1. Open a Bank Account for Your Animation Business
Having a separate bank account for your animation business allows you to have more organized and accurate bookkeeping.
2. Improve Your Financial Literacy
A financially literate person knows how to manage their money as well as how to invest and budget.
3. Invest in Your Animation Education
Continue learning not only about animation but also the business side of animation.
4. Creat a Budget & Keep Track of Your Finance
Know where your money is coming from and where it's going. You can use accounting software such as Quickbooks or Pabbly.
5. Ensure Your Healthcare Coverage
Establish a budget for your healthcare coverage which includes benefits such as vision, dental, disability, term life, and liability insurance.
6. Set Aside Money for Taxes and Insurance
Apart from running your animation business, you will also be responsible for paying taxes. Consider hiring an accountant.
7. Build an Emergency Fund
Building an emergency fund doesn't end at setting aside some money for a rainy day. It also matters where you put the money.
8. Save Up for Retirement
Your retirement plan is one of the most important preparations you can make for the future. Invest in assets that will secure your future financial needs.