How do singers manage their finances?

Singers are among the highest earners. They go to shows, perform for a few hours and money get into their pockets. You can just imagine how much money the musicians have earned. As it is popularly said, they go smiling to their banks.

But that is one part of their happy life. There is an ugly side of musicians and their money. They can burn all their earnings and languish in poverty just like anyone else. This brings us to money management; which is a subject not only to musicians but all other performing artists.

So, how do singers manage their finances?

If you look around, there are musicians doing so well with their money. Unfortunately, there is always a bunch of them who seem to be on the down side of money despite receiving fat checks.

May be they never learned the good ways to spend and manage their money. For those who know how this is how singers manage their money.

Hiring financial managers

For someone who rises the music ranks and starts to earn millions of dollars, managing their money would become a problem. Many singers opt to find a financial manager to run their accounts and expenditures. These are qualified money experts and know what best way to invest and spend money.

Some opt for family or friends to take care of their bourse but it is important that whoever gets the role is someone trustworthy.

Investing in property

If there is something lucrative, then it is in real estate and this has got the attention of musicians. This is one way to keep their money safe. Such property appreciates with time and could be sold for more than it was bought. It could also be rented to tenants and bring monthly or yearly payments to the musicians.

Saving

This is one easy way musicians manage their money. Those who are serious about the future set aside a certain amount of what they earn for saving reasons. This could be used as a financial cushion when music is not paying at all. But this one is not one of the best ways to manage your money as a musician. Since it is very liquid, there are chances for misspending.

Bringing on board a financial planner

On top of having a financial manager, some musicians will involve a financial planner. This is someone who will take a look at the money coming in and going out and then establish a sustainable plan. Such a plan will ensure that the spending rate is lower than the money coming in. This will create room for saving and investments. Through such planners, some musicians and their families will never have to worry about money for their entire life

As a musician, you should know that money will never keep coming. Your career will reach a plateau, and you will no longer be getting the six figure-fees for your shows. It is important that you take charge of your money. Find a way to invest for the future. If you cannot manage your money, which is the case with many singers, you should find a manager to take the burden off your shoulders.…

How To Be Successful As A Musician

Anyone that’s been in the musical career, or still is, can attest to the fact that it can be quite challenging. With all the eyes fixed on you, it can be a nerve-jarring scenario especially when you are in it for the first time in your life. It takes courage to stand in front of a huge crowd and perform. It gets tougher when the audience is not in the least bit supportive. This has pushed most artists out of their comfort zones and look for fresher ways to get through to their fans. This requires them to be courageous and versatile as well. They need to develop a thick skin because critics will always be there doing what they do best. That’s not all; musicians need to be more innovative with their style of reaching out to their fans.

Most popular promotional items used by musicians to increase their earnings

One of these innovative moves they have to pull is to come up with promotional items, such as those that you can see on big merch, that will boost their fan base. Some of which happen to be listed below;

1. T-shirts and caps

Most of these apparels are custom branded and appeal to most fans. Musicians use these as promotional items in order to make their music sell like hot cakes. They begin by offering them for free and then as they get exhausted, they put a price tag on them. This keeps the big bucks rolling into their bank accounts.

2. Wrist bands

Musicians give these out especially during their concerts as promotional items. These items attract fans from every angle and get them talking about the musicians and their music. In turn, the musicians receive free publicity.

3. Water bottles

Musicians observe the current trend and see how to take advantage of it. For instance, water bottles happen to be among the most popular promotional items of our time.

4. Bags with logos on them

There is something about logos that brings a crowd together. This is especially true if it has been done to perfection.

More things to do to be a successful musician

Aside from using promotional items to earn more money, musicians can resort to other ventures to increase the chances of their success. Here are some of them;

1. Take part in initiatives aimed at helping the less fortunate.

This increases their chances of being endorsed by huge organizations as ambassadors.

2. Attend motivational talks and contribute to the listeners.

For example, they can do this by reaching out to the most vulnerable members of the society such as teenagers.

3. Honor invitations extended to them by the media.

For example, when invited as a guest on a talk show, musicians should avail themselves without fail. This gives them the opportunity to reach out to their fans and interact with them.

4. Come up with business ideas outside of music.

Look for something else to do on the side that will make you more productive in other areas. One such idea is to come up with your own clothing line. Stylish clothes appeal to a huge margin of the public. You can’t imagine how much more appealing it will be to them when it’s the brainchild of one of their favorite musicians.…