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.

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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.

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