One Broke Actress Podcast: "How Much Money Do You Need to Be an Actor in LA? | REALITY CHECK ON THE MONEY Actors Make" Summary
Release Date: September 19, 2024
Host: Sam Valentine
Introduction
In this eye-opening episode of the One Broke Actress Podcast, host and actress Sam Valentine delves into the financial realities of pursuing an acting career in Los Angeles. Titled "How Much Money Do You Need to Be an Actor in LA? | REALITY CHECK ON THE MONEY Actors Make," Sam provides a comprehensive breakdown of the costs associated with living in LA while maintaining an acting career and contrasts them with the typical earnings actors can expect from a "bomb year."
Breaking Down the Cost of Living as an Actor in LA
Sam begins by outlining a "slim LA budget," emphasizing the necessity of balancing basic living expenses with the unpredictable nature of acting income. She categorizes the essential costs into five main areas:
-
Housing:
"First things first, you need a home base... It’s probably shared in some mediocre apartment."
[02:30]
Estimated Cost: $1,600/month -
Transportation:
"In a city like Los Angeles, you have to have a car."
[03:10]
Estimated Cost: $400/month (including insurance, gas, and a cheap lease) -
Food:
"You’re gonna need sustenance... I’m also making this for one person."
[04:00]
Estimated Cost: $500/month -
Acting-Related Expenses:
"Taking a class, one coaching session a month, maintaining online profiles, updating headshots, paying SAG dues."
[05:20]
Estimated Cost: $650/month -
Other Living Expenses (Utilities, Internet, etc.):
"This like etc category and I’m still keeping it real slim."
[06:15]
Estimated Cost: $500/month
Total Monthly Budget: $3,650
Total Annual Budget: $43,800
Sam emphasizes that this is a bare-bones budget, excluding discretionary spending and savings, which are crucial for long-term financial stability.
Comparing Acting Income with Expenses
Shifting focus, Sam analyzes a "bomb actor year," characterized by booking multiple roles:
-
Network Co-Star Role:
"Book a co-star on a network show... SAG theatrical weekly rate is $4,180."
[07:30] -
Streaming Guest Star Role:
Similar to the network co-star in terms of weekly pay. -
Class A Commercial:
"The day rate for this is $783.10... residuals are hard to pin down, but let's say $18,000."
[09:00] -
Low-Budget Indie Movie:
"Day rate is $241 per day... working five days a week for three weeks totals $3,615."
[10:10]
Total Gross Earnings: $27,782.10
Deductions:
- Taxes: 20%
- Agency Fees: 10%
- Union Dues: 1.575%
Net Earnings: Approximately $19,009.90
Realities and Realignment of Expectations
Sam juxtaposes the annual budget against the net earnings from a successful year:
“Your Lean LA budget was $43,800 per year. And this bomb actor year made so far $19,009.90. So after an incredible year as an actor... you are $24,790.10 technically in the red.”
[12:00]
She highlights the harsh reality that even a "successful" acting year may not cover basic living expenses, urging listeners to reassess their financial expectations.
Building Multiple Income Streams
Addressing the necessity of supplementary income, Sam offers critical advice:
-
Diversify Income Streams:
“Can we please nix the part of your dream manifestation where you only live off of acting income? It's really limiting.”
[12:45] -
Invest in Skills and Businesses:
“It is worth your time and energy to build skills and jobs outside of acting that can fill your bank account.”
[13:15] -
Mental and Financial Well-being:
“These jobs shade our mental, physical and financial health a hell of a lot more than acting does.”
[13:45]
Upcoming Initiatives and Resources
Sam introduces an upcoming Side Hustle Academy course, co-created with Atlanta actress Gabrielle Benlass, designed to help actors develop higher-paid freelance work or start their own businesses:
“We’re building it to teach actors how to a level their skills to do higher paid freelance work and or a start their own businesses and run them successfully alongside their working actor career.”
[14:00]
Benefits include:
- Comprehensive curriculum tailored for actors
- Live weekly calls with Sam and Gabrielle for personalized support
- Exclusive access for early waitlist members
Sam encourages listeners to join the waitlist to secure the best deal and gain early access to invaluable resources.
Conclusion and Final Thoughts
Wrapping up the episode, Sam reinforces the importance of financial realism and adaptability in an acting career:
“The days of counting tips at the bar... are over.”
[14:05]
She urges listeners to share their thoughts and questions in the comments on Spotify, YouTube, or via Instagram DMs, fostering a supportive community focused on both acting and financial stability.
Notable Quotes
- “This is an in the game year. This is something you should be so freaking proud of.” [00:40]
- “The women are speaking. What's up, guys?” [02:00]
- “Please do me a favor and hit the follow button on Spotify or subscribe on Apple.” [02:40]
- “Your Lean LA budget was $43,800 per year. And this bomb actor year made so far $19,009.90.” [12:00]
- “Side Hustle Academy... It is perhaps the best deal we’ve ever made.” [14:00]
Final Thoughts
This episode serves as a crucial wake-up call for aspiring and working actors in LA, emphasizing the need for financial planning and diversified income streams to sustain a career in the competitive entertainment industry. Sam Valentine not only breaks down the numbers but also provides actionable advice and resources to help actors navigate the financial challenges of their profession.
For more insights and to stay updated on upcoming projects like Side Hustle Academy, be sure to subscribe to the One Broke Actress Podcast on Spotify or follow Sam Valentine on YouTube.