Music and Making a Living: 3 Easy Steps To Financial Freedom for Musicians & Songwriters.

MUSIC AND MAKING A LIVING (Fully Updated for 2017):

Anybody who says you can just quit your job and replace your income through music and making a living through music is probably charging you money for such idealistic, unrealistic advice. You need more realistic music tips, and you need more financial tips on the subject of music and making a living. Yes, the ultimate goal is to earn a solid income (or perhaps even a wealthy living) through making music. The problem is that music is inexpensive and you have to sell multitudes of copies to turn a profit (especially with CD’s that cost you money to manufacture), and huge amounts of digital downloads to help pay the rent.  But thanks to companies like Spotify, things are getting better.

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Regardless of the economic factor, you, as a musician or songwriter, should be making music and making a living for YOUR own sake and music’s sake.  You have an obligation to make music based on your own “gift” and “calling.” Still, there is a way to reconcile the financial issue of music’s often inconsistent royalty checks by taking these simple steps to a truly healthy financial future.  Music AND making a living is possible and simpler than you might think.

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Before we give you these tips, please know that we are not financial advisors, and cannot take ANY legal responsibility whatsoever for any advice contained in this article or in this entire arsenal of mega-lessons we have written to educate you for FREE.  This is only advice, and your decision to follow or reject this advice is entirely your decision to make.

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1.) Pay yourself first – You will take the largest portion of your income or paycheck you feel comfortable with (perhaps 8-10{904ac83d0f2af29eebb57dc7d57f270720e019a717053aa972713f6a9a731a9b}) and start a savings account. You need a minimum of 6 months living expenses. 12 months living expenses is IDEAL in this economy. You are not to deduct money from this savings account for ANY reasons (it is for survival, not a new guitar). The good news is, if you build a savings account with automatic deductions from your checking account each month (perhaps as low as 50 or even 25 dollars, over the course of several years, you’ll actually have enough for a down payment on your own home or, even better, a recording studio. The money is a savings tree for your LONG-TERM future. You want to grow it years and years BEYOND just your 6-12 month survival basket.

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2.) Start an IRA Roth – Go to a company like Fidelity Investments or Charles Schwab, and sign up for an IRA Roth (not a regular IRA). The IRA Roth is pre-taxed, so when you’re ready to start having the account pay you directly (at retirement), you’ll owe no money to Uncle Sam.

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3.) Get a Life-Cycle Fund – Sign up for a “life-cycle” fund to feed your IRA Roth, which “automates” your deductions (much like the savings account you will be starting). Fidelity offers one with deductions as low as $200.00 month called the “Fidelity Freedom Fund,” which is carefully managed on your behalf each month to purchase stocks and mutual funds, as well as international funds. You don’t have to know anything about investing. You literally sign up for the retirement plan, CHOOSE your retirement year (based on a 5 year cushion of give or take), choose the amount to deduct from your checking account each month, and sit back. You can monitor your progress online, or not even look until you’re getting ready to retire. Fidelity is not the only company that offers life-cycle funds, but their low monthly deduction is attractive.

More to come.

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