Page 56 - Joshua's Journal

Saving and Preserving More of Your Hard-Earned Money By Lanta Evans-Motte, Financial Advisor “The wise man saves for the future but the foolish man spends whatever he gets”. Proverbs 21:20 “For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs”. 1 Timothy 6:10 (NIV). Music industry veterans well-versed in the financial to total dollars generated by each artist. aspects of the business understand that there is a huge discrepancy in what you make as an artist Listed below for musical artists and non-musicians (total revenues/earnings) versus what you get to alike are some basic financial tools and strategies keep (take home pay). Total revenues might include that may enhance their finances for saving, giving, earnings from merchandise sales, sponsorships, and and other goals. performance royalties as well as monies earned from CD and digital sales, publishing royalties and Develop Specific Goals for Your Finances various forms of streaming. However, from the gross Defining specific financial goals for a few key areas numbers, fees like royalty splits, producer fees, like emergency savings, charitable giving, retirement, manager's fees, promoter's fees, and other costs are or debt reduction might help you make better finan- subtracted. This process is even acknowledged by cial decisions and stay focused. It may be easier to make the necessary sacrifices, when it is more appar- the change in the Billboard's annual Money Makers Clipart Stock ranking, which is the most comprehensive report ent what the rewards might be. For instance, it may card of its kind. In 2010 it changed its rankings to be easier for the family to agree to cut the Christmas be based on the artist's share of revenue as opposed spending budget by 50%, if all agree that the savings 54 • Joshua’s Journal • Winter 2014