Top 3 Creative Business success secrets to make it more profitable.

"Change is the only constant", a great quote which did intimidate me for as long as I remember and when last year I got scammed for worth 35 lakh Indian Rupee by a reputed bank, which is an add-on to my memory and will stay with me as long as I can remember.

To initiate, I have had a weird relationship with money since childhood, I was a saver until I turned into an arrogant teenager and eventually as I stepped into my late 20s I realized it was a good time to go back to my initial avatar, though this time I was more mindful as a newbie retail investor and an unexplained desire to dig more into the financial world which let me be me and helps me in my creative goals.

2020 has been a life-changing year for many, I had to take a few drastic steps myself, which turned out to be a mere blessing and then one day when my bank account got credited with a few handsome numbers and I didn't think anything else than reinvesting the same for my long term goals.

Keeping it short, my dad insisted I invest in a safe zone then the money grows to its full potential via equity. A reputed bank misselling life insurance with a Guaranteed" investment scheme, a true murderer if you don't have any desire to beat inflation in general. A three and half month-long struggle to bring my case to justice with the most reputed bank in India and not only I earned my tax-free money back but it taught me 3 very indispensable lessons of life, super glad to share them with all.

To Note: I am not a financial advisor and anything shared is just my views and not any tips and tricks or shortcut to success and wealth. I strongly advise you to consult your professional financial advisor and plan your finances according to the needs and lifestyle you are habituated to. This website and g hold no responsibility for any nature of physical, financial or psychological loss or damage.

1. Money Control.

India got its independence in 1947 and in the last 76 years we have observed unimaginable economical growth, however, we may be dissatisfied with the opportunities we assume we lack in our country, it is mere ignorant if you are not able to grasp the potential the country holds and how to get the best of it.

Risk-taking appetite is not plenty yet considering our old folks still believe in Gold, Real-Estate, FDs and "Guaranteed return" Insurance to be the only way to generate financial assets for long-term goals and it is our immaturity to blame them for any lack of 21st-century knowledge. It is our duty and right to know more about present financial tools, and surprisingly many of which are available for free at the tip of our fingers hence it is up to us to do justice to our hard-earned money.

Yes, even I was offended by the blunder my dad put me through, but down the line I even realized it to be a blessing in disguise and it is my responsibility to know more about investment than playing the blame game. They did the best they can do, and it is high time to take power and control into our own hands to do the best we can do for ourselves.

Hence "Change is the only constant" became a mantra in my life and just like FD were the fav for them we have far more lucrative tools good enough to beat inflation and provide us with the best security we creative professionals require from time to time.

Controlling our financial assert is not about hoarding it under the mattress but rather educating ourselves about financial terms and ways to generate with the existing corpus and I will highly suggest a few books in the sequence to be read below for everyone to initiate their mantra to wealth and prosperity.

1. STEP 1:Rich Dad, Poor DAD by Robert Kiyosaki, and

The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness. The book by Morgan Housel, helps anyone to lay a financial education foundation and how to think about the role of money in our day-to-day life. The stories narrated are very relatable, making it the best part of the reading experience. Many of it is based on the American economy hence I will advise it to be considered more from a money psychological point of view than a book giving you investment jargon.

2. One-time investment for better recurring Dividends.

Business Management and Financial Advisory agencies used to withhold the multi-dollar knowledge which kept them blessed monetarily is an old man story along with many share-market related myths. Numbers are not delusional and they all have a way to be understood by anyone who desires to. (I hold no basic knowledge of stocks and share market, and this article holds no information for the same)

It is the failure of various art academic institutes in India which shy away from practices non-creative aspects of running a creative studio and let alone grooming an artist and not a creative professional. It is more crucial at this point in time considering creative content creation is an amalgamation of various mediums. To add, social skills along with financial awareness are very indispensable characteristics which can take anyone a long way.

My severe lack of financial education and understanding of legal terms let me sign up for the scam, I admit every ignorance of mine and I take the oath to learn more and share my experience and knowledge with anyone who can benefit it from.

I assume many of us are aware of PPFs, Fixed deposits, gold and various modes of saving schemes along with Tax Benefits. Does the question remain how many of us ever thought to go under the sheet and dig deeper? CAGR, XIRR, Compound Interest, Absolute Returns, Guaranteed returns (I have sincerely earned an allergy for this term) Free-Lock Period, Lock-In period, Premium, SIP, SWP, Withholding, Withdrawing, Long Term and Short Term Tax, tax harvesting and Indexation Benefits are a few words of many which can make and break our decision of investing for any assigned goal.

As many professional investors swear by, every investment decision should hold a value, an agenda or a goal.

Control required to know more of the uncontrollable, yet control is not about being a control freak but to be aware of your risks and risk appetite to take calculated steps to reduce risk if any.

3. Book recommendation: Let's Talk Money by Monika Halan: My first step towards getting to know money basics and an eye opener for anyone who is an Indian resident and self-employed creative professional. It an easy to read and full of helpful financial jargon and terms. A book which helped me to understand the scam and how better to confront officials in their own game.

4. Book recommendation: What Every Indian Should Know Before Investing by Vinod Pottayil.

A great book to give a get-go and understand more about various investment and Tax saving tools available in India. One Girl child can also help you save tax.

5. Book recommendation: diamond in the dust saurabh mukherjea | Anyone serious about stocks selection, retail investing and wishing to dive into this beautiful world of rewarding volatility.

3. Creative business success is proportional to your bank account.

My profession is not simply an act of creating content 24*7 or simply to doing my taxes, paying my professional fees and keeping an account of all my sales and purchases. GST and ITR records need to be kept in accordance with its rules and I need to learn and be updated constantly to avoid any defaults.

It is easy to hire a Tax Consultant firm and personally I subscribe to one (I like to keep my work simplified), though we need to understand our business better than else.

I remember a very good friend of mine who told me his lack of understanding of taxes and how he never bothered to claim his TDS (10% tax deducted at source) at the end of a financial year even though he was under the no-tax bracket, as he assumed it is something to be not-claimable, made me think hard of how much money we creative professionals much be loosing in long term.

I hope this blog was helpful to any enthusiast or professional interested to climb the ladder of wealth, prosperity and success in their own life. I sincerely hope being creative is not considered just a way to rewind at the end of a tiring day, but a way to make a successful living.

Has anyone ever thought about how celebrities earn their handsome living and if you assume it's mere from the primary job we know them through, dig deeper. Most of them earn through commercial endorsements, many are multi-business investors, stock buyers and running a creative agency at the side.

To sum up, here are 5 bulletproof ways to Master your Creative Business and Money management

1. Average your annual income into your monthly salary. Understand your inflow and outflow to have better control of your expenses like necessities and avoidable expenditures (minimise your splurge)

2. Pay yourself first (investment for short, mid or long-term goals) and also set aside a certain corpus into your emergency fund, 6x of your monthly expenses or 12x, depending on how volatile your creative business is. There are various Mutual Funds available with above-average saving interest rates along with an option of instant liquidity just like your bank account.

3. Medical Insurance and Term Life-Insurance (the best way to safeguard your dear ones in any situation unforeseen) are non-negotiable and the premium value is always proportional to your age. It is advisable to avoid any Guaranteed schemes related to life insurance unless you understand completely what are you signing up for.

4. The art of keeping limited liability (loans or EMI, real estate maintenance fees, physical gold security, bank locker subscription) and regenerating wealth to reinvest in self and update the existing skills is crucial for any successful business.

5. Understanding India's economy and various tools to generate more wealth, save on taxes and more is important. Public Provident Fund, Mutual Fund and Gold Bonds are a few which help me afloat from time to time. Studying more about them over platforms like Groww, Labor Law Advisor, CA Rachana Ranade, and Pranjal Kamra are a few sources in case books are not your forte and they are free!

6. To be a successful investor is a life long journey of being a student to understand better investment tools and taking a calculated risks. The required enough greed to reach your goals is a good appetite and anything beyond is an act of immaturity.

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Hello! Myself, Shovona Karmakar is an advertising photographer and a product stylist based out of Mumbai, India. I have worked with upGrad, Whisper, ICICI, Future Generali, Whisper, Pampers, Morningstar USA, Pepe Jeans and more. An avid plant lover and having the superpower to connect to stray dogs, keep me grounded. If you ever find a crazy chick flying on her cycle, that's me! Check out my other work at: shovonakar.com

5 Productive Ways to Spend Your Idle Time

We freelancers often hear and experience people saying they’re not busy enough or that they don’t know what more to do to bring value to their creative career. We know we will be occupied for months as and when the project is in it's full swing, but what when the vacuum comes over and we don't exactly feel creative enough, which is quite healthy and to be expected in the initial days of your self-employed career.

So, What about those idle times?

How we manage those idle work phases in our career is a matter of mindset and prioritization. The unpredictability of such career choices does limit our planning and even though living on its own terms sounds like a Rebel holding a Bottle of Thumps Up and soaring the "Let me Challenge the Life" quote, in reality, it doesn't work for long. If we truly analyse our procrastination nature and the time spent on those pleasure only task, the realization that a lot of unproductive hours went past with no plan met is scary as hell, especially when we had the fantastic opportunity to upgrade ourselves to bring in the cash flow we thought only our primary job is responsible for. I am glad to share there are a few fantastic investment options to grab your hand on which your older self will be very thankful to you.

1. Financial Education: There has never been a great era to live in like the present. Any kind of financial crisis or setback is quite the constant worry every freelancer has and hence educating yourself with regards to finance and how to make money work for itself is a one-time investment and duly the best gift you can ever think of. Setting a few days or a week or two, listening to podcasts, and audiobooks or simply grabbing a paperback or eBook is a great way to make the best of your idle time. Once you know how it all works, you will feel the much-needed superpower within.

As a part of the capitalistic world, where inflation and other basic needs are unavoidable and when payments are delayed for months, it's high time to get into the automation of saving (I at least keep a 6 months corpus aside as an emergency fund). Understanding various financial assets like PPF, Medical Insurance because the chances of breaking a leg are higher than dying. Life insurance, only in case you have dependents, and best of all Mutual funds, not because "Mutual Funds Sahi hai!" but to allow your money the opportunity to work for you and even beat inflation in the long run.

I only allow my expenditure only post I end up investing into my respective investment columns (PPF (Tax saving), Medical Insurance (Tax saving), Short Term, Midterm and Long term investment) every month, most of which are set on automation.

It's always advisable to seek a financial Consultant against one-time or retainer-based fees who is more than certified to guide you in the best way possible.

2. Re-analyze your spending habits: With the very need for instant gratification, we very often end up purchasing for the sake of it with no intention in mind or even if we do its extremely occasional that we will end up consuming the product or service. I love my athleisure wear and my need to buy traditional wear is so rare that I almost don't end up wearing one for years. It's great to visit those imported food marts and grab a pack or two of exotic sauce, cheese block, pasta or dark chocolate which end up moulding near its expiry date just because we don't know how to make it to the expectation we had during our last visit to that A la Cart menu venue.

The lesson learnt, is that spending habits need to be checked once a week or twice a month max. Now-onward, open your pantry or fridge (trust me it's a house full of junk, more than you think of) and go through all you think needs to be refilled or removed as required. It is great to keep a basic grocery list in hand which needs to be sourced monthly and anything on top of it should be in the minimum quantity to avoid wastage.

Similarly, the frequent rant about "Having nothing to wear" feels like a life crisis for many. Next time when you have the urge of buying that dress you eyed so hard during your last mall visit, go to the website and keep it on the wish list for a week and two to least fulfil the desire to buy and give enough time to yourself to find a reason to have it, I am pretty sure unless you are a shopaholic you will understand the exercise and for sure you can thank me later!

3. Learn to live alone: It can be rosy and exciting how to lead one's life on its own terms, but no one cares to understand the mental turmoil it comes with. The act of learning to live alone or being content crucial, especially if and when involved in the creative business. It is always advisable to give yourself a break much needed and journal down about all you have achieved so far. It doesn't have to be exotic, expensive or adventurous, as simple as having a two-day and one-night stay is enough to bring that anxiety and worry compounding in you, below the bar of your tolerance level. Blowing your steam off is worth it and never apologize for it.

4. Read Autobiography :

Reading more about world-changing personalities has always been on my list and It's entertaining to binge-watch all the series and movies showcasing the life of the biggest of the big, one must keep in mind that that creative license gives the freedom to edit the story as per the requirement to make the much-needed bucks and entertainment vs books and documentaries meant to stick to facts often authorised by the protagonist itself. If anyone wants to know the real them, books and podcasts are the way to go.

It will require a far stronger recommendation than imagined and decades of experience to work alongside Elon Musk, Oprah Winfrey, Mark Zuckerberg, Bill Gates and more and have the much dreamed in-person experience and learn all that they have achieved so far. If we shake our-self up hard enough we will realize it's a long way to go and I will encourage with every ounce in my body to chase the dream until met, till then read about them to learn from the best.

Remember, the best of the best are all self-declared bookworms.

5. Sleep better: In today's world, it's quite natural to get consumed with work for weeks and struggle to get back to our natural cycle. Having a good night's sleep is crucial to the vital functioning of the body and brain though don't shy away from those extra hours napping during noon if possible and never feel guilty about it.

Many will swear by hustle and work till you die, keeping aside all the science which strongly supports the art of sound sleep, I have personally benefited a lot. My creative juices have thanked me again and again and my body is set to run the second cycle to work for the next 4 hours post-lunch with no fatigued felt within.

By spending your idle time effectively, you can increase your productivity and find yourself feeling more fulfilled. Most importantly, you don’t need to compromise on your peace of mind thinking about those days spent with no cash flow in. Next time Look for those idle times you can “steal.” How do you spend your idle time? Do share in the comment if it’s not mentioned in this post.

A few recommendations:

BOOKS:

• Psychology of Money

• Rich Dad and Poor Dad

• Let's Talk Money: Monika Halan

• Elon Musk: How The Billionaire CEO Of SpaceX And Tesla Is Shaping Our Future

• Steve Jobs

Youtube Channel:

• Labour Law Advisor

• CA Rachana Phadke Ranade

• The Financial Diet

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Myself, Shovona Karmakar is an advertising photographer and a product stylist in Mumbai, India. I have had an opportunity to work with upGrad, ICICI, Future Generali, Whisper, Pampers, Morningstar USA, Pepe Jeans and more. I live with my plants, and a few adorable fur babies and anyone can find me at the gym. Check out my other work at shovonakar.com

LINK

Psychology of money

Psychology of money | by Morgan Housel

5 ways for you to be a better creative professional

The book is for anyone to understand the basics or to lay a foundation of financial literacy in one's life. It doesn't matter who you are and what you do, financial literacy and the concept of saving is very new. It is important to know how we behave with our money in general as most of it is often irrational and saving money should not have any agenda in general though it is important to inbuild the habit of doing so as early as possible in our lives.

I come from an era where creative professions were linked with failure, hunger and struggle all lifelong. I work in an era where the creative profession is considered for the strong heart and the risk-takers which eventually tops the chart of life considered successful.

It is sad to see though, many creative professionals often concentrate solely on creating and recreating content to generate a bank of work to prove their worth and many often neglect or shy away from the fact, that let one do what it wishes to do as long as it wants to do and when it wants to do. Money is often considered that corrupts one's mind and hampers its creative vision, in reality, it is the most important factor which let ones mind to be free from worry and create the stuff one wishes to.

If you are a photographer, illustrator, makeup artist, stylist, director, cinematographer, post-production artist or anyone who is a part of the media and entertainment industry, this book has a lot to teach you and I will also share a few aspects of how I behave when it comes to my money at the end of this article.

TO NOTE: Only a few points are been discussed considered fitting the agenda of the blog, though I will humbly suggest you pick a copy if you can. This blog is not responsible for any personal, professional, financial, psychological loss incurred if it may. Any mentioned pointers are to be considered as a mere suggestions and not professional financial advice.

1. Confounding Compounding:

Any aspirant starts their journey to be a professional from mere scratch. It either learns a skill to initiate or hold a mere talent in its native state.

Whereas any portfolio showcasing various aspects of creativity serving a set of premium audiences holds the much-needed growth gained in its past many years.

Eg: As a photographer, I started capturing images solely from a photography point of view minus post-production and creative manipulation though down the line I believed in various other mediums and owing those skills to recreate a bank of images that helps me hold an edge over others in the market.

Similarly, money, when let, grows for decades undisturbed gains power and an edge one needs eventually in its life.

Given said that, the amount is not what matters as much as the amount of time one lets it rest and grow, as like any talent needs its own time for it to get mature aesthetically.

2. Wealth is what you don't see

Spending money to show people how much money you have is the fastest way to have less money

As with any creative profession, things are required to set up its space initially doesn't come cheap. As and when an instant desire to upgrade with the latest and greatest comes to mind that one may feel fit one needs for time being and hence are kept at the top of one's shopping list may sound like a wise call to take. On the other hand, this irrational act of buying robs one's bank of the much needed financial support if and when one may wish for it.

An emergency like the much-needed service of your computer, camera or a subscription of your graphic software must be for the project you need to submit at the earliest.

The latest phone or the wifi-enabled camera. The drone you hold or the accessories you wish to add to your photography bag may create unwanted anxiety and it surely gives an instant satisfaction when finally bought, blame it partial to the social media and advertisement that makes you believe that you need it. The way to have a hold over it is by being rational than irrational about one's needs and being comfortable with what one has and a bit below what you think you can live with, comfortably.

The choice of renting exist to unload the burden of buying things that you may need to sell to buy things you need.

3. SAVE MONEY:

The only factor you can control generates one of the only things that matter. How wonderful!

Having more control over your time and options is becoming one of the most valuable currencies in the world. There is nothing that can force me to deny what is been stated.

As our parents and our grandparents, where saving and the act of investment was directly proportional to various life goals like owning a house, car, planning for a world tour and child education. Saving in the present era should not exactly be pinned to any definite agenda, though the simple act of saving, is a good enough reason to be prepared for anything, which helps you to step up in life or hold you up in the worst of your phase.

4. You will change:

long term planning is harder than it seems because people's goals and desires change over time.

We, humans, are been carried away via various phases in our lives and yet we think we will retain the same characteristics we held decades ago.

Like a child dreaming to be a superhero in his mind which holds no fear or worry of life, eventually realises the world around and hence his goals changes. We change and we keep changing ourselves to best suit our survival opportunities.

A creative professional does have its set of phases to pass through and eventually feels the need to change or grow in various aspects. Our life plans and goals changes and so so does our priority.

In the worst scenario where your creative profession didn't turn up as per your expectation in a definite time period or you need a few years to gain a certain skill set very much in demand in your area, or a sudden personal pitfall, gives anyone a valid reason to save.

5. The seduction of pessimism:

Optimism is a belief that the odds of a good outcome are in your favor over time, even when there will be setbacks along the way

The life of a creative professional is full of uncertainty, one's economy is directly proportional to its standard of living. Yet in the past decades, we have observed and lived uncertainties and hence it justifies enough to be not too sure about the coming times. The future is uncertain and so does the economy.

We may not adore a negative person or an idea though it holds the most power and gains our maximum attention. This desire to survive and the instinct in us as a human lets our minds think about the worst than the best to make themselves prepared well for the pain we all must avoid. The fear to live for months with no work calls or pitches. The anxiety where the bank is not fed well for long is a good reason to think about how we behave with our money and how we set our life in general. A certain amount of self-pampering is good for mind and soul and indeed important, as money earned is not worth it if it was what you finally hold on your deathbed.

Above all, a desire to be a creative professional, where the mind holds the possibility to attain a life considered successful in conventional terms. One's financial planning and the decision will eventually help one to do and create at its own pace, choose the best of the clients one wish to work for, and live in the best environment giving the utmost standard of living.

Tips and Tricks:

1. Buying vs Renting:

As a commercial advertising photographer and a product stylist, I hold no reasons to buy the latest of the camera, computer, lens and else every time it is been launched. Instead, I believe in renting my equipment as and when required. The ability and possibility to reach out to the best of the vendors in the market updating itself with the best give me more reasons not to shed my own money.

2. Buy the best you can afford:

My investment choices are based on the factor of how often I am using it and the amount of time it will require to cover my base expenditure and how much profit I may gain eventually.

Any buying choices must be around the factor of investment vs return.

A high-end digital gadget's self-life vs its depreciating market value is a must think about,

Eg: a computer with a well-built metal body along with a fast, high-end processor which can serve you and your work demands for the next 5 years may cost you 6x, it may seem like an expensive choice to go for versus a system with an average configuration and plastic built costing you 2x and last for a year only. In the case of the latter, you will end up spending 8x more to suit your need in the coming 5 years.

3. Living below my comfort level:

I am not a fashion vista nor my job demands me to be and hence a few pairs of awesome sports shoes, formals and athleisure are all I hold in my closet. My clients demand me in terms of my work quality not how I look like. To add my occasional visits to movie halls, entertainment centres and restaurants and once in a few years, vocational breaks has helped me to be sane enough for those days unannounced.

Given said the above, it is your personal choice to splurge though keep in mind how much value it is adding to your life in general.

4. Saving for the sake of Saving:

Every nation in its democratic nature has led to various advantages for anyone running its own shop. Tax redemptions are not solely for the corporate but even creatives should be aware of. My choice around my money is more about investing in the market and government funds than splurging on things I will not need eventually.

5. Being Rational vs Irrational:

A trick learned years ago is adding all you wish to own instantly on your cart and let it sit for a week and two and if possible for a month. A month is a good enough time for anyone to understand its priorities and eventually one can take a call accordingly. The goal is to educate yourself about what is important vs a temporary gratification.

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Thank you so much for reading and I hope it helped you to understand your own relationship with your money better or share it with someone whom you think is an aspiring creative and needs a little nudge in regards to its financial understanding.

I am Shovona Karmakar, a commercial advertising photographer and product stylist based out of Mumbai, India. I specialize in portraits, editorials, people, products and cinemagraphs. If you are looking for a creative professional alike or wish to drop a Hi! feel free to ping me or use my contact form.

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