Financial Literacy for Musicians
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I teach musicians 🎶 how to self-finance their career and retire with guaranteed👍 results like
13% of the musicians I studied did jailtime because of this. Are you gonna be next?
Know when your taxes are due.
And no, I don't mean on April 15th...
Whenever I meet with people, here's the 1️⃣ thing they want to know:
"When do I get to use the money in my retirement account?"
To get the tax-advantaged benefits, you'll have to pay taxes AT LEAST once in the life of the account. That could be:
1) Before you get paid
2) After you get paid
3) Before you retire
4) While you're retired
5) After you get your ticket punched...💀💀
Generally speaking, this is what you can expect:
If you don't pay taxes in the "before" they will be paid in the "after".
There are benefits to both options. It just depends on what you need your money to do for you.
But strategically deciding which route is best for you will help you (and your family) pay the least in taxes.
You know. Like those rich people do.
Make music.
Make money.
If you want to join their ranks, you gotta do what they do - and think how they think.
Send me a DM if you're ready to get there.
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Happy Fourth! I have a special treat for you today. 🍦
It's pretty hot out, ain't it? 🥵
That's July weather for ya. 🌞
Imagine trying to cool off with a nice, cold popsicle.
You know the kind... 🍧
Beneath a frozen mound of sugary goodness, there's a joke written on the stick:
"What do you call a cow with no legs?" 🃏
The sweet treat is great and all...but you've just got to know what the answer is!
But this ice cream is special.
It takes 10 hours to melt, not 10 minutes. ⌚
Would it be worth the wait to read the punchline? 🤔
Eating it too fast will give you a BRAIN FREEEZE! 🥶
If the popsicle melts too fast, you still wouldn't get your money's worth, would you?
You'd just have a big messy, sticky, sugary, puddle.
The longer you wait, the longer you get to enjoy your sweet treat! 😋🤤
That's how liquidity works in your money, too. The more "frozen" it is, the harder it is to get to it. 🧊
This is great if you want to grow your more of it over time! 📶
But it's terrible when you actually need to use it. 🛠
Generally speaking, the more liquidy your money is, the slower it grows over time. 🦥
So...does your savings look more like an ice cube or a slushie? 🧊❄🍨🍧
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