Taxes for Musicians 101

taxes thriving musician Feb 05, 2018

Music, Money, Taxes

"The hardest thing in the world to understand is the income tax." 

- Albert Einstein

Taxes are a collection of revenue from citizens to fund the government. Many people view taxes as government penalties. I prefer to view them as government incentives. As far as I can tell the government adjusts the tax code to fit their needs economically. For example, if the government wants corporations to thrive then you might see local, statewide, or nationwide corporate...

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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...

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Investing for Musicians 101

"Like any musician starts practicing early in childhood, start investing early in equities."

Investing is the act of devoting money or capital in order to gain returns as interest, income, or appreciation. Note capital can take the form of time and energy as well. The strategy of investment allows your money to work for you.

First, let's imagine you play a gig and make $100. Your devotion of performance time, transportation cost, gear, and don't...

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Retirement for Musicians 101

"I dedicated my life to my music...and I never got it to where I wanted it to be."

-Sonny Rollins

The idea of a retired musician might sound quite absurd, because who has actually witnessed one? Sonny Rollins is an example of forced retirement because of health issues, but there are plenty of musicians who physically lose the ability to play as they age. I, for one, don't want to retire from music, but life happens and planning for the future is important.

Retirement doesn't...

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Saving for Musicians 101

saving thriving musician Jan 08, 2018

"A part of all you earn is yours to keep... Pay yourself first."

-George Clason, The Richest Man in Babylon

Saving may sound boring, but you will thank yourself when the time comes to break the piggy bank. A savings account is a simple way to ease the stress of money. In my opinion this is the first step to financial freedom. When your car inevitably breaks down or your instrument requires repair the mighty savings account will be there to swoop in and soothe...

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That One Time I Bought Real Estate As A Freelance Musician

The only way to fail is to quit.

On June 30th, 2017 I closed on a 2br/1.5ba condo in North Dallas. The entire process started just shy of two years ago. In the summer of 2015 you could find me traveling and performing including a tour with Mente Clara along the west coast, a week in Los Angeles, and a visit to Italy with my family.  As fulfilling as that summer was musically, emotionally, and historically (discovering my Italian roots) this would be the first time my bank account...

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