SAG-AFTRA has officially gone on strike after not being able to come to an agreement with the AMPTP. Joining WGA in striking against the AMPTP, this has put many more entertainment industry professionals out of work. It's not just writers and actors that are out of work. It's crew members, directors, producers, and other support staff.
The last SAG strike took place from May 1, 2000 to October 30, 2000, lasting 6 months before an agreement was made. The last time both SAG and the WGA were on strike at the same time was in 1988, when SAG was on strike for 3 weeks and the WGA was on strike for 22 weeks. It's difficult to say how much longer these strike will go on, but there's a lot at stake right now with streaming residuals, pay increases, and especially with AI.
What You Can Do During the Strike
This current strike could potentially last some time and could have a large impact financially. Here are some ideas and actions you can take to help you get through the strike with lower financial impact.
- Look for alternative work: You can look for freelance or part-time work that can help cover your expenses during the strike. Also, not all actors in SAG-AFTRA are on strike. There are numerous agreements that are actually not a part of the strike, so you can potentially find work covered by those non-struck agreements.
- Cut expenses: You can cut expenses to make your savings last longer. This could include reducing entertainment or luxury expenses, finding cheaper housing options, or cutting back on non-essential spending.
- Stay informed: Keeping up-to-date with the latest news about the strike can help you make informed decisions about your finances. You can stay in touch with your union representatives and follow news outlets for the latest updates on negotiations.
- Be prepared to picket: Actors who are part of SAG-AFTRA should picket. This can be a way to show support for the union. The more union members picket the louder the message and hopefully the quicker the AMPTP will make an agreement and bring the strike to a close so workers can return to work.
- Consider seeking financial advice: If you're unsure about how to best manage your finances during the strike, you can consider seeking the advice of a financial professional. A financial advisor can help you create a budget and develop a plan to make your savings last longer.
Alternative Sources of Income
Entertainment industry professionals who are looking to earn money during a WGA strike may consider taking on side gigs that can help supplement their income. Here are a few ideas:
- Unemployment Insurance: If you receive paychecks that have taxes withheld (meaning you receive a W2 at the end of the year) then you pay into the state's unemployment insurance and are entitled to receive unemployment benefits when you are out of work for no fault of your own. There may be a bad stigma surrounding receiving unemployment benefits, but you are actually paying taxes into the system to support it and in the long run you'll be much better off receiving the payments than not.
- Diversify your skills: Consider expanding your skillset beyond acting or voiceover work. Explore opportunities in writing, directing, producing, or other aspects of the entertainment industry. Having a broader skillset can increase your chances of finding alternative sources of income during the strike.
- Freelance writing: If you're a writer you can offer your services as a freelance writer for blogs, websites, or other publications.
- Script editing: Many writers may have scripts that need editing or proofreading. If you're a writer you can offer their services to help polish these scripts.
- Online content creation: Consider creating your own content and distributing it through platforms like YouTube, TikTok, or Instagram. This can provide an opportunity to showcase your talent, build an audience, and potentially earn revenue through ad placements, brand partnerships, or merchandise sales.
- Teaching or coaching: You can offer coaching or teaching services to aspiring writers, actors, or others aspiring to work in the entertainment industry. This can be a good way to share your knowledge and earn money at the same time.
- Social media management: With the rise of social media, many businesses and individuals are looking for help managing their social media accounts. If you have experience with social media you can offer your services as a social media manager.
- Personal shopping or styling: If you're a fashion stylist or makeup artist, you can offer your services to individuals who need help with their wardrobe or makeup for special events.
- Non-union work: Talk to your union reps to find out about the ability to take non-union work that can help fill the income void you experience during the strike.
- Freelance work: Depending on your skillset, you may be able to find freelance work in related industries, such as advertising, marketing, or video production. You could also offer your services on freelance platforms such as Upwork, Freelancer, or Fiverr.
- Temp work: You could also consider taking temporary jobs in other fields, such as retail or hospitality, to make ends meet until the strike is over. There are multiple temp agencies that can place workers in short-term and even longer term temporary jobs.
- Gig economy jobs: You can look into opportunities such as driving for Uber or Lyft, delivering food for Uber Eats or DoorDash, or renting out a spare room on Airbnb.
- Part-time work: You could also look for part-time jobs in fields that are less likely to be affected by the strike, such as healthcare, education, or finance.
- Personal projects: You could use your downtime to work on personal projects, such as writing a book, creating a short film, or launching a blog or podcast. If the strike ends up being long-term, it's possible that your personal project could begin to generate income.
These are just a few examples of side gigs that you, as an entertainment industry professional, can consider during the strike. Talk to your friends and colleagues about any ideas they have for earning additional income during the strike. If you're an entertainment industry professional, you can also join Escient Financial's new Financial Planning for Entertainment Industry Professionals Facebook Group, where you can connect with other entertainment industry professionals and share ideas and support each other during the strike. Membership is free with no obligation.
It's important to remember to check with the guild to make sure that any additional work doesn't conflict with the strike and to adhere to any rules or regulations set forth by the guild or any other union you may be a member of.
Seek Professional Financial Advice
Having a professional financial advisor or financial planner can have a significant impact on your finances. Hiring a financial advisor can be beneficial for the following reasons:
- Objective advice: A financial advisor can provide objective advice and guidance on how to manage your finances during the strike. They can help develop a financial plan that takes into account the reduced income and potential loss of benefits, and provide recommendations on how to prioritize expenses.
- Budgeting assistance: A financial advisor can assist in creating a budget that takes into account the reduced income during the strike. This can help ensure that you are able to meet your essential expenses and avoid accumulating debt during the strike.
- Investment advice: If you have investments, a financial advisor can provide advice on how to manage these investments during the strike. They can provide recommendations on whether to hold or sell certain investments based on the current economic climate.
- Retirement planning: A financial advisor can help you assess how the strike may impact your retirement planning, and provide recommendations on how to adjust your retirement savings plan accordingly.
- Tax planning: A financial advisor can help you understand the tax implications of the strike, and provide guidance on how to minimize taxes owed during this period.
Overall, hiring a financial advisor or financial planner can provide valuable assistance and peace of mind during a strike in the entertainment industry, and can help you navigate this challenging time with confidence. Escient Financial has experience helping entertainment industry professionals plan for their future and is here to help. Feel free to...
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