TIFFANIE YOUNG LOFTON is a Senior Vice President of Production with over 15 years experience developing network projects, budgets, and schedules. Her budgeting expertise has helped several media companies and freelance professionals meet their goals.
Managing a budget is a constant process, not just for a large-scale media company, but for the individual freelancer as well. Tiffanie recognized this early on in her career and began to coach clients on how to manage and maintain their personal budgets with simple, yet powerful tools. Now, she also offers her career guidance to college students seeking to enter the industry.
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YOUNG, FISCAL, & FREELANCE!
As a contractor, what are the three fundamental tools I need to stay on track financially?
Set up multiple bank accounts to protect savings and limit unnecessary spending.
Plan to be unemployed. Every contractor experiences unemployment so put yourself ahead by preparing for it.
Always be honest with yourself about your capabilities and what you can accomplish.
As a freelancer, how do I maintain a budget in this "feast or famine" environment?
It is vital for freelancers to have a flexible budget. In my consultations, we prepare a budget based on your current situation, but then set parameters for the unknown. So, if this happens [insert feast or famine here]... then do this [insert budget adjustment here].
You've coined the phrase, "Chase your dream, not your paycheck." Why is this so important? Is it always achievable?
Absolutely and I'm proof that it's possible! Once I focused on being at the top of my game, I was able to negotiate better rates for myself. As a freelancer, you are your product and people pay more for a better product, so focus on your dream and let it lead you to better paychecks.
What advice would you give to women who are looking to advance their careers in the media and entertainment industry?
Speak up, toot your own horn, and ask for more than you want so that when they underestimate you (and they almost always will), you'll still get what you deserve.
Personal Budgeting Q&A with Tiffanie
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