We are still in times of brilliance, despite all the things that have changed around us, though we are continuously masked with “fear against will,” along with a fluctuating economy and employment rate, “boy-who-cried-wolf” statements from the media regarding nuclear threats that ultimately prove to be “spun out of proportion,” scaring the heck out of people anyway, with the ultimate consequence of making many feel “powerless” and, therefore, “obedient.” People often forget that they have the freedom to “turn it all off” with the push of a button. We still (thankfully) have the luxury of owning the remote control along with the television set. Yet, we are now required to “pay” each month for many irresponsible messages on the airwaves.
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Regardless of your age or the status of your music career, you need a place to escape to and clear your head. The first thing you should focus on is your finances. I realize that it’s not much fun but, if you don’t save yourself economically, you could fall prey in the future to a situation you might deem “horrifically unwelcome” down the road, since you would have to “rely” on public assistance for help if you don’t secure your own finances today. There is no way you can expect to have security and, therefore, inner-peace, if you haven’t managed “your” American dollar. If your music career is moving along at a glacially-slow pace, remind yourself of the wisdom behind the tale of the Tortoise and the Hare, remembering that “movement” is “movement,” so long as that’s what you’re doing, and you’ve mapped out a game plan that works for you (individually). More on this later and, yes, I can help you, but let’s get back to finances. There are things you can easily do right now to ensure your long-term financial survival. Click here to read my past article: 3 Easy Steps To financial Freedom For Musicians and Songwriters. This article will create a financial game plan for musicians.
I want you to have enough money down the road “regardless” of how much money you earn through your music. Please clear your head for a moment to (meditate) on these upcoming suggestions. We are living in times when solo artists, songwriters, and bands can do very simple things to secure their financial futures, regardless of age. Due to the circumstances of a fluctuating marketplace (which most musicians don’t have the time to pay attention to, especially if there is money in one’s pocket “at the moment”), there is an opportunity to just understand and accept these volatile times in the stock market and in the fluctuating employment rate by making a decision to just focus for a single day on setting up an IRA or IRA Roth retirement account, even if the idea seems preposterous to you, given your present income (or lack thereof). You can always stop a contribution during any month if you need to, but the account “still stands.” My goal is not that of a financial advisor, nor can I take any legal responsibility for any advice you take from this site, but I can tell you this much; companies like Fidelity.com and Schwab.com (among many others, I don’t play favoritism) make it easy to start with fixed, automatic monthly deductions from your checking account, investing in national and international funds designed for an individual’s “personal life cycle,” with one not needing to know “anything” about investing if you choose an IRA or IRA Roth “life cycle” account, some of which require as little as $200.00 to get started. Your contributions are carefully managed by the investment firm each month on your behalf.
While a savings account with an interest rate as high as you can get it is more important for you right now in terms of six months living expenses (easily do the research on interest rates at bankcard.com), try your very best to cut any corners on any spending you do daily that, if you stop for a moment, can successfully “qualify” in your mind as an item you can do without, if for nothing else, with the effort of supplying your own “private” retirement account, especially if you don’t get retirement through your employer. People can get themselves crazy each day if they take all the messages of “fear” to heart regarding economic catastrophe on day one, followed by hope on day two. Things are most often “pre-planned” by the media to be presented to you over time, not unlike spoon-feeding a baby. Thankfully, as musicians and songwriters, you already know better than to “eat it.” Creativity is the antidote to partially-administered facts. What choice does one have (anyway) but to fill in the missing pieces of the puzzle of information we receive and, better yet, why not make sure the puzzle, once completed, ends up looking like the way YOU envisioned it to look, since they intentionally left pieces out? The above financial steps are the most logical and “safest” steps you can take for your financial future (in addition to tuning out a lot of the fear around you).
In addition to the fact that a substantial portion of your music career can be marketed online today, also true is the fact that, if you are so inclined, you can set up your entire IRA online (though I recommend speaking with a specialist first). I talk a lot about the concept of “automating” one’s life to work for you, and not the other way around, in my book: “The Musician’s Companion.” Automating your finances is just a start, so go take care of your finances first. I will talk more about creative ways to automate your music career.
More to come.
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