Making Smart Decisions: Money Management, College Education

I remember one of the more difficult issues that arose from the early years in my modeling career was the question of whether to go to college or not. These are not easy decisions for parents and their teens to make. When a young person is working in the entertainment industry and working well, they very often can’t go to college during the normative years of 18-22. These are very often their high-earning years and to go off to college during this time will almost certainly kill their career.  My parents and I chose for me to get into college which included taking all the required tests; SATs etc. that any kid has to take, but they didn’t make me go at the typical time in life since they knew that would be the end of my huge modeling career. This doesn’t mean a college education can’t be chosen later on. I am grateful that I got into three great colleges even though I never attended. It was an important part of my life that helped build my character.

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And speaking of money it’s important to have a good support system around a young performer in order for them to keep a hold of their earnings as best they can since the high-earning years are brief. I was lucky. I had a good family friend who put me in touch with money managers who were trustworthy and guided me to saving and investing wisely so there would still be some cash when my modeling years quieted down. I also have had the best accountant since way back then. I met him through my first modeling agency and I still work with him to this day.

The key is to build a strong supportive network of trustworthy people so you can get useful advice and guidance through these often-difficult decisions. I was lucky, but not all kids coming up in the entertainment industry are.

Claudia MasonComment