Personal Finance
What it takes for creatives to sustain a career
Published
9 months agoon

Carol Yepes | Moment | Getty Images
In Stacey D’Erasmo’s new book, “The Long Run,” she interviews artists who are late in their careers.
There’s dancer and performer Valda Setterfield, who performed through her 80s despite serious injuries from a car accident in her 40s. There’s writer Samuel Delany, now 82, who has published more than 40 books although he’s dyslexic.
D’Erasmo also provides anecdotes from artists of the past, including that Monet painted his impressionist water lilies the way he did because his vision was deteriorating from cataracts.
Author Stacey D’Erasmo
Photo: Sarah Shatz
What interested D’Erasmo was not what got these artists going, but what kept them going over decades of life. Romanticized ideas of the starving artist, she says, ignore the reality that art is made “by real people with real needs in real places.” Those include financial realities, which often require balancing one’s art with another job.
“What gets us started — those first few years, or perhaps those early moments of artistic ignition — is brief, fiery, and beautiful, of course,” D’Erasmo said. “It’s a story the culture loves to tell as in, say, ‘A Star is Born.'”
On the other hand, she said, “The story of duration, of a sensibility unfolding over time and the life that evolves to keep art at the center is a story that gets told less often. To me, that is such a heroic story.”
CNBC interviewed D’Erasmo, the author of five novels and two nonfiction books, by email this month. (The conversation has been edited and condensed for style and clarity.)
‘When you starve the artist, you starve artmaking’
Annie Nova: Why is it a heroic story when someone sticks to their art over a lifetime?
Stacey D’Erasmo: In this world, it is so hard to do that. As a writer who knows lots of other writers and artists, I’ve experienced firsthand the urgency of this question: How do we keep doing this, on all levels? Which is to say: How do I support a complex and often difficult practice that means everything to me, even though it may not immediately, or ever, produce money, glory or approval? That’s not a three-act drama, roll credits. It’s a life.
AN: The idea of the “starving artist” is a familiar trope in our culture. What does it get wrong? How does financial stability help to create art?
SD: Well, if all the artists were starving, they’d be dead, and we wouldn’t have any art! That trope romanticizes deprivation, and it’s a fantasy of art as some sort of magic that can live on nothing, but art doesn’t get made in some ethereal realm. It’s made by real people with real needs in real places.
Financial stability is a godsend to the artist, primarily because the less you have to think about money, the more you can think about what truly matters to you. In this country, though, even basic financial stability can be very hard to come by, as we know. Among other things, that is never good for the arts. When you starve the artist, you starve artmaking.
We long endlessly for more time.
AN: What do you see with people balancing a job to pay the bills with their art? Does it matter if the job is related to their art?
SD: I would say that 99% of the artists and writers I know balance a bill-paying job with their own work. Whether it’s related to one’s art or not is a matter of temperament: Some people love to do something totally unrelated, and others want to be immersed in cultural work.
The problem people constantly face is that the day job’s demands are often urgent — things need to happen today, this week, right now, before 5. That’s true whether your job is woodworking or running a gallery. Art-making has its own idiosyncratic clock. The difference between these two clocks is hard to navigate, which is why I and nearly everyone I know pines not so much for money per se as for time. We long endlessly for more time.
‘There really is no free lunch’ for artists
AN: The artists profiled in your book work in all different mediums. Do some take more money to sustain than others?
SD: Film, as we all know, just inhales money. Even the lowest-budget film costs way more than what it costs a writer to sit down at their desk and write. Visual art requires all sorts of materials. Dance requires not only costumes and lighting and so on, not to mention dancers who need to eat, but rehearsal space, and space often does not come cheap. Artists, writers and arts organizations all spend a fair amount of time seeking grants and other sources of funding just to keep the lights on. Writing is probably the cheapest medium in terms of art creation, but distributing it in the world — publishing, also requires a fair amount of money that someone has to pay. Sadly, there really is no free lunch.
More from Personal Finance:
How investors can prepare for lower interest rates
Why some investors shouldn’t max out 401(k) contributions
‘Was my Social Security number stolen?’ Answers to your data breach questions
AN: How does economic inequality determine who gets to make art?
SD: That’s a book-length question, but the short answer is: A lot.
I would also say that economic inequality is most brutal not only in who gets to make art, but also in who gets to have a career and a life in art. I live in New York City, and I see acts of creation everywhere every day: a person walking down the street who has put together a fantastic look, a person making glorious graffiti, or something like ball culture, which you can now see in the glossy television show “Pose.” All of those people are making art, but the structural inequality of opportunity means that few of them would ever be able to build a life around it. We’re missing out greatly on what those people might be able to do not for a moment or a season, but for decades.
‘As the artist changes over time, so does the art’
Valda Setterfield attends the Hold My Hand Forever Exhibition By Forevermark at Highline Studios in New York City, Nov. 17, 2014.
Dustin Harris | Getty Images
AN: There are some artistic professions that come with an early retirement age. I’m thinking of dancers. How do people reinvent themselves after an early end to a career?
SD: Some dancers become choreographers. Some actors move into directing — think of someone like Ron Howard. But that makes it sound seamless or easy, and often it isn’t. Valda Setterfield, a dancer whom I profile in the book, had a horrific car accident at 40 and she thought her life on stage might be over. Her husband, choreographer David Gordon, helped her learn to move again, and she also began to do more theater and film work, which continued for the rest of her life.
Vera Wang was an aspiring Olympic figure skater, but she didn’t make the Olympic team in 1968. Then she turned to fashion. Later, she began designing costumes for Olympic-level figure skaters such as Nancy Kerrigan and Michelle Kwan. When I look at Wang’s designs, it seems to me that they have a precision and grace not unlike a figure skater’s balletic moves.
Often, people reinvent themselves by opening up a slightly different channel through which their gifts can flow
AN: What advantages do middle and later career artists hold over younger ones?
SD: So much more comfort with the weirdness, unpredictability and challenges of the process. You’re just not as freaked out all the time. I don’t mind my own stumbling. I also don’t feel as brittle or defensive. When I was younger, for instance, I would look at all the incredible writers who had come before me, and who were around me, and feel terribly intimidated by the depth and breadth of the field.
But now, it all looks to me like this extraordinary abundance. If you’re fortunate enough to have a long run, there can be so much freedom in mid- and late career.
AN: How do you see people’s art change as they get older?
SD: Again: a book-length question, and several books have been written about it, such as Edward Said’s “Late Style.” What I noticed about the people I interviewed is that their work changed, and changed again, over time. They weren’t waxwork replicas of their younger selves.
The musician Steve Earle, for instance, who came up as a rollicking solo artist in country music in Nashville in the ’70s and ’80s, has moved increasingly toward musical theater in the latter half of his life — a collaborative, multimedia form. The renowned writer Samuel Delany has traversed myriad genres over the course of his life. Intuitively, it makes sense. As the artist changes over time, so does the art, because we make it out of ourselves.
‘Creativity isn’t a machine’
AN: In the end, what were the biggest things you found that helped people sustain a creative life?
SD: As we get older, the willingness to be open, to be vulnerable, to be a beginner, to be out of one’s comfort zone can get a little stiff. You aren’t always so confident that you won’t break something, literally or figuratively. Shame lurks around. But the people who have sustained what looks to me like a truly alive creative practice are the ones who are willing to take the risk of flopping. I hope that I am able to risk embarrassment for the rest of my life.
AN: What can people do if they hit a period of disillusionment with their art or creativity?
SD: Remember that it happens to everyone — this I know for a fact. Creativity isn’t a machine, it’s an organism. Organisms get tired, bored, distracted, daunted, ornery. Stop. Take a walk — and by this I mean: Go somewhere else, do something different, maybe for an hour, maybe for a year. Or several. Keep walking. Look around. What do you see?
You may like
Personal Finance
Summer Fridays are increasingly rare as hybrid schedules gain steam
Published
3 hours agoon
June 13, 2025
People enjoy an unusually warm day in New York City as temperatures reach the low 80s on June 4, 2025 in New York City.
Spencer Platt | Getty Images
Summer Fridays may be considered the most desirable perk of the season, but fewer employers are on board with the shortened workweek.
Companies have steadily phased out summer Fridays — a policy that allows workers to take Friday afternoon off over the summer months — as work-from-home Fridays became more common, experts say.
“Pre-pandemic, summer Fridays were thing, but hybrid overall has taken over,” said Bill Driscoll, technology workplace trends expert at staffing and consulting firm Robert Half.
As more commuters settle into flexible working arrangements, fewer workers are making Friday trips at all compared to mid-week traffic patterns, according to the 2024 Global Traffic Scorecard released in January by INRIX Inc., a traffic-data analysis firm.
More from Personal Finance:
Job market is ‘trash’ right now, career coach says
Millions would lose health insurance under GOP megabill
Average 401(k) balances drop 3% due to market volatility
Among employees, however, summer Fridays are the most valued summer benefit, followed by summer hours and flextime, according to a new survey by job site Monster, which polled more than 400 U.S. workers in June.
“Summer Fridays are highly valued among workers because, for many, they represent more than just a few extra hours off,” said Scott Blumsack, Monster’s chief strategy and marketing officer. This perk “can go a long way in showing employees they’re valued, which can help prevent burnout, boost morale, and improve retention during a season when disengagement can run high.”
Still, 84% of workers are not offered any summer-specific benefits, even though 55% also said those benefits improve productivity, Monster found.

Instead, hybrid — and to a lesser extent fully remote — job postings have increased in the last year as employers compete for talented job seekers who prioritize flexibility, according to research by Robert Half.
“Hybrid is a highly desirable situation right now and one that all levels of employees are looking for,” said Robert Half’s Driscoll.
More than five years after the pandemic, 72% of organizations also have return-to-office mandates, according to a separate hybrid work study by Cisco.
But, even with the mandates, employees are less likely to work in the office on Fridays, and much more likely to commute Monday to Thursday, Cisco found.
Employees value flexibility
As employee burnout and disengagement grows amid the wave of in-office mandates, work-life balance and flexible hours have become increasingly important, other studies show.
Corporate wellness company Exos, which works with large organizations such as JetBlue and Adobe, says burnout has gone down significantly among employees at firms that have made Fridays more flexible. Exos also tested out “You Do You Fridays” — and found significant benefits.
The more adaptable the schedule, the more positively employees view their company’s policies, the Cisco report also found.
With hybrid arrangements now common, workers put a high value on that flexibility — and 63% of all workers would even accept a pay cut for the option to work remotely more often, according to Cisco’s global survey of more than 21,500 employers and employees working full-time.
Personal Finance
How House Republicans’ ‘big beautiful’ bill may affect children
Published
4 hours agoon
June 13, 2025
Speaker of the House Mike Johnson, R-La., pictured at a press conference after the House narrowly passed a bill forwarding President Donald Trump’s agenda on May 22 in Washington, DC.
Kevin Dietsch | Getty Images
House reconciliation legislation, also known as the One, Big, Beautiful Bill, includes changes aimed at helping to boost family’s finances.
Those proposals — including $1,000 investment “Trump Accounts” for newborns and an enhanced maximum $2,500 child tax credit — would help support eligible parents.
Proposed tax cuts in the bill may also provide up to $13,300 more in take-home pay for the average family with two children, House Republicans estimate.
“What we’re trying to do is help hardworking Americans who are trying to provide for their families and make ends meet,” House Speaker Mike Johnson, R-La., said during a June 8 interview with ABC News’ “This Week.”
Yet the proposed changes, which emphasize work requirements, may reduce aid for children in low-income families when it comes to certain tax credits, health coverage and food assistance.
Households in the lowest decile of the income distribution would lose about $1,600 per year, or about 3.9% of their income, from 2026 through 2034, according to a June 12 letter from the Congressional Budget Office. That loss is mainly due to “reductions in in-kind transfers,” it notes — particularly Medicaid and the Supplemental Nutrition Assistance Program, or SNAP, formerly known as food stamps.
20 million children won’t get full $2,500 child tax credit
A member of MomsRising holds a sign on Capitol Hill to urge lawmakers to reject tax breaks for billionaires and protest cuts to Medicaid and child care on Capitol Hill on May 8 in Washington, D.C.
Brian Stukes | Getty Images Entertainment | Getty Images
House Republicans have proposed increasing the maximum child tax credit to $2,500 per child, up from $2,000, a change that would go into effect starting with tax year 2025 and expire after 2028.
The change would increase the number of low-income children who are locked out of the child tax credit because their parents’ income is too low, according to Adam Ruben, director of advocacy organization Economic Security Project Action. The tax credit is not refundable, meaning filers can’t claim it if they don’t have a tax obligation.
Today, there are 17 million children who either receive no credit or a partial credit because their family’s income is too low, Ruben said. Under the House Republicans’ plan, that would increase by 3 million children. Consequently, 20 million children would be left out of the full child tax credit because their families earn too little, he said.
“It is raising the credit for wealthier families while excluding those vulnerable families from the credit,” Ruben said. “And that’s not a pro-family policy.”

A single parent with two children would have to earn at least $40,000 per year to access the full child tax credit under the Republicans’ plan, he said. For families earning the minimum wage, it may be difficult to meet that threshold, according to Ruben.
In contrast, an enhanced child tax credit put in place under President Joe Biden made it fully refundable, which means very low-income families were eligible for the maximum benefit, according to Elaine Maag, senior fellow at the Urban-Brookings Tax Policy Center.
In 2021, the maximum child tax credit was $3,600 for children under six and $3,000 for children ages 6 to 17. That enhanced credit cut child poverty in half, Maag said. However, immediately following the expiration, child poverty increased, she said.
The current House proposal would also make about 4.5 million children who are citizens ineligible for the child tax credit because they have at least one undocumented parent who files taxes with an individual tax identification number, Ruben said. Those children are currently eligible for the child tax credit based on 2017 tax legislation but would be excluded based on the new proposal, he said.
New red tape for a low-income tax credit
House Republicans also want to change the earned income tax credit, or EITC, which targets low- to middle-income individuals and families, to require precertification to qualify.
When a similar requirement was tried about 20 years ago, it resulted in some eligible families not getting the benefit, Maag said. The new prospective administrative barrier may have the same result, she said.
More than 2 million children’s food assistance at risk
Momo Productions | Digitalvision | Getty Images
House Republican lawmakers’ plan includes almost $300 billion in proposed cuts to the Supplemental Nutrition Assistance Program, or SNAP, through 2034.
SNAP currently helps more than 42 million people in low-income families afford groceries, according to Katie Bergh, senior policy analyst at the Center on Budget and Policy Priorities. Children represent roughly 40% of SNAP participants, she said.
More than 7 million people may see their food assistance either substantially reduced or ended entirely due to the proposed cuts in the House reconciliation bill, estimates CBPP. Notably, that total includes more than 2 million children.
“We’re talking about the deepest cut to food assistance ever, potentially, if this bill becomes law,” Bergh said.
More from Personal Finance:
Experts weigh pros and cons of $1,000 Trump baby bonus
How Trump spending bill may curb low-income tax credit
Why millions would lose health insurance under House spending bill
Under the House proposal, work requirements would apply to households with children for the first time, Bergh said. Parents with children over the age of 6 would be subject to those rules, which limit people to receiving food assistance for just three months in a three-year period unless they work a minimum 20 hours per week.
Additionally, the House plan calls for states to fund 5% to 25% of SNAP food benefits — a departure from the 100% federal funding for those benefits for the first time in the program’s history, Bergh said.
States, which already pay to help administer SNAP, may face tough choices in the face of those higher costs. That may include cutting food assistance or other state benefits or even doing away with SNAP altogether, Bergh said.
While the bill does not directly propose cuts to school meal programs, it does put children’s eligibility for them at risk, according to Bergh. Children who are eligible for SNAP typically automatically qualify for free or reduced school meals. If a family loses SNAP benefits, their children may also miss out on those benefits, Bergh said.
Health coverage losses would adversely impact families
A protestor holds a sign on May 7, 2025 in Washington, D.C.
Leigh Vogel | Getty Images Entertainment | Getty Images
Families with children may face higher health care costs and reduced access to health care depending on how states react to federal spending cuts proposed by House Republicans, according to the Center on Budget and Policy Priorities.
The House Republican bill seeks to slash approximately $1 trillion in spending from Medicaid, the Children’s Health Insurance Program and Affordable Care Act marketplaces.
Medicaid work requirements may make low-income individuals vulnerable to losing health coverage if they are part of the expansion group and are unable to document they meet the requirements or qualify for an exemption, according to CBPP. Parents and pregnant women, who are on the list of exemptions, could be susceptible to losing coverage without proper documentation, according to the non-partisan research and policy institute.
Eligible children may face barriers to access Medicaid and CHIP coverage if the legislation blocks a rule that simplifies enrollment in those programs, according to CBPP.
In addition, an estimated 4.2 million individuals may be uninsured in 2034 if enhanced premium tax credits that help individuals and families afford health insurance are not extended, according to CBO estimates. Meanwhile, those who are covered by marketplace plans would have to pay higher premiums, according to CBPP. Without the premium tax credits, a family of four with $65,000 in income would pay $2,400 more per year for marketplace coverage.
Personal Finance
‘White collar’ jobs are down — but don’t blame AI yet, economists say
Published
4 hours agoon
June 13, 2025
Artificial intelligence makes people more valuable, according to PwC’s 2025 Global AI Jobs Barometer report.
Pixdeluxe | E+ | Getty Images
While there hasn’t been much hiring for so-called “white collar” jobs, the contraction is not because of artificial intelligence, economists say. At least, not yet.
Professional and business services, the industry that represents white-collar roles and middle and upper-class, educated workers, hasn’t experienced much hiring activity over the past two years.
In May, job growth in professional and business services declined to -0.4%, slightly down from -0.2% in April, according to the Bureau of Labor Statistics. In other words, the sector has been losing job opportunities, according to Cory Stahle, an economist at job search site Indeed.
Meanwhile, industries like health care, construction and manufacturing have seen more job creation. In May, nearly half of the job growth came from health care, which added 62,000 jobs, the bureau found.
More from Personal Finance:
Here’s what’s happening with unemployed Americans — in five charts
The pros and cons of a $1,000 baby bonus in ‘Trump Accounts’
Social Security cost-of-living adjustment may be 2.5% in 2026
However, economists have said that the decline in white-collar job openings is more driven by structural issues in the economy rather than artificial intelligence technology taking people’s jobs.
“We know for a fact that it’s not AI,” said Alí Bustamante, an economist and director at the Roosevelt Institute, a liberal think tank.
Indeed’s Stahle agreed: “This is more of an economic story and less of an AI disruption story, at least so far.”
Artificial intelligence is still in early stages
There are a few reasons AI is not behind the declining job creation in white-collar sectors, according to economists.
For one, the decline in job creation has been happening for years, Bustamante said. In that timeframe, AI technology “was pretty awful,” he said.
What’s more, the technology is even now still in early stages, to the point where the software cannot execute key skills without human intervention, said Stahle.

A 2024 report by Indeed researchers found that of the more than 2,800 unique work skills identified, none are “very likely” to be replaced by generative artificial intelligence. GenAI creates content like text or images based on existing data.
Across five scenarios — “very unlikely,” “unlikely,” “possible,” “likely” and “very likely” — about 68.7% of skills were either “very unlikely” or “unlikely” to be replaced by GenAI technology, the site found.
“We might get to a point where they do, but right now, that’s not necessarily looking like it’s a big factor,” Stahle said.
‘Jobs are going to transform’
While AI has yet to replace human workers, there may come a time where the technology does disrupt the labor force.
“Certainly, jobs are going to transform,” Stahle said. “I’m not going to downplay the potential impacts of AI.”
Stahle said that openings for consulting jobs focused on implementing generative AI have been rising. Over the past year, management consulting roles with AI language accounted for 12.4% of GenAI postings, showing signs of growing demand, per a February report by Indeed.
A separate report by the World Economic Forum in January forecasts that by 2030, the new technology will create 170 million new jobs, or 14% of the current total employment.
However, that growth could be offset by the decline in existing roles. The report cites that about 92 million jobs, or 8% of the current total employment, could be displaced by AI technology.
For knowledge-based workers whose skills may overlap with AI, consider investing in developing skills on how to use AI technology to stay ahead, Stahle said.

CVX, UAL, NOC, RH and more

Summer Fridays are increasingly rare as hybrid schedules gain steam

How House Republicans’ ‘big beautiful’ bill may affect children

New 2023 K-1 instructions stir the CAMT pot for partnerships and corporations

The Essential Practice of Bank and Credit Card Statement Reconciliation

Are American progressives making themselves sad?
Trending
-
Economics7 days ago
Jobs report May 2025:
-
Economics7 days ago
Donald Trump has many ways to hurt Elon Musk
-
Economics5 days ago
Sending the National Guard to LA is not about stopping rioting
-
Finance7 days ago
Stocks making the biggest moves midday: WOOF, TSLA, CRCL, LULU
-
Economics7 days ago
Donald Trump has many ways to hurt Elon Musk
-
Blog Post6 days ago
Mastering Bookkeeping Tasks During Peak Business Seasons
-
Personal Finance5 days ago
What Pell Grant changes in Trump budget, House tax bill mean for students
-
Economics1 week ago
Russia cuts sky-high interest rates for the first time since 2022