The WGA is on Strike: What Should You Do?

05/02/2023 08:08 AM By Mike Halper, CFP®, MPAS®, SE-AWMA®, CDAA, CBDA



It's official. The Writer's Guild of America (WGA) is now on strike. This has unfortunately put a lot of workers on various film and television productions out of work. These aren't just writers that are out of work. If a show has a union writer, then potentially all the workers that are a part of that production cannot work since you can't have a show without a writer. It affects actors, crew members, directors, producers, and other support staff.


The last WGA strike took place from November 5, 2007 to February 12, 2008, and it had a significant impact on the entertainment industry. Estimates range from $2 billion to $3 billion of economic impact from that strike.


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.
      • 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: Writers who are part of the WGA should picket. This can be a way to show support for the union and can also help you earn strike pay. 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.
      • 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.
      • 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.
      • Voice acting or dubbing: If you have experience in voice acting or dubbing you can offer your services for commercials, animation, or other voice-over work that isn't union.
      • 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 WGA 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 union 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 WGA 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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This content is developed from sources believed to be providing accurate information. The information in this material is not intended as investment, tax, or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Digital assets and cryptocurrencies are highly volatile and could present an increased risk to an investors portfolio. The future of digital assets and cryptocurrencies is uncertain and highly speculative and should be considered only by investors willing and able to take on the risk and potentially endure substantial loss. Nothing in this content is to be considered advice to purchase or invest in digital assets or cryptocurrencies.





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