Project Income
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Some of the information provided in this section may be incomplete or missing entirely.
If you have any questions about a certain feature or function,
Just go to HELP > SUPPORT > TECH SUPPORT within the application and submit your question!
A PerformerTrack Client Services Representative will answer your questions (usually within 24 hrs)!
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“EARMARK FOR PERFORMER TRUST”
PERFORMER TRUST: BRIEF EXPLANATION Okay, so if a child is protected from being flat broke by making the parent or legal guardian stash a percentage of each paycheck away – why shouldn’t we adults do the same thing?
We turned to Abundance Bound (www.AbundanceBound.com), one of the leading wealth building and financial education companies designed specifically to assist creative professionals, for their input on how such a system could be beneficial to performers.
One of the typical issues with entertainers that Abundance Bound constantly sees is the “Starving Artist” syndrome. When the artist makes money from a Booking (whether it is a payment for a contract rate, buy-out, residual, etc.) they spend the whole check! All of it! Then when the performer needs new headshots, wants to take a class or needs their demo reel edited they claim they are “broke” and can’t afford the very things that are necessary for them to get more work, which could potentially mean more income doing what they want to do – perform! Instead they run back to the “day job” and earn the money needed just to survive and then don’t progress in their career endeavors. It is a giant pit that many performers fall into and don’t even realize.
If you just tuck away as little as 2.5% from every paycheck you earn and save it in a high interest account or invest it in a high-yielding fund, over time you may have a nice sum of money that could be used to purchase the items you need to progress your career!
Abundance Bound is dedicated to helping artists take control of their finances and apply wealth building strategies to become financially secure. Creating a PerformerTrust account is just one of those tools in your arsenal to assist you with getting yourself on a secure financial path! So use it!
HOW IT WORKS It’s simple! Whenever you get paid “Earmark” the payment for PerformerTrust.
A percentage window will appear with the default “2.5%”. You can change the percentage from as little as 2.5% to as bold as 20% by utilizing the drop down menu.
Once you have “Earmarked” the payment and clicked the “Save” button the payment will appear in the Income list below with a cool and stylish PerformerTrust Shield Icon which indicates that this payment has been “Earmarked”!
You will also notice that amounts now appear in the Income Totals area. The Total Project Income Gross Amount, The Total Project Income Net Amount, and the Total PerformerTrust Amount for this Booked Project.
The Amount that appears in the PerformerTrust Amount field box reflects the % of what you selected for “Earmark for PerformerTrust”.
When you click on the Edit Income icon you will launch the Income Details pop-up window.
THE DETAILS In the Income Details pop-up window you will see a section totally dedicated to PerformerTrust Tracker. From here you can see how much money should be deposited into the account of your choosing!
By the way, feel free to select a different PerformerTrust Percentage while in the PerfomerTrust Tracker. PerformerTrack will calculate on the fly how much of your Net Amount you should put aside. Now you can see how bold you can be with your investment in you!
“Hmmm…should I put aside 5% or 7.5%?”
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