Money Maestro is about making finance easy for musicians. This blog has all the resources and information you need to make smart financial choices and secure your future. We talk about everything from budgeting and saving to investing and retirement planning, and share insights from successful musicians who learned how to manage their money like a boss.

Are you ready to take control of your finances and turn your musical aspirations into a long-term reality?

Meet Spenser Liszt, CFP®

Spenser Liszt is a former freelance saxophonist, performer, composer, woodwind specialist, and educator based in the Dallas/Fort Worth Metroplex. With over 17 years of experience, he collaborated with numerous groundbreaking artists, including Aretha Franklin, Father John Misty, Korn, and recorded on more than 30 albums. He holds a Bachelor and Master of Music in jazz studies from the University of North Texas and the CERTIFIED FINANCIAL PLANNER™ Certificate from Southern Methodist University.

Spenser’s mission is to improve the lives of musicians by teaching financial literacy through speaking, clinics, blogging, podcasting, courses, and coaching. He is the founder of Thriving Musician LLC, where he shares his expertise and helps musicians achieve their financial and musical aspirations.

His financial literacy talks and workshops are presented at music schools and conferences, including The University of North Texas, Texas Southern University, The Jazz Education Network, Springboard Music Festival, Financial Freedom for Creatives Club and more. His financial insights are featured on Reuters, CNBC, Bloomberg, Investopedia, and other reputable publications.

Spenser is the founder and Certified Financial Planner (CFP®) at Motif Planning. He works with musicians, music industry professionals and their families, helping them make sound financial decisions and achieve their long-term goals.

My money story

When hard work doesn’t pay off…

“There is no substitute for hard work.”

Thomas Edison

I had a relatively carefree childhood in Texas. I was passionate about skating, playing hockey, camping with Boy Scouts, and playing musical instruments such as the violin, piano, and saxophone. As I watched my friends endure inevitable difficulties, I naively thought to myself that my life was perfect. However, I was unaware that my time would come.

My father was the president of Elkins Institute in Dallas, where he taught students business, work, and trade skills. He also teamed up with psychotherapists to build ropes courses that aimed to promote team building, personal growth, and self-discovery. In my youth, my father lived a luxurious life, owning a Porsche 911 and a boat. Despite his lavish lifestyle, he struggled with managing money. On the other hand, my mother, who grew up in poverty, taught me the importance of saving and how to handle finances effectively.

Unfortunately, the economy took a downturn, and my father’s school building went unsold, resulting in bankruptcy. My mother had to go to work for State Farm to support the family.

At the age of 14, I began working at a retirement and nursing home restaurant, and I even recruited my friends to join me. Throughout my school years, I continued to work at a grocery store and a jewelry store seasonally. Despite my parents’ support, I had to work hard to earn everything I wanted.

In high school, my love for music surpassed my other passions. Despite hearing that “musicians often struggle to make ends meet,” I was young and carefree and pursued my dream anyway. Right before college, my life took a sudden turn.

My father underwent back surgery, but a complication left him paralyzed from the neck down. My “picture perfect life” turned into one of perspective, purpose, and massive change. The story of my father would define the rest of my life. My focus and determination shot through the roof. I lost 70 pounds and seriously started focusing on my music career.

As a saver, I always set aside money for a rainy day. Although I did not have a lot, I found comfort in knowing I had a financial safety net.

However, in the summer of 2015, I found myself with only $67 to my name…

When hitting rock bottom feels good

“When you’ve hit rock bottom the only way to go is up.”

In May of 2013, I earned a Master’s Degree in Jazz Studies, and my musical career was just taking off. With standout performances alongside Aretha Franklin, Korn, and Frankie Valli & The Four Seasons, and an ever-growing portfolio of work as a sideman, I was thrilled with the progress I had made and the valuable insights I had gained into the music industry at the national, regional, and local levels. I felt proud to have realized my lifelong dream of “making a living through music.”

However, this all changed in the Summer of 2015. I went on a two-week tour of the West Coast with a Brazilian band, Mente Clara, which was a thrilling experience, but not a significant source of income. The moment I returned, my family and I traveled to Italy for three weeks to celebrate my grandmother’s birthday – my first time traveling abroad. Although I had an amazing time and wouldn’t change a thing, the expenses added up, and I went five weeks without any income while still spending what I had saved up months prior. I returned from Italy in August of 2015 with just $67 to my name.

This was my first personal financial crisis, and it left me feeling lost and uncertain. I had always relied on my hard work and childhood values to keep me afloat, but this situation showed me that I had been mistaken. I realized that no musician should have to worry about financial stability, and I was determined to find a way to avoid these extreme circumstances in the future, regardless of my profession.

It was then that my mother gave me a piece of advice that would change everything…

When the process starts to snowball

“It’s a slow process, but quitting won’t speed it up.”

My mother gave me “The Slight Edge” by Jeff Olson in 2015, right around the time when my bank account showed a balance of $67. This book ignited a spark that would alter everything. I was already invested in self-development in other aspects of my life, but not financially. Over the next 18 months, I immersed myself in a wide range of books, podcasts, online education resources and started taking action.

At that time, I was frustrated with my music career, so I redirected my focus towards personal development and financial literacy, with the aim of financing my music pursuits later. The changes I made had an immediate impact on my life. I improved my mindset and attitude, shifted my focus to assets rather than liabilities, and declined opportunities that could have led me astray. To my surprise, I noticed that I was getting paid more for my work, and better opportunities began to present themselves. In just two years, my income increased by 286%. All from making small adjustments to my life.

This interest in financial freedom and passive income led me to explore the world of real estate. Tired of living in scarcity and constantly renting, I made it my goal to purchase property as my first investment. I established a savings and retirement account with automatic monthly payments, and kept my expenses low.

Initially, my plan was to purchase a 4-plex, live in one unit, and rent out the rest. However, I soon realized that buying property as a freelance musician was a challenging task. I tried duplexes and single-family homes, but to no avail. I finally settled on purchasing a condo.

The buying process was arduous and felt like it lasted forever, but I learned a great deal from it. It’s hard to believe I had less than $100 in my account just 18 months before buying the condo. Real change can happen faster than you think.

As a freelance musician, there are many obstacles and stereotypes that one must overcome. I felt like I was part of a financial caste system, especially when trying to secure a bank loan for the condo. The gatekeepers of capitalism made me feel like I should give up and accept my fate as a poor musician who doesn’t deserve a house, insurance, financial freedom, and so on. But I realized that the only reason why the gatekeepers look down on freelancers is because we look down on ourselves. I am determined to prove that freelancers are capable of financial freedom, and our creativity can help us get there.

This significant transformation led me to discover my true purpose in life…

When success is just the start

“Success isn’t just about what you accomplish in your life, it’s about what you inspire others to do.”

In July 2017, my journey to acquiring my first property finally came to fruition. The moment I stepped into my condo was akin to reaching the summit of a mountain. As a freelance musician, I never believed I could attain such a conventional achievement as owning a home. 18 months earlier, I set out to demonstrate that creative individuals can prosper, and to my surprise, I achieved this goal sooner than anticipated.

This milestone, however, is just the starting point. I have yet to attain complete financial freedom, which is my ultimate objective. The process of buying my condo uncovered my true passion and purpose in life, which is to significantly enhance the financial well-being of musicians through financial education, mindset development, and business strategy.

I have made it my mission to teach musicians how to thrive through clinics, coaching, and courses and the response has been overwhelmingly positive, with colleges across the nation booking my clinics and professional musicians taking my courses. My passion is to help others achieve their financial and musical dreams. To further this mission, I have spent the last four years sharpening my skills as a Certified Financial Planner (CFP®) in order to share every financial opportunity available to musicians.

What is a thriving musician?

We are like roses that have never bothered to bloom when we should have bloomed and it is as if the sun has become disgusted with waiting.

Charles Bukowski

Imagine a rose. They exist in various colors and sizes. They are beautiful, expressive and lovely yet strong, protective and require recurring maintenance to thrive. Some roses bloom into beautiful flowers and others don’t make it past the stem. The growth of a rose is similar to that of a musician.

Let’s start by planting a seed. We cultivate our craft through education whether that be on stage, music school or mentorship. With consistent watering (practice), proper environment (community) and supervision (accountability) we can sprout a stem.

The stem represents the first step towards becoming a fully bloomed flower. A stem might have leaves, branches, thorns, or buds which represent a musicians ability to perform, record, or teach music therefore the status of “musician” is achieved. Many seeds fail to sprout a stem. Those which succeed require increased nurturing in order to bloom a beautiful rose flower (corolla to be specific.)

A properly nurtured corolla may host 5 to 50 petals! A thriving musician who properly nurtures their growth will bloom petals beyond the scope of music (stem) including:

  • Cashflow
  • Savings
  • Retirement
  • Insurance
  • Taxes
  • Investing
  • Estate Planning
  • Music Business
  • Income
  • Mental & Physical Health
  • Mindset
  • Self-Awareness

Without these petals you just have the stem.

Rose bushes require pruning to continue thriving. Below is a quick video explaining the process and reasoning behind pruning:

Did you notice you have to remove leaves, dead stems and actually cut the top off to allow the bush to thrive? Musicians must prune their lives and careers to continue thriving. Consider your current gigs, environment, community, time spent, etc. Are they leading you to the life you want and deserve or do they need pruning?

Keep Thriving,
Spenser