|
|
mOzerian Loyal user Sydney, Global 230 Posts |
Amongst other things, most importantly you are successful financially as an entertainer. As an established professional whom supported your family, what steps did you take through your career to ensure financial security, given that show business is extremely fickle. Did you create any other revenue streams, that complimented gigs ? and or did you set in place various investments funded by gigs, which gave a consistent back bone ?
These decisions become so much more important when you are established as well as providing for a family, as for example a run of bad gigs or poor decisions in a particular market can hurt much deeper. Thanks Phil. |
Phil Cass V.I.P. Sydney, Australia 34 Posts |
It's great to see you are switched on Adam. I know you are in show business for the long haul.
I don't have the answers though mate... I can only relate my story. Money is a by-product of chasing loftier goals. Chase other goals and the money will come... but always keep your fees up I was relatively a late starter in show business. I was 26. Whilst playing pro football in the previous 8 years, I supplemented my income by being an insurance salesman, 1976-83. I became used to the self-inflicted pressure of not knowing where the next dollar came from. Not many know this but I was good salesman... having broken the AMP Australian record for the most number of policies sold in the first year. I had opened up a new market... that being insurance for women. It is interesting to note that I held that record only for 2 weeks. It was broken by a female (Her name was Joan Gillett if I recall correctly). I bought my first house when I was 21 for $33,000 in Springwood, Brisbane. It was paid off 2 years later. So by 1984 I found myself in a fortunate position. AMP allowed me 6 months to make up my mind… I was fairly ok financially as I was making a lot of money selling insurance... but the demand for my new found magic skills was booming. As mentioned elsewhere, I virtually had to turn professional... I was working so many gigs and having such a great time that I had neither the desire nor the time left over to make the calls to prospective clients. Since I decided to turn professional, all income has come purely from the performance of my act. This allowed me to invest for security. I have always promptly paid my bills on time and then any left-over dollars were used to reinvest into my show. So the needs of the show came second & then, if there was still any left overs then that went into property. I don’t have skills in making money via the stock exchange and other whiz kid ways. I’m a country boy, working class. I also grew up without a father. (Yeah I know… I hear the Monty Python skit too… “Luxury!”)... http://www.youtube.com/watch?v=Xe1a1wHxTyo ...for the convenience of my American friends. Consequently, I am self-taught and I’ve only ever learnt how to be comfortable with investing in property and in long term insurance policies and superannuation. Although I now have several properties and had a few insurance policies mature, I have never over stretched myself and I have always ensured that I kept a healthy sum sitting in the bank... both at call and in term deposit. I don’t touch the income from the rentals... that also is a back-up for a rainy day. I seriously could have retired when I was 38 but I would’ve gone out of my brain with boredom. Besides, I love what I do for a living too much. I won’t retire as long as my health stays intact and the phone keeps ringing. Magic has been very kind to me. |
The Magic Cafe Forum Index » » The April 2014 entrée: Phil Cass » » Financial Stability » » TOPIC IS LOCKED (0 Likes) |
[ Top of Page ] |
All content & postings Copyright © 2001-2024 Steve Brooks. All Rights Reserved. This page was created in 0.02 seconds requiring 5 database queries. |
The views and comments expressed on The Magic Café are not necessarily those of The Magic Café, Steve Brooks, or Steve Brooks Magic. > Privacy Statement < |