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SESSION FOUR: Musicians and Long Term Finances
I was wondering if you could do a short video about making a living as a musician. You seem to have been doing it for a long time and nobody around me personally has been all that supportive of my interest in it as a career. They just don’t think that I can make a living as a guitaist. |
MUSICIANS AND LONG TERM FINANCES... As we wrap all of this up, I’d just like to spend our last words on long-term thinking about taking up music as a carreer. The music business can have a lot of up’s & down’s and it can sometimes be This primarily has to do with your long-term money management. I’d like to look next at a number of points to do with musicians and long-term money practices... - SAVE & INVEST MONEY: The concept of saving money might not be easy to do but it is crutial for peace of mind in this industry. One of the best tips I can give you is that of saving unexpected income. If you get a last minuet job on a Saturday night take that $80 or $100.00 and save it. If all you do is spend your income as soon as you get it, things will be much harder when you have a dry spell and need cash on hand to pay bills and buy your groceries. Cars, a Home, Antiques... are all excellent investments that normally hoold or appreciate their value. - GET HEALTH INSURANCE: Unless you so happen to be married to a spouse that has a health/medical plan, medical expenses can really add up and cause you a lot of problems financially. Insurance isn’t exactly cheap however you will need it through a year for; dental, perscriptions and unforeseen medical bills. Talk to your local Union if you don’t know where to begin with Health Insurance. See top of page for continued reading... |
- SET UP A RETIREMENT PLAN ACCOUNT: You simply must establish a long-term Registered Retirement plan. There will come a day when you When asked to name the greatest invention in human history, Albert Einstein simply replied, - KNOW WHEN TO STOP BUYING GEAR: I’ve watched so many young musicians spend thousands on equipment. But, unless you are rich, you’ll never keep up. All you’ll do is create a good deal of unmanageable debt. And, any consumer debt that’s not realted to things you absolutely need is bad debt. Resist the marketing wizards manipulation to have you consume!
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