Music and Money...

[die Bullen]

Very smart. Music is a terrible way to make a living. It is fun but very unstable so if you have to sock earnings away while you can.

[zontar]

Music is a terrible way to make a living.

The percent of people who try who actually make it big is quite small--but if you do it because you love it & are smart--you can make something--just don't think you are going to own mansions & Rolls Royces, etc--maybe you will, some people do.
But most won't...

Much more reliable ways if you want to have millions...

[die Bullen]

Exactly right. That is exactly why I have my son invest all his earnings, mostly in retirement accounts, rather than saving up everything for a car or whatever. When I was a teenager I had basically no assets and got by just fine. He will have real assets that can't normally be touched unless a dire emergency happens or he retires.

[zontar]

I spent a lot of my money on buying music, concerts & junk food--the rest I wasted...
(Well I put some aside for gear as well)

[die Bullen]

Well he does have spending money to do those kinds of things too. He decided very early on that he wanted to stash away all his performance earnings- it is a good choice. My daughter also puts performance money away.

[zontar]

So you have mentioned before--and it is a fitting topic to mention in this thread.
I've seen too many musicians drink it all away--or worse.

[die Bullen]

In some ways it is the same as professional sports and acting. If you do not know how to manage the money yourself, you need someone to assist you with it.

[zontar]

In some ways it is the same as professional sports and acting. If you do not know how to manage the money yourself, you need someone to assist you with it.

Someone you can trust

[die Bullen]

Someone you can trust

Well yeah...

[zontar]

There have been horror stories of celebrities that suddenly have no money because the person/people they trusted made off with the money or invested it in all sorts of unwise ways...
maybe not as many as those who drank, smoked, snorted &/or injected it away.

But more than enough.