Looking for feedback, advice and thoughts about working towards being a full-time commission artist.
JJ typing, as mentioned in a previous post. I had lunch with my dad several months ago. Asked him where he struggled with being self-employed. He talked about discipline. He advised to put 10% in savings, 10% investing back into my business and 10% to a charity that aligns with my business.
This is where I'm looking for some information from you 40k'ers a.k.a. brain trust. 10% saves easy one to understand. 10% in investing and charity are something that has made me scratch my head.
10% investing back into the business. My dad started providing an example then stopped. Probably couldn't think of an example of how to invest back into the business. I wondered the same thing. How does one invest in their commission painting business? Couple of things came to mind. Buying a digital camera, tripod, etc, specifically for models, buying a computer that can handle the requirements of software for picture editing. Advertising can be considered investing into the business. Not sure about it.
10% to a charity that aligns with business. This one truly had me stumped. Then it occurred to me. I can give it an elementary school arts class for supplies or buy supplies for them. My Love mentioned she knew someone that volunteered for an after school art class for troubled youth. That seems very cool. Like that a lot.
What are your suggestions how to invest into a commission business and charity donations that align with commission work?