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Being a drag queen means being a fashion designer, a makeup artist, a hairstylist and a performer, all at the same time. But for the queens of ‘RuPaul’s Drag Race,’ it also means becoming an entrepreneur running a growing small business.
Indeed, the struggles that drag performers face are not so dissimilar from those of small-business owners or young adults looking to start their professional lives. For starters, drag isn’t cheap. Wigs can run anywhere from $35 to $450 — drag performer and former ‘Drag Race’ contestant Alyssa Edwards told Mic News that she owns more than 100 wigs, which could easily add up to $45,000.
Outfits can cost up to thousands of dollars, too. And though they can be more frugal with the makeup they wear — mascara, for instance, may only set a drag queen back $12 —it needs to replaced often as it gets used up. But all that money doesn’t immediately lead to a massive return. The advent of ‘Drag Race’ means that well-known queens get the primo paychecks while the others work for tips.
“Drag is about breaking everything you have emotionally, physically and financially at the same time in order to create something beautiful,” said Miz Cracker, a New York City-based drag queen competing on Season 10 of ‘RuPaul’s Drag Race.’
Here are some of the tips on how to approach saving, investing and building a business that helped the latest slate of ‘Drag Race’ queens reach this pinnacle of success.
Don’t worry about keeping up with the Joneses
Monique Heart eschews the big city for a cheaper lifestyle in Kansas City. Because she didn’t have to worry about the expensive cost of living in major cities better known for their drag scenes, such as New York or San Francisco, she was able to funnel the money she made into her education and her business.
“Kansas City is cheap. I have a one-bedroom apartment with a balcony for $650,” Heart said. “But I can buy a plane ticket [to New York] for $200, have the fantasy and go back home.”
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Meanwhile, New York City-based performer Monet X Change said that she doesn’t always turn to the most expensive products — though she now buys expensive makeup, she said she still uses the cheapest products she can find. “Recognize being high and being low,” she said. “You don’t always have to blow your wad on buying the best computer and buying the best eyeshadow.”
Spend money as if you don’t have much of it…
Chicago-based queen The Vixen aspires to the financial guidelines her mother espoused — namely, having enough money set aside in an emergency fund to cover three months’ rent. And the best way to keep that money, The Vixen said, is to keep it a secret, from yourself and others.
“Always act like you have half of what you have,” The Vixen said. “And that way you will keep half of what you have.”
…But don’t be afraid to spend some on yourself
Drag veteran Mayhem Miller also stressed the importance of a nest egg: “That way I save myself the stress of having to feel like I have to work myself to death.”
But Miller also recognized the value in reward yourself for your achievement — and to quench the thirst for spending. “I treat myself every month to something lovely and the rest of it goes away,” Miller said.
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Figure out how to turn hobbies or talents into money-making ventures
Drag as a profession that requires so many varying skills — but that can work to a queen’s advantage. ‘Drag Race’ Season 9 and 10 competitor Eureka O’Hara advised people first starting out in drag to explore how they can use the talents they develop to make more money beyond their paying gigs. “You sew for people to make money. You do girls makeup to make money,” O’Hara said. “If you’re good at something, figure out how to make money out of it.”
If you’re self-employed, treat yourself as an employee.
After appearing on Season 9, O’Hara said that she quickly spent her way through her newfound wealth. Eventually though, she realized she would go broke if she didn’t set limits.
That meant forming her own company — Elephant Queen LLC — and hiring people to handle her book-keeping and payroll. Money from gigs goes to her business, and she cuts herself a monthly paycheck. A portion of that will go into her business and personal savings accounts. She also makes weekly deposits to her TD Ameritrade investing account, she said. “So now not only am I saving money, but I’m also investing in stocks,” O’Hara said.
O’Hara also has a personal assistant, and rather than paying them off the books, she does so through a payroll service. “If you have a personal assistant, pay a payroll agency to tax that payroll and pay them through your company,” she said. “Make sure you do it legit – that only helps you with Uncle Sam.”