Money Mindset for Musicians 101

"People do not decide their futures. They decide their habits and their habits decide their futures."

Today we're going to discuss how musicians can adjust their mindset in regards to money and more. The goal of this blog series is to rid the stigmas limiting musicians from reaching their full potential musically, financially, and mentally. Our mindsets are incredibly powerful. In fact, I wasn't able to take financial control over my life until I renewed my mindset.

Words Matter

The mind is capable of achieving practically anything we imagine, but over the years we're told that we'll be starving artists, barely surviving, or we're not good enough artistically to succeed. As we grow older some accept these words as truth and they quickly become reality. When we start changing our words our reality begins to adapt. I try to replace "starving artist" with "#NeverStarving", "Survive" with "Thrive", and so on... Changing our words is a simple step toward a healthier mindset.

Purpose

What are your goals as a musician? Do you want to play sold out stadiums, win Grammy's, and live the famous life? I urge you to take a closer look at your goals. Are they Specific, Measurable, Achievable, Relevant, and Timely? But, most importantly do they have purpose? I remember growing up and choosing to pursue music in college with no definable purpose other than "I was good at music."

Here are two differing examples of applying purpose in my life:

  • I play music for enjoyment and money... (the purpose is less clear and generally self-serving.) 
  • I teach musicians about finance because I have an opportunity to completely change the landscape for musicians and creatives across the globe throughout generations to come... (the purpose is clear and altruistic.)

Applying genuine purpose to your goals and choices exponentially increases the chance at achieving your true potential. I certainly have noticed this in my life.

Knowing Your Worth

This is a major struggle for musicians of all ages and a difficult value to clearly identify. In the early stages of music careers you might say yes to everything as you look to gain exposure and meet new people. Some musicians carry this strategy throughout their career which might result in major opportunity costs. At a certain stage in your career it is wise to consider increasing your rates and saying no to work.

There are many factors that determine your worth including age, experience, ability, inflation, location, etc. There is no right or wrong way to determine your worth. I currently use trial and error when setting my rates for work and say "no" more often than "yes."

Another way to discover your worth and determine how to spend your time is to ask "is this my highest and best use?" For example, if your performance rate is $100/hour and a web developer can build a professional website for $750 that would've taken you 30 hours learn and build, then performing is a better use of your time and efforts. It might feel strange to outsource work you think you can do yourself, but this type of mindset will let you focus on your craft and increase your overall worth!

Physical & Mental Health

This one is easy. Always consider eating and sleeping habits when assessing and improving your mindset, purpose, and worth. There are simple steps to improve your well-being. A few examples are drinking less (or nothing) at gigs, refrain from eating after 10pm, exercising, cooking at home, sleeping and waking earlier, etc.

For mental health, consider talking with a counselor or friend/family member. You'd be surprised how much we bottle up inside over our lifetimes. These small adjustments in your habits will drastically improve your life and career over the years.

Education

Your education never stops. This is quite possibly the most important action you can take to improve your mindset. I will never feel complete in knowledge or awareness  Education is practically free in the modern world (thank you internet.) Here are some educational tools to consider:

  • Books
  • Podcasts
  • Online Schools
  • Mentors
  • Conventions/Meet-ups
  • Mastermind Groups

Change your words, apply purpose, know your worth, improve your health, and continue self-educating. Start today and you'll see massive results sooner than you think!

I hope this was enlightening and I would love to know your thoughts. Please send an email to [email protected] or share this post and tag me!

Keep Thriving,

Spenser


P.S. Are you ready to start thriving?

If so, my 12 week financial coaching program is available at a 50% discount with only 2 spots remaining. Learn more and sign up at www.spenserliszt.com/p/coaching

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