The truth is most musicians are not financially well off. For the most part musicians have some disconnect when it comes to being financially stable enough to live their desired lifestyle. This is different for every person, but to flounder around in life when it comes to finances and have a poor relationship with money is no way to live. Here are 10 reasons why most music creators are broke. So you can learn from these failures to have a better career financially.
1. They Spend It
Once they get it, they spend it. Whether it be on music related things or other items. The money that comes in doesn't stay there for long. The habit of spending money on unnecessary things is a sure way to end up broke.
2. Their In Debt
Debt is the biggest handicap when it comes to growing your finances. Debt forces you to work until your tab is clean. The more bad debt a person has the harder it becomes to get back to even. You need to be at least even in order to start to profit and grow your money. Debt doesn't let this happen as your creditors have you on the hook for all that you owe them, plus interest.
3. Bad Money Psychology
The viewpoint of most musicians towards money is of lack. There is a saying that describes two types of people. When one person looks out a window they see the beautiful blue sky and sun. The other person can only see the smudges and dust on the window. This is the majority of musicians views towards money. They see how little they have and can't get past their own ignorance.
4. Lack Of Knowledge
The lack of financial knowledge most musicians have is astonishing. In their defense this knowledge was never taught in school nor are they overly interested to learn about the subject. Ignorance is not bliss when it comes to finances. Because it will make you into a poor individual if you do not understand at least the basics. The basics is all you need at the end of the day because you are a music creator not an accountant.
5. No Discipline
Discipline is the key to any type of success in life, especially with finances. Most music creators have little discipline when it comes to money. The more money they have, the more money they spend on the latest piece of software, instruments, graphic design, and music video shoots. Given some of these things can help your career, but the majority of these expenses is unnecessary.
6. Bad Time Management
The way you spend your time in life determines what you have. This is the same when it goes to being a music creator. To be an excellent music creator you put in a lot of time to get where you are. Your time should be heavy on music and small increments learning about money, marketing, and your career. To neglect the other aspects of your career when it comes to business and finances can almost never be good for your career.
7. Poor Friends & Family
Have you ever heard when an artist becomes a great success they found out that they had cousins they never knew about? This is because everyone wants a piece of your success. Artists in these cases have a lot of friends and family who want what they have, now that they see the success. This influences the artist in a lot of cases to make unwise decisions.
8. Bad Environment
Here is a shocking revelation for you! Artists who are broke, hangout with other artists who are broke. These artists and people form an environment of poverty, financial lack, and in almost every case influence one another. The music and careers of these people take a nose dive because of this bad environment.
9. They Work For Money
Artists can be financially stable by working for their money, but they will never be free. Artists who fail to make their money work for them by putting out products that can be purchased every hour of the day online will be slaves to working for money.
10. No Plan
If you fail to plan you plan to fail. Music creators who do not think having a plan for their future and a direction to where they want to go will always fail. If you do not have a plan for what you want out of what you are doing, then what's the point. The ones who fail are ones who wish for results and things to happen. The successful artists are ones who have visions for their life, and plans on achieving these visions.
Bonus:
Their In The Wrong Relationship
They pick the wrong romantic relationship. The person who you have a relationship with will directly influence you. If this person doesn't support your music career or has a bad mindset towards finances etc. Will rub off on you over time. This will start to trickle into your work and overall life.