40: Crushing your Financial Goals & Winning the Musicians Life
By Daniel Kellogg
For young, aspiring musicians…
Is there a sexy way to talk about financial literacy?
Master the power of budgeting and you will play like a god in your next audition!
That conductor will call you back when you maximize your business deductions and perfect your tax filing!
The New York Times reviewer will show up when you pay off your student loan debt and set up a 6-month emergency fund!
Bam! Money fixes everything!!!
Money does seem pretty far away from the intense practice and preparation required to show up on the world’s stages. Years of solitary focused effort in the practice room are the price of admission, but, what, if anything, does money have to do with it? Money is the last thing you think about during your graduate school audition or your first appearance at an important summer festival. Budgets and cash flow projections are uninspiring for an artist who lives to perform late Beethoven. Besides, no artist pursues music for the love of money. Often, musicians care so much more about the music than earning the money needed to have a career in it. Consider a different myth - subsist until you win that perfect orchestra job, win a major competition, or land that life changing artist management. Don’t worry about money since one of those things will happen with enough perseverance and practice.
After 14 years of collegiate teaching at a music school and three years leading YCA, I’ve come to believe that good money management may be the single most powerful tool a musician can employ beyond the music itself. Financial discipline, long-term strategy, and sound understanding of the fundamentals will offer unparalleled support for everything required for a developing career. While there is no substitute for talent and mastery, good money management will improve all of your chances for a sustained life as a musician.
I have witnessed countless talented and hard working young musicians crippled by financial stress. Many take on hours of work that are uninspiring and far removed from the activities they find most fulfilling, while others leave the field entirely to solve their financial problems. While they may pay bills and chip away at student loan debt, they are rarely in top form to actually pour themselves into the work they love most. Financial stress will lead to chronic anxiety, poor sleep, rash decision-making, an increasing sense of helplessness, and can even lead to a reactionary career, with inconsistent and more-often than not, less than optimal performances.
There are no easy answers. Too often musicians get paid poorly, must live in expensive, culturally rich cities, incur substantial student loan debt, and have high professional expenses. Good money habits are rarely taught in public schools and don’t make it into the curriculums of the music business and entrepreneurship courses at music schools. There is no road map, no straight path, and few role models.
Like getting in shape, incremental change in financial habits can move any person towards a stronger financial position and healthier day to day money habits. Over a long enough period of time, good money skills will help you optimize everything you are doing and push you much closer to achieving your career goals. When looking a year ahead and making informed plans with financial security in mind, you can move towards a place of strategic thinking and empowered choices. Tools like a budget, savings plan, emergency fund, and a solid cash flow projection will increase security and expand your choices. There will be more time for risk-taking, new endeavors, investing in personal growth, minimizing unsatisfying or low-paying work, and contemplating bigger career moves.
Learning about money, making incremental changes, and employing solid foundational principles will change your life. You will practice better, show up more prepared, and spend more time doing what you love. It’s a journey; get started. Take small steps and think long term.
The YCA Career Catalyst is thrilled to partner with Tiffany Soricelli to offer our very first course. Tiffany, a trained and accomplished classical singer, arrived in the field of financial planning and investing after witnessing many talented musicians leave the field purely due to financial stress. She’s crafted a life mission to help musicians gain financial literacy and empowerment. The YCA Career Catalyst is sponsoring a 5-part course on financial literacy. We will offer this course at a low cost and will limit enrollment. Details are coming soon!