Hey Amazing Coaches!
I am a professional Voice Over Actor. In the last 2 years I went from 2K to 7K to 40K last year. My next goal is a 5 figure income. One investment that I have on my horizon is a vocal isolation booth (a Whisper Room or Studio Brick model), these booths cost anywhere from 2K (used- and not necessarily with the options that I am looking for) all the way up to 9K (new and customized for what I AM looking for)
I only have $1.5K in working capital, and I have $27K in loan/ consumer debt. Which I am currently investing 40% of my monthly income into paying off using a Dave Ramsey Debt Snowball.
In order to purchase this booth, I either need to take back the Debt Snowball payment and put that sum into my working capital account so that I can purchase the booth outright… OR I need to pay off the CC that has the largest credit limit (9K) and use it to purchase the booth, and trust that the audio quality and the additional services that I will be offering will generate the additional income to pay back that down 10x faster than I am currently able to pay down debt.
Any feedback on this decision (and the thoughts reflected in how I am handling it) would be greatly appreciated. My goal in adding the booth as an asset, is reliably quiet “studio space” so that I can book live-directed sessions at any time, without having to limit myself to the times I know that our condo is quiet, increasing the quality of the audio I am able to offer my clients, and the ability to offer more ways to connect myself to full production houses-which are the larger income clients that I am targeting (over only being able to connect via a telephone patch, which they don’t want)
Thank you for your time!