Get some FU Money

Credit cards

Debt sucks Filmmakers Dry Image via Wikipedia

As a filmmaker, having FU money makes it easy to take chances that may result in the successful realization of your movie dreams. But with high debt and no FU money, you may find yourself at a severe disadvantage.

My first credit card purchase was in college. I used plastic to pay rent for a semester. Then I purchased a Star Wars poster from one of those late night shopping channels. Then I bought a pizza and a case of beer. After that…

Ten years later, I carried a revolving $5,000 balance. Sometimes I got lucky and paid it down. Once, I even paid it off in full. But like a failed diet, after a couple months, I found myself right smack back where I was before—and sometimes I was even worse off!

Why was I doing this?

After talking with some of my friends who were free of credit card debt, I soon realized people get into debt for the following reasons:

  • Most people spend more than they make.
  • Most people identify themselves as people in debt.

After giving my debt addiction considerable thought, I realized my external debt was actually a reflection of my internal beliefs. In other words, somewhere in my mind, I identified myself as someone in debt.

This was reflected in my everyday conversations about money. I would say things like: “I have debt.” Or, “I’m in debt.” Or, “I have $5,000 in debt.” Talking like this only served to reinforce my debt-burdened identity. As a result, I continued to swipe plastic over and over.

Your peer group will influence your success in life. Once I moved to Hollywood, I dated a woman who made less money than me, yet always seemed to have money and lived debt free. Hanging out with her changed my beliefs about debt. I started to think debt was unacceptable. I realized I too could live debt free. Then I stopped using my credit cards and began a plan of recovery.

It may take you a week or ten years, but if you want to become powerful in Hollywood and make a living making movies, you need to eradicate your credit card debt. To achieve this, you must first change your words; which will change your thoughts; which will change your beliefs; which will eventually change your actions; which will subsequently change your bank balance!

My personal debt reduction tid-bits:

  1. Hang out with people who are debt free.
  2. Freeze your credit card in a block of ice and don’t use it.
  3. Talk about yourself as if you already live debt free.

In addition to the above action steps, starting TODAY, even if it sounds like a lot of BS, repeat the following mantra every morning until you believe your words:

  1. I have lots of money saved up.
  2. Using credit cards kills my dreams.
  3. I pay myself first.

Remember, the faster you break your credit card addiction, the faster you free yourself up to make movies.

So let me give you one tip – STOP USING YOUR CREDIT CARD! In this way, at least you won’t continually make your debt worse. And once you break the cycle of using your credit card, you can start shift your strategy towards debt repayment and also, the accumulation of FU money.