When my husband and I were first married, I was working a fairly steady job with a production company so I had health benefits. However, my coverage did not extend to a spouse and as my husband was working freelance as a production assistant, he did not have medical insurance.

Money was tight. I remember we kept saying we would look into finding him a health plan, but "somehow" it was just easier not to write that extra check every month. I kept ignoring the little nagging voice in the back of my head, telling me we were making a big mistake. After all, we were young and healthy, right? A year or two without insurance wouldn't make any difference...

Then one day my husband came home from a PA job shooting a music video in Mexico, with a horrible, violent stomach virus. We tried keeping him hydrated, but before long he was too weak to stand, and we could no longer avoid the emergency room. He was never actually admitted, however, he was put on an IV and kept for about 15 hours. A few weeks later, we received a hospital bill for over $3,000.00.

It probably took us three years to pay that off. It was a hard way to learn a lesson, but the fact is it could have been much worse. Medical bills can be shockingly high and there doesn't even have to be something seriously wrong to rack up a long list of charges. And don't think this is debt you will be able to ignore. Hospitals have gotten extremely aggressive in their collection policies and are often granted permission to garnish current and future wages until their bills are paid.

If you've been procrastinating with regards to insurance, we hope this issue's article will help you make getting coverage a priority. We work with our clients to eliminate the financial stress in their lives. Having insurance is a big part of that - making sure that you have adequately protected yourself and your family.

Until next time - to your prosperity!

Miata

You have done it! You have cleaned up your finances, figured out what’s what, built up a wealth account, and you have even begun investing. There is no more debt, your time is freed up, and you have a nice little nest egg. Then it happens – WHAM!!! You are involved in a major car accident and get injured. Or maybe you are diagnosed with a serious illness. Either way, not only can you not work for a while, but you have heaps of medical bills. Are you prepared? If not, then all the hard work you have done to get yourself on stable financial ground and begin building wealth, is gone. If you can’t pay those bills and you are sued, then faster than you can blink your assets will be sucked up to pay what you owe.

How would you feel if this happened to you? Really use your imagination and try to place yourself there. What is it worth to you to ensure that this never happens? What would you do to protect yourself?

What is protection? INSURANCE! Yes, it is easy to say, “I don’t really need it right now,” or, “I can’t really afford it yet. I’ll wait until I’m making more money.” No matter how tight money is, it will be far worse if anything happens to you and you are uninsured. Just remember – you DO need it. The premium (charge you pay on a monthly/yearly basis) for insurance will protect you and family from financial loss in the event of accident, illness, fire, flood, or any other type of natural disaster.

Insurance is unavoidable if you own a car and/or a house. To qualify for a mortgage, you will be required to have home insurance because the bank wants to protect their investment. Just be sure to research insurance companies or make use of an insurance broker (you don’t pay for their services, the insurance companies do) and make sure you have appropriate coverage. You don’t want it to be too high and you don’t want it to be too low. It should be based on the estimated rebuilding costs of your house, not on current market value. With car insurance, you will most likely have to show proof of some basic coverage to register the vehicle. Make sure you are comfortably covered in case of an accident and also for when you rent a car, so you don’t need to pay extra premiums when you travel.

It is also crucial that you have health insurance. Since the majority of artists do not have coverage from a regular employer, they need to purchase individual coverage. You can choose between fee- for-service insurance – allows you to select any physician although it is generally extremely expensive, or managed care – lower costs but limited choices with regards to doctors and hospitals to which you have access. It is also recommended that you obtain a policy that:

• will cover a major medical problem
• will handle at least 80% of your costs after the deductible
• is guaranteed renewable (they can't drop you or hike your premium cost if you get sick)
• has a maximum lifetime benefit of at least $1 million
• doesn't have large numbers of limits and exclusions

Recognize that insurance companies can be sneaky – read policies carefully.

Other types of insurance include renter’s insurance, life insurance, and disability insurance. Renter’s insurance is important because your possessions are not covered under the homeowner’s policy of the person from whom you are renting. It also protects you from liability, either in your own home or elsewhere. Life insurance is something you need only if you have dependents. Don’t let someone sell it to you otherwise. Disability insurance is important to have in place if you have a regularly paying job and you depend upon that income. It will ensure that you still have money coming in, in the event that you become sick or injured and cannot work for a period of time.

Things to consider when shopping for insurance include:

1. How high a deductible you want to select. Higher deductibles will result in lower premium costs. Just make sure you can actually afford to cover the deductible. If you visit the doctor regularly for example, having a high deductible might not make sense.
2. Get quotes from several insurance agents. Don't be pressured into buying just because you have been given a quote. Talk to both independent agents (they can sell policies from different insurance companies) and capitve agents (they represent one company). Getting referrals from friends and family members who are happy with their service and rates is a good way to shop. Then you know your insurance provider is tried and true.
3. Explore companies that will sell a policy directly to you. This may be cheaper since they avoid paying agents' salaries.
4. The Consumer Reports Buying Guide can be an excellent resource for narrowing down your top choices.
5. If you are considering a lesser known company because of good rates, make sure you check them out carefully. Investigate qualifications, check with the state insurance department, and research the company's financial stability. You don't want to be paying premiums for months or even years, only to discover that the company has gone out of business and will not pay your claim.
6. Always ask if you are eligible for any discounts.

It all comes down to protection and the feeling of security that goes along with it. If you do not have insurance, you may be putting your whole future on the line. No one wants life’s difficulties to pop up, but we can’t avoid them forever and if they are big, then you could be financially ruined. And who wants the financial stress added to an already difficult situation of illness, injury, or losing your house or possessions? Again, really take the time to imagine how you would FEEL if any of this happened to you and you weren’t ready. You owe it to yourself and your loved ones to be prepared. Don’t let all your hard work go to waste. Get insurance and have peace of mind.

From Starving Artist to Money Magnet: A Step by Step Guide to Freedom & Prosperity for Actors, Artists & Creative Professionals

Saturday, August 26th – Studio City, California 2:00 PM to 4:30 PM

It is easy as artists to believe that we can wait to really learn about money until the time comes that we are making a lot of it! This mindset can quickly trap us in a cycle of financial stress and struggle. In this class, you will be taught how to combine financial literacy with confident leadership so that you can accelerate your wealth and riches, materially and spiritually.

The Artists' Prosperity Intensive Boot Camp

Starts Wednesday, September 13, 2006 at 7:00 PM Pacific

(Limited to Only 20 Participants!)

Join us for 10 weeks in this powerful, results oriented seminar. You will be coached step-by-step through the entire Artists' Prosperity System and will have all of the support you need to actually apply the process to your own life.

This Boot Camp is a way for you to dramatically increase your results and will give you a quick start towards time freedom and financial security.

Los Angeles Entertainment Conference

Saturday, August 19th

11:00 AM to 7:00 PM (Registration begins at 10:00 AM)

This is an all day event, providing a wonderful opportunity to meet many industry professionals in one place and sit in on some great and informative seminars.

Registration is only $15 in advance and $20 at the door.

Don't miss this opportunity to network and learn some new skills!

1st Annual TalentPool International Reel Actors Film Festival

A reel is the #1 marketing tool for actors, yet most don’t have one. The TalentPool International Reel Actors Film Festival was created to challenge actors to complete their reels, screen it for industry executives and celebrate the work of talented actors.

You may think you don’t have enough material, you may think you don’t have the right materials. You do. We challenge you to create and submit a reel you’re proud of. You can do it!