I remember years ago in an article, former local talk show host Ed Busch stating "if you have a job in radio, chances are very good that some day you will lose it". That's a very pessimistic outlook, but as experience and history has proven over and over, sadly realistic.
The best advice on this subject given to me years ago was "become a juggler". In other words, if you're going to be in radio, you need to supplement that job with other things. Have three things going at all times peripheral to your main radio gig.
Don't just do you 4 or 5 hour radio show and hit the door and hang out.
Perhaps doing voiceovers for other out-of-town stations from home (easily done these days, buy a good mic and Cool Edit {adobe} and you're set).
Webdesign can easily be done on the side from home.
Write freelance articles for the newspaper or local magazine.
Mobile DJ.
DJ at a local club at night.
Wait tables.
Pet babysitter (don't laugh, they make good money!).
The possibilities are endless.
The main point is, have something else going on the side in case the main gig blows up, for whatever reason. We often hear of cutbacks, philosophical differences, new boss that doesn't get you...whatever. Many times a job is lost through no fault of the individual (not always, but it does happen), you just need to be prepared for it. When it happens, you may not be high rollin' for a while, but you can still pay the bills till the next gig rolls around. The average for finding a new job is THREE months. Could you float right now with no income for three months? That's the next point.
Any financial planner will tell you that the first thing you need to do is have THREE MONTHS take home pay in the bank that you can access (not tied up) in case something goes awry. It's hard to do, but once it's there, you don't touch it unless an emergency comes up or you lose your job, etc. Once that cushion is there, a lot of stress goes AWAY.
Next point, how much are you saving? 20% is what most recommend. Again, one of those things that is HARD to do at the start. Don't lower your savings amount, lower your LIFESTYLE! If you make $50,000, act like you make $40,000. You make $30,000...think of it as $24,000. We all get caught up in making good money every once in a while and think "hey, it's only gonna get better"...sometimes it works out that way, sometimes it doesn't!
I remember another guy years ago who was bragging about making $70,000 a year at a station (when 70 grand was a ton of money)...we all laughed because the truth was he kept getting blown out after 6 months at every station he worked at and then sat on the beach for 6 months...he never MADE $70,000 a year, he made $35,000, less than all of us!
More often than not, someone loses the gig and is up against the wall from day one. It doesn't have to be that way. It's often a cruel and bitter business, but if you love it, find a way to make it work for you...or sell real estate.
<P ID="edit"><FONT class="small">Edited by abcdj on 01/21/06 03:41 PM.</FONT></P>