Our December Creative Economy Mixer was at the regions hottest new maker’s space, the Electric City Barn in Schenectady. December’s event featured drinks by Frog Alley Brewing, music by Shiri Zorn and George Muscatello, and a panel discussion moderated by Kat Koppett, Founder of KOPPETT, and Kristin Diotte, Director of Planning, Zoning and Community Development for the City of Schenectady, focuing on the role of the Creative Economy in downtown and community development. Thanks to our sponsors MVP Health Care, Community Loan Fund, and Redburn Development: The Fitzgerald Building, and our promotional partners Mopco and Koppett, Discover Schenectady and Black Dimensions In Art, Inc. Produced in partnership with 2440 Design Studio and WMHT.
Business
SAVINGS? SERIOUSLY? Why Freelancers Need a Nest Egg, and How We Can Get There.
FINANCES FOR FREELANCERS: A Monthly Feature Sponsored by Community Loan Fund
Setting money aside for savings is not always an easy task, especially if you are planning on saving for a house or other big investments. It could be worth checking out something like debt consolidation loan chase if you find that you are struggling with your personal finances. You may even find a solution.
Try finding ways around your usual spendings for example, try using youtube to mp3 shark to download music. For freelancers and creatives, it can be even more difficult, because many of us have irregular cash flow, as our clients, assignments and payments often change from month to month. A survey by TD Ameritrade reveals that 40% of Freelancers don’t regularly save, and only do so when they can afford to. I can say I personally used to fit that statistic! If you’re looking to save up and track expenditure as well as tracking your mileage travelling for work, personal and other reasons to perhaps save on fuel costs, you could take a look at using this expense tracker app and see how much you can start saving once you can clearly see your outgoings.
Savings Helps your Cashflow
The start of healthy financial practices often begins with savings and cashflow management. Cashflow is the total amount of money being transferred into and out of your business each month. For freelancers, cashflow can go up and down pretty frequently, but having savings can help to level things out. For example, let’s say in month A you get a lot of work, and invoices are all paid, Congratulations! The money coming in is greater than the expenses going out, creating positive cashflow. In month B, your invoices might not get paid in a timely way, or one of your clients might not have sent any assignments, so in month B, you might have a neutral or negative cashflow. If you saved a portion of your income from month A, when month B comes around, you will be in a better position to pay your expenses in month B.
Savings Looks Good For Loans
When applying for a business loan or mortgage, having savings will be regarded positively, because it reduces the risk to the lender. However, having poor credit might hinder your chances of receiving a loan. If you’re unsure why you’ve been unable to successfully apply for a business loan, it might be worth contacting an organization, like deAsra, that helps small businesses set up their companies. To see an example of where this company was able to help another business successfully retreieve a loan after being denied initially, you can click here. Alternatively, you could try and enhance your chances of a loan by improving your credit and savings. Your savings are considered a financial asset. Why is this important? Read on.
Savings Improves Your Net Worth
Having a savings improves your personal balance sheet. A personal balance sheet provides an overall snapshot of your wealth at a specific period in time. It is a summary of your assets (what you own), your liabilities (what you owe) and your net worth (assets minus liabilities).
Savings adds to your net worth, because it is an asset.
Tracking your balance sheet regularly is essential to knowing where you are with your finances, and what you can do to improve them and reach your financial goals.
Tracking your personal balance sheet is not difficult to do. There are many apps and software programs that are specialized to meet the needs of freelancers, while often offering benefits like creating invoices, tracking mileage, and more. QuickBooks Self-Employed and FreshBooks are two such programs, but there are dozens that can serve your needs. Search for a program that suits your particular business, or ask freelance friends or our ACE Discussion Group for their recommendations.
Setting a Target Savings Goal
Some experts say that setting a target of at least 20 percent of your income going directly to savings, or $20 of every $100 you make. Set up an arrangement at your bank to auto transfer a certain amount to your savings account with every deposit, and you’ll be saving without even realizing it! Accountability also helps. Joining a financial support group, or having a money accountability buddy can help you stay focused on your end goal when cashflow is lower and you are tempted to skip that savings deposit. Lean on friends on that tough day where you just don’t think you can save. Even a small deposit in your savings account each month will set you in the right direction and start a healthy habit for the future.
Our Finances for Freelancers series is sponsored by Community Loan Fund. You can contact Paul Stewart and meet him at our monthly Creative Economy Mixer events.
Article By Ashleigh Kinsey, owner of AK Design and ACE Digital Manager
Culinary Arts Program Prepares Youth For Success
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The Culinary Arts program at Questar III follows the ProStart curriculum developed by the National Restaurant Association Educational Foundation, which gives students the opportunity to learn about the art of cooking and managing restaurants by training with professional chefs and getting classroom instruction, while also earning college credit and making money while they’re in high school.
TV culture of celebrity chefs and cooking-related programming has awakened a surge of interest in culinary arts, but one of the more recent popular concepts around food has been sustainability and farm-to-table restaurants. Questar has a Farm-to-Table unit in the Culinary arts program that teams up with Sylvia Center at Katchkie Farm, where students visit the farm, learn about food deserts, and source local produce to create dishes on-site. This experience further solidifies a hands- on learning experience while teaching strong lessons in sourcing and sustainability that will shape how these student think about the food industry and quality ingredients.
Culinary Instructor Peter Desmond says, “Some of our students would not normally get the opportunity to do this without the program. K farm has been very generous in collaborating with us on this program and it really helps students to learn about healthy foods, how they are grown, and more.”
Although most Questar III students continue their studies at organizations like SCCC (please give full names here) or CIA, some students have received scholarships to Johnson & Whales University, or end up going directly into the workforce to use their skills in job throughout the region.
Crossroads Brewing at ACE #CreativeEconomyMixer
Crossroads Brewing has a brewpub in Athens NY and a taproom in Catskill NY. They have won awards from The Great American Beer Festival, Best of the Hudson Valley, The World Beer Cup and more.
With 11 varieties, From IPA’s to their Barleywine, and Stout, it will be a great opportunity to sample a brew you haven’t tried at our Creative Economy Mixer.
Register for our Creative Economy Mixer here.
The Rodney Shop Brings an Artist’s Whimsical Creations to Catskill
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Artist Rodney Alan Greenblat, world famous for his whimsical, vibrant, and fun artwork, is the owner/operator of the Rodney Shop boutique, one of the many artist-run boutiques on Main Street in Catskill, NY. His interest in art began as a young child and he was propelled into the arts world with his first “gig” doing an illustration for his school PTA handbook at the age of 11.
As a sculptor and painter, his work became an integral part of the East Village Art scene of the 1980s, where he had several one person shows at the legendary Gracie Mansion Gallery. In 1985 his large sculpture “Ark of Triumph” was featured in the prestigious Whitney Museum Biennial exhibition.
In the 1990’s Rodney took on another title, and published four children’s books published by Harper Collins. Uncle Wizzmo’s New Used Car, Aunt Ippy’s Museum of Junk, Thunder Bunny, and Slombo The Gross.
When newer technologies started to revolutionize the video game industry, he became the artistic force behind the best selling game for Sony Playstation called “Parappa The Rapper.” This led to a whole line of products distributed in Japan, and a weekly animated television series. Rodney is known as one of the world’s top character designers.
Rodney is a great example for artists everywhere, especially younger artists. He is a living breathing example of how a passion for the arts can lead to many options beyond the stereotypical “starving artist” if that talent and passion is nurtured and supported.
His artwork is shown regularly at the prestigious BCB ART gallery in Hudson NY. His wares can be purchased online, or in the Rodney Shop store at 362 Main Street in Catskill NY.
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Article by Ashleigh Kinsey