Understanding Liabilities -VS- Assets

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Learn How To Control Your Cashflow

The music industry has been hit very hard due to the Pandemic, but I am a believer that adversity makes you stronger. If you choose not to be a victim and make a conscious decision to benefit from your hardships, there will be no stopping you. You will be successful in everything you set out to accomplish by exercising good habits and constant learning.

Starving Musician ? OH NO !!

Don’t be a “Starving Musician”, but instead make an effort to research and learn the basics of finance. Learn the rules of money and how your habits dictate your success. Although we aren’t working as much in music, we can learn new skills and generate other streams of income by using our creative skills.

With that in mind, its probably not within your interest to buy new equipment unless it is generating income for you. You may have to sell some of your equipment on Ebay during the crazy months, but you can buy better equipment once you have steady streams of income…. Demonstrate self control or impulsive buying.

Write Down a Plan

Sit down and write out your budget. Take a good look at your cash flow and how you are spending your money. Come up with a plan for the next 3 months. Write down your goals of where you see yourself financially within the next 6 months. Prepare for the winter by stocking up on food and general necessities. Research other ways to invest your money and set yourself up to be a profitable musician…..

I decided to use a visual presentation for this topic because I think it’s easier to understand and comprehend. Statistically, images tend to stick better in our memory.

So let’s first look at some basics in understanding Liabilities VS Assets in relation to your cashflow. ENJOY 🙂

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