After completing this course, you will be able to:
- Understand the different types of taxes that you may owe, when to pay them, and how to set aside enough money to pay them. Track expenses and keep good records so you do not overpay.
- Develop a saving strategy based on your goals. Prioritize how much to put into savings and the appropriate type of account for your savings based on your goals.
- Estimate how much you will need to invest to be financial independent at a given age and income. Compute how much you will need to invest to reach you goal. Summarize the types of accounts that you can use for long-term investments and in which circumstances each is appropriate.
- Prepare for irregular cash inflow, and develop tools that will allow you to maintain a consistent standard of living despite irregular cash inflows.
- Identify the basic estate planning documents and their purposes.
- Discern the differences between financial advisors and prepare questions to ask to interview advisors.
- Define the different types of insurance and explain the circumstances where they may or may not be appropriate.
- Prepare questions to ask yourself before you take on new debt (especially student loan debt). Develop tools to analyze the tradeoffs that come with debt.
- Illustrate the costs that come with children, and develop a checklist of questions to help you prepare financially for children.
- Explain the advantages and disadvantages of purchasing a house/condo/live work space vs. renting. Analyze the financial aspects of a real estate purchase.
- REFERENCE | Smart Money for Creatives Webinar Series Arts Council of New Orleans
- ARTICLE | Money Basics - What Is a Budget?: Courtesy of New York Foundation for the Arts (Chicago Artists Resource)
Presenter: Chris Long, CFP® NAPFA Registered Financial Advisor, is a graduate of both Yale and Stanford. Long is a certified Financial Planner at Long Financial Planning, which operates on a Fee-Only basis, serving both individual clients with personal financial planning, and small business and non-profit clients with retirement plan advice for their 401k or 403b plans.
The series is funded in part by grants from The Coleman Foundation, the Emily Hall Tremaine Foundation, the MacArthur Foundation, the Joan Mitchell Foundation, and the Illinois Arts Council Agency, as well as a CityArtsGrant from the City of Chicago's Department of Cultural Affairs & Special Events.
Survival Guide is produced by Chicago Artists Coalition for Chicago Artists Resource.