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This introduction helps artists see how financial competency and well-being are an essential part of a thriving art practice. Understanding that artists often work differently than other professionals, this session also clarifies common terminology and practice around issues such as insurance, taxes and retirement. The session also introduces the “CreativeMoney” self-assessment tools, which artists can use to situate themselves within a larger financial framework and take action toward greater stability and possibly home ownership.
Sessions 2 and 3 offer a hands-on introduction to our custom designed assessment tools. These tools include: interactive income and expense worksheets; spending plan templates; and debt reduction exercises that help artists gain a realistic picture of their own financial situations. Utilizing tools designed specifically for artists of different disciplines, each class is coached through gathering and recording their current financial status. Additionally in session two, participants are asked to explore their values around money and to use those values to set financial goals. They are required to complete their self-assessment, fill out their values and goals worksheet and order their credit report before session 3. In Session 3 artists complete their self-assessment and are taught how to read their credit report. Additional exercises help them understand their specific financial pictures, their credit score, and how to measure their future goals against current reality. The class then offers simple steps for improving credit, debt reduction, asset building strategies as well as suggestions for further learning.
The home-buying overview provides an introduction to the benefits of home-ownership for artists, and a comprehensive “walk-through” of the steps to making home ownership a reality. Issues and activities covered in session 4 include: group coaching that assists students in determining home affordability based on income and debt, steps for mortgage qualification, overview of the loan process, different types of mortgages available, key players in the home-buying process, and how to shop for a home.
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