Get Shameless About Money

#271 BONUS: Artist Without Day Jobs - Budgeting for Creatives & Artists w/ Pam Capalad

June 22, 2023 Brunch & Budget
Get Shameless About Money
#271 BONUS: Artist Without Day Jobs - Budgeting for Creatives & Artists w/ Pam Capalad
Show Notes Transcript

Another Bonus Episode from Artist Without Day Jobs Podcast! 

Today we speak to Certified Financial Planner, Pam Capalad. She's the founder of Brunch & Budget and financial firm that takes the scary out of planning for your financial future through one of my favorite vehicle's BRUNCH!

Pam has been in the financial services industry since 2008 and spent a lot of those years at wealth management firms. She's based in Brooklyn, NY and serve clients virtually in the New York City area and across the country. You can find her firm at brunchandbudget.com.

Unknown:

Welcome to artists without day jobs, the show that gives you the tools, strategies and stories from creators on the other side, living their dreams with their art. I'm Jonah Williams, advisor, attorney and speaker and my mission is to empower you with what you need to support your business and self development in all areas. So you can live a powerful life on your terms. Join me as we talk to some of the most inspirational creative leaders in the world and hear their stories of how they leave their mark, and make a living from it. So much to cover today. So you know what, let's just jump right in. So today's guest is someone who I personally think is incredibly, incredibly important to the lives of artists and creatives. And people who are looking to actually build a solid business from their creativity. And her name is Pam capitalised, she is the founder and head person at brunch and budget. She's a Certified Financial Planner. Now, in my opinion, it is so incredibly important for artists to understand what it is that they need in order to deal with their finances and do so with a certain amount of clarity and a certain amount of strategy. And Pam is the person that you definitely want to talk to if you are interested in that she has been featured on many many amazing, amazing publications such as refinery 29, she has been on CNBC, in the Wall Street Journal, Teen Vogue, vice, cabling, or Mashable. I mean, the list goes on and on and on. She is definitely the person that will help you with her team to create really a solid understanding of what you need to do in order to be financially savvy and have your financial plan together and your life in order in that regard. She came to visit artists without day jobs quite a while ago. And this is my first time releasing the interview. And she gives so many great tips to artists specifically on how to bring about the change they want to see in their finances and the clarity that they want in their finances as well. If you want to learn more about her company, you can go to brunch and budget.com. It's such a unique way to learn about budgeting as well, because she sits down and has brunch with you either in person or virtually. And it takes the pressure off and you can just go in and talk about the lovely world money. So I hope that you enjoyed this episode and give him a shout out if you are moved by this episode. And you enjoy it. So check it out. Pam Capilla. Pam, thank you so much for being on our show today. I'm so happy to be here. Thanks for having me. Oh my goodness. Now you and I have known each other for quite some time. And I was originally on your show, a brunch and budget which is on which the station that it's on.

Pamela Capalad, CFP, AFC:

It's on bonfire radio. It's an internet radio station, one of our best shows I loved it so good.

Unknown:

Oh, thank you so much. And it was so much fun. Like you all made me feel so comfortable. And it was so great to just talk about, you know how important it is to empower artists in all areas of their lives so that they can you know, ultimately be successful creating their art and making a living from it. So I'm I was honored that you invited me. Yes, it's exactly

Pamela Capalad, CFP, AFC:

what our listeners needed to hear. So I love it. And now we're like trading podcast.

Unknown:

I know. It's so fun. It's so fun. So for those who don't know, can you just give us a brief description about your company, bridging budget and just what you do there?

Pamela Capalad, CFP, AFC:

Yeah, for sure. So I think I should start with what financial planning is traditionally, I was in wealth management for seven years and wealth management is really just code for we help rich people make more money. So financial planning for wealthy people was a lot of retirement planning, investment management, helping them do a lot of the day to day financial planning stuff. And I realized while I was working at these firms that I couldn't help even my friends. So that was it. Yeah, that was a big thing for me. And brunch and budget actually started because one of my friends came up to me at a party and she was like, Pam, I really need help with my money, but I'm really scared to look and I said why don't we do Get over brunch. And that is literally how brunch and budget started. So puncheon budget is financial planning for everyone else, I guess it is basically, a way to talk about your finances in a setting that is comfortable, where you can chill out and relax a little bit money is a very stressful thing to think about and to talk about, and especially to talk about with somebody else. And so brunch and budget is basically financial planning, where we'll talk about your debt and your savings and your spending. And if you need insurance, if you want to work on your retirement, if you want to think about your taxes, and also growing your income, and all of that kind of stuff, basically anything finance related, but in a much more casual and approachable setting.

Unknown:

I love that philosophy. I mean, I love that strategy for like creating this really comfortable way to talk about these things. Because I mean, money is a touchy subject, and it is durable. And I love the fact that you know, you take it and you put it in a way in a setting that is just very, very comfortable for people. I mean, who doesn't love brunch versus

Pamela Capalad, CFP, AFC:

eggs and drinks always make things easy? Oh,

Unknown:

my God, put a mimosa on it and talk about your numbers. Oh my god, use it, use it, use it, seriously put a mimosa on it. And you'll feel a lot better. I'm telling you. I love that. So what do you feel like your philosophy is on just budgeting in general? Because I know that, like you said, you're very different than you know, these other types of companies that are more focused on helping, you know, the top 1% Make more money. And you seem and you seem to be more for, you know, the everyday people, the people who really are the ones who really need the budgeting and financial planners. So, so what's your philosophy on budgeting?

Pamela Capalad, CFP, AFC:

My main philosophy is based on probably the best piece of financial advice I've ever gotten. And it is where you spend your money is a representation of what you value. And so the thing is that you can't have everything you want, right? You can't just like buy impulsively, and just be able to budget. But if you really sit down and think about the kinds of things that you really value and the kinds of things that you really want to spend money on and have a very conscious idea of what that is, then budgeting instantly becomes easier. So just to give you an example, I had budgeting issues, especially when I first moved to New York, and I first put my money into this program called mint.com. You may have heard of it. It is awesome. Yes. And what it does is it bait you link all of your bank accounts and credit cards and it pulls in all of your transactions and categorizes them for you. The first time I did that. This is like confession time right now the first time I did that, I found out that I was spending$500 on restaurants and eating out on top of $200 in groceries. So keep that in mind for my style.

Unknown:

So you were spending like $700 a month. Wow,

Pamela Capalad, CFP, AFC:

I had no idea. And here's the thing. I love going to restaurants with friends. I'm a big foodie, I love going out to dinner and trying new things. But when I really dug into where that money was going and looked at all the transactions, I realized I was randomly spending money on $10 salads at lunch, or like buying a sandwich because I didn't bring lunch that day. And so that was a big wake up call for me where it wasn't that I was going to stop eating out all together. But that I deliberately put dollars towards eating out with friends and going out to dinner versus Oh, I'm being lazy or I'm you know, I'm stressed out at work. So I'm just gonna go on seamless. And I think that's the biggest Yeah, I think that's the biggest difference.

Unknown:

I love that. I feel like it's more like intentional, intentional spending. Yeah, intentional, taking care of your finances. It's not like you don't have to, you don't have to stop living your life, or stop doing the things that you enjoy is just being intentional about where it is that you place your dollars and putting them in those areas. I love that. Yes, exactly.

Pamela Capalad, CFP, AFC:

And that's the whole thing is like money is a tool for you. You know, it's not that you should let money rule your life, it's that you actually have control over where it goes. And it can be a really emotional thing. And a lot of the time it is a representation of how we're feeling where that money is going. And so when you're conscious of it, and you're deliberate about it, it's not like I never randomly buy $10 Salads anymore. It's that it's I think about it when I do now and it's not like I don't buy impulsively but I think about it what I do now and I think that's the biggest thing.

Unknown:

I love that I love that philosophy and I feel like so many of us you know we do what you said which is we spin kind of off of feeling like we're having a bad day then we go buy something random or you know things like that and I feel as though if you are really looking at your money and being intentional about it, then you find other ways to feel good. So I which is really which is really honestly, it makes me feel more empowered to know where my money is going and be intentional about my spending, as opposed to just kind of randomly just going on a whim, just so that I feel good in a moment and buying, you know, some shade or something like that. Even me,

Pamela Capalad, CFP, AFC:

you know, the other thing that's so interesting about where your money goes, is, because it represents how you're feeling in your emotions, is there something else going on? That that is making you spend like this, like I talked to a lot of clients who they actually hate their job. And so at the end of the week, they're like, I deserve this massage, I deserve to go shopping. And they use that word deserve, because they're working hard at something that they don't really care about. And as soon as they start working at a place that they really care about, and are on something they really care about, those things matter less, you know, and so maybe you need to also examine where you are in your life, and think about am I actually happy in what I'm doing day to day, and I might just using money as a band aid to fix that

Unknown:

is so good, it's so good. And it's such a great way for people to really just evaluate, like, we're like what's going on in their lives just overall? And how can they make shifts in their lives as a whole, in order to feel better just moving through life, as opposed to filling up the space of life with these, you know, extra things? Because at the end of the day, you know, you just want to feel better because something else is not going right. So I love that. I love that philosophy. So as you know, this is artist with our day job. So what are some of the things that artists should be thinking about as they kind of transition out? Or what are some of the most important things they need to know about budgeting as they transition out of their day jobs and into being a full time artists? Yes, absolutely.

Pamela Capalad, CFP, AFC:

So I think the biggest thing to think about is one doing a 12 month cash flow projections. So I'm totally gonna plug you, Joanie and the Business Academy right now, because totally, actually, you had me do a course on cash flow projections. The reason I decided to do something on cash flow projections was because you asked me this very question like, What is the one thing that someone who is trying to transition out of their day job and being a full time artist, what do they need to do, and the first thing is stop thinking month to month, we were trained to think month to month, because that's how we get paid. And that's how we get paid by somebody else. And if you are an artist without a day job, or your anyone without a day job, you know that thinking month to month mean, some months are awesome, and some months are awful. Exactly. And when it comes to money, so now, exactly. So to get out of that cycle. And to kind of hedge that cycle before it starts, the first thing you should do is do a 12 month cash flow projection and actually think about and look at what your money could look like over one year. And when you do that, you can really know whether the thing that you plan to do is actually going to be viable. So that's the very first thing 12 month cash flow projection. Just think about how much money you're gonna make.

Unknown:

And we'll, that's so great. And I'm sorry, I didn't mean to interrupt. Oh, no worries. What I will say, though, is is that for all the artists that are listening to this show, understand that entrepreneurs do this all the time, this is a part of our lives, we set up our cash flow projections from you know, the beginning of the year, or, you know, whatever the quarter is that we decide to do it because everybody's schedule, and the way that they the way that they upload, their money in and out is different. But we all sit down and look at this and look at specifically, okay, what are the products or the services or the things that we're going to be releasing? And what are the numbers that we need to get out in order to meet our, you know, projected revenue for that month. So just understand that, you know, she's not saying anything that's uncommon for if you're going to actually be an entrepreneur, this is something that you need to start off right now, when you're not an entrepreneur. So it'll be a lot easier of a transition as you come out and actually move into being a full time artist.

Pamela Capalad, CFP, AFC:

Yes, absolutely. And I'm a big believer, I practice what I preach, like, literally, when I first did my first cash flow projection, that's when I knew that I could quit my job. It was scary before that, and I mean, it was scary when it was happening, but to look at something 12 months out, gave me a really good idea of whether or not this could work, and also how to make it work. Yes, I love that. That's huge, especially if you're really worried about making the transition and how much money you're actually going to be making. And if you can sustain yourself. The other thing that I would consider doing um, and highly recommend doing is doing a coming up with your minimum viable income. And so you may have heard the phrase I know other people use this as called ramen profitable. So what is the least amount of money that you need to make to be able to eat and keep a roof over your head? Like if worst came to worst? How little can you actually get by on and then just start saving for six months of that number. So that You have this cushion?

Unknown:

That is such a great thing, what I call it in when I work with clients, I call it real versus ideal expenses. So it's like, Hey, what are your real expenses? And what is it that you basically need to do to break even, like get to get to zero? Like, what is it the amount of numbers, the amount of money that you need to get in? And then also, what are you trying to get to? Like, what's the what's the ideal goal for you over the next 12 months? So similar to that? Yeah, yeah, absolutely.

Pamela Capalad, CFP, AFC:

And I think that's a good point. Because we do need to focus also on, you don't always just want to be ramen profitable, you don't always just want to be living and getting by need to have goals outside of that. Because you are, you know, outside of growing your business, you're going to have goals, like wanting to buy a house or wanting to move to another city or wanting to buy a car or wanting to start a family. And so you need to also think about the personal side of things at the same time that you're going to, as you know, pour your heart and soul into a business. Absolutely. I love

Unknown:

that. And what do you think, are the keys that you need to? Well, I would say, what are the top three keys that you need to remember when you're creating a budget? Like what should you be joined to create a budget that's like, right and smart in for somebody who's just kind of starting out? And they're like, Okay, I'm going to try to do this cash flow projection thing, I'm going to try to look at, you know, what my, you know, what my expenses are? And really just try to get a Hone on a Hone on that. How can they just empower themselves in terms of creating like a nice, clean, right and very smart budget? What are some facts.

Pamela Capalad, CFP, AFC:

So the first thing that you should do is actually know what the real numbers are. So this is why I'm a big advocate of mint, I have to be honest, 90% of my clients totally hate mint.com. And I feel like there's a lot of pressure to continue doing mint.com. And here's the thing, you at least need to know where you are. And mint.com is a great tool for that. So if you put in all of your stuff into mint.com, and categorize even one or two months worth of expenses, you know, and also you can't lie to yourself about what you're actually spending on everything. So I

Unknown:

think like, I don't want to look, I don't want to exactly, I didn't want to look either, if I don't look is not real, no girls.

Pamela Capalad, CFP, AFC:

And I swear, I love that. So first, know what your actual numbers are. And then the second thing that you need to do is figure out what your fixed expenses are. So that that really just means your rent, your utilities, your transportation costs, your insurance payments, your credit card payments, what is that number, so you know, okay, this is what I need to get by every month. Now, it's not your minimum viable income, because you know, you need to eat and all of that as well. But you just kind of need to know what your fixed expenses are. And the third thing to do is if you really want to sneak around having a budget and know where every dollar is, is to automate your savings. So thinking outside, this is the biggest philosophy you will ever hear in financial planning. And you might hear it ad nauseam, it's pay yourself first and I'm gonna say pay yourself first, pay yourself first, pay yourself first.

Unknown:

And I will and I will second that pay yourself first people pay

Pamela Capalad, CFP, AFC:

you first. And that is what automated savings is, is here's the thing, everyone thinks, Okay, I'm just gonna save whatever I have leftover every month. And that's how I'm gonna save. And that's not how it works. I am a culprit of it as well. If it's in my checking account, it goes out of my checking account. Yeah. And that bottom line. So to fit

Unknown:

everybody kind of has that kind of, like most people do that. And it's just, I don't know, what what do you think that is? I'm just curious, like, what do you think? Where did where did that actually come from that kind of education of like, alright, well, whatever's left at the end of the month. And I'll say that for myself. But I'm going to take care of everything first versus let me put things away for myself first, and then work down from there, right?

Pamela Capalad, CFP, AFC:

I mean, I think honestly, it's a lack of education. And then whatever our instinct is, you know, money is not a natural thing. It's not something that's instinctual, it's something you have to learn how to use. And so it doesn't really, it's not really in line with us as humans. And so we have to find ways to work around that and kind of trick ourselves because it does make sense for our, you know, instinctive human brains that, oh, if it's there, then I can use it. And so I think that that's where that comes from. And I think that when you thinking about paying yourself first feels counterintuitive. And so even though you've heard it, or you may have seen it somewhere, it doesn't necessarily hit you in that way. That's like, Oh, that makes sense. Even though logically and on our higher level brain. It's like, Oh, of course, I'll pay myself first. But so I think that's really where it comes from. And so you kind of have to force yourself to get used to that concept. I also think that you know, we're very bad at putting ourselves first that's true. So I think that practicing that even on a small level, even if you feel like you have no thing. I've literally had clients start with $10 A week or$25 a month and come back to me six months later and say they had $500 in their savings account. And a big part of that is and Joanie, you say this all the time, which I love. You said this on our show what you focus on expands, period. And that's just the truth

Unknown:

is that, so if you want to have your profit grow, then you need to focus on your profit first. Yes, exactly.

Pamela Capalad, CFP, AFC:

And if you want your savings to grow, stop just paying down credit card debt, that's another thing that people tend to do is it once I get this credit card debt paid off, then I can start saving. And what happens is you run into something, you have to put more money on your credit card, because you don't have a cushion, and then suddenly, your debt is back up where it was. Whereas if you took a little bit longer to pay down the debt and put some of that money towards saving, then if something were to come up, you're not putting money back into that black hole of debt, you have the cushion at your side. And that's also really empowering, honestly, to be able to do that and not have to go into debt again.

Unknown:

And it's really in, it's also really nice to be able to look in your account and actually see oh, I have some just floating you know what I mean? Like I have cushion that's there for me if I ever need it. And I'm, you know, I'm going to keep that. And I'm going to continue to do the things that I need to do pay my bills, whatever. But there's a sense of like security that happens. And you can be more intentional about the risks that you take and things like that, because you have this, you know that you have this cushion, and you're not just out here and then one day, you know, you're gonna end up without a home because you're just too busy paying off credit cards that are you know, that the interest keeps going up on and off anyway. So yeah,

Pamela Capalad, CFP, AFC:

thank you so much for saying that. Because that's the biggest thing is, when you feel secure like that, and you haven't, that's a huge word for people in financial planning, that's usually what people's goals are, is they want to feel secure. And when you have that, that feeling of security and stability, then you have freedom, then you can go out and take risks, like you said, and you can actually ask for a raise or quit your job or, you know, do XYZ because you have this basis and this foundation of I'm going to be okay.

Unknown:

Absolutely. I think that should be our tweet, like security creates freedom, because I think that most people don't think about money that way. And they don't think about their, you know, their freedom that way, they always think like, well, if I have things all, you know, perfectly secure, if I had things, you know, safe, then I'm not taking risks. I'm you know, I feel, you know, bogged down or all of that. But when in actuality like structure and security, and those kinds of things allow you to feel like you can take more risks. Without you know, at the end of the day, realizing that you're going to completely lose your shirt, like who wants to feel like that you can still take the risk, you can still go out there and go for your treat and your dreams, and at the same time have food to eat and pay your bills, and at the same time have a little cushion of savings in your in your party, you know,

Pamela Capalad, CFP, AFC:

yeah, totally agree. Totally agree. And I think that's the biggest thing. And I know it feels weird to start small and to see, you know, see that $10 or $20 go in every week and feel like you're never gonna get there, whatever their means to you. But it's just a start. And Financial Planning and Budgeting is really all habit building. And it's all about changing from the habits that you have now to habits that are gonna get you where you want to go. You know,

Unknown:

I love that that's such a good, good, good philosophy. So it's like, all it is, is just creating the habits for your own success. Yes, I love it. That's so good guys write that down. Because I mean, at the end of the day, your habits are what going to attribute to your success or failure. So if you're putting together, you know, and creating really strong habits that put you on a great foundation, then that's going to ultimately lead hopefully, to you being as successful as you possibly can be versus setting yourself up to fail from the beginning.

Pamela Capalad, CFP, AFC:

Yeah, exactly. And that's the thing, too, is, you know, I feel like that with money in general, it feels like okay, I get this, you just have to spend less and save more, right? Like, that's all it is. And it's you know, just like how people are like, Oh, to lose weight, you just have to eat less and workout more. Right? And that's, that's not how it works. And the reason why it doesn't work is because it's vague. You're saying spend less save more, how much less how much more you know that that's the question that your brain is asking next, and then that feels like an overwhelming chasm that you have to cross over. And so you need to put numbers to it no matter what they look like, and then grow from there. This is all baby steps and habit building is all baby step.

Unknown:

So let's give a challenge to the audience. I love this idea. So how can we what is it that we can do to kind of empower the audience to start saving and paying themselves first like What can we do as like a little exercise? Even if it's just, you know, a small amount of money, what can we do to challenge them to actually start paying themselves? At least just a little bit? Yes. Yes. So

Pamela Capalad, CFP, AFC:

I'd say you need to go and open a an online savings account, either at Ally Bank or Capital One 360, or somewhere that's not at your bank, because that's critical to this. Yeah, don't have a chase checking account, open a chase savings account and be able to transfer the money back and forth instantly. So open a savings account somewhere else that's not your bank, and start with putting away a small amount of money and do it on auto transfer. And I think you should do it every week, I think it would be great for you to see that money come out of your account every single week. And it can be small, it can be $10, it can be $20. And if you think about it, $10 a week is $520 in a year. And I bet you don't even notice that it's gone and realize

Unknown:

it Yes. Because your life will your life will mold around you putting away that 10 $20 Yes, sir. Okay, so, so perfect. So for those of you who are listening, let check out one of the online banks that is not your regular bank that you go to open up a small savings account, put a little bit of money in there and set up an auto transfer from your current account at your regular bank going straight into your savings account at the online bank. And let's see, if you do that. Let's actually let's up so you, you're going to go ahead and do that. And then you're going to do it every single week. So put something away every single week on auto transfer, and you can set it for however much you want. That's a part of your own budget, but set the whole thing up. And then after you listen to this episode, tweet us, tweet us or message us. And you know, tag we'll have all the show note links in the description, you can tag Pamela, you can tag me. And we will see you guys actually taking this and putting this into action. And we'll give you the hashtags, we'll give you everything, you'll just see it in the show notes. But I want you guys to just take that first first step of doing the transfer and setting it all up and then hitting us up. And if they do this, if you do this, then what we will do is we will offer you anybody who does this, if you Pamela has a class that we created. And it's fantastic that she put together called budget like a boss planning for inconsistent income. And that's on the artists empowerment side. That's artist empowerment.co. And if you go there and you purchase the site, we'll give you a coupon code for a couple, let's say, Well, how much should we give him off on that one? Ooh, like 10% or something? Yeah, 20. Guys, this is spontaneous I love. I'm totally fan of challenges out of thin air. I know I'm totally taking that on top of my head. But I think this will be cool. So if you tweet us and show us that you actually did it, like show us a picture that you actually set up your account, you could just set you could just show us a picture of you know, the bank or whatever it is that you did to show us that you actually set this whole thing up or that or it says auto transfer complete or whatever it is that you can show us that you actually did this challenge, then we will give you 10% off of the course we'll give you a coupon code for the course. And you can go over there to artists apartment.co Sign up for the full length of the class so you can actually see exactly what Pamela is talking about in this episode. And then you'll get a percentage off of that class so you can get yourself all set up. Right.

Pamela Capalad, CFP, AFC:

Wow, I love it. Thank you, Joanie. Oh, your thank you on behalf of the audience. That's so cool. Because that's like you do the small thing. And then you donators basically immediately gave you the next step. It was like, Okay, you got to do this small thing. And now if you're thinking about quitting your job, here's a course on cash flow projections. Oh, here's a discount code.

Unknown:

Exactly, exactly. We want. I mean, we want you guys to actually take action on this stuff, like you hear this stuff. And it, you know, you listen to it. And it sounds good, and all of that. And that's what the whole show is about is really giving you the steps in the things and the tools that you need. But I want to take it a step farther. Let's like, Let's go for it. You guys set it up. She gave you a fabulous tip, just to get started with paying yourself first is not a lot of money. It's latte money. If you go get lattes a couple of times a week, that's money that you could actually be paying yourself. So you know, you can still have your lattes just work around. Exactly. Cool. So I have a question for you. What are some of some of the tools that you recommend out there that make budgeting easy for people who are new or people who are very busy and I mean, a lot of the artists that listen to the show are probably traveling you know if they're a musician or if they're doing shows or whatever. So what are some of the some of the tools that you really enjoy? I know you said mint.com Is there any others that you think is really good? Right?

Pamela Capalad, CFP, AFC:

My other favorite tool for saving If you are really someone who wants to step it up a notch is this thing called digit, it's digit.co. And what it actually does is you link your bank accounts and credit cards, and it analyzes your spending patterns, and secretly takes out money out of your checking account and puts it into the savings account. And it's funny that it's crazy. And it knows when when you have these high spending times, so around rent around bills, if you have like a weekend that you spend a lot of money on, so it takes less or more based on that, and you don't even notice. So the other thing it does is also text your bank account balance every day and text you when a big check clears. So

Unknown:

always like see when a big check clears, right? That's awesome. Guys, go check that out.

Pamela Capalad, CFP, AFC:

digit.co digit.co digit.co, I have it, I did a workshop in California, and I started talking about it. And this woman just went, oh my god, I love digit. And she told us her story. And digit had helped her save $2,000 In three months without her even noticing,

Unknown:

oh my gosh, that is amazing. So we're gonna link that in the show notes, guys. So digit.co Any others mint.com.com

Pamela Capalad, CFP, AFC:

Digital co if you want to start investing, but you're not exactly sure where you want to start or how much you can put away. There's this other site called acorns.com. And there's all these sites that kind of help you do things in baby steps. And acorns.com is another one of them. And they are a website where it's like Bank of America's Keep the change, except that they round up to the nearest dollar $2. And what they do is they actually invest that money in the market for you. So you know, normally you'll need like a $500 minimum or $1,000 minimum to start investing. And Acorns is figured out how to invest your change that you don't even notice. And so you could literally have $1 in the market and watch it grow. And it'll do that for every single transaction for you. So that's another great one. And then my other favorite one

Unknown:

kind of blown my mind right now. I love technology, it's my god, your make everything easier, but for the most part.

Pamela Capalad, CFP, AFC:

Absolutely. And then another habit building savings. One is this company called capital with a queue. So instead of a C, it's a queue. So it's Q A tip a l capital.com. And what they do is they will save based on your habits. So you can have them Save money every time you spend money. So your if you spend money on your debit card, you could say put away $5 Every time I do that, or you can tie your savings to the weather. So every time it's literally a rainy day, you can tell it to save $10 Every time the forecast says rain.

Unknown:

That's That's cute. It makes it fun to like you're you're saving but you're not doing it in a way where it feels like daunting or uncomfortable. I love that.

Pamela Capalad, CFP, AFC:

Absolutely. And I do have to plug my favorite bank. I do my personal banking here. They don't have business bank accounts, unfortunately. But if you haven't looked into Charles Schwab as a bank, so what they do, especially for all you artists who travel and go around the world, and all of that stuff is they reimburse all of your ATM transaction, all your ATM fees, and all of foreign transaction fees. So it's huge. I went to Asia last year for a month and use my debit card with Charles Schwab all month and I didn't have to carry wads of cash around. I didn't have to worry about people taking my money. And at the end of the month, hundreds of dollars of foreign transaction fees got returned to me.

Unknown:

That is an amazing and there's so many people, there's so many artists that are traveling and one of my favorite artists. She's um, she's a visual artist, and she's doing a show in Germany right now. Could you imagine how much money to save? If she Oh my God, I hope you're listening. Yes, please, please. I hope you are listening. Because that just sounds amazing. And so we'll also link to Charles Schwab as well. So you guys can check that out, too. So what was the name of the so you have digit.co acorns got Charles Schwab on this? Yeah. And what was the other one? You said it was capital capital with a Q? Okay. Capital CU. Yeah. So again, we'll put all of this stuff in the show notes, guys, so that you can check it all out. And I I'm curious, before we wrap up, and I hope you guys really enjoyed this episode, because it's such great information. But before we wrap up, is there anything that you think is really, really important that we didn't get a chance to cover that an artist should know as they are working towards transitioning out about budgeting about money, whatever it is that you think that we should know? Just or keep in mind as we're Going towards this, you know, this desire to move out of our day jobs and into full time artists.

Pamela Capalad, CFP, AFC:

Totally. I mean, just speaking from experience, I quit my day job in January. So it's been almost a full year. Yeah. You know, and even as a money person, the money part was hard. So I think that the most important thing to keep in mind is that this is all going to be a work in progress. And it's going to be hard some days, and it's gonna feel like what the hell did I do with my budget some days? And to know that just because you have one bad day doesn't mean you have to make it a bad month.

Unknown:

Um, good one. Good one. Good one, guys. Thank you so much, Pamela, for being on our show. You're a guest. And I'm so I'm so excited. You guys. Please check out Pamela and where can they find you? Actually, so yeah,

Pamela Capalad, CFP, AFC:

so you can find me on brunch and budget.com or on bonfire radio.com. Or tweet at me at brunch and budget, or at my Instagram is at affiliated with calculators. Nice,

Unknown:

nice. So you guys will again, we'll put everything in the show notes so you guys can check it out. And again, thank you so much for being here. And being a fabulous artists environment, Business Academy instructor creating this awesome class, we are going to, we're going to put that information there you guys check out Pamela she's such an incredible person. She's so passionate about budgeting and helping people like you to make sure that you are out there living your dreams and doing it in a way that's intentional, and will keep you in a place of security around your finances. So check her out and check out all the incredible things she's doing. And check out her show too, because it is amazing. And I had such a great time at her show. In again, we'll link that as well. And I have one last and final question for you to Google. Yeah, to complete this sentence. I ask all of my all of my guests to do this. So I am empowered because I am

Pamela Capalad, CFP, AFC:

empowered, because I have taken control of my financial future.

Unknown:

Yes, awesome. Love it. So you guys, check out Pamela. I hope that you enjoyed this episode, we look forward to seeing you actually setting up your your account. And getting that ready. And you're going to tweet to us into Pamela so she can check it out. And we can all cheer you on. And you'll get that coupon code so that you can take your next step. And again, have such a great day, night, evening, wherever it is that you are. And we look forward to checking you out on social media. Take care, everybody. So I hope you enjoyed that episode. Isn't she amazing? She gave such such such such great advice. And again, if you want to learn more about her company, you can go over to brunch and budget.com and get all of the information that you need and set up an appointment with her right away I can guarantee that she is somebody who is going to really really help you get your financial life in order so make sure that you check her out over there. Also, if you are interested in connecting with us on the show, please do so over Ajay Williams II S Q on Instagram, or leave us a review on iTunes. It's so important those reviews because they help us to reach a larger audience. It helps us to connect with even more and more people like yourself. And if this episode was something that really helped you, leave us a shout out or share it over with somebody because I'm telling you this is one of the areas that I hear about outside of the legal aspects the most when it comes to creators and putting their work out in the world and doing so in a sustainable way. So I want you to make sure that you check out Pam, you connect with us you can email us at artists without day jobs@gmail.com You can also follow the show on Instagram at artists without day jobs. So thank you so much for listening to this episode. And I am just elated that we had an opportunity to talk about money. Also make sure that you check out a previous episode we did with Farnoosh Torabi, who's not only a client of mine, but also an incredible financial planner as well. If you are wanting to dive into more money, money goodness. So thank you so much for listening and I will see you in the next episode.