Finance ninja and theatre nerd Bailie Slevin discusses financial planning, freelancing challenges, retirement savings, and finding the right financial advisor. The podcast covers maximizing efficiency of retirement accounts, exploring insurance policies, personal finance strategies, business valuation, tax challenges, and saving tactics, all aimed at helping creatives manage their finances.
Understanding the importance of proper insurances like auto, home, and health insurance for financial protection.
Emphasizing cash flow management, knowing the difference between gross and net income, and following the 50-30-20 budgeting rule.
Exploring debt management strategies, distinguishing debt repayment from savings, and leveraging assets for financial flexibility.
Deep dives
Importance of Understanding Financial Protection
Understanding financial protection is crucial in managing one's finances effectively. The podcast highlights the significance of having proper insurances like auto, home, and health insurance to safeguard against unexpected events. Emphasizing the need to grasp key financial terms and policies is essential to make informed decisions.
Financial Planning and Cash Flow Management
The episode delves into the importance of cash flow management and financial planning for sound financial health. It discusses the distinction between gross income (what you earn) and net income (what you keep), underlining the significance of knowing where your money goes. The 50-30-20 budgeting rule is examined, emphasizing the need to balance debt repayment with savings.
Debt Management and Asset Building Strategies
The podcast sheds light on debt management strategies and the types of debt individuals encounter, urging listeners to approach debt repayment and savings as distinct financial goals. It also touches on the importance of liquidity, citing examples of how assets like whole life insurance policies offer financial flexibility and growth opportunities.
The Importance of Cash Flow and Financial Advisors
The podcast episode emphasizes the significance of cash flow in financial decision-making and highlights the role and importance of financial advisors. It critiques popular financial pundits like Susie Orman and Dave Ramsey, pointing out discrepancies between their public advice and personal financial choices. The episode underscores the need for individuals to evaluate their financial priorities and consider saving strategies, recommending a cautious approach to financial planning that includes evaluating insurance policies and setting aside savings.
Budgeting, Savings Practices, and Financial Discipline
The podcast delves into budgeting strategies, savings practices, and cultivating financial discipline. It suggests starting with evaluating insurance policies and gradually building up savings accounts. The episode advocates for creating a budgeting practice where individuals track expenses and consider their priorities when making spending decisions. It also discusses the importance of developing saving habits by reframing purchases as savings opportunities and maintaining a balance between immediate spending and long-term financial goals.
In Episode 246, Sean, Andy and guest co-host Kate Foretek talk with financial advisor Bailie Slevin to get the lowdown on making your money work for you as a freelancer to plan for both the future you expect, and the one you don’t! This episode is sponsored by Allen & Heath and RCF.
A combination of finance ninja and theatre nerd, Bailie is a business management and financial consultant focused specifically on working with creatives of all types. With 10 years of experience as a financial adviser and a hefty résumé in theater, she is re-defining planning for artists and entrepreneurs.
Bailie has worked with Certified Financial Services and Forest Hills Financial Group in finance, and teaches financial literacy and wellbeing workshops, and speaks throughout the NY region on the specifics of financial management for artists.
As a stage manager, general manager, and producer on Broadway, Off Broadway and Off-Off-Broadway, Tony, Drama Desk, OBIE, and IT Awards pepper Slevin’s résumé. Some of her favorite projects include “The Norman Conquests,” “Altar Boyz,” “Naked Boys Singing!,” “Pursuit of Persephone,” “A Very Merry Unauthorized Children’s Scientology Pageant,” and “Popesical,” in Concert at Joe’s Pub. She currently serves as a board member for The Tank NYC, a non-profit arts presenter for emerging artists engaged in the pursuit of new forms of expression, and Theater Resources Unlimited (TRU), a training ground for tomorrows theatrical producers.
Savings versus debt, retirement accounts, the different types of life insurance, and more are all laid out on the table in this discussion. If you ever thought that liquid assets are something you buy at the corner liquor store, this is definitely the episode for you!
Note: The things discussed in this episode are for informational purposes only, and may not necessarily be the right choices for you. Be sure to talk to a financial advisor who knows your situation before making any investment, savings, or other financial decisions! If you’d like to talk to Bailie about your specific needs, reach out to her via her website, and mention that you heard this episode to get a totally free, no commitment 30-minute consultation.
Be sure to check out the Signal To Noise Facebook Group and Discord Server. Both are spaces for listeners to create to generate conversations around the people and topics covered in the podcast — we want your questions and comments!
Also please check out and support The Roadie Clinic, Their mission is simple. “We exist to empower & heal roadies and their families by providing resources & services tailored to the struggles of the touring lifestyle.”
The Signal To Noise Podcast on ProSoundWeb is co-hosted by pro audio veterans Andy Leviss and Sean Walker.
Want to be a part of the show? If you have a quick tip to share, or a question for the hosts, past or future guests, or listeners at home, we’d love to include it in a future episode. You can send it to us one of two ways:
1) If you want to send it in as text and have us read it, or record your own short audio file, send it to signal2noise@prosoundweb.com
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