Above anything else, actors' money issues probably end more acting careers than anything else. Below are, in my opinion, 5 of the most common financial mistakes in entertainment that actors make. Some are actors' spending mistakes, while others are related to actors' income planning and financial stability. Financial literacy for actors is a critical skill—here are some tips to help you navigate your career wisely.

1. Spending big when you get a big check and not planning for dips

Celebrating wins as an actor is important AND healthy! But actors saving money should find ways to celebrate without spending money. Invite a friend over for dinner, revisit a favorite book, or watch that new Netflix show you’ve been hearing about. Because, how actors handle money can dictate their career longevity. It’s crucial for actors plan for income fluctuations.

Planning for slow seasons doesn’t mean you’re not a great actor—it’s simply reality. Financial struggles of actors often stem from unexpected delays: canceled TV shows, postponed gigs, industry strikes, or personal decisions. When bad things happen, having a financial cushion gives you options. Financial planning for performers is key to staying in control of your career and reducing stress when work slows down.

2. Using debt, especially when your income fluctuates

This isn’t about whether debt is good or bad—it’s about avoiding debt as an actor because actors’ income is unstable. Unlike a traditional 9-5 job, acting income is inconsistent. One financial pitfall in an acting career is having debt that can’t easily pay off between projects. Instead of relying on credit, a good strategy in money management for actors is saving up and paying upfront whenever possible.

Between acting gigs, you can focus on resetting, re-evaluating, and studying your craft—not worrying about past financial decisions. The best way to have peace in between acting projects is to owe no one. Waiting to purchase a product/service until you can pay for it in full, helps ensure financial security for actors in the long run.

3. Agent misuse: relying on your agent to "get you work" or rushing to get one

In my opinion, it’s not an agent’s job to find you work. Having an agent, when you are ready, can give you access to bigger opportunities. Many new performers believe signing with an agent will immediately fix actors' financial struggles, but that is an unlikely outcome. If you weren’t booking gigs before getting an agent, you likely won’t book much work after signing with one. Agents do not develop talent anymore. That means agents do not take the time to mold and shape your talent into a career. Actors, that means we need to be a bookable package when an agent ads us to their roster. You are a bookable package when you have a strong brand, get a great headshot, and then get a great acting reel. To create footage for a reel before you have good footage from gigs, record your own footage at home. No special equipment is needed; use your self-tape setup. Monologues and self-tape style scenes work well as scenes for your homemade reel or self-tape reel.

A common financial pitfall for actors comes from putting hopes into an agent instead of relying on personal effort. Getting a manager "just because" is another common mistake—a topic that deserves its own blog post!

4. Choosing a full-time job or side hustle that isn’t flexible

Working at a restaurant seems flexible—until you can’t switch shifts for an audition or leave early for a gig. In 2025, there are more flexible income opportunities for actors than ever before, including remote and freelance opportunities. Look for work that is truly flexible (not restaurant work), pays well, and aligns with your lifestyle or skillset.

Wanting to quit your job to "act full-time" can feel like a big step, but financial stability for performers often means diversifying income streams. When acting is your only source of income, you may be forced to take projects you hate just for the paycheck. Instead, choose non-acting side gigs that maximize time flexibility and income. In the beginning don’t worry about whether you like the side gig or not. The ultimate success is having a high paying side hustle that you’re passionate about. You can get there over time. For now, focus on high-income generating legal side hustles that you can tolerate. You can trade up overtime to get to a lucrative side hustle that you love. Until then, acting is your creative outlet and your side hustle is a paycheck.

5. Paying at the wrong time or to the wrong people

Advice for new actors: don’t pay agents or managers—they work on commission.

Scam test:

• Google: [agency/agent name] scam (e.g., "Apple Models scam")

• Search [agency/agent name] on Trustpilot, BBB.org, or Yelp

Any industry rep asking for upfront payments is likely a scammer. Many financial challenges in an acting career come from paying thousands of dollars for photos, classes, or showcases that provide little to no return. Always research before paying for any service, and seek trusted recommendations.

Acting classes are essential, but not all teachers are worth the investment. Many acting teachers are former actors—some are excellent, while others are not. To avoid wasting money, an actors' personal finance tip is to audit a class before paying. Observing first, will help you know if the training is valuable and worth the cost.

Final Thoughts

Financial advice for actors isn’t about limiting your dreams—it’s about making them sustainable. Smart financial choices can determine whether you stay in the industry or leave prematurely due to money problems actors face. By planning ahead, avoiding unnecessary debt, and making wise spending choices–  you can build a financially secure and fulfilling acting career.