Are you a musician or do you know one and wonder “how come musicians are always broke?”
Is it even possible to make living as a musician anymore?
In this article, I’m to answer this question: “how come musicians are always broke and what can we do about it?”
The answer lies in one simple concept.
Music Is A Liability
Before I explain, you need to understand the difference between an asset and a liability.
An asset is something that puts money in your pocket. A liability is something that takes money out of it.
And for most musicians, music is a big liability. To reverse the “broke musician” stereotype, a musician needs to turn their music into an asset.
New Ways Musicians Today Make Money
Now that you know why musicians are broke, here’s how to fix that. These are resources on MusicianMonster that reveal what musicians are doing everyday to get paid what they’re worth.
Make passive income with music in eight steps [step by step guide].
Earn an extra 1k this month performing live music [step by step guide].
Tour hacking, how this musician went on his first first profitable tour without having an audience [podcast episode].
New music marketing strategies, how musicians make money while they sleep [podcast episode].
These are only a few of the many resources and methods today’s musicians use to kick the “broke musician” stereotype to the curb.
Take My Money (…or not)
The reason most musicians are broke, isn’t because people don’t like their music. It’s because the broke musician doesn’t make it easy for the people who like their music to pay them for it. A tip jar, for example.
And money continues to pour of their pocket instead of being replenished by the people who value what they’re doing.
Most musicians think about the old music industry cliches, and assume being broke today is just “the way it goes”.
Why Broke Musicians Stay Broke
Broke musicians stay that way, when they accept their fate and don’t work to change it. They don’t learn to make money with their music. Instead, they give up, keep playing, and stay broke.
There’s nothing wrong with that, if the musician is happy.
But in most cases, not getting paid is frustrating. Most musicians get resentful (and become exhausted).
To fix that problem they’ve gotta make a few simple changes. And turn their music into an asset instead of a liability.
What do you think?
What would happen if you created assets that you owned and controlled and had the infrastructure to easily allow people to pay you
What would change?
Let me know in the comments below.
