What’s up folks, and welcome back to the crunch - Your personal guide through the wild wild world of Creators 🌎.
If you’re new here, welcome. If you’re an OG then you know what to do… let’s get to it!
Today we’re going to talk about inflation and how it can effect you as a creator
Sounds expensive I know, but the reality is as you read this your money is becoming less and less valuable. In fact the economy in the UK is at an all time high with 9% Inflation.
What does this mean for you ?
Well when talking about inflation, this usually is a discussion about everyday consumers goods i.e a loaf of bread or a tank of petrol becoming more expensive. For those that didn’t study economies, let me put it simply— Your purchasing power is weaker.
Let’s take a walk down memory lane one time, to our friendly neighbourhood chocolate bar, Fredo!
Long gone are the days of stepping into your local shops with £1, and leaving with enough sugar to fuel a class room full of raging pubescent teens for a week! Yes our iconic friend would’ve have retailed at 25p in 2015. But now, I mean take a walk into your local boss man, and you tell me what you see.
Jordan 1 resale prices is what you see….Curse you resellers! (those have gone up too!)
*Grunt’s in missed every drop*
I know it doesn’t seem like much but these price changes, and a weakening purchasing power usually signals to greater things, e.g lending, higher cost of living.
With Creators being at the bottom of the food chain in what is considered to be an "actual job" (luckily this is changing slowly), this usually can mean one thing for you— Slower growth. Now your social media following might still grow, but as you take this in, consider the resources it takes to create content at the level you do.
Now think of that editor getting more expensive, or that prop doubling in price, or that hotel you’ve stayed at 10 times before, sky rocketing in price as you look to create that dope branded travel content.
My point here is, keep a close eye on your wallet!
You didn't think I was just gonna leave you stranded now did you?
Here are 3 Tips, that should keep you hopeful and hopefully organised during these uncertain times.
1. Make a budget
You’ve heard this one before, but if you happen to have been putting this off, then this is the time to reconsider putting this at the top of your to do list. A budget is great in keeping track of the money coming in, and most importantly the money going out, and in our line of work you know how easy it is to get carried away, so keep track.
2. Start a rainy day fund
Boring i know, but important! Rainy day funds can be super helpful in situations that you just could not have expected, e.g you getting sick and not actually being able to fuel the engine that brings in the £££.
During my hay day on YouTube, I personally saved 7 months worth of earnings, and in my final year of university focused primarily on my studies without a major impact to the demands of my lifestyle. I had enough not only to live but to build out my business.
Rainy day funds help relief the fear of the unknown. Which for one is important in the world today!
This one might not be completely obvious but i strongly recommend. In a pricing overhaul the average commodity increases in price to offset costs. Consider reviewing your services, and look at where you can add more value, and equally demand more.
Me after reading this write up:
...And that's my time folks!
Thanks for showing up once again, we'll speak soon!
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