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What if Marc Rebillet had a financial planner from the start?
I’ve been following his incredible journey toward artistic freedom since his early days in Dallas in 2016, and he embodies what it means to be a Thriving Musician.
Here is my hypothetical financial planning case study of Marc’s career, illustrating how artists can benefit from strategic financial planning at any stage.
This case study highlights planning opportunities from managing taxes and savings to insurance and estate planning.
Every planning topic aims to cultivate artistic freedom, provide financial stability, and ensure long-term success.
2016: Marc begins posting on Facebook to become a self-employed musician
Planning opportunities:
- Start saving emergency fund of at least 3 – 6 months of living expenses.
- Work towards 12 months for eventual self-employment.
- Track expenses with budgeting app, spreadsheet or bank statements.
2016 – 2018: Marc works odd jobs while performing at local Dallas breweries and streaming
Planning opportunities:
- Begin making quarterly estimated tax payments.
- Get instrument insurance.
- Get independent disability while employed as W2.
2018: Marc moves to New York to pursue artistic freedom
Planning opportunities:
- Plan for higher state income taxes in New York.
- Get adequate health insurance.
- Use savings as cushion and actively monitor cash flow.
2018: Marc’s father passes away
Planning opportunities:
- Discuss desire to take care of family.
- Emphasize the importance of estate planning.
- Become a good steward of any inheritance.
2019: Marc begins touring Europe
Planning opportunities:
- Tax planning for income abroad.
- Coordinate bookkeeping with CPA.
- Consider saving into IRA (Roth, Traditional and/or SEP)
2020 – 2022: The Quaranstream
Planning opportunities:
- File for unemployment and use emergency fund.
- Focus on mental health.
- Complete Roth conversions during low income year(s).
2022: Marc begins celebrity duets from home
Planning opportunities:
- Get adequate umbrella liability insurance.
- Invest additional income into taxable brokerage.
- Establish revocable trust.
2022: Marc lands Amazon TV series
Planning opportunities:
- Make an S-corp LLC election to save on self-employment tax.
- Switch from SEP IRA to Solo 401(k) to maximize savings.
- Potential tax loss harvesting during 2022 market decline.
2023: Marc plays Coachella
Planning opportunities:
- Increase disability benefit.
- Maximize qualified retirement accounts.
- Establish a charitable giving plan.
2024: Marc begins We Outside World Tour
Planning opportunities:
- Assess progress toward artistic freedom.
- Discuss desire to start a family or buy a house.
- Protect and grow wealth with a globally diversified portfolio.
Learn more about Marc Rebillet
Thanks for reading and/or listening and keep thriving!
