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.