For those of us in creative fields, the conversation around money can be uncomfortable. Most of us don't learn much about how money works in school, and we avoid learning about it as young adults because it feels like the opposite of being creative. We want to spend our time making things - chasing the natural high that comes when we finish recording a song, or when something magic happens in a practice room jam. The "starving artist" trope is so deeply ingrained in our culture that financial instability almost feels like a prerequisite for authenticity. But this is nonsense. It's a dangerous and counterproductive myth.
The reality is that financial stress is one of the primary reasons talented people abandon their creative careers. After a decade or more of honing their craft, the mounting pressure of financial insecurity, family responsibilities, and a lack of a safety net forces many into more "stable" but less fulfilling work. This might feel like a profound personal loss for the artist, and it's also a significant loss for the industry. Every time an experienced creator leaves, it represents a skill leakage - a drain of valuable talent and expertise that weakens the entire creative ecosystem.
We need to reframe our perspective. Building good financial habits isn't a distraction from your art; it’s one of the most essential practices for ensuring you can continue making it for the long haul.
The Mindset Shift: Your Financial Foundation
In previous articles, I’ve talked about focusing on the process rather than the outcome to find creative fulfilment. You can apply this same mindset to your finances. The goal isn’t necessarily to get rich, but rather to build a foundation that allows you to weather the inevitable ups and downs of a creative career.
A financial buffer gives you options. It means you can turn down work that doesn't align with your vision or values. It means you can take time off between projects to experiment and recharge without panicking. It reduces the desperation that can lead to burnout and compromise.
Having a money strategy also means that if you receive any significant windfalls from your music - such as from performance fees, sync licensing, or an advance - you will already know how to manage the money and won’t miss the chance to set yourself up. There are many stories of musicians, like lotto winners, getting a big payday and completely blowing it because they didn’t know how to handle the situation.
Your First Line of Defence: The Emergency Fund
The first step is to build up an emergency fund. When I've had a relatively healthy emergency fund, I've simply felt less stressed overall in my everyday life. It’s often recommended that stashing away a minimum of three months’ worth of essential living expenses is a good goal, but anything is better than nothing, and making a start will relieve the stress a bit. Just make sure you don't take anything out except in emergencies (Black Friday sales aren’t an emergency).
The psychological impact of having this safety net is significant. It turns down the background hum of financial anxiety, freeing up your mental and emotional energy for creative work. Start small and automate it - send regular payments to a separate savings account by setting up automatic payments if you have regular paydays, or services like Hnry can automatically put some aside from each payment you receive if you invoice for income. To start with, the amount is less important than building up the habit.
Read Some Books About Investing
I don't learn about investing because I love financial stuff, I learn because I want to be able to do creative things that usually don't have an instant payday attached to them. Lots of types of work in music are long game projects. Artist projects don't earn money straight away when no one knows who you are - you have to build a fanbase who want to buy your music and merch first, and that takes time. Songwriting is a long game, too. You might get royalties for some songs after they've been released if they get some attention, but not when you first write them, and not for time spent writing the songs that don't make it off your hard drive. For me, most of my current musical endeavours are long game projects, so I need a money plan if I want to be able to keep doing them.
The word investing can be a quick turn-off for some people, who think it's intimidating and “not for me”. Once you push past this idea, investing doesn't have to be complicated, and the sooner you get going, the better. There are some really great books aimed at people who are just getting started. Once you've read one or two, the whole idea becomes less intimidating and you'll feel empowered.
Some books I found helpful were:
- The Intelligent Investor by Benjamin Graham
- You are a Badass at Making Money by Jen Sincero
- Rich Dad Poor Dad by Robert Kiyosaki
- Money: Master the Game by Tony Robbins
- The Psychology of Money by Morgan Housel (I've just started this, but it comes highly recommended)
Protecting Your Most Important Asset (You)
I'm still learning about this myself, but it's something I think about a lot, and I take it seriously. We spend countless hours learning skills, developing our sonic identity, and honing our craft. Making it a priority to understand how money works, build an emergency fund, and start to invest are strategic acts of self-preservation. They are vital steps you can take to ensure that you can keep showing up, keep creating, and keep sharing your work for many years to come.
💬 What’s the biggest financial challenge you’ve faced as a creative, and what's one small step you could take today to start building your buffer?
