Italian composer Claudio Monteverdi once said, “Music is spiritual. The music business is not.” Whether you’ve been in the industry for years or just starting out, there’s bound to be many bumps in the roads in terms of funding for your career as a musician and ultimately be able to make a living out of it. Hopefully this mini guide can spark new or more ideas to improve the financial facets of being an indie musician.
Set Automated Investments
Whenever you get a paycheck, use it to pay yourself first. Save it in an investment account and make sure to make this process automated. By doing this, you’re making it easier to keep up with your monthly savings. Surveys and research organizations such as Consolidated Credit suggest automated savings and it shouldn’t make you think twice as to why this is a smart idea.
According to President and CEO of Credit Financial Services Innovation, nearly half of Americans say their expenses are equal to or greater than their income and for those 18 to 25 years old, the percentage is over half, up to 54%. The key to keeping automatic investing affordable is to invest directly with a mutual fund company to avoid paying a trade commission each month. There are also some online brokers such as TD Ameritrade that offer hundreds of no-transaction-fee mutual funds in which you can automatically invest with no extra fees.