Money Maestro

Financial literacy for musicians.

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Artistic freedom: The best retirement accounts for musicians

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On October 19, 2023

In Investing, Podcast, Retirement, Saving, Taxes

I never had the sense that there was an end: that there was a retirement or that there was a jackpot.

Leonard Cohen

Listen on: iTunes – Spotify – Soundcloud

Retirement is a strange word for musicians.

Financial freedom – working because you want to, not because you have to – doesn’t work either. Most musicians want to “work” as long as possible.

So what future state are musicians saving towards?

Artistic freedom

Complete control of your creative endeavors.

Imagine making art free of financial, contractual, or commercial obligations.

Does that sound like a way of life worth saving for?

These are the accounts (in no particular order) best suited to achieve artistic freedom as a self-employed musician.

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The musician’s guide to managing sudden wealth

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On April 2, 2023

In Cash Flow, Debt, Investing, Music Business, Retirement, Saving, Spending, Taxes

The windfall of great riches can, if mismanaged, make things worse, not better, for the recipients.

Michael Mandelbaum

Listen on: iTunes – Spotify – Soundcloud

You spent an entire life and career working towards your musical goals and living a certain lifestyle. Then, in a blink of an eye, you experience a financial windfall. The possibilities are endless.

Feelings start to arise.
Joy, pride, guilt, grief, fear, overwhelm, etc.
Perhaps all at once?

Now comes the most difficult part. The decision…

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Maximizing your 15 minutes of fame: How to secure your long-term financial future

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On February 2, 2023

In Debt, Estate Planning, Insurance, Investing, Music Business, Retirement, Saving

“In the future, everyone will be world-famous for 15 minutes.”

Andy warhol

In today’s entertainment industry, the fame game has become more fast-paced and unpredictable than ever. With the rise of social media platforms and the growing popularity of reality TV shows, it’s easier than ever for artists to experience a sudden surge in popularity. However, while this sudden fame can bring a rush of excitement, it’s also important to recognize that it’s not always a permanent thing. Most “one-hit wonders” eventually fade into obscurity, leaving many artists scrambling to make sense of what to do next.

So, how can you make the most of your 15 minutes of fame and ensure your long-term financial future? Here are some tips to consider that will help you maximize your moment in the spotlight and secure your financial well-being for years to come.

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The power of a Grammy win: How to make the most of It

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On January 26, 2023

In Investing, Music Business, Saving, Taxes

Thank you so much for breaking my heart because you got me four Grammys.

Sam smith

A Grammy win is an unparalleled opportunity that can bring an artist to new heights of recognition, popularity, and financial success. But, with success comes responsibility. Artists who win a Grammy need to plan ahead and make sound decisions on how to best utilize the increased income before getting caught up in the excitement of winning. In this post, we’ll explore the various ways a Grammy win can impact an artist’s career and provide tips on how to maximize the benefits of this once-in-a-lifetime opportunity.

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Ep. 43: Classical musician & financial planner teaches musicians finance

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On April 19, 2020

In Podcast, Retirement, Saving, Taxes

Listen to Episode 43: iTunes – Spotify – Soundcloud

Scott Stratton is the founder and President of Good Life Wealth Management LLC, a Registered Investment Advisor in Addison, Texas. Scott began his financial planning career in 2004 after having been a faculty member at Texas Christian University and the State University of New York. Since that time, he has helped dozens of families create financial plans, and has managed over $400 million in investments. Scott takes pride in being a fiduciary and holds the CERTIFIED FINANCIAL PLANNER™ certification and Chartered Financial Analyst designation.

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