5 More Money Tips For Voiceover Freelancers

A long time ago, in a blog far, far way...

Actually it was only five years ago and it was in this blog. I'm always up for a Star Wars reference.

Anyway, about five years ago I shared 10 voiceover tips for voice actors. I figured it's time to share some more!

"Good ideas come from good listeners." - Tom

Here are the 10 from the aforementioned blog entry

  1. Hire a freelance-savvy CPA to help you file your taxes.

  2. Schedule Quarterly Estimated Tax payments so you don’t get hammered when you file your taxes. You can download the form here.

  3. Self-garnish your checks by putting 20%-30% in a savings account for said Estimated Payments.

  4. As Robert Kiyosaki once said: pay yourself first! Put away money for yourself every month, even if it’s $10.

  5. Never skip any bill payment, even for just a month. Most billing companies for things like medical bills are happy to set up a payment plan you can handle.

  6. Make your credit score your friend. Know what your scores are and nurture them. I use Credit Karma to keep an eye on mine.

  7. Interest is the enemy! Pay your credit cards bills once a week. Paying in full regularly helps your credit score.

  8. Keep an eye out for “derogatory remarks” on your credit score and address them immediately.

  9. Never cancel a credit card. It actually lowers your credit rating.

  10. Open a Health Savings Account. Use pre-tax (W9) income to make deposits. The money you deposit does not get taxed and it’s a write-off. Opening an HSA last year made me go from owing money to getting a refund!

I still stand by those tips as they seem to have stood the test of time. Only five years have passed, but quite a bit has happened in our world since then. Here are five more!

Tip Of the Week

  1. Look into starting a SEP-IRA. A SEP-IRA (Simplified Employee Pension) functions like a regular IRA but you can contribute up to 20% of your annual net profit (minus Self Employment tax) or $61,000 in 2021, whichever is lower. It’s great for voice actors when you have a good year and want to sock away that extra money. FYI a SEP-IRA is not an interest-bearing account. It’s a performance account which means it’s subject to the whims of the market.

  2. Consider incorporating only after you consult a professional. Many voice actors think they should incorporate because people who know nothing about the voiceover industry tell them to a because it will make them FEEL professional. Make sound business decisions based on facts, not feeling.