684: Lucas Z – Why Photographers Making Good Money Still Have No Money

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Lucas Z of www.thebigsplitwithlucas.com was running a successful photography business in Aspen, Colorado, making good money and, from the outside, doing pretty well.

But financially, things were a mess.

He had $25,000 in credit card debt, was behind on his taxes, had no real savings or assets and eventually worked out that he was spending 99.5% of everything he made.

The interesting part is, his answer wasn’t simply to go out and book more clients or make more money.

He realised the bigger problem was what happened to the money once it actually came in.

That led him to develop what he now calls The Big Split — a simple way of handling irregular income by dividing money between the business, tax, lifestyle and paying yourself first.

Using that approach, Lucas cleared his $25,000 debt in five months, got on top of his back taxes and built more than $60,000 in savings within the first year.

And he’s not coming at this as a traditional financial adviser.

He’s spent more than a decade running his own photography business, so he understands what it’s like to deal with seasonal income, inconsistent payments, good months, quiet months and the temptation to treat a $5,000 or $10,000 client payment like it’s all available to spend.

In this interview, Lucas Z shares how photographers can create more stability from irregular income, why earning more doesn’t automatically mean keeping more, how financial leaks can quietly drain an otherwise successful business, and why paying yourself first may matter more than another budgeting app. We also look at where The Big Split differs from Profit First, how Lucas decides what percentage goes where, and the point where money management stops being the problem and the business simply isn’t generating enough income.

Here's some more of what we covered in the interview:

• How Lucas was spending 99.5% of everything his photography business made despite earning good money

• How he cleared $25,000 in debt within five months and built more than $60,000 in savings in his first year

• What Lucas does when a $5,000 or $10,000 client payment lands instead of treating it all as available cash

• How The Big Split divides irregular income between business, tax, lifestyle and paying yourself first

• Why Lucas still uses a simple 25/25/25/25 split after seven years — and when he changes those percentages

• Why irregular and seasonal income creates a feast-or-famine cycle even for profitable photographers

• How building separate financial stockpiles helped Lucas stay stable when his photography income stopped during COVID

• The financial leaks photographers often overlook, including poor payment policies, delayed invoices, weak contracts and chasing clients for money

• Why making it easier for clients to pay can have a bigger financial impact than photographers realise

• Why Lucas believes photographers should pay themselves first, even if they start with only a small percentage

• Why cutting every enjoyable expense isn’t necessarily the answer — and how Lucas decides what spending is actually worth keeping

• How one client earning around $300,000 a year discovered they needed only about $70,000 to live, then cleared six figures of debt and saved six figures within 12 months

• Why a photography business making only $40,000 can still be financially healthy if the gap between income and expenses is large enough

• How to recognise when the real problem is no longer money management — the photography business simply isn’t generating enough income

What’s on Offer for Premium Members

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If you don't pay yourself first, you're not going to pay yourself. That's just how it works. – Lucas Z.

You'll also receive access to the members-only Secret Facebook Group, where you can connect with other Premium Members and interview guests to help, support and motivate you to take ideas you hear in each episode and put them into action. The group also has FB live video tutorials, role-play, and special live interviews. You will not find friendlier, more motivated, caring, and sharing photographers online. Seriously, that's not all.

When that $10,000 comes in, I was lying to myself. I didn't have $10,000 because I was forgetting about the bills in the business, the taxes and putting something towards savings. – Lucas Z.

In addition to everything above, you'll get access to instructions on forming or joining a MasterMind Group with other premium members. These groups are super motivating, hold you accountable, and help you build friendships with other pro photographers who share your goals—to build a more successful photography business.

What is your big takeaway?

Following this interview, I’d love to know if you're taking anything from what Lucas shared. Is there something you heard that excited or motivated you to the point where you thought, yeah, I'm going to do that! If so, leave your thoughts in the comments below; let me know your takeaways and what you plan to implement in your business based on today's episode.

You can shift your finances fairly quickly. Start looking at money from your creative brain, not the traditional brain. You've built a business. You've already done the hard work. – Lucas Z.

If you have any questions I missed, a specific question you’d like to ask Lucas, or a way to thank her for coming on the show, feel free to add them in the comments area below.

The reason most successful business owners who are making good money never have any money is because they're putting themselves last. – Lucas Z.

iTunes Reviews and Shout-outs

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We spend our entire lives giving our money away to everyone else, and guess who is holding the bag at the end of the day? Us. – Lucas Z.

If you have left a review in the past, thank you! If you haven't and you'd like to, head to https://photobizx.com/itunes or https://photobizx.com/google. You can leave some honest feedback and a rating, which will help me and the show. I'll be sure to thank you on the show and add a link to your website or blog if you share your name and website URL. Alternatively, if you've left a review for PhotoBizX and are looking for more backlinks to help your SEO, leave a review for the new Photography Xperiment Podcast. Email me your keywords or phrases and where you'd like me to link them.

Instead of stealing from my business so that I could live more extravagantly, I created a barrier. I will not steal from my business. I will not steal from my savings. – Lucas Z.

Another great way to get a backlink to your site is to send a video testimonial. It doesn't need to be fancy, and your phone will be perfect. Click record and tell me how PhotoBizX has impacted you and your photography business.​