Building Your Portfolio Career Part 3: Doing the Math

This is part 3 on a series devoted to Portfolio Careers. Part 1 of this series examined the kinds of work streams that might be included in your portfolio career. Part 2 unveiled 21 incomes models that can be integrated. Now it’s time to do the math and determine your Portfolio Career Plan (PCP). As you’ll see, this process is quite logical....

Building Your Portfolio Career Part 2: The 21 Income Models

This is part 2 in a series devoted to Portfolio Careers. For Part 1: Imagining the Mix, click here.   If you have money to invest, any financial advisor worthy of their corner office will suggest you diversify the portfolio. In other words, don’t put all your eggs in one basket. Include a variety of investment types so that if one tanks, others...

Selling Out

“People who focus on making a profit through their art are selling out.”  That’s a fairly common belief espoused by some aspiring artists.  Here are a few other variations: “Artists who focus on marketing are selling out.” “Artists who change what they do just to appeal to bigger audiences are selling out.”     As pure and...

The Working Musician: Military Jobs

With the possible exception of saxophonists and euphoniumists, few musicians dream of a military career. Yet this path can provide a dependable income, solid benefits, and varied opportunities. “This is a good four year job for just about anyone. It can be a GREAT 20+ year job for many,” explains Michael Mench, Commander of the US Air Force...

Nonprofit vs. For Profit, or Both?

This year, I will begin inviting guests to contribute articles to The Savvy Musician Blog from time to time.  Today’s post comes from Melissa Snoza, flutist and Executive Director of the Chicago-based Fifth House Ensemble. By Melissa Snoza I first became acquainted with The Savvy Musician’s David Cutler when he was doing research for his...

Would You Trade 4 Hours for One Million Dollars?

“Would you trade four hours for $100,000?”  That’s a question I recently asked a class of musicians.  Most raised their hand.  A few wanted to know what they’d have to do.  “Nothing hard or illegal,” I assured.  Then the ante was upped.  “What about for a million dollars?”  Suddenly all hands were reaching high in...

Creating a Budget

How much money is going in and out of your life?  Most musicians have no idea.  One practical and helpful exercise is to create a budget. CLICK HERE FOR SAMPLE BUDGET   Click the link above for a budget template where you can calculate earnings and expenses for an average month.  Another great exercise, especially for students, is to try...

MONEY

Money.  Now there’s a word that can strike fear (or denial) in even the boldest of us!  As musicians, we often come to believe that money is a forbidden, taboo subject. That our calling to make great art takes precedence over building a healthy financial profile.  When doing a presentation for a wonderful group of musicians this past weekend,...