The shiny object is often just a distraction in music entrepreneurship
You’ve seen those big, sexy claims in articles and on YouTube, haven’t you?
This is how I earn $3,000 per month from my music.
She makes $50,000 per month selling on Amazon.
My affiliate business made six-figures last year.
So, you end up being lured in by the sexiness of the promise. Let’s face it — it’s hard not to click on those headlines.
Sometimes, the content delivers on its promise. But many times, you’re left scratching your head or shocked at the financial outlay required for the course or mastermind or system being sold.
So, was it worth it? Was it worth being ripped away from your goals and dreams to go and read that article or watch that video for 10 minutes?
When you’re clear on what you want to accomplish and why, doesn’t every minute count? Aren’t all other things a distraction, pulling you away from the promise you’ve made to yourself?
Comparison kills all possibility. It’s easy to forget — but your journey is uniquely yours. So, while it’s good to see what’s possible, you’ve got your own path to walk, and that path probably won’t look a whole lot like anyone else’s.
Look, we’re human. We’re all going to be drawn in by amazing sounding promises from time to time. I used to chase the shiny object myself. It’s possible I didn’t have complete confidence in my ability or chosen path yet.
But then I had a realization. That whenever I came across an article or video with a title like the above, that there were some critical questions begging to be asked.
What follows is an excerpt from my latest book, The Music Entrepreneur Code. I hope you enjoy it.
Managing Your Money & Understanding Shiny Objects
If you can’t hold onto money, or don’t know how to manage it, it’s of little consequence how much you make.
Millionaires have gained and lost their fortunes repeatedly. Just look at radio show host Dave Ramsey, entrepreneur and author James Altucher, or for that matter, MC Hammer or Vanilla Ice (this is a good lesson all its own, as it shows you can lose it all and still gain it back).
That’s why I’m not impressed by numbers. Everywhere you look, people are talking about the results they’ve achieved:
How I earned $3,000 from a single Medium post.
She makes $50,000 per month on Amazon.
I make $6,000 a month freelancing and here’s how.
How I make over $4,000 a month selling music online.
(Sidebar — I’ve been making high four figures for a while and don’t need any advice on how to do that.)
Now, I don’t want to diminish or make anyone wrong for sharing their successes. You and I get to learn from them and that’s awesome.
But these metrics mean nothing.
If a friend of yours is earning $8,000 and saving $80 per month, and you’re earning $3,000 and saving $300 per month, who’s coming out ahead? You, right?
So, whenever you come across these success stories, these are the key questions you should be asking:
- How much money did they spend to get to that revenue figure?
- How much of their own time are they putting into earning it?
- How much money are they saving?
- How much money are they investing?
- How much money are they reinvesting into their business/putting better structures into place?
- Can they sustainably earn the same amount monthly or annually without burning themselves out?
- Is their revenue recurring or do they start from scratch every month and work their ass off to earn the same amount?
When I first got started in business, I wasn’t asking these questions. And that had me chasing too many shiny objects to mention.
Being smart with money isn’t just about learning how to make it. You must learn to manage it and filter out distractions too.
Being Smart with Money
In episode 66 of The New Music Industry Podcast, I shared a little bit about how to manage your money as a musician.
You can have a listen here:
The Music Entrepreneur Code
Interested in learning more about managing your money? Want to discover the steps that will help you create an amazing financial future?
Learn more about The Music Entrepreneur Code now.
If you’d like the Kindle or paperback, the book is also available on Amazon.
Originally published at https://davidandrewwiebe.com on August 15, 2020.