February 26, 2007
RARELY WORRIES ABOUT MONEY
Edited by Sandra M. Bloom
Sandra M. Bloom is an actress and stage manager. Originally from Yonkers, she currently lives on the Upper West side in Manhattan. She has 2 sisters, 3 nieces and 3 nephews. She just returned from London and Paris. Did I mention she has no credit cards? At the end of our hour together I asked her is there anything that she'd really love to do. (Even if a person has a good financial system, I thought, there's something lurking that money has not allowed them to do, right?) She thought about it for a while. And she said very matter of factly- "I don't really make big purchases and when I do, I just plan for it." Not believeing my ears-I had to ask again- "Is there something that you really, really want?" She stopped and smiled and said "I just got back from London and Paris. I had a wonderful time. That was something I really wanted to do. I did it."
Sandra: "Samarra, I was thinking about this interview and I realized that the way I handle money is really attributed to how I was raised- particularly by my father. I was raised that you don't buy something unless you have the money for it."
My parents, Maurice & Esther, were depression babies, so there was a cautiousness, a carefulness in how they dealt with money.
Samarra: What was your earliest memory regarding money?
Sandra: I wanted to take dance class. I remember my parents telling me that they couldn't afford it. I think that's a healthy thing to tell a child. I was disappointed, but I realize now that I learned an appreciation of the basics. If you want something, you have to do something to make it happen. For example, earn the money. I watched both of my parents make the decision to go back to school so they could earn more money. They became insurance agents. It was a very conscious decision. The topic of money was very normal, very logical, simply what do you need? What do you need to do to make it happen? Many people have not learned the basics. For me, money/budgeting were simply a natural part of life-something you needed to do. I had to budget for my allowance.
Samarra: What do you mean?
Sandra: In 6th or 7th grade when I was 11 or 12 years old I had to submit a budget to my father before each school year. I had to include a list of the items I would need and how much they would cost. Also I had to include a line for savings. Of course this didn't include my school clothes or larger items. As I got older, my budget grew along with my needs. So too did my allowance. I learned very early that the process is simple. Know where money is coming in. Know where money is going out. If you don't have the money-don't buy it. If you want it, save for it.
Samarra: Artist often say they can't budget because they don't make enough money. How are you as an actress and stage manager able to "budget" or plan from what is coming in or going out?
Sandra: My father also taught me long range planning. He had 3 daughters so he planned on having to pay for 3 weddings. He developed a nest egg for each of us. I watched him plan. I watched him put it into effect. But you have to take that step. I learned very early the importance of respecting yourself. You deserve to be paid. Whether it's a savings account, an IRA or a ROTH, pay yourself first. When I make money, I look for ways of taking that money and making money so it doesn't just sit there. No one but the bank is making anything when it just sits there. My "savings" tides me over through the lean times. You don't have to do a lot. You can start with a small amount and over time it grows. When you know you have a base it helps you feel confident. Money is not this big thing. Don't get frantic or crazed. Do a little at a time and deal with it. This is what I have to spend, this is what I need, this is for long term and this is for something special that I want to buy. Know what's coming in. Know what's going out. Say to yourself this is my plan. When you plan, there is no fear.
Sitting on the 14th floor of the VITA office located on 46th & Broadway looking around a very comfortable feeling office. Pictures of smiling faces-many in black and white. There are articles, pictures of families and knick knacks -I didn't feel at all like I was in a tax office.
Samarra: What is VITA?
Sandra: It is a Federal Income Tax Assistance Program. They are located throughout the country (website,info & phone numbers listed below under "websites to visit"). They're usually set up for the elderly or low income or in our case for artists. This location was started by Michael Enserro and Schorling Schneider (who have passed away) and Conard Fowkes (who runs the program). Prior to 1986 "actor" was not even in the tax code. Actors went to Washington and testified before Congress. But prior to the change, we knew our field and we looked at what existed and applied it to us.
Samarra: How did you become a volunteer for VITA?
Sandra: My father's accountant always used to do my taxes and one day I decided that I could do them myself. And so I did. As my taxes got more complicated, I would go by the VITA office just to make sure I had done them correctly. They told me I had, and that I should come help out. For a long time I wasn't comfortable with the idea of doing other people's taxes. One day I went by the office-at that time we were on a different floor and it was just an open room. Michael was helping someone when the phone rang. I watched him come across the room to answer the phone. He answered it and went back to his customer. The phone rang again, he had to cross again. The third time it rang, I answered it for him. The person asked me a question, I asked Michael. He gave me the answer, I relayed it and hung up. The phone rang again, I picked it up, another person asked the same question. This time I was able to answer it. That is how I became their first desk person.
Samarra: What a great story. How long have you been volunteering?
Sandra: So long I can't even remember. It's literally been that long. I have no idea. At the desk, I'd sit and listen as they did other people's taxes. Eventually I did some of the easier ones and I found that I really liked it. I really enjoy helping people become more knowledgable about their taxes. (Sandra passionately stated) artists, whatever field you're in, get as much info as you can or go to an accountant or tax person who specilizes in your field so you can get the maximum benefits. You need to know what you can deduct.
Samarra: What do you think of Turbo Tax and computers? Is it helping people learn how to do their taxes or manage their money?
Sandra: We use Turbo Tax at VITA-I was one of the last computer hold-outs. Now I love it. I think Turbo Tax and other budgeting programs like Quicken etc. make it easier and faster. It doesn't necessarily teach the process but it aids in organizing your finances, so you better understand them. Here at VITA, it certainly makes it faster and has allowed us to help more people.
Samarra: Do you still do a budget?
Sandra: Not really.
Samarra: You've been doing it so long-it's simply a part of you. Having your money work for you is second nature-you don't have to do a "budget."
Sandra: Exactly.
Samarra: For those of us that really want to break the emotional financial patterns of our past-what is your advice?
Sandra: Start a ledger. Take small steps. List any jobs you do or any money coming in. Stay on top of what's coming in and where it's coming from. Then look at what's going out and where it's going. It's not hard-just stop and do it. Don't get frantic or crazed. It's not this big thing that people make it.
I believed her.
Be sure to read next week: March 5th
Sandra will share step-by-step methods that will get us closer to becoming emotionless as we prepare our taxes and track our money.
Do you know what a DRIP is? (not from the sink)
Learn next week.
If you have any questions you'd like to ask Sandra M. Bloom, please email it to me at samarra_am_management@yahoo.com.
Plan of Action: Talk to at least one other person about their experience with money growing up. Opening up the conversation, they may have the answer to your questions. Sandra certainly had the key to mine. I never would have known if I hadn't asked.
SAMARRA AM MANAGEMENT EVENTS
Emotional Money Seminar
Monday,March 12, 2007
has been CANCELLED.
Future "Fun with Finances" & Healing Seminars coming in the summer.
Websites to visit:
http://www.irs.gov/individuals/article/0,,id=107626,00.html
The VITA Program offers free tax help to low- to moderate-income (generally, $39,000 and below) people who cannot prepare their own tax returns. Certified volunteers sponsored by various organizations receive training to help prepare basic tax returns in communities across the country. VITA sites are generally located at community and neighborhood centers, libraries, schools, shopping malls, and other convenient locations. Most locations also offer free electronic filing. To locate the nearest VITA site, call 1-800-829-1040.
Locally-(212) 921-2548
VITA (Volunteer Income Tax Assistance) is an IRS-sponsored tax assistance program that was initiated by Equity in the 1970s. It is run on a volunteer basis by IRS-trained members and provides free tax preparation to members of AEA, SAG, & AFTRA. There are currently programs in New York, Seattle and Orlando.
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MUST SEE THEATRE:
NY PREMIERE OF THOUGHT-PROVOKING 2-MAN SHOW
THE DANCE: THE HISTORY OF AMERICAN MINSTRELSY
They have changed lives for the kids in L.A. and their message
is much needed now. I've never laughed so hard in my
life-literally. At one point, I could not stop laughing-it
was an exhilarating feeling. Satire at its best-laughter and at the
same time such a powerful commentary about the images
portrayed to our children-all of our children. I really hope you can
see it!
PERFORMED BY 2 AFRICAN-AMERICAN PERFORMERS IN BLACKFACE
NOMINATED FOR THREE 2007 NAACP AWARDS & THREE 2005 LA WEEKLY AWARDS
LA WEEKLY RAVES: “KEEN-EYED AND RIOTOUS. A SEAMLESS BLEND OF ENTERTAINMENT
AND INTELLECTUALISM. A MEMORABLE AND WORTHY SHOW.”
Read the full review at
http://www.laweekly.com/index.php?option=com_lsd&task=film&Itemid=108&id=82109
WATCH THE 7-MINUTE KCET PBS SPECIAL ON THE DANCE AT
HTTP://WWW.SEETHEDANCE.COM. CLICK ON “WHAT IS THE DANCE?”
PERFORMANCE INFO: Richmond Shepard Theatre – 309 East 26th Street between
2nd & 1st Avenues in NYC. Limited Engagement: February 22, 2007 – March 3,
2007. Performances run every day at 7pm except Sun. 2/25 at 3pm. A Q&A will
follow each performance. Tickets are $20 for adults and $15 for teens
(12-17) and can be purchased by calling 212-868-4444 or visiting
http://www.smarttix.com. Direct ticket link is
http://www.smarttix.com/show.aspx?showCode=DAN24. For more information on
the show visit http://www.SeeTheDance.com. Running time is 1 hour.
Appropriate for ages 12 and up. Trains: 6 to 23rd or 28th Street and R,W to
23rd Street.
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Copyright 2007
