How to Become a Wealthy Photographer: My Personal Guide for You

Hey there, I want to have a real chat with you about something that we photographers don’t talk about enough—money. Specifically, how to actually become wealthy as a photographer. I know, when most people think of photography, they don’t automatically think of building wealth. But I’m here to tell you that if you’re serious about it, if you’re smart with your finances, and if you’re willing to shift your mindset, there’s no reason you can’t turn your photography business into a wealth-building machine.

This isn’t just theory. I’ve done it myself, and today I’m going to share exactly how you can do it too. Let’s dive in.

1. Focus on Making More Money, Not Just Saving It

The first thing I want you to do is throw out the scarcity mindset. Stop focusing so much on how to save every dollar and start focusing on how you can make more money.

Here’s the thing: I don’t obsess over saving money or pinching pennies, because my time is better spent earning more. I want you to think big. Too many photographers get stuck in a cycle of trying to save on every expense—looking for tax deductions, writing off purchases—but forget the bigger picture. You’re running a business, and businesses need to grow.

Instead of worrying about saving a few bucks here and there, ask yourself, “How can I get more clients? How can I increase my prices? How can I add more value to what I’m offering?” That’s where the real magic happens. If you want to become wealthy, you’ve got to think expansively. Focus on growth.

2. Understand Your Taxes – Don’t Fear the Taxman

I get it, taxes are probably one of the most stressful parts of running your own business. But here’s what you need to know: the tax system isn’t something to fear, it’s something you can work with to your advantage.

One of the biggest mistakes I see photographers make is treating their business income like personal income. When you do that, you’re paying more tax than you need to, and you’re bleeding your business dry. Instead, you need to separate your personal and business finances. Pay yourself a wage, and let the business cover its own expenses before you pay taxes.

Here’s the beauty of it: when you do that, all those business purchases—like that new lens, your software subscriptions, even courses that help you grow—are tax-deductible. It’s a game changer.

By structuring your business properly, you’re not only saving on tax, but you’re also setting yourself up for long-term financial success.

3. Invest Before Paying Tax: Build Assets, Not Liabilities

Let’s talk numbers. Instead of buying things like new cars or gadgets that depreciate in value, I want you to focus on building assets—things that grow your wealth over time. One of the smartest ways to do this is by using your pre-tax income to invest.

Here’s how I do it: Let’s say you’ve got $50,000 in profit sitting in your business account. Rather than paying tax on that money, you use it as a deposit to buy an investment property. You can then borrow the remaining $450,000 from the bank, allowing you to purchase a $500,000 property (all numbers are just examples). Now, instead of holding onto that cash and letting the taxman take a large chunk, you’ve invested it into something that will appreciate in value.

Now let’s say the property increases by 10%. Suddenly, that $500,000 property is worth $550,000, and you’ve doubled your initial investment from $50,000 to $100,000. This is how you grow wealth—by investing in appreciating assets rather than spending on things that lose value. Plus, all the expenses related to the property, like interest, maintenance, and management, are tax-deductible for your business.

4. Leverage the Power of Compounding

Compounding is one of the most powerful wealth-building tools, and here’s how it works in real life. Let’s stick with the same property example. You’ve invested $50,000, borrowed $450,000, and purchased a $500,000 property. The next year, the property increases by 10%, bringing its value to $550,000. That 10% growth has effectively doubled your initial $50,000 investment to $100,000.

But it doesn’t stop there. The following year, if the property value increases by another 10%, it’s now increasing based on the new value of $550,000, not the original $500,000. This is how compounding works—you’re earning returns on both your initial investment and the growth that came from it. Over time, these returns start to snowball, creating exponential growth.

By focusing on long-term investments and letting the power of compounding work its magic, you can build substantial wealth over the years.
5. Don’t Over-Diversify – Go Deep, Not Wide
You’ve probably heard the advice, “Don’t put all your eggs in one basket.” But here’s what I think: that’s only true if you don’t know what you’re doing.

One of the biggest mistakes people make is over-diversifying. They spread their money across too many different investments, and as a result, they don’t see the significant returns that come from mastering one area.

If you want to become wealthy, you need to focus. For me, that focus has been property. I spent years studying it, learning the ins and outs, and now I know how to make it work for me. You don’t need to know everything about every type of investment. Just pick one thing—whether it’s property, stocks, or even growing your photography business—and go all-in on that. Become an expert, and you’ll see the returns.

6. Treat Your Photography Business Like a Real Business

This might sound obvious, but I’ve seen so many photographers treat their business like a hobby. If you want to become wealthy, you have to treat your photography as a serious business.

This means separating your personal and business finances, setting financial goals, and planning for the future. It’s about building systems that work for you—whether that’s setting up a proper accounting system, paying yourself a wage, or reinvesting in your business for growth.

You have to think long-term. Don’t just look for ways to make a quick buck; focus on building something sustainable that will keep bringing in revenue for years to come. Wealth doesn’t happen overnight, but with the right systems in place, it’s absolutely possible.
Final Thoughts
If you’re serious about becoming a wealthy photographer, it’s going to take more than just shooting great photos. It’s about shifting your mindset, understanding your finances, and making smart investments. You don’t have to be a financial expert to get started, but you do need to be proactive.

You’ve got everything you need to build wealth as a photographer—now it’s time to make it happen. Focus on growth, invest wisely, and keep learning. I promise you, the results will come.

Let’s make your photography business not just profitable—but truly wealthy.