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Li Yun Alvarado's BlogPoet, Parent, Puerto Rican! ¡Wepa!
Amplifying Puerto Rican and underrepresented voices while supporting aspiring & emerging writers through her writing, teaching, and advocacy. |
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I know I usually chat all things books (and there are some book recs at the end of this post), but with tax time around the corner (thank you deadline extension!), I’ve got my mind on my money and my money on my mind.
I hope you’ll indulge me as I share some of the tools that have helped the husband and me up our finances game.
And by “upping” I mean basic adulting stuff like: getting out of consumer debt, growing our emergency fund, saving for retirement, and doing estate planning for the peace of mind that the kiddos are all set if god forbid the worst ever happened. Ok now that I write it all out like that I’m high-fiving myself because I’m so proud of us for getting our sh*t together. Growing up, neither of us had solid role models when it came to long term financial planning, so this all feels like a huge accomplishment for our little familia. And because I love sharing what's helped me with anyone who'll listen, below are two resources that were total game changers for us over the last two years:
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Last week I wrote about getting my personal finances (and our family’s finances) in order.
I believe having personal finances under control can really help give you the room to think more intentionally about your creative finances (both income & expenses). So if your personal finances feel overwhelming, I encourage you to check out last week's post first. This week I’d like to share some concrete ways I approach my creative endeavors from a more entrepreneurial angle rather than what the IRS (not me) would call a “hobby”. In particular, I'll share the way I track and manage income and expenses related to my creative endeavors. WRITER FINANCESTable of Contents
Personal Finance: HS Edition
In the spring or summer before I was off to college, I went to a free financial workshop offered by Prep for Prep, a leadership development program for New York City students of color like myself.
I still remember two pieces of advice I got that day:
I'm sure I learned a lot more that day, but those are the two kernels of knowledge I still remember clearly. Both helped lay the foundations of my financial future.
2020 Year In Review: Money EditionEach year, I complete my annual planning workbook: Write Your 2021: Reflect, Set Intentions, & Chart a Course for Your Writing Life.
One of the things I track, and like to share about, are the various income streams I've established to help support my creative life. Over the last few years I've shared these money updates on the blog, in part because us creatives aren't always as honest and transparent about the role money -- and more precisely financial security -- plays in our ability to create and do good work in the world. Last year I wrote a lengthy blog post about my relationship with money and my creative life: "Mamihood, Writing, and Money: Moving Past My Money Shame & Crafting a Creative Life I Love.” As part of that post, I outlined potential streams of income for 2019, and I thought I would update you on how things worked out on the money front in 2019.  Mamihood, Writing, and Money: Moving Past My Money Shame & Crafting a Creative Life I Love
Recently my friend, poet and scholar Raina J. León, had her essay "On Labor's Value" published in the VIDA Review.
In it, Raina asks: "When and for what should I be paid? And when I am not offered compensation, to what will I say no in favor of my family, my art, my life?" 
For Raina (as for me and others I'm sure) so many of these questions -- which have always been there -- have taken on a new urgency since the birth of her child. Raina explains:
My question is: shouldn't we all be asking (and searching for answers to) those same questions alongside her?
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