Famous in his day, Rembrandt was not only a premier painter of the Dutch Golden Age, but he was also a fairly savvy businessman who established a large workshop with numerous apprentices to recreate his works, which sold incredibly well. Despite these talents, Rembrandt was poor at financial management. He spent too much money on rare collectibles, artwork, and other luxuries, which forced his wife, Saskia, to have to take over managing the family’s finances. After Saskia died, Rembrandt simply didn’t have the financial acumen, interest, or inclination to stay afloat and inevitably declared bankruptcy. He would never recover and died impoverished and penniless. 

Rembrandt's story is not an isolated case. The tragic list of artists who met a similar fate due to financial mismanagement is alarming; from El Greco to Vincent Van Gogh, Vermeer, Cezanne, de Kooning, and those are just the famous names. It is a stark reminder of the need for financial literacy in the art world. The skills required for financial management are not so different from those needed to be a painter, making it all the more crucial for artists to equip themselves with these skills. 

Similarities between painting and financial planning include: 

• Preparation 

Preparation allows for an enterprising and dynamic approach while working to mitigate obstacles that may arise. It also imbues confidence and decisive decision-making which may increase productivity, save time, and lower stress levels. Benjamin Franklin once said, “By failing to prepare, you are preparing to fail.”  

• Attention-to-detail 

Attention to detail can help reduce mistakes in painting and financial planning, as both require many small details to create the final package. Painting a picture consists of hundreds, if not thousands, of brush strokes. Creating a comprehensive financial plan requires many small decisions, from determining an investment approach to managing your estate, saving for retirement, and planning for tomorrow. Without attention-to-detail, an incorrect brush stroke or erroneous financial decision could impact the final goal.  

• Curiosity 

Curiosity is essential for both painting and financial planning because of the eagerness to explore fresh angles and seize opportunities that a more passive mind might have ignored or not even noticed. According to the Harvard Business Review, curiosity encourages exploration of dimensions which may lead to positive outcomes and generate particular benefits in work and life. 

• Passion for the craft 

To excel at anything, including painting and financial planning, requires a fervent passion for the craft. It is extremely difficult and takes a great deal of time and effort to gain proficiency.  Passion for the craft can often be measured in time spent on it, a willingness to think through problems, and being curious about different ways to approach strategies or techniques. Financial planning and painting require an intimate relationship through study and an enthusiasm for learning, repetition, and a strong work ethic to improve skills and knowledge. Painter and TV personality Bob Ross famously stated, “Talent is a pursued interest. Anything that you’re willing to practice, you can do.” 

• Discipline 

When you are disciplined, it makes it easier to manage your time, create good habits, and stick to routines which all may help equally with painting and financial planning.  

• Being proactive 

Being proactive is about strategizing, confidently thinking through ideas or problems and making informed decisions, asking for help when needed, and managing time effectively. 

• Forward thinking 

Looking past the present situation to analyze the long-term impact of decisions can be beneficial. With the knowledge of future consequences, decisions may be made more carefully and less impulsively. 

Financial planning isn’t just for the wealthy 

Despite the commonalities between financial planning and painting, history has shown us that the heavily right-brained innovative painters may greatly benefit from getting help from a heavily left-brained pragmatic and analytical financial planner. Vincent Van Gogh is famous for his “starving artist” image, and his paintings only became famous after his death. In fact, according to the Vincent Van Gogh Museum, Van Gogh’s brother, Theo, sent him the equivalent of about $1,900 in today’s money every month to live. 

To put it into perspective, that was about 50 to 75 guilders (the currency of the Netherlands). The average factory worker earned a mere 32 guilders. Vincent was not poor, but he wasn’t wealthy either. He was just a regular guy who didn’t know how to properly manage his money and could have benefited from sitting down with a financial professional. 

Consult a financial professional 

Don't let the tragic stories of artists like Rembrandt and Van Gogh be your fate. Take control of your financial well-being and consider scheduling an appointment with a financial professional who can help you develop strategies for saving and investing for retirement. 

 

Sources: 

Where in the brain does creativity come from? Evidence from jazz musicians | NSF - National Science Foundation 

Rembrandt’s Turbulent Final Years - The New York Times (nytimes.com) 

Top 7 Famous Artists Who Have Died Poor (1st-art-gallery.com) 

Was Van Gogh Poor? - Van Gogh Museum 

 

Important Disclosures: 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing. 

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy. 

This article was prepared by LPL Marketing Solutions.  

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