Money Maestro

Financial literacy for musicians.

Category: Debt Page 2 of 3

How to measure your cash flow as a professional musician

By

On November 20, 2023

In Cash Flow, Debt, Insurance, Podcast, Saving, Spending, Taxes, Tools

Cash rules everything around me.

wu tang clan

Listen on: iTunes – Spotify – Soundcloud

After calculating your net worth with a balance sheet the next step to understanding your financial wellness is measuring your cash flow using an income statement.

This spreadsheet will map out all of your expected income and expenses throughout the year to identify shortfalls or excess cash flow.

How to calculate net cash flow

Net cash flow is what remains after your savings, debt payments, insurance premiums, living expenses and tax obligations.

Inflows – outflows = net cash flow

What you do with extra money is up to you!

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How to measure your net worth as a professional musician

By

On November 12, 2023

In Debt, Financial Literacy, Podcast, Tools

“Your mind, more than your actions, determines your net worth.”

robert kiyosaki

Listen on: iTunes – Spotify – Soundcloud

Before deciding where you want to go (artistic freedom), it’s crucial to know where you are today.

Your net worth is a metric to measure financial wellness.

Net worth ≠ self worth

Remember, it’s just a number. It does not represent your worth as a person or musician. 

It’s a temporary snapshot of your financial situation. Use it as information or motivation to guide the next steps toward artistic freedom.

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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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Ep. 44: singer songwriter returns from 5 year hiatus

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On April 26, 2020

In Debt, Music Business, Podcast

Listen to Episode 44: iTunes – Spotify – Soundcloud

Sarah Goode is a singer songwriter performing under the moniker SARRA. Her self-titled debut album smolders with a sublime emotionality that veers precariously on the border of bliss and abject darkness. The album’s strongly feminine indie-pop was inspired by a soulful victory over intense personal tumultuousness.

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