TEN Financial Lessons I Wish I Learned in Art School by RGZ

1. USE YOUR ART TO FINANCE YOUR ART.

You decide to become an artist, so you will become a business owner wearing many different hats.

One of the biggest financial mistakes I made, and I see others making, including art professors, is relying entirely on their wages to fund their practice. This creates a long-term imbalance in your budget and makes your creative life financially unsustainable.

Treat and define your art like a sustainable ecosystem. Start with what you can reasonably produce, sell, or license, and reinvest the revenue in your practice. This doesn’t mean “sell out”; it means allowing your art to support its own growth. Even small, consistent income streams (prints, workshops, commissions, cups, digital downloads, murals, stickers, lectures, etc) can scale your capacity to fund larger, more ambitious pieces and acquire better equipment without draining your personal finances. This sometimes means producing a product you must test in the market, which isn't always the most fun or challenging to make, but its sales will sustain the projects you really want to do.

2. FORM AN LLC AND TREAT YOUR ART PRACTICE AS A SERIOUS BUSINESS.

Registering your art practice as a Limited Liability Company (LLC) provides legal and financial separation between you and your business. This protects your personal assets if the business ever faces a dispute, debt, or legal issue. Also, your business can hold assets related to your practice, such as equipment, etc.

Forming an LLC also gives you access to legitimate tax advantages, including:

• Deducting business-related expenses such as your phone bill (for business use), studio rental (perhaps if it's inside your home), equipment, supplies, software, website hosting, and marketing. As well as transportation like mileage, tolls, and gas when driving for business purposes (deliveries, client meetings, exhibitions, etc.). Also writing off traveling expenses for business, for example, attending your openings, artist in residency, conferences, etc.

• Taking advantage of resale permits when available in your state allows you to buy materials and goods tax-free when intended for resale.

• Purchasing supplies in bulk at lower costs under your business account with wholesale providers.

An LLC won’t magically solve everything, and it carries an annual cost, but it provides structure, tax efficiency, and legal protection that most artists simply don’t consider. Eventually, when your earnings allow you, consider becoming an S Corp (check with your accountant).

4. USE YOUR LLC TO BUILD ADDITIONAL RETIREMENT ACCOUNTS (SEP IRA OR SOLO 401(K)).

Once your art practice is structured as an LLC, you gain access to retirement plans designed specifically for the self-employed, such as a SEP IRA or a Solo 401(k). These accounts allow you to contribute much more than a standard Roth IRA, making them ideal for higher-earning years.

• SEP IRA: Simple to set up, with high contribution limits (up to 25% of net earnings) *.

• Solo 401(k): Even more flexible, you can contribute both as the “employee” and “employer,” allowing significantly larger contributions.

These accounts help you stack your retirement savings, reduce taxable income (in most cases), and build long-term financial safety while still being an independent creative.

5. OPEN A HEALTH SAVINGS ACCOUNT (HSA) TO PROTECT YOURSELF FROM MEDICAL DEBT.

Artists often lack employer-sponsored health plans, making medical expenses a major financial risk. If you enroll in a High-Deductible Health Plan (HDHP), you can open an HAS, one of the most powerful financial tools available.

An HSA provides:

• Tax-deductible contributions

• Tax-free growth through investments

• Tax-free withdrawals for medical expenses in the form of reimbursement.

You can reimburse yourself for doctor visits, prescriptions, therapy, dental work, eyewear, and more, even years later if you saved the receipts. Because unused funds roll over indefinitely and can be invested, an HSA can double as a secondary retirement account.

6. CREATE AN EMERGENCY FUND (3–6 MONTHS OF EXPENSES).

Artistic income fluctuates. Emergencies don’t.
Set aside enough to cover three to six months of living expenses to protect yourself against surprises: a broken kiln, new brayer, equipment failures, car repairs, sudden travel needs, or gaps between exhibitions and commissions.

An emergency fund removes financial fear from your practice, giving you the freedom to take creative risks without spiraling into crisis. This takes time to build. Saving a percentage of your income from commissions for a rainy day should be a constant in your practice (consider 10%-15%).

7. LIVE BELOW YOUR MEANS AND USE SHARED RESOURCES.

You don’t need the most expensive fancy etching press, tools, or studio setup right away. Gradually, powered by the sales of your work, not by debt. As artist Tom Huck once told me: avoid financing your practice with debt whenever possible. Your own work will show you when it’s growing to afford an upgrade

Take advantage of shared resources and community spaces in your city (Spokane), such as:

• Print studios and co-ops (like Spokane Print & Publishing Center)

• Makerspaces (like Fellow, Clay Connection, Spokane Art School, etc)

• Shared studios (with other artists to split the rent)

• Local libraries with free access to research materials, recording studios, films, books, and internet access with your library card.

• Free professional development lectures and talks. (Check Terrain Talks, Gonzaga visiting artist series, The MAC)

• Buy secondhand materials when possible (Check the Art Salvage)

These spaces dramatically reduce costs while providing access to professional tools, mentorship, and community.

8. DIVERSIFY YOUR PRACTICE AND YOUR MARKET.

Your art should have multiple entry points. Create offerings at different price levels:
$5, $20, $100, and $1,000+ so collectors can grow with you over time.

Diversification also means broadening where and how you work:

• Teach workshops

• Apply to art fairs

• Collaborate with master printers or outsource local makers.

• Sell online (prints, originals, digital downloads)

• Show work in coffee shops, wineries, breweries, boutiques, and nonprofits

• Build relationships with galleries, curators, and arts organizations

• Host pop-ups or open studio events

• Collaborate with your favorite thrift store, comedy club, or bookstore to host shows and demonstrations

Artists thrive when they think creatively, not only in the studio but also in the marketplace, always considering how their own practices apply to their environment.

Ask questions to the people around you doing the things you want to do!

9. APPLY FOR GRANTS RELENTLESSLY.

Grants, fellowships, residencies, and project awards can fund your work without debt or dilution. They require strong writing, conceptual clarity, and persistence, but they are worth the effort. Writing grants is a painful skill XD (try writing in your second language…)

If grant writing feels overwhelming, seek help from librarians, nonprofit staff, local arts councils, friends with experience or professional grant writers. Find these people in your community and take them for lunch or coffee, and pick their brains. Trade some of your artwork for advice or a peer review of your writing.

Rejection is part of the process, not a verdict on your worth. Every great artist has been rejected dozens, even hundreds of times, before receiving major support. Keep applying and creating your own opportunities while the panels review. Maintain an active presence in your community so future panelists recognize your name when reviewing proposals.

10. ACCEPT THAT YOU ARE A PROFESSIONAL AND SELLING YOUR WORK DOESN’T MAKE YOU A SELLOUT.

Art schools often emphasize conceptual rigor while downplaying the business side of art. This creates the illusion that selling work is “less pure” or somehow compromises artistic integrity. Also, to show up in the bigger professional spaces will require you to show up in the less attractive, less prestigious spaces. However, keep in mind that the intention is to increase your chances by putting your work in front of as many eyes as possible. Also, learning how to adapt your work to new display settings.

The truth? Learning to sell, share, and communicate your work is part of being a professional artist.
Marketing, pricing, and presenting your art are skills, not moral statements.

Selling your art:

• finances your research. Yes! Your artmaking is research!

• expands your audience.

• increases your visibility.

• and makes your practice sustainable.

You are allowed to be conceptual, playful, and fun, and to be financially successful. These things are not in conflict; they fuel one another.