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If you’re reading this, you are one of the fortunate ones. Many people around the world, in third world countries live a totally different life to you and I. They struggle to make enough money to put food on their table, and if anything happens to their health they are unprotected and in the worst case die. Thankfully in developed countries we have health insurance, life insurance and every other type of insurance. Although most of us are not so enthusiastic about forking out money for insurance to cover worst case scenarios, we all too often forget it’s a privilege to be able to get these things to cover us in desperate times of need – many people in the world do not have this luxury.

The concept of life insurance is not unique to any one country in the world and there are many companies around the globe who can assist you in setting up coverage no matter where you live. Regardless if you are an American, Canadian, Australian, European or Asian, you will most probably find a company in your area that can help you in setting up a life insurance policy.

Why should you get a life insurance policy?

Many people around the globe do not have one of these policies and this is extremely unfortunate. Especially if you have dependents or you are responsible for anyone else then it is highly irresponsible not to set up a policy like this. If anything happens to you and you pass away, your loved ones could be left with no recompense at all.

While most people can eventually be convinced to get a life insurance policy, they do not often realize that this will not completely protect them from every eventuality. For instance, if you lose your income for a period of time during illness or an injury, you will not be covered for this. This is why you should also consider a policy that gives income protection insurance as well.

Finding a life insurance company

Finding a good life insurance company is a process that involves trust and a bit of risk, but you can always help yourself by talking to other people who have policies or to people you know who have had the misfortune to experience such a tragedy in their lives and ask about the company that they used.

Another great place to look once you have a fair idea of the companies that you are interested in trying out for life insurance is on the Better Business Bureau’s website.

Most fortunate countries, or developed countries do have the privilege of  being able to get life insurance, however many decide to take their chances and still do not decide to get it anyway. The best way to find life insurance to suit your own needs is to focus on the country you live in, do a google search such as Life Insurance Australia and you will find many choices.

Something that most artists shy away from is finance. Perhaps this has something to do with the right brain focused ability an artist requires to be good at their craft, where finance is a much more dry and left brain focused activity. Therefore these two often never go well together and most artists can think of nothing they like less than going through their finances and paperwork. The unfortunately hard truth about this is that every artist needs to know about how to get their finances in order and I dare say they require these financial skills more so than most, for two main reasons – firstly, it is often the case that artists have their current finances in not very good condition , due to neglect from the above. Secondly, the life of the artist is often not a lucrative one – at least not to start with, so it’s very important to get your finances into order if you are struggling on a low income.

Taking this into account here are our top 5 tips that artists should consider to get on top of their finances.

1.)Accept responsibility and take control: The first step is to be aware that your personal finance could be managed better and that it needs to be looked at. This is the most important step to getting your finances in order. Set a date and put away at least a morning or afternoon or if you’re really eager – a full day to organise your finances.

2.)Understand your budget: How much do you earn and how much are you spending? and most importantly, where is that money going to?

3.)Minimize your debt: Your debt is the first key to getting on top of your finances as it is costing you money. If you have a credit card debt, consider looking at balance transfer credit cards to minimize the cost of this debt. You can often find balance transfer credit cards with 0% interest for a set period – giving you time to pay off your card without needing to pay the interest.

4.) This is not an easy one, but a liberating one once in place. Once you have paid off your debt or in a more comfortable position. Set aside 5-10% of your income to a high interest savings account.

5.)Set a day per month, 1 or 2 hours to review your finances at a minimum.

Being on top of your personal finances will help every artist gain peace of mind, we wish you the best on your journey.