Managing Finances When the Flow of Income is Inconsistent With Jeff Fishman

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Automatic TRANSCRIPT

Hello. Everyone and welcome to the latest episode of wealth management dot coms celebrity estates wills of the rich and famous for anyone new to the and each instalment myself in a guest on a different celebrities. State attempt to extract some key lessons planners can apply to their more traditional clients. The idea being that celebrity estate planning stories although often ridiculous in their details generally have at their course basic issues that can just as easily apply to non famous or fabulously wealthy clients. Our guest this week is jeff fishman. Jeff is the founder and managing number of jsf financial in los angeles. Thanks for joining us jeff. It's great to be here so normally. This is the part where i introduced the celebrity subject of this week's episode and then run my mouth for about five minutes telling story about their state. We're gonna throw a curveball this week though no celeb- instead we're gonna flip our mission statement a bit and talk with jeff specifically about advising high profile clients in those in the entertainment industry which is a topic a number of our listeners of interest in hearing tackle so jeff. Before we get into the real nitty gritty. Do you mind telling our audience a bit about yourself. And your sure david ed. So i'm born and bred in los angeles and went to college and law school in new york so i basically spent my life here on both coasts and after having this law a couple of years i've gone through. Ucla financial planning program and decided to start my own fee based financial planning practice which i began twenty five years ago and being in the middle of los angeles having grown up here inevitably. I have a lot of friends from childhood in other people that i've met who works throughout the entertainment industry and our whole practice has been built upon referrals. And as you can imagine. Those young producers young writer suddenly become showrunner has become directors They introduce you to others and it's basically just been word of mouth progression throughout the industry which is taken us to where we are today interesting so i know a lot of for a lot of our listeners and a lot of advisors on working with sort of you know entertainment clients in high profile clients. Like this is sort of an aspirational thing. So a very popular question we get is. How do i break into this industry. How do i start having these clients. It seems like you started collecting your client during childhood. It's funny it is it all goes down to relationships like anything else on the one hand On the other hand. I mean it's interesting. It's type of an industry that you could get started if you wanna start at the bottom. And we've all heard the stories of people working at the agencies in the mailrooms coming from harvard yale and literally going ahead and working melrose at creative artists agency or one of the others. And it's pretty much the same if you wanna go and start working in the industry. You've got to start with those kind of people because the way the industry works is those people to bottom inevitably one of them move up to somebody's desk ultimately become the agent or somebody young writer's room to become a writer himself a lead writer or producer. And it's really just starting early with certain people in their career like any other industry and hopefully growing with them and that's really interesting point. I'm glad you brought up here. Is that. I think for a lot of people. Entertainment equals celebrity. So if someone's in the entertainment industry automatically high profile person and it's just this leap but in reality there was an entire ecosystem that makes up the entertainment industry. And so you can enjoy working with everyone. Among the legal system much like working with clients has said and other industries is an important part of eventually working your way up to those higher up people completely completely and again once you start forging relationships in people forget entertainment industry is. I mean you've got invented the camera and you've got all the people who are behind the camera and there's a lot more people who work behind the camera than in front of the camera and that whole industry behind the camera. They tend to be much with all call more More consistent type of income situations they tend to be far more stable and so make sure business standpoint while the people in front of the camera or a lot. More appealing maybe sexy. The other side is actually a lot more attractively. Think about it. From an overall business perspective you mentioned consistency of income. Can you expound on that at concept a little bit in sort of what that means with with this sort of segment clientele sure so if you are in executive studio you're going to typically be under contract for multiple years if you are a writer on a show as long as the show's coming back and it's doing well. You're typically going to come back season after season Alternatively if your talent on a show and even if the show or if you wanna move movie to movie if you're on a show only subject to renewal but more than that if all of a sudden the show starts doing well but typically will happen. We'll be the talent is looking to earn more money per episode

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