As a rule, most musicians can’t make up their minds about money. On the one hand they want to be a star and make lots of it but on the other hand, they’d rather starve than “sell out” their creativity. The fact that our entire society is simultaniously enamoured and confused about the subject doesn’t help either (IMHO, the root of the problem is our pitiful education about how and why money works the way it does, but that’s for many, many other posts).
Having a solid grasp of business and personal finance is a crucial foundation to your success, but today I’m discussing the why. Beyond your needs for necessities like food and shelter, why do you want to earn money? What are the “things” that turn you on and make you get up and go to work each day? AND, when you get them, will they make you happy and fullfilled?
Now, before I go on, let me say that I am an absolute supporter of more is better because I am an absolute believer in the capabilities of all people and the abundance of the world in which we live. I believe that anyone can succeed to the exact level they put their mind to and anything less is a tragedy (and the world is full of such tragedies).
However, I also know that most people are chasing fantasies that will not lead to fulfillment. Fantasies based on the “if only” mindset that says “if I only made $X I’d be happy.” Or, “if I drove a BMW” or “if I were a star”. Pulling from a study called Satisfaction: The Science of Finding True Fulfillment, Laura Rowley at Yahoo Finance offers same great insight about guarding against this trap.
“if you use the money to get more of the same things — a bigger house, or a more expensive car — you’re going to get less bang for the buck,” Berns says. “The extra money is best spent on novel things that let you grow as an individual: education, physical recreation, social activities, travel — nonmaterial goods.”
“In other words, don’t just work for money. Identify exactly where you want your money to go — and the challenging experiences you would like it to facilitate in your life. After all, Berns writes that “the most fulfilled people I meet don’t sit still. For them, satisfaction and purpose have become the same thing.””
Two comments:
One, work to live not to own. What’s great about this mindset is that you can live like this no matter how much money you have. If you’re into hiking, or dinner with friends, or listening to music, you can do those things for $10.00 or less or $10,000. Either way, they will be just as fulfilling because the experience and connections are what gives you life.
Two, as a musician/artist, satisfaction and purpose are the same thing as long as you keep the proper perspective on yourself and your goals.
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