The How: Giving 10%, Saving 10%
This past week I completed my art business bookkeeping for February.
Each month, I calculate my gross income from art sales for the month and then take 2 actions that I believe are 2 of the most important things I do each month for my art business:
1) I transfer 10% of my gross art income into a savings account. When this account builds up to a reasonable sum, I transfer it to a brokerage account, where I then purchase individual company stock.
2) I select people, causes and institutions that have inspired me during the past month, and then give 10% of my gross art income to those selected. The giving and donations I make each month are not always tax deductible, as this is not about taxes. It’s about recognizing the abundance in my life and sharing it with others.
Even if my art income for the month is only $30, I still donate $3. And I save $3.
I consciously take these actions each month, recognizing that through my art, I am able to both share what I have and also build a future for myself.
The Why: Expanding
I believe that taking these actions on a consistent basis, month after month, is vital in keeping money flowing in my life.
By systematically and actively building my savings each month, instead of spending everything I earn, I am reminding myself that my artwork has value. I see proof of that when I look at the bottom line for what I have invested. I see an expansion of my wealth.
While I may not generate a huge profit (yet) with my art, I am still able to build wealth with it, and in doing so I have set up a sustainable practice for saving money once I do quit my day job and become a full time artist.
By sharing a portion of my income with what inspires me, I am helping ensure that those things continue to exist.
Both of these actions are a recognition and the trust that I always have enough. Enough to save, enough to share and enough to live on.
Sometimes, such as when college tuition is due, these actions take courage. Donating and savings when my expenses are high, can I afford this?
My answer – I can’t afford not to, as my mindset creates my world, and in my world, there is always enough.
The message I’m sending to the universe, by taking these actions, is powerful.
The Bonus
A secondary benefit of this practice is it encourages me to keep up to date with my bookkeeping, as I can’t save and donate, if I don’t have the numbers crunched.
The practice of giving and saving each month is what drives me to do the data entry and math, which results in a sense of calm and organization when my bookkeeping is up to date. Rewards are an excellent motivator.
And come tax time, I am always grateful everything is up to date.
Gratitude for February
This month I received the largest check ever for a single piece of artwork when I sold Structures #28.
The result – I placed my 3rd order for stock since starting this practice.
And I was able to give to several different organizations.
My biggest gift went to my daughters school, mostly because I’ve been so impressed with my daughter’s work on her mini challenge and the inspiration the school is providing her, and because with huge state budget cuts, her school is hurting.
We are governed separately from the main school district, so absorbing these cuts for a single school, will be a challenge. A bake sale isn’t going to fix it this time. I am happy my artwork can provide some part of the needed help.