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Acting pays good money on a daily basis, many new actors take this to mean that they are rich. Though as anyone who has read anything by Robert Kyosaki realises that wealth is determined by how long you can survive without working.
The problem is once they think they are rich, they also have a "movie star complex" and want to act like a super rich movie star - so they start to throw their money around like there in no tomorrow....
... of course there is a tomorrow and no work on.
A beginning actor needs to realise that yes the acting pay is good on a daily basis but that you may only work 2 or 3 months a year. You need to look at your yearly income figures instead. This will give you a good idea of how much you can actually go out and throw around on partying and "being a movie star".
I have seen guys who have not worked in 6 months get a small part - 3 days of stunt work, and go out on the town after the first days shooting and come back to the hotel drunk with a couple of girls to party on in the room and from the hotel mini-bar (a definite no-no for a low pay actor - hotel room prices for alcohol are ridiculous if you don't know).
Then the first thing they do the next week is start complaing how bad the money is, there is no work, no money, blah, blah blah....
When you are onset and working is the time you can save the most money as an actor, if it is a long job then you can get rid of your apartment for the duration and save rent.
You eat on set, that gives you 12 hours a day of free food - take advantage of it, take a doggy bag home with you to save eating inflated hotel prices if you need to eat again during the off time.
If you enjoy going out and partying you often get free entry into the local clubs, and are treated like a special guest, sometimes with a free drink or two each night, better yet drink a measured amount at your room before you go out (buy it from the supermarket, or elsewhere cheap), then only take enough drink 2 or 3 drinks at the clubs plus return taxi fare - this way you are guaranteed to turn up in a reasonable condition the next day.
If you like partying then try to do it most on the companies expense they will likely hold 2 to 4 parties for each movie you work on - take advantage, socialise and get to know the people. Don't get drunk and make a fool of yourself though.
You should be saving a ton of money while filming - your outgoings should be negligible, just about everything you earn should be saved.
Then remember when you finish shooting to budget your pay out over until the next movie is scheduled to start, remembering of course that it may get cancelled or, as often happens, delayed for two or three months. This is the minimum financial planning you should do
Being a full time actor is hard enough without running yourself into a financial wall after every movie. Also the highs of a celebrity lifestyle coupled with a financial crash shortly after shooting finishes can lead you to question the career path, and even your own self worth.
Nothing is as damaging to self esteem as no money and the inability to support yourself.
Some sensible planning can avoid this, learn to budget. Plan your parties, or better yet, save them for when you are a real star and do have the cash to burn.
Thanks to Stuart H. (successful ex-actor) for his contribution for this article
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