Money Management

424 – 10 Money Management Tips for Musicians

Money management, on a DRUMMING podcast? Yes! Why? Because we’ve all seen the stories about a musician who is struggling financially as they deal with an injury, insurance bills, car problems, etc. The worst part is that with a little bit of planning a lot of these situations could have been avoided. This episode is designed to give you a little game-plan so you can get your finances in shape and give you a little cousin in case the gigs stop coming in or, God forbid, something worse happens.


Drummer’s Resource Podcast is free thanks to support from:

Music Pro Insurance Did you know that Music Pro Insurance has been serving musicians for nearly 20 years? They offer affordable insurance options for musicians, allowing you to insurance up to $12,000 worth of gear for only about $150 per year. To learn more and to get an instant quote, visit MusicProInsurance.com

2 replies
  1. Brian Wechtenhiser
    Brian Wechtenhiser says:

    As always, great episode. You mentioned that one should never buy a car, but should instead lease it. I was surprised to hear this, since it’s contrary to financial experts such as Dave Ramsey and Suzy Orman. I’d love to hear your take on this. Thanks!

    • Nick
      Nick says:

      Hey Brian, there’s some controversy about this but here’s my reasoning…(Keep in mind I sold cars in high school / college) A car is a depreciating asset so you’re using credit (with interest) to purchase something that is losing value every day. So, if you pay 4% interest on a loan and your car is depreciating at 5% per year, you’re losing 9% per year on your money. Plus, with a lease they use what’s called a money factor, so you’re only paying for a percentage of the vehicle vs the whole amount. That’s why it’s way cheaper to lease a car VS buy a car at the same MSRP.

      I should’ve been clearer, too. My lease/buy suggestion was for new cars. Always remember, never BUY a new car and never LEAESE a used car.

Comments are closed.