Lots of artists have lots of debt. But tons of those artists are managing to pay it back, all while living this crazy variable life.
I recently put out a call for artist debt stories and got this email that I just had to share.
Meet Charlotte. She’s a Canadian opera/musical theatre singer based in Toronto. This is her debt story…
“It’s an unconventional debt repayment story – I paid off all of my debt by taking on more debt – but it’s worked out beautifully and given me more stability and peace of mind than I ever thought was possible while still pursuing a full-time performing career.
The short version is this: four years ago, I was freelancing and working part-time at a law office – and I felt like I was drowning in dept. In 2008, I graduated from Western with $26,000.00 in student loans. By 2011, my student line was still sitting at $18,000.00 – due largely to the constant strain on my income from continuing to re-invest in my developement i.e. summer program tuitions, lessons, coachings, travel expenses, audition expenses, etc. I also still owed my parents $4,000.00 and my credit card was maxed at $1000.00. Eeek.
So I bought a house.
With ZERO financial backing from any outside source (not even a mortgage co-signer), at 25 years old, with an annual average income of $24,000.00 gross – I bought a rental property.
In four short years, my rental income has paid off the following: my student line, my parents, and all of my consumer debt – not to mention it also pays my mortgage and all operating expenses (property tax, house insurance, utilities, maintenance and updates, etc.)
I wasn’t simple by any means – it took a LOT of creativity and hard work – but really anybody could do it.”
I was super fired up by her awesome solution to her debt problem… I also had a ton of questions.