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Music & Money (part 4 of 4) - How To Create A Personal Monthly Budget

 

Welcome to the 4th and final part of the Music & Money series "How To Create A Personal Monthly Budget As A Musician."

*This information is based on my own personal experiences and research and is in no way professional advice. Before you make any kind of decision, financial or otherwise, you should get advice from a licensed professional.

Creating a personal budget for income that fluctuates can be difficult, but it's not impossible. After months of research, learning and reading, I created my own budget, and it has been working effectively for me for the past 4 years. I mainly use the strategies of the Barefoot Investor and Total Money Makeover books. 

There will be a lot of information in this one to break this down into sections for you. Let's start with the 4 personal bank accounts you should have. 

4 personal bank accounts you should have: 

1. Daily Expenses Account = 100% of take-home pay: This account will be...

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Music & Money (part 1 of 4) - 3 Benefits Of Running Your Music Career As A Business

money music business Sep 01, 2021

Welcome to part 1 of this part of this 4 part  YouTube Series "Music & Money."

*This information is based on my own personal experiences and research and is in no way professional advice. Before you make any kind of decision, financial or otherwise, you should get advice from a licensed professional.

In this 4 part music & money free YouTube series, I will cover the following:

Part 1: 3 Benefits Of Running Your Music Career As A Business (including how to maximise your profit at tax time)
Part 2: What Business Records To Keep & How
Part 3: The 3 Business Bank Accounts You Should Have 
Part 4: How To Create A Monthly Budget As A Musician

As I mentioned, the information that I will give you throughout this 4 part YouTube series, "Music & Money," is based on my own experience with my own business. I have spent a lot of time reading about and researching finance. If you would like to learn more, then the best 3 that I can...

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How To Make Your Brand Make You Money!

brand career marketing money Aug 30, 2020

So we know that a brand is everything that you encompass as an artist, and I always babble on about how important it is to grow your brand. Well, there is a reason for that! Your brand is worth money! If you purchase a house, more often then not,  you will build equity over the years that you own the property. Just like the equity in your home, you can build equity into your brand. 

Yep, that's right! Your brand is an asset! Meaning, it works to bring you the dollars! Here is an example: 

Artist A is an extremely talented artist who engages really well with a crowd, can sing like no one else on the planet and has a polished overall look, but, not many people know him as he doesn't market himself or concentrate on the growth of his business, he prefers to focus on his craft. 

Artist B is a decent artist, who engages with the crowd, vocals are ok, but they are unique, and the overall look is pretty good. They aren't as talented as Artist A and haven't been playing...

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6 Business Rules Indie Artists Need To Follow To Make A Profit

So you've decided to be an independent artist! congratulations on starting up your small business!. It is essential to have the right mindset straight off the bat. Artists are generally very creative people so when it comes to the business side of music, we often sweep that under the carpet and, by doing so, we significantly reduce the chances of making a profit much less a sustainable living income. 

To be successful in the music industry, you must conduct your music dealings as a business, meaning that you will have to split your time between being creative and becoming business savvy. 

There are many benefits to being self-employed, aside from getting to be your own boss, there are many financial benefits, especially at tax time, which is why you need to be organised and structure your career as a business. Unfortunately, a lot of artists, including myself, think they can depend on just releasing their art. We don't often consider timelines, planning, expenses, income,...

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