For many artists, it might feel like financial independence is only for those who earn six figure salaries. I do not agree with this mindset. In fact, with many aspects of FI, I believe musicians are in a stronger starting position than people with higher salaries. Here are three reasons why:
1. Musicians are hard working
We all know that majoring is music is no walk in the park. In my undergrad, many of my required music ed courses were only one credit, even though we met four hours a week. This was purely so we could cram more classes into our schedule in order to graduate in five years. (Yes, it was a five-year program). I overloaded my schedule with 19-22 credits per semester and took classes for two summers in order to graduate in 4.5 years.
Then there’s practicing. Sure, lessons might be only one hour and count as a four-credit class, but when you practice anywhere from two to eight hours a day, you’re suddenly looking at a four credit class that takes up 15 to 40 hours each week.
^ Me in college when my friend majoring in psych complains about how they have no time because of their unusually “overloaded” 16 credit semester.
Musicians also tend to have a “the work is never done” mentality. I remember being envious of college friends who were majoring in engineering or science. They would finish their classes and homework and be free to spend the rest of their day as they please. For musicians, the homework isn’t finite. We can always practice more. It’s a constant mental struggle of asking yourself “Have I done enough today?”
There’s a reason why 66% of music major applicants get accepted into med school, as opposed to only 44% of biochemistry majors. Med schools recognize how hard you have to work to get a degree in music.
Having a work ethic like this is a fundamental aspect of working towards FI. It requires putting in extra hours at the end of an already long day, going above and beyond the minimum, and putting forth your best effort in everything you do.
2. Musicians know how to survive on little income
Learning how to live frugally is important in the FI community. Luckily, we musicians have a lot of practice at it.
Back in 2015, my annual gross income was $16,810. I was 28, two years out of grad school, and earning an average of $1,400 per month. I lived in a not-so-nice house with three friends. My rent was $300 per month. The rest of my income went towards groceries, car payments, utilities, and my social life.
When I think back to that year, I remember being genuinely happy. I was playing in a chamber ensemble comprised of five of my closest friends. We were booking gigs around the country. Money was not a concern for me, as long as I could pay my bills.
Through necessity I learned to live frugally and be happy. When I met Mrs. FIM at the end of 2015, she was in a similar financial position. Over the past five years, our revenue streams have increased, but we’ve held onto our frugal mindsets. By avoiding lifestyle creep, we are now on track to save 75% of our income in 2021.
I have many friends in the music world who are or have been in similar financial situations. Look at this as an advantage. You’ve learned to live frugally out of necessity. This puts you in a prime position to save more as your income increases.
3. Musicians understand side hustles
Another commonality in the FI community is using side hustles as a means to boost income. For many musicians, all of our income is from side hustles. Rather than a full-time job, we create a sustainable income through multiple smaller revenue streams. We perform, teach lessons, give masterclasses, sell CD’s, write and arrange music, etc.
Through these revenue streams, musicians gain additional skills and assets: building websites, learning to use social media effectively, and expanding our professional network.
Having this knowledge and experience puts musicians in a prime position to start additional side hustles.
You might think being a musician puts you at a disadvantage in starting your journey to financial independence, but I disagree. Musicians naturally hold many of the tools required to reach FI. With a few minor changes in your life, you can be on your way to financial independence.
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