Navigating Finances as a Stunt Performer
The benefits of performing stunts are undeniable, considering the required physical dexterity, mental clarity, and courage. However, an unpredictable aspect of the stunt job is the irregular payment schedule, making financial management a crucial but challenging part of a stunt performer's career. As you leap, flip, and crash your way into this thrilling profession, here are some tips to help you navigate your finances.
1. Understand Your Earnings
The primary concern is to start with the instances of earnings. As a stunt performer; you usually get paid for individual projects, and the amount you are paid may fluctuate due to the size, type, and duration of the project among other variables. Keep tabs on all your input streams such as TV shows, movies, commercials, or live events. Stay in the habit of recording all your earnings, as it can provide a clear picture of your financial situation and inform your budgeting decisions.
2. Budget Wisely
Given the intermittent nature of stunt work, having a solid budget is key. This should account not just for essential monthly expenses like rent and utilities, but also for professional necessities such as training, equipment, and insurance. Live frugally during flush periods and save as much as possible for slower times. A general rule of thumb is to have at least three to six months' worth of expenses saved for emergencies.
3. Insure Yourself
Insurance is an indispensable part of financial planning for stunt performers. Being in a high-risk profession, you are more likely to suffer injuries that could lead to unexpected medical bills and work hiatus. Thus, having comprehensive health insurance and disability insurance is paramount. Some unions, like the Screen Actors Guild (SAG-AFTRA), provide insurance options for members, so explore all possibilities to ensure you’re covered.
4. Plan for Retirement
Retirement planning can be easy to overlook when you're leaping from buildings or staging fight scenes, but it's crucial to start as early as possible. As a freelancer, traditional employer-sponsored retirement plans might not be available, so consider alternatives like IRAs or solo 401(k) plans. Try to contribute consistently, even in small amounts. Additionally, explore the savings plans available in your region to maximize your retirement strategy.
5. Hire a Financial Advisor
Given the complexities of financial management in this unique career, hiring a financial advisor can be a wise move. Look for an advisor who has experience with freelance or gig-based income and understands the peculiarities of the entertainment industry. They can help with tax planning, retirement planning, and investment strategies tailored to your specific situation.
6. Invest in Continuous Training
As a stunt performer, your physical ability is your greatest asset. Investing in your skills through continuous training can lead to more job opportunities and higher pay rates. Additionally, learning new skills—whether related to different stunts or broader areas like acting or directing—can diversify your income streams, providing more financial stability.
7. Join a Professional Guild or Union
Unions or professional guilds such as SAG-AFTRA can provide financial benefits including negotiated minimum wages, health insurance, and retirement fund contributions. They also offer a sense of community, providing support, advice, and job opportunities that can help stabilize your income.
In conclusion, being a stunt performer comes with a unique set of financial challenges. But with a solid understanding of your income, careful budgeting, comprehensive insurance, long-term planning, professional advice, continuous training, and the support of a guild or union, you can achieve financial stability while pursuing your adrenaline-fueled career. Remember, while you might be leaping off buildings and crashing cars in your professional life, you shouldn’t have to take unnecessary risks with your financial future.
