Top 3 Money Mistakes Musical Theatre Actors Make
Do you feel like you’re constantly struggling with money in your musical theatre career? You’re not alone and you’re not doing anything wrong.
The truth is, most performers make the same money mistakes over and over again. These mistakes aren’t just about budgeting they’re about mindset, sustainability, and strategy. But here's the good news: you can break the cycle and start building a stable, fulfilling career that supports you both on and offstage.
Let’s dig into the three biggest financial pitfalls musical theatre performers face and how to avoid them starting today.
Mistake #1: Relying Solely on Stage Paychecks
Contracts end. Gigs fall through. And those “in-between” moments? They can wreak havoc on your finances.
Most performers rely only on income from performing which means when the show ends, so does the money. This approach leads to burnout, financial stress, and having to take jobs that don’t align with your creative goals.
The Fix: Build multiple streams of revenue that support your artistic career. Think of them as support jobs, not side hustles but jobs that fit your lifestyle and allow you to keep performing.
Virtual assisting
Online coaching or teaching
Affiliate marketing
YouTube or social media content
Voiceover work
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Mistake #2: Not Treating Your Career Like a Business
You’re the CEO of your own career. That means you’re not just the performer—you’re also the marketer, the producer, the financial planner, and the brand strategist.
If you’re not booking, not getting callbacks, or not progressing the way you want, ask: what’s not working?
The Fix: Create a business mindset and strategy.
Conduct regular check-ins (every 6 months or quarterly)
Track results: auditions, bookings, income streams
Set clear goals and reverse-engineer the steps to reach them
Be honest about what needs to shift
Whether you’re submitting for voiceover jobs, developing a new coaching service, or refreshing your reel—your actions should align with your larger business goals.
Mistake #3: Not Budgeting or Tracking Finances
You cannot fix what you don’t track. If you’re unsure where your money is going—or how much you're actually making—it’s impossible to make smart financial decisions.
The Fix: Start tracking everything. Today.
Use a simple spreadsheet or free software
Log every expense (headshots, classes, union dues, subscriptions)
Track income from all sources—onstage and off
Identify what’s giving you ROI (return on investment)
Budgeting isn’t restrictive. It’s empowering. It lets you reinvest in the parts of your career that are working and pivot away from what’s not.
Start Building a Career That Works for You
The path to a financially sustainable theatre career starts with strategy, self-awareness, and action.
Avoiding these three money mistakes will not only reduce your stress it will help you gain confidence in your career decisions, whether you’re booking jobs or in a slower season.
Ashlee Espinosa, MFA is a professional actress and career coach helping performers and artist-entrepreneurs build bold, burnout-free creative careers onstage and off. With two decades of experience and a unique bi-coastal perspective, Ashlee blends mindset, marketing, and business strategy to help multi-hyphenate artists grow their visibility and income without sacrificing their well-being. Through 1:1 coaching, free weekly resources, and digital tools, she helps creatives design careers that feel as good as they look — and pay them well too.
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