So Money Matters for Male Models
The world’s top male model, Tobias Sorensen, earns $265,000 dollars per year posing for blue-chip fashion brands, such as Zara and Diesel, according to the Worldstopmost website.
In contrast, one red-hot female model of the moment, Kendall Jenner, rakes in approximately ten million dollars per year.
Since there is a great disparity in term of income for male and female models, at all tiers of success.
Male models do need to manage their money wisely
Whether they are just starting out or are already established.
Setting a monthly budget, investing earnings in real estate and sticking with affordable credit will be smart strategies.
Set a Monthly Budget
According to The New York Times website, accountant, Michael Tumminia, helps plenty of models to make the most of their money.
He teaches models to resist the urge to splurge by setting monthly budgets and sticking to them.
Since models are freelancers who are self-employed, their income fluctuates.
They also need to pay their own taxes, as taxes aren’t taken out by employers.
In Tumminia’s opinion, a monthly budget which sets aside cash for quarterly tax payments is the key to making financial progress.
Mint.com is one sensible app that makes it easier to set up and maintain a budget.
Invest Earnings in Real Estate
According to Forbes.com, forty percent of freelancers do not have savings for retirement.
Male models who take the long view financially may put together nest eggs for the future, when their time in front of the camera is over.
Purchasing real estate is a good way to invest earnings, especially when the right location is chosen.
For example, a model who is successful enough to get on the property ladder in trendy Brooklyn, should enjoy good appreciation of a real estate investment over the years.
When retirement rolls around, a property may be sold. The profits may be used to cover the cost of living.
Stick with Affordable Credit
A male model needs to pay attention to a personal credit rating, because a poor credit rating or lack of a borrowing history will make it harder to access affordable credit when it is needed.
Models may build good credit ratings by paying their bills on time.
Using just a couple of sources of credit and having any negative (or inaccurate) credit entries removed from their credit reports.
Male models with great credit ratings should have no trouble accessing credit with affordable interest rates.
Male Models Need to Plan Ahead
Lots of male models who start having success are tempted to show their success by buying expensive things.
From Rolex wristwatches to Tom Ford suits to fancy cars (which usually depreciate as soon as they are driven off the lot).
Resisting the urge to burn through money for the purpose of owning status symbols.
And saving cash instead (and then investing it wisely) is highly recommended.
A good monthly budget is the first step, so why not put one together today?
Model Tobias Sorensen.
