The Importance Of Managing Your Finances As A Musician


Founder & CEO of Clonefluence, Inc. and Cloned gg helping thousands grow their online presence with networking tactics.

From the beginning, I do not want to introduce myself as a musician because I’m not one, though I have tons of experience in the music industry. However, from an industry professional’s point of view, I believe that managing your money and what you invest in can make or break your brand. Being “independent” is the keyword here. Independency is becoming more and more prominent for musicians because record labels are starting to be understood as “the controlling parents” of the industry that give artists an allowance.

From my time in the industry, I’ve learned that musicians are known to make many mistakes in their careers, with money being one of the problems. They are known for being impulse buyers, having terrible budgeting and not having money-managing skills. Very frequently, you will see them flex belongings during music videos, photoshoots and more.

However, in my opinion, all endeavors that are taken seriously should be treated as a business model. Many musicians do not treat their brand like a business when, in reality, it most certainly is one. Here’s how to get started doing this:

Spend wisely.

Your first step should be creating a budget. Even though the flashy stuff may seem exciting, it can cost you more in the end. So first consider the necessities as well as any professionals who will help you move forward efficiently. You may think you can do it all yourself. That is true to a certain point, but keep in mind that a professional might know exactly what you need more than you do and that there likely won’t be a large audience without other professionals being involved. A great example of spending wisely is the following: Do not record music if you do not have savings for marketing; the great sound will potentially not be heard, especially by the audience you intended it to. Wait until you can synchronize everything at once so it flows.

Reinvest for more results.

Make sure you spend money on yourself when you earn it to improve your craft. Music can always be improved. For example, maybe you need to get better gear to make you sound more incredible. You can also reinvest to give yourself multiple streams of income if budgeted correctly. Money put into music can be used for merchandise, an online shop, singing lessons, etc. This will not happen from the beginning, but having yourself ready as a musician when your fan base grows should be what you’re aiming to do. You will eventually notice that your main hustle has paid off and now you also have side hustles!

Save your money.

The music industry can be intimidating at times, and it may almost feel like peer pressure to do certain things, act certain ways and spend money on items that aren’t necessarily needed. I’ve been in this exact spot, but I quickly got myself out of it. In my opinion, the “fake it till you make it” avenue should not be taken because it will make you spend a lot of money just for a few Instagram photos, and you will not be getting this money back. As an example, save your money, and get professional photos done for a lot cheaper. Do not try to impress your audience with cars, clothes or jewelry. Your audience likes you because of your sound and oftentimes simply because of who you are. Not only that, but being humble goes a long way.

In conclusion, managing money is not easy in any industry. There are tons of temptations, but staying true to yourself will allow you to focus on what really matters. Do not allow your industry to sway your personality because that can dig deep into your pockets. And finally, be consistent with efforts by putting some money away every week and not spending it on “wants” rather than “needs.”


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