Financial literacy for musicians.

Year: 2018 Page 2 of 3

11 Key factors to use in the music business

Thriving artists don’t make art to make money, they make money to make more art.

Jeff Goins

You might hear the words “music business” and shudder. I can certainly relate, but I prefer to make music my business in order to fund personal creative projects on my terms.

The music industry is moving away from gatekeepers (booking agents, public relations, radio, blogs, record labels, etc.) and more towards the DIY (do-it-yourself) approach. This means no one will swoop you up and take care of the business anymore. If you approach a gatekeeper they will most likely want proof you’re self-sustaining before they consider lending their resources.

Navigating the confusing world of tax as a musician

The hardest thing in the world to understand is the income tax.

Albert einstein

Taxes are a collection of revenue from citizens to fund the government. Many people view taxes as government penalties. I prefer to view them as government incentives. As far as I can tell the government adjusts the tax code to fit their needs economically. For example, if the government wants corporations to thrive then you might see local, statewide, or nationwide corporate incentives in the form of credits, abatements, exemptions, or refunds. If the government wants people to buy more homes then you might see a mortgage interest deduction.

From starving artist to thriving musician: Money mindset strategies

People do not decide their futures. They decide their habits and their habits decide their futures.

Today we’re going to discuss how musicians can adjust their mindset in regards to money and more. The goal of this blog series is to rid the stigmas limiting musicians from reaching their full potential musically, financially, and mentally.

From gig to fortune: Investing tips for musicians

Like any musician starts practicing early in childhood, start investing early in equities.

Investing is the act of devoting money or capital in order to gain returns as interest, income, or appreciation. Note capital can take the form of time and energy as well. The strategy of investment allows your money to work for you.

Ensuring a secure retirement: A guide for musicians

I dedicated my life to my music…and I never got it to where I wanted it to be.

Sonny Rollins

The idea of a retired musician might sound quite absurd, because who has actually witnessed one? Sonny Rollins is an example of forced retirement because of health issues, but there are plenty of musicians who physically lose the ability to play as they age. I, for one, don’t want to retire from music, but life happens and planning for the future is important.

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