At different stages of your career you will be faced with two distinctive traps around money. You have already been exposed to one of them. At the earlier phase in your career you will be primarily focused on your music. The second phase is when you are successful. Money is starting to come in from music and things are going well. Be aware of the two traps listed below in order to have a better life with money for your career.
The 2 Traps Of Money
1. Ignoring It Because You Don't Have Any
Almost every musician goes through this phase to some extent. People tend to avoid their money problems in large part because they don't have much. This is the biggest trap to secure your way to poverty for the rest of your life. Ignoring something that you want more of is counterintuitive.
Solution
You must start where you are right now if you want to have more. It is that simple. You will not be happy at some amount if you are not taking care of what you have right now. Start right now to see how much is coming in, how much is going out. How can you cut down on things you don't need? Come up with a plan and follow it with as little as you think you may or may not have.
2. Indulging
Now that you are successful and have money coming in from music, you will have more temptations than ever before. This is the classic case of famous musicians going broke. Once they finally received a lot of money they blew it all on non essential things.
Solution
The solution of this comes down to your own self discipline. It is perfectly fine to treat yourself every now and again, but the way you solve this is by not trying to impress everyone else. Take satisfaction in the fact that you have enough money to be able to live your dreams everyday. The fact that you are paid for something you love to do is a gift that should be appreciated more so than buying a car to impress a bunch of people you've never met.
Conclusion
These two traps of money exist in all musicians lives. Ignoring it when you don't have any and indulging when you do. Avoid these two traps by being at peace that you have money to begin with. Starting to get a hold on your situation and using it in wise productive ways for your life and those around you.
Want to learn more about how you can start to take control of your money?
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