What do you do if your finances as a mid-career creator in the Creator Economy are in chaos?

I have met with hundreds of clients in my 23 years of wealth management. The common thread amongst all of them is that none have ever known exactly where they were financially. You might think that you do, yet you will be very surprised to find out that you likely do not. If you want to go somewhere, you must first know where you are. Once you know this, future planning is much easier. The next steps are determining what tax bracket you are in, what tax bracket you will be in, and what your future known incomes are, such as Social Security, pensions, etc. Then you must design an exit strategy that takes all of this into effect and creates the most tax effective way to get you there and beyond. You will not do this with online calculators!

It is critical to organize your finances and have a full understanding of your cash flow. Building a cash flow forecast is extremely important for any business owner. In many cases, if you do not have experience with wealth management, you might not even know if your strategies are appropriate for you and your options. If you lack this knowledge, you should contact a financial advisor who can help you organize the entire picture. However, it's critically important to work with a financial advisor who has experience with clients like yourself. It's essential to interview the advisor to ensure they are the right fit for your needs.

Maybe this is a very unpopular opinion, but heir me out. List all of your goals and inspirations, and prioritize which actions will lead you to those goals. Eliminate all of the extra expenses that you're currently spending money on if they don't benefit you, and focus on the ones that do. If traveling significantly benefits your career, personal knowledge, growth, and happiness, don't eliminate it, as doing so will make you miserable. Instead, build your finances around the goals you have. Very often, people forget to do this, and that's how they veer off course from the path they need to take.

Navigating the shift from a single income source as a creator isn’t just smart; it's essential. Here’s the deal: think about your income like an investment portfolio. You wouldn’t put all your money into one stock, right? Same goes for your creative income. Mix it up with direct sales, online courses, affiliate marketing, and exclusive content for subscribers. It's about creating a safety net, so if one stream dries up, you’re not in panic mode. Embrace the mindset of a financial guru: diversify to secure your creative future.

There are a few options. You can restructure the company and cut costs or employees. Look to outsource repetitive tasks via a freelance workforce. Another option leverage your Channel's revenue and get an advance on future earnings. This can be done with companies like Spotter, Breeze, and GigaStar, all of which will get Creators funded. Lastly, you can sell your Channel to several investors in the market.

Absolutely agree, the more income streams you have, the better. Try to turn these streams into passive income, meaning they do not require your time. A prime example would be a course: you create it once, and sales happen without your involvement. The more passive income streams you have, the more time you can dedicate to yourself, your lifestyle, and your family.

If you spend time interviewing multiple financial advisors and find one who actually works with people in situations similar to yours, that's where you'll get a lot of value. 100% of the benefit is just finding the right professional. Make sure you're not a small fish in a big pond; ensure you're a big fish in a small pond.

Seek advice from fellow creators in online communities, attend industry workshops and webinars, and follow niche influencers on social media. Engage in mentorship programs and informational interviews with experienced professionals. Experiment with different sources to find what aligns with your goals and style.

The sooner you envision your goals and inspirations, the sooner you'll be able to build a financial foundation and actively work towards those goals. Sometimes it's hard to know exactly what you want, but if you can dedicate time to activities that help you understand your desires in life, it will be much easier to not only organize your finances but also set them up for success.

As a content creator, one should plan ahead by setting clear goals, researching audience interests, creating a content calendar, allocating time for brainstorming and ideation, staying updated on trends, and scheduling regular reviews to evaluate performance and adjust strategies accordingly.