New England Conservatory Entrepreneurial Musicianship

Future of Music, Inspirational Stories, Music and Finance, Opportunity

Why You’ll “Never Survive” as an Artist

No Comments

by Gianluca Farina

Pretty much everyone has heard about, or has experienced parents who turn their kids away from music in the long run. This could either be because they are afraid their kids will never be able to make a living out of it, or because it will ruin their overall appreciation for music. It could also be that they didn’t make it themselves, and don’t want the same thing to happen to their kid, or possibly because they feel like they are wasting money and time on their kids’ music lessons while they don’t actually practice very much. Either way, there is this generally common mindset that while music is essential to a kid’s development, it is almost impossible for someone to be able to make it as a musician.

As a kid, I didn’t practice nearly as much, or as productively, as I should have. I was lucky to have had parents who were always very supportive of my music making, along with teachers who helped push and encourage me along the way to be the aspiring musician I am today. However, I know I still have a lot to do before I can consider myself “successful”. I work diligently every day to improve on my trumpet playing so that I can eventually live a fulfilling life doing what I love doing.

While the music business is very competitive and can be very challenging to be able to support yourself financially, it obviously does not mean that it is impossible. There are many different fields in the business, and there are a multitude of ways for you to be able to support yourself, and there are many genres of music to expose yourself to, without limiting yourself to one genre. While classical music is my concentration, I also enjoy playing jazz and I play in some rock bands.

Some other examples: there are musicians in numerous orchestras (some who also teach part-time privately and at local universities and conservatories) who are very well off and enjoy what they do. There are also many solo artists who have made it big, or live a more modest life, and all love it either way. While it’s a bit trickier of a career (especially if you move into a new place), there are also plenty of musicians who freelance in the area they live in and live a successful life doing that. If you feel inspired, you can also teach music full-time and inspire children to feel the way you feel about music.

Music and Finance, Opportunity

Why it is Important for Musicians to Know Finances

No Comments

#MusiciansandFinance is musicovation’s blog series exploring finance for musicians. All posts are contributed by graduate students in New England Conservatory’s Entrepreneurial Music course  Finance 101: What Musicians Need to Know taught by NEC alum Jessi Rosinski

by Jon Richardson

Musicians need to think about finance for a variety of reasons. One of the reasons it’s especially important for musicians to be aware of their financial situation is that their income typically streams from diverse sources. This fact requires musicians to know a heterogeneous set of financial rules and regulations. These diverse income streams require a more complex understanding of financial planning. While an individual taking home a bi-monthly paycheck still might need to understand some portions of how to save and how to do taxes, a musician needs a more customized toolkit. This is why teaching musicians about their own financial awareness is so crucial in music programs.

One of the first ways in which a musicians’ knowledge in finances is beneficial is in the area of taxes. Tax laws are difficult to understand, especially when it comes to freelancing, performing in different states, and self-employment. Musicians need to first understand the value of organizing the information in an effective and straightforward way. If a musician learns how to keep track of their inflow and outflow of cash they can be sure to be in a good situation should they ever get audited.

Additionally, different states have different tax regulations and some musicians feel confused by the laws related to performing in states outside their home state. It’s also important for musicians to know about how to know when to write off an expense. For example, some musicians might not know that the can write off as tax deductible. For instance, someone might not know that they could write off the tolls that they pay when driving to a lesson. As a general rule, it’s important that a musician be well versed in the laws around taxes so that they can be in better control of their financial portrait.

Another important aspect of finances is how to forecast expenses and make a budget for a show or a project. It’s important that students have a good understanding of how to put a budget together, write grants, look for funding, and allow for a rainy day. Musicians have to have a clear understanding of all the planning that goes into the planning and the execution of these large-scale projects. It’s crucial to their livelihood.

In our Finance for Musicians at New England Conservatory, we went through an exercise involving a case study of an a capella group on a college campus. In this study, we looked at a start-up singing group trying to plan for a years’ worth of performances and CD projects. We were able to look at all the expected expenses and judge them against our own perceptions of how they should have budgeted. It was a good reminder that financial literacy for musicians is not limited to personal financial management. It also showed the complexities of starting up a new musical group.

These are just a few of the important things a musician has to think about as it relates to finances. They’re crucial to the success of any professional, but a musician has an even more challenging task due to the more complex and diverse sources of income they collect.

Health & Wellness, Music and Finance

Financial Success for Musicians: Be Moderate and Proactive

No Comments

#MusiciansandFinance is musicovation’s blog series exploring finance for musicians. All posts are contributed by graduate students in New England Conservatory’s Entrepreneurial Music course  Finance 101: What Musicians Need to Know taught by NEC alum Jessi Rosinski

by Andrew Huynh

Throughout taking Finance 101 and drawing upon my prior experiences, I found it pretty manageable to understand my own personal finances. I would say the big thing for musicians to keep in mind when it comes to finances is moderation. It’s understandable that we spend a lot of our day working and taking classes and by the end of the week, we want to blow off some steam. Since I don’t drink because of personal and health reasons, I have always found solace in other activities. I’m personally into fitness and being outdoors since it helps me become more in tune with my body and translates to me performing better on trombone. It’s pretty easy for me to relax and recharge myself on a small budget when I’m doing these things to take care of myself. I think musicians, especially student musicians, should be able to find something that doesn’t require money per say, but still creates a sense of satisfaction and relaxation as well as taking care of their bodies and minds.

Another thing that musicians should take into account with finances is their food expenses. Although I am guilty of not monitoring it as much as I should, musicians should watch their budget when it comes to eating and dining out. I make as many meals as I can at home and watch what I eat. It is a little more expensive to be health conscious, but the savings are quite significant when comparing it to eating out on a regular basis. I love making salads for myself to bring to school because they’re pretty inexpensive and easy to make. I use greens, nuts, cheese, fruit, proteins, and salad dressing for the salads. I usually pan fry packs of meat all at the beginning of the week so then I can use them for the salads and my meals for dinner throughout the week. That way I can do the least amount of cooking after I come home from a long, busy day. I also bring oatmeal with me in the morning and that also is super cheap and good for you. The big misconception with eating healthy, especially within the musician community, is that it is boring. Granted, even I like cheat meals and treats every now and again (I’m not a food and health purest). Finding what you like to eat and keeping it interesting while on a budget is super easy once a little thought is put it. I usually spend $60/week on groceries and it lasts me a whole week.

The biggest thing I learned through class and life experiences is to be aware and proactive with your finances. Before when I had my local bank near me, I would always carry cash on me because it was a good way to physically see how much you are spending, without having to save every receipt. But since I moved to Boston, I’ve had to make a switch to credit and debit cards. That was probably the most difficult thing finance wise for me, because there’s no way to physically see the money leaving your pocket. Downloading your bank’s app or checking your account online is a must. I found that it was super easy to say just say yes to purchases because I wasn’t dealing with cash. But I was in for a surprise after I checked my bank accounts a few days later.

Ideally, if you’re spending money every day, you should be checking your account every day. Since I don’t find myself buying things every day, I do check it every other day or every couple of days. It’s super easy and takes literally one minute. Just being aware and monitoring your finances is the first step to fixing a financial problem or difficulties. You can see what you are spending money on and it directly reflect in your statement. If you’re spending a lot of money, you can then figure out what can you adjust or remove from your weekly routines. If everything is essential or you feel that it’s necessary, then you can find ways to increase your income to sustain the lifestyle you want. When it comes to finances, it’s all about checks and balances to really understand what is going on, how you can better yourself, and hopefully end up saving money for the future.