RE: HOW CAN MUSICIANS QUIT THEIR DAY JOBS? (PHASE 1) - The most practical advice for your music career you'll hear this year!
This is good advice mate ! being an independent musician myself who has ''quit his day job'' from periods of time ( long ones actually) I can relate to this , though being your own boss and independent most of the time it is actually more work than ''being hired and having a salary'' . It is stressful , money is not regular and we end up being ''musical octupuses'' , In my case , I find myself editing , producing , teaching , performing , recording , transcribing AND now building up my Steemit blog which I find to be a good platform for music promotion and build-up if you are here for the long run , so yes, it is demanding and it's reaaally important to have enough DRIVE to do it , to reach for that extra mile.
Financially speaking I also have a basic chart of expenses ( a little simpler than yours) but it is CRUCIAL if you want to be able to sustain a living , keep the spending modest and please please please save for the low months , in my case January , February and March are almost dead so I need to separate some money monthly so I can survive through those without going into debt .
looking forward to the next part :)
Cheers.
Yes, diversification of income streams (from music) is the most sensible approach.
With this particular phase 1 of dealing directly with finances, which most musicians, artists, and well, a lot of people in general, don't place proper focus on.
In the times when my music career was really kicking along and I was earning a decent amount, and I employed these financial techniques, things went really well for me and my career kept a steady upward trajectory. But the times when I just let money come and go I later found that too much of my life was left to chance and that's when I'd experience the worst hardships and struggle.
We must prepare for the low waves whilst we're building the high waves... (Waves of Life theory applied here again).
Thanks so much, bro!
:)