a while to load. Try again?