In this week's episode of Artistic Finance, Ellen Lampert-Gréaux and I had the pleasure of interviewing Roma Flowers, a Texas-based lighting designer of dance and theatre. Roma has carved out a remarkable career in a field where financial stability can sometimes feel elusive. Our conversation explored everything from the importance of opening a 401k at a young age to the realistic balance of managing overhead during lean times.
Here are my key takeaways from the episode, and some personal reflections.
Living Debt-Free
Roma openly shared that she was not great with finances early in her career. However, she made a crucial decision that cannot be overlooked: she avoided credit card debt. Apart from $9,000 in student loans, which she paid off over several years, Roma steered clear of debt. This allowed her to maintain a sense of balance in her life—even during the lean times. When finances were tight, she lived frugally, and when times were better, she allowed herself a bit more breathing room. Avoiding credit card debt isn’t easy in today’s world, but hearing Roma's success without it serves as a reminder that it is possible.
Dance Design Fees: The Reality
We dove into the numbers, and I appreciated Roma’s transparency when discussing what designers can expect to make in the dance world. Fees range from $500 to $3,000 per project. It’s not a mystery; if you're looking to design for dance or theatre, that's the typical range. This open conversation about fees can help other designers manage their expectations and plan accordingly.
No Free Work
Roma never works completely for free, a principle she has stuck to throughout her career. This philosophy echoes what we discussed in our episode covering the book Theatre Work where we learned how arts workers often subsidize the industry by giving their time. While Roma might take on a $500 gig and end up putting in far more effort than the fee provides for, the idea of never working for free still holds firm. Her insight reminds us to think critically about when and how much to give in those low-fee situations.
Academia and Its Trade-offs
The allure of academia, with its steady paycheck and benefits, is something we’ve touched on frequently in Artistic Finance. Roma pointed out a drawback to this path that I hadn’t considered as much: the jobs you have to turn down due to teaching commitments. While she doesn’t regret her choice, it's a good reminder that every career path has trade-offs.
Health Insurance: The Real Need
One of the more personal parts of our conversation revolved around healthcare. Roma’s stories about ignoring minor health issues that eventually became major ones hit home. It's never fun to discuss end of life, but Roma’s comments reminded me how crucial it is to prioritize health insurance, especially as freelancers who often don't have easy access.
Healthcare costs can be overwhelming, avoiding routine care can lead to even greater problems later on. It’s an expense that needs to be accounted for in your financial plan. Healthcare.gov is a wonderful resource for any uninsured freelancer out there.
Solo 401ks and Tax Strategies
We also touched on retirement planning, specifically opening a Solo 401k. When you’re freelancing, it’s vital to start saving early, and both Fidelity and Schwab offer low-fee options, though they don’t include Roth Solo 401ks. I personally prefer Roth 401ks when you’re younger, as you pay taxes now and get tax-free withdrawals in retirement. Regardless of the plan, the key is to start saving now. Your future self will thank you.
As for taxes, while we often recommend finding an accountant familiar with the industry, many freelancers file their own taxes. Roma shared that she sends hers to a general tax lawyer. The bottom line is, do what works best for you—whether it's hiring an industry-savvy accountant or using tax software like TurboTax. Both are good ways to file and the important thing is that you feel confident in your tax strategy.
Networking: Show Up
One of the recurring themes in our conversation was networking. Roma emphasized how simply showing up—whether at events or for your collaborators—can lead to opportunities. It doesn’t have to be at a formal networking event; just showing up and being present can build the connections that matter. As I shared in the episode, two of my recent jobs came through relationships I built during casual interactions. Networking is about being yourself and showing up with interest for the people around you.
Generational Wealth and Social Security
We wrapped up by discussing the idea of generational wealth, which doesn’t have to be a large amount to make a big difference. Roma also reminded us about paying into Social Security, which can be a bit tricky for freelancers who tend to maximize their deductions. Social Security benefits are calculated based on your highest 35 years of income, so it’s worth considering how much you’re contributing each year and how that will affect you in retirement. If you’re not paying much into Social Security, make sure you’re saving more for your retirement through other means.
Looking Forward to LDI
If you're attending LDI, make sure to stop by and say hello. Roma will be there, and wants to meet students and early-career folx. Even if you’re mid-career or retired, introducing yourself is always a good idea. Making connections because you never know where those relationships might take you.
Here's an easter egg for the dedicated reader; A promo code for a free expo hall pass: ARTISTICFINANCE. Register at ldishow.com to join us for the live recording on December 8th!
Listen to the full interview here https://www.artisticfinance.com/167bonus.html.
This interview offered a rich tapestry of advice and insights, particularly for freelance designers navigating the industry. From avoiding debt and setting up retirement accounts early, to the importance of health insurance, Roma’s wisdom is vetted by decades in the industry.