Make Money Making Music: Step 1

01Apr08

C-Sharp Productions 

This is going to be the first of a series of posts about making a living from music….

Many people have these big “rich and famous” images of making a living making music. They see the MTV, rockstar lifestyle. Many people forget that making a living from music can happen, even if you aren’t famous, or if you don’t have a record deal.

The first step in making your living from music is to actually figure out what that means.  What would it really take to make a living from music?

The first step is to do an inventory of where you are now. You need to figure out how much money is coming in, and where it is going.  There are a few things you should find out…..get a notebook and write this info down:

1. What is your GROSS income? — How much does your employer pay you BEFORE taxes and deductions

2. What are your monthly expenses? — Rent, car, phone, utilities, debt….anything that you pay for every single month

3.  How much do you spend on fun stuff? — Dining out, movies, partying, etc.

4. How much do you put away? — If you work for someone you may have a 401K or other retirement plan. How much do you put in? Your employer?

If you aren’t really sure where your cash is going you should write down every single cent you spend for 1 full month. Make sure you write down what you are spending it on. You will then be able to see exactly where the flow goes. You can also see where you are wasting money. Maybe spending less on eating out could make an extra payment here and there.

Making a living with music is starting your own business. You have to think like a business person.  You now know what your gross income is….that is the first step in finding out what you would need to make from your music.

Tomorrow we will look at the next steps of making a living from music.

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