20: Conquering Fears and Learning about Managing Money
with Tiffany Soricelli
Why is money so challenging for musicians?
I, I think it's one of those things that's systemic. I think that, you know, for centuries and centuries and centuries, music and art has been undervalued. And I think that as a society, we treat it as something that is extra or surplus. And there's this whole, like, you know, starving artist trope, right? If, if you're, if you're a serious artist, then you must be broken, poor‚ and that has carried over and that story has carried on for centuries. And I think a lot of artists get so focused on the music, and the beauty and the artistry, that they think, Well, if I focus on the money, then I'm selling out or, I'm not being true to my art.
And I think that it's systemic. And I think that as a society, we continue to perpetuate that. And I think that's why it's, it's something that a lot of, a lot of artists struggle with. The other thing is, is that we're, you know, in conservatory education, it's not covered. You know, people are being taught how to manage your money, what to do with your money. Early on in how money plays into your business and your career.
Kellogg:
Why do you think musicians are reluctant to try to master their own money?
Soricelli:
I think musicians are reluctant to try and master their own money because they feel like they don't know enough. I feel like the-- it's not even “I feel.” The financial sector disempowers consumers. It puts this veil up of being complex and scary, and it, in return, leaves individuals and society feeling disempowered around their money. And I think when you go into school for music and you study and you're, you're doing so much for technique, and in the repertoire, and all of the things that you cram in, having a whole class or semester around the business of the, of the career and your money, I think it's becoming more prevalent now, but it's been an afterthought for a long time. And I, and I've, I've talked to institutions around, why don't-- Why isn't this part of the curriculum? This is major in terms of what, what working musicians need. And the response that I get is that people are scared of getting it wrong.
So, yes, they found systems that work for them. But if you are a professor or you are teaching, personal finance and money management is one of those things that, you know, people get scared that they're going to give bad advice. And so they give no advice, which then leaves the students feeling disempowered. And then if you don't take it upon yourself to educate yourself, to build your own understanding and awareness of your financial behaviors, you're, you're going to constantly feel disempowered around money. So I think, I think it's systemic.
Kellogg:
Where do young musicians learn about money?
Soricelli:
I mean, in this country, we, you know, it's impolite to talk about money. And I think it's getting, you know, with, with access to information on the Internet, now, people are getting more comfortable having many conversations.
But, you know, where musicians, young musicians learn about money a lot of times is their parents and it's the financial system that they were raised in. There's been research that shows that your beliefs around money and your understanding of, of how it works in the world and whether you come from a scarcity mindset or an abundance mindset, those belief systems are anchored into your brain before age seven. So before, you know, they learn it and you get exposed to the money mindset in your household and then you learn by observing, observing your parents, Were they good with money? Were they bad with money? Did they put everything on credit? Did they even talk to you about money? Did you know how money was working in the household? A lot of times parents don't talk to their children around money, and that leaves the children having to figure it out on their own by making the same mistakes that they saw their parents making all along.
So I think taking some time to educate oneself. I mean, the Internet is vast. There's absolutely nothing that you can't learn. It just takes time to dip a toe in and engage and learn and then have money conversations, talk to your parents around money. Talk to your professors. Talk to your, your mentors, your teachers. How did they start out early on? What were the-- what were the best things that they did with money starting out their career and what were the worst things? What are the things that they wish they didn't do? And build your own understanding around how you want money to, to factor into your own career and life.