Legit question: If the Coronavirus required you to stay home for a longer period of time, what would happen to you? Are you financially prepared?
We are slowly understanding the economic realities of the reaction to the coronavirus. Staying home to flatten the curve means all of us in the entertainment industry have got hit. Hard. If you were fortunate, you were able to get your gigs postponed. But, based on how fast this has been spreading and how the state and federal government continue to react to it, there is a chance that we might have to self-quarantine for a longer period of time.
I’m not bringing this up to be a downer. I’m bringing this up so we can acknowledge what the current and potential reality can be for us DJs. By being real about it, we can figure out what our options are.
I’m really hoping the economy doesn’t move in this direction. But, historically speaking, every decade has had some kind of recession. (Look it up here.)
I say this to help you understand that in a man-made economy, there are cycles of expansions and recessions. If we happen to hit a recession in 2020, this is probably the first recession instigated by a response to a virus. Which is crazy to think about, really.
There is a chance the stay-at-home mandate gets extended (Cali’s safer-at-home mandate is supposed to get lifted April 19). The big determining factors are how contained the virus is and if the cases of infection begin to regress. We all hope it does.
If it does, what do you do?
Since you’ve been home for the past week or so, you might have been dealing with financial concerns, especially if DJ’ing if your full-time gig like me. Maybe you have a nest egg stashed away for a rainy day. Maybe you were working toward one. Maybe you didn’t even know you needed one.
Some DJs have the means to make it work, but some DJs might be facing financial scarcity at the moment and are concerned about what to do next.
Wherever you fall on the financial spectrum, one thing this pandemic reveals is how effective your financial planning is working for you.
One skill I was NEVER taught in school was financial planning. It’s unfortunate because these are necessary life skills to learn.
Fortunately for me, my mom works at an accounting firm, so she made sure I was on game fairly quickly once I started working after college.
Over the years, I developed my own system of handling money and figured out a method that works for me. I’m now able to save money, invest for retirement, and get bills paid without wondering what will happen in moments like this.
In today’s webinar, I want to have an open conversation about how we deal with our finances and I'll share with you my way of handling money. I think it’s an important conversation to have because once things get better - and they will - you’ll have an opportunity to change how you manage your money to be better prepared for these moments.
In continuing the “For The Culture” series, our Shmoney Talk happens today, March 24th, at 5 PM PST / 8 PM EST. When it’s time, click here to join on Zoom or check it out on my Facebook page, www.facebook.com/shammydee.
I highly encourage you to show up because you might pick up a new perspective on money. If you already manage your money well, feel free to share with us how you do it. There is no singular right way of doing things as long as your method keeps you from financial worry.
Together, we’ll get through this.
PS - Share this with all your DJ friends. This is an important conversation that I don’t think many of us are having. Let’s change the game so we can better our situation for ourselves and our families.
PPS - Tomorrow, March 25th at 5 PM PST, I’m having an open coaching call for all DJs. I do something similar for my Spin To Six students and I want to open it up to you all as we all need a bit of help. I want you to hop on and ask any question related to the DJ game. Register for the call here.