Begin with a simple savings account. Get into the habit of saving a certain percentageof each check. It doesn’t need to be a lot in the beginning. Five or even ten percent will
do. The point is to get you into the habit of saving. It will also help you build an initial
minimum amount required by some retirement accounts.
There are a daunting amount of investment vehicles available. Which one is right for
your situation can be tough to sort out. Investing in the services of a financial planner can
be wise. They will review your present situation, your age, and your goals. Then they’ll
recommend the best type of account. Be sure to find authentic financial planner. Some in-
surance agents will promote themselves as financial planners, but they will try to sell you
their company’s products, often annuities or other insurance products, which may not be
the best choice for you. Ask around to get some referrals. When you find a few, be sure to
ask them if they’ve worked with musicians. That’s important because a full-time, self-em-
ployed artist’s needs are very different from their nine-to-five counterparts.
Those counterparts have the benefit of pension plans, matched contributions to 401k
plans, and profit sharing. A self-employed musician has none of these, and that means
you’ll need to put more away for that rainy day.
Finally, in addition to getting the advice of a financial planner, be sure to run your
plan by your accountant. They can make suggestions and provide insights that may make
your dream of retirement a faster reality.
A Closing Word
Starting on the path to becoming a full-time career musician who is self-employed will
bring with it many challenges but also many rewards. By taking the time to carefully plan