22 - Six figure advice

Following up on their conversation about "five figure advice" for newly-employed screenwriters, Craig and John discuss the changes and challenges that come when writers start making six figures that is, more than $100K per year.

High-class problems? Sure. Not many aspiring screenwriters will reach that level of success, or sustain it. But in our experience, it's shortly after having "made it" that many writers find themselves flailing financially, because it's such a different experience than living paycheck-to-paycheck.

At what should point should you form a loan-out corporation? Should you pay off your student loans? Do you need disability insurance? How about a 401K? And how do you set up a line of credit at a Las Vegas casino?

Esoteric topics to be sure, but if you gather together a group of working screenwriters, this is what they'll eventually be talking about the career rather than the craft. Ultimately, a lot of what we discuss this week applies to anyone working for themselves.

Also touched on this week: the difference between casting TV and features, and The Cinema School in the Bronx.

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UPDATE 2-1-12: The transcript of this episode can be found here.