A chat about money and creativity with maven, Luna Jaffe

maven minutes chat with luna jaffe for omhg

When we heard from Jessika that she was looking for posts around money this month, we were like, hmm…what could we say about money? What do we know about money? We came up with a collective, “uh, not much.”

We are mavens in many ways, but mavens in money matters? Not our specialty.

But you know what we are pretty great at? Finding the right people to help when we need it!

As soon as our brains started swirling around about money, we immediately thought of our Portland friend, Luna Jaffe. As both an artist and certified financial planner, she has a unique perspective on how creativity and money can work together. Jen took a class from her and learned so much about how to start developing a new relationship with money, so we thought she’d be the perfect person to ask to help us impart some financial knowledge to the OMHG crew, and learn a little something ourselves!

So we set up our camera in her pretty office bustling with members of her team, sweet dogs, and original art coloring the walls, and asked her a couple questions related directly to creative entrepreneurs, like us-

What is the biggest financial pitfall that creative business owners should be aware of?

And, what would you say to someone who considers themselves too right-brained, or creative, to deal with the whole money thang?

Check out her insightful answers in our short Maven Minutes video below!

{You can learn more about Luna here, and be sure to check out her kickstarter project to raise funds to publish her new book series, Wild Money, a financial guide made specifically for artists and creatives!}

She mentions so many things we wish we had known when we were beginning our own businesses. And things we’re only starting to realize now, like just how important it really is to have a team of support around you and other professionals you can rely on to help with the stuff you’re not so great at, or just don’t want to spend your time on (I have got to get myself a darn bookkeeper already!)

Being avid DIYers ourselves, we know it can be hard to relinquish some reins around our business, but when it comes to wanting to see that business grow into something truly sustainable and successful, you just can’t do it all on your own.

Which nugget of advice from Luna stuck with you from this interview? Where do you think you can improve in terms of how you manage your money, or think about money? Let us know in the comments below so we can continue the conversation!

Be sure to mark your calendars because the Maven Circle is joining us on Thursday February 28th to co-host a chat on money + strategy for creatives at #OMHG from 1-2pm EST.

12 comments

  1. Thanks for the introduction to Luna, mavens! I feel like I am always making money here and there but never consistently especially after a big cross-country move. I really like the idea of residual income and need to look into that. My husband is in finance so I am lucky there but I definitely need to keep better track of what comes in and what goes out.

    Love the new site by the way, Jessika!!! Hugs!

    • Lovely to see you here in our fancy new home Kerry! I totally agree with you on the making money here & there piece but never consistently. I am still learning how to be strategic and create a plan which is hard when your business keeps shifting + evolving! Thank you so much to Jena, Jen & Luna for sharing this post with us-I know I need to focus on strategy and protecting OMHG and our family financially/legally while planning ahead but it is hard to know where to start or find the time. I am so not good or interested in finances. But I’m 30 now so I guess that means I’m actually an adult and I better get to work on those foundations. I needed this reminder to make it a priority ladies!

      • Zoe Rooney says:

        I agree, the legal/financial details are totally overwhelming and (to me) uninteresting. It is a HUGE investment but for me the best solution has been to spend the money on lawyers and/or accountants to handle that stuff for me. Life is stressful enough without worrying I’ve messed up something that could come back to bit me in a big way 🙂

        • Luna Jaffe says:

          I think the team approach works best for most creatives. There is so much I wish I’d known when I started my wearable art business long ago. My desire is to help women get both their personal and business finances structured so that it’s easy to track and maintain. Sometimes the best solution is to hire a Virtual Assistant to get all the numbers in a program for you, then you do the fine tuning (making sure things are in the right categories, etc)

    • Luna Jaffe says:

      Great to have your husband on board, especially if you speak the same language. My favorite tool for tracking income/expenses is youneedabudget.com. Its a great program, and best of all they teach you how to use it for free. Create a budget for your business and you’ll begin to understand how your cash flow works. You can always email me if you have questions! luna@lunajaffe.com

  2. colleen attara says:

    This is a subject at the very top of my list these days. I am working it backwards. Figuring out what needs to happen financially so I can keep my sweet little studio oil tank full and the rent paid.

    One of the big changes I am implementing is wholesale. I have always sold bigger pieces of art in galleries on consignment. Now my focus is on smaller recycled pieces, prints and wholesaling my hand-scripted words that are cut from salvaged plastics.

    This also means a few changes with businesses I have worked with closely as now there are things I create that are only available wholesale. I feel really good about offering them because I know they are priced right and sell.

    I am trying to take a lesson from Jess and politely ask those that I support to support me by purchasing these words wholesale. These are tricky conversations to be sure.

    Thank you mavens….and great info Luna. This is too big to go it alone….

    Jess, I have a few wholesale questions. I think that topic would be a good one too. Love being here on the new site…you do such a great job. When I think of OMHG..I think “our”.

  3. Jenn Romero says:

    The biggest thing that stuck out for me- The idea of residual/ passive income developed in a way that is natural to me. What would that really look like? Can this be done using my creative skills in a way that is natural to me? My highest goal is one of simple financial independence (and independence from my 9 to 5). I love this idea as a way to round out my plans and level out earnings.

    Thanks Mavens!!!

    I also agree with Colleen– some articles about wholesaling pricing strategies would be great.

Leave a Reply