S3E10: Eric Henning-Magician.mp3
In this episode, I talk to Eric Henning\xa0about his career in magic and his expertise: finances. This financial\xa0wizard\xa0gives\xa0great practical information\xa0on\xa0how entertainers should manage their finances for their business. This is not an episode to miss!
\nEric Henning is a magician from the DC area who\u2019s magic has taken him around the world. He\u2019s had the honor of performing for President Obama and the First Family, as well as three Presidential Inaugurals and five other White House appearances to boot. As for accolades, He\u2019s been voted DC Magician of the year, and made it to the quarter-finals of the World Championships of Public Speaking.
\nHe\u2019s also an international speaker, author and teacher on the subject of money and investing. He was senior editor of The Cornerstone Investment Letter, and he also wrote \u201cThe Financial Wizard,\u201d which was a regular column in The Magic Menu where he shared his insights on money and how it pertains to entertainment professionals. \xa0
\nSuccess Mantras:\nDo it now! \u2014\xa0his wife
\nFor example, get that client thank you card in the mail immediately after a show.
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\nFailure Story:\nEric's very first show was a complete failure. He will now never step on stage until he is completely prepared. \xa0
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\nFinancial Wizardry\n\u2022\xa0Bankruptcy is the biggest mistake Eric sees other entertainers make.
\n\u2022\xa0Pay off your debts. It releases\xa0more money for you.
\n\u2022\xa0Pay off your house if you can. It's flawed and stupid thinking to keep your mortgage around just for the "tax break."
\n\u2022\xa0Gives a tip on\xa0how you can pay off your mortgage faster.
\n\u2022\xa0Save up an emergency fund.
\n\u2022\xa0Make sure you're properly insured.
\n\u2022\xa0Don't be reactive, plan your spending.
\n\u2022\xa0Small leaks sink great ships. Look at all the places you're spending money and evaluate whether you really need to put money there. We're talking Starbucks, Netflix, etc.
\n\u2022\xa0Invest in mutual funds once you've paid off your debts and saved an emergency fund.
\n\u2022 It's wise\xa0to hold back 50% for taxes of what you bring in. (Note: Eric is NOT a tax expert. You should seek the advice of a tax professional for more in depth advice pertaining to you and your unique situations.)
\n\u2022 Of everything you earn,\xa0you should save 10%, give away 10% and live off the other 80%.
\n\u2022 There's a relationship between your giving and generousness and your own wellbeing.
\n\u2022 Your business needs to have it's own bank account and it's own money. You pay yourself out of it. \xa0
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\nBiggest Professional Challenge\nInertia. Getting stuck in a rut. \xa0
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\nTransition Strategy\nBefore you "jump ship:"
\n1.\xa0Pay off your debts.
\n2.\xa0Build a savings of 12 month's expenses.
\n3.\xa0Make sure you're at least making as much money from performing as you are from your day job. \xa0
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\nOther Topics Covered\n\u2022\xa0How important and rare hand-written notes are in business.
\n\u2022 The impostor syndrome and how to overcome it.
\n\u2022 How to make sure you're prepared for performances.
\n\u2022 Developing original material.
\n\u2022 What audiences remember. \xa0
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\nParting Advice\nFind something you're passionate about and weave that into your act. \xa0
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\nRecommended books and resources:\nNote: Many of the links in this section are affiliate links, meaning we\xa0earn a small portion of any sales. If you're enjoying our\xa0podcast and decide to purchase one of the recommended resources or books, please consider using our\xa0affiliate links to help support the work we're doing here at the Successful Performercast. Thanks!
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\nResources
\nPodcasts like the Magician Business Podcast, and the Magic Newswire \xa0
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\nEric describes his audio setup in great detail.\xa0
Here are the products he mentions:
OneTrack - Backing Tracks for Pros iOS App
\niJet Remotes Miccus Mini Jack \xa0
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\nMagic\xa0Books
\nDenny Haney's Lecture Notes & DVD
\nMaximum Entertainment by Ken Weber
\nShow Doctor by Jeff McBride \xa0
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\nWhere can we find Eric Henning?\nEric Henning's Magic\xa0Website
\nEric Henning's Kid's Show\xa0Website
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