TAG: financial planning

Managing Transitions for Music Entrepreneurs: Articulate Your Fears To Generate Solutions

clock-speaking-of-change

With the end of the school year fast approaching, our students are leaving Yale to pursue new ventures, including doctoral programs, joining a military band, studying abroad, and starting their new careers in the freelance world. These external changes signal the process of transition: an internal process that people go through and the emotions that they experience when faced with …

How Smart Music Entrepreneurs Decide on Gigs: 3 Factors to Evaluate

As young musicians begin to develop their careers, they often wonder how to decide which gigs to take on. The advice from many professional musicians I know–including many of the alumni who have spoken at my class at Yale–is to consider how well an opportunity satisfies the following 3 criteria and to choose gigs that give you 2 out of 3: …

Managing The Unpredictable: 5 Steps to Help Manage Your Freelance Finances

If you are a freelance musician, you undoubtedly love the fact that you are making a living from your passion, together with freedom that comes along with being in charge of your own life. And yet, that life is fraught with uncertainty, particularly related to your finances: Can I really make money as a freelancer? How can I make money …

Financial Management for Musicians Part II: How To Create a Financial Plan

In my previous blog post on financial management for musicians, I outlined the basics of acquiring financial literacy.  The next step is to put this information together and to make a financial plan.

When we did this exercise in my class, my students were encouraged by this process since it enabled them to take the amorphous concept of “How do I make money as a musician????” and break it down into manageable action steps that they could begin working on right now. Not only did this seem doable but my students were actually excited about engaging in the process.  Armed with this knowledge, they felt ready to take themselves seriously as professionals by adopting the mindset of a business owner.

So let’s take a look at the process in greater detail.