Saving for Retirement as a Professional Musician

Image Source: Unsplash

Saving for Retirement as a Professional Musician

Being a professional musician can mean many different things. You could make your living selling records, touring, playing an instrument, or singing. You may not win a Grammy for your work or end up on the Billboard charts, but it doesn’t make you any less of a professional. 

No matter what level you’re on, being a professional musician can be a lot of fun. However, it also comes with several challenges and uphill battles you’ll have to face throughout your career. 

One of those challenges includes saving for retirement. You might be able to make a living playing music now, but saving for the future is another story. 

Whether music is your primary or only source of income, it’s not impossible to save for retirement. However, the sooner you get started, the better! Let’s take a look at how you can make the most of your income, manage your money, and build the capital you need to lead a comfortable retirement. 

Managing Your Money

If you have a consistent, day-to-day job as a musician, setting money aside is easy. You probably don’t have to worry about things like tax penalties or even calculating how much you can afford to save. 

However, not every professional musician has that luxury. When you’re concert-hopping or living gig-to-gig, it can be difficult to practice healthy money management. 

It’s easier than you might think to manage your money, but it can take some organizational skills. Start by creating a budget for yourself. Look at the income you’re bringing in each month and how you’re spending it. From there, you can come up with ways to “cut back” on your spending habits, both in your personal and professional lives. 

For example, as a traveling musician, you might spend a lot of money on gas to get from one gig to another. Think of ways you can save on gas, like preserving your car’s efficiency and optimizing your driving. Choose to bring your own food along rather than stopping at fast-food joints, and keep a separate “road budget” so you don’t end up buying things you don’t need. 

In your personal life, you can manage your money and decrease your spending by cutting back on things like subscription services and dining out. 

You should be budgeting to save, not just to pay your bills now. Whether you set aside a section of your budget as an emergency fund or specifically dedicate some of your monthly income to savings, it’s easier to manage your money when you have something tangible written down. 

Taking Care of Taxes

We touched on tax penalties above, but are you aware that some of your savings could actually be costing you money? Taxation penalties are destructive and can take away some of the hard-earned cash that you’re trying to store away for retirement. If you want to maintain and grow your savings accounts, it’s important to be aware of exemptions. Some of the most common tax-exempt savings accounts include:

• 401(k)s

• IRAs

• Roth accounts

• FSAs

• HSAs

You can still be taxed for things like early withdrawal and minimum distributions. However, if you work with an investor or accountant on setting up an account, they can guide you through the process and help you mitigate penalties. 

As a musician, you probably pay your taxes every year. Maybe you even pay quarterly taxes to avoid a large lump sum owed at the end of every fiscal year. The last thing you want is to deal with more taxation when you’re trying to get ahead. In fact, you should be looking into expenditures that you can write off and deduct! Invest your time and money into working with a tax professional that can help to ensure financial stability for your future. 

Have a Back-Up Option

Whether you’re gigging every night, you’re a “seasonal” musician, or you rely on record sales and royalties for income, it can be hard when things aren’t consistent. Even if you tend to do well throughout the year, you might find that most of your income is going directly to the here and now, just so you can get by. 

One of the best things you can do for yourself is to have a backup option when it comes to your finances. Thankfully, there are a few different ways to approach a backup plan. 

One is to invest your money. 

You don’t have to have a lot saved up to invest, and your return could be something that sets you up for a comfortable retirement. Some of the best high-yield investments include

• Value stock funds

• Short-term government bond funds

• High-yield savings accounts

• Rental housing

• Cryptocurrency

If you’re not willing to take a risk with your money through investing, consider using a “side hustle” or part-time job as your backup plan. It might not seem very rock ‘n’ roll to have a side gig doing something more consistent, but it will allow you to live more comfortably now while you live out your dreams, and give you the opportunity to have a nest egg in the future. 

Whether you penny-pinch to save your money, invest in the stock market, or find ways to avoid tax penalties, there are plenty of ways to save for retirement as a musician. While it’s okay to focus on the fun you’re having now, it’s crucial to recognize that one day you’ll want to sit back and relax. Consider some of these ideas when it comes to making sure you can do so with comfort and ease.

Saving for Retirement as a Professional Musician

Creating The Perfect Budget-Friendly Home Studio

Recording at home seems like a great idea, at first. You’re likely a lot more comfortable at home than you would be in a professional studio, it can be cheaper, and you’ll have more time to get every recording right without wasting anyone else’s time. 

Still, creating your own home studio can be daunting, especially when you don’t know where to begin, and you’re on a tight budget. 

Thankfully, there are things you can do to simplify the process and make sure you don’t have to take out a second mortgage just to create a functional studio. 

Let’s cover a few ideas you can use to set up an at-home recording studio with the essentials. 

Get Creative With Your Budget

When you’re building a studio from scratch, there are some key essentials you’ll need to get started. There are also some things that would be nice to have, but can probably wait. Being able to prioritize your purchases will make it easier to put the basics together quickly so you can start recording. Some of the key components you’ll need to get started include:

• A computer

• DAW/Audio interface 

• Monitors

• Cables

• Microphones

• Headphones

Once you have some of the basic equipment, you can look at other “extras” like an upgraded interface, soundboard, and speakers. 

One of the easiest ways to prioritize what you should buy first is to create a budget. Doing so will allow you to see what you’re starting with, what you can afford, and what needs to be prioritized. Consider decorating on a budget and focusing functionality via a quality computer and monitors. The “extras” are still important, but when you have limited funds, they need to come last. The sooner you invest in quality equipment, the sooner you can make money by recording other artists. 

Prioritize Soundproofing

Professional studios have one big advantage over recording at home – they have soundproof booths that eliminate all outside noise. Whether you live in an apartment in the city or a farmhouse in the country, chances are your home wasn’t built to block out sound. Unfortunately, with no protection, that can lead to fuzz and background noise on your recordings. 

No one wants to hear a car horn, a plane overhead, or a cow mooing in the background. 

Thankfully, you can make your home recordings sound far more professional by soundproofing the room you’re transforming into a studio. The best part? It doesn’t have to blow your budget. While you can always have a professional come in and soundproof your room, there are plenty of DIY ways to block out noise, including:

• Installing heavy thermal curtains or soundproof drapes over windows

• Using a noise-proofing sealant on windows and doors 

• Covering unneeded vents with acoustic foam

• Using ready-made acoustic panels on walls and the ceiling

With a few inexpensive materials you can take your home recordings from distracting to intricate and detailed. Even if you can’t afford high-quality recording equipment, you can make up for some of it by soundproofing your studio. 

Decor Matters

Remember how we talked earlier about prioritizing your budget? Use whatever you have leftover after buying equipment and the right gear to decorate your recording space. It might not seem important, at first. And, of course, equipment should take precedence. 

But, decorating your space serves a dual purpose. 

First, whether you plan to use your recording studio for personal projects or you want to rent it out to other musicians, it’s important to set the right tone and foster a creative environment. Think about some recording studios you’ve been in or seen. They usually have artwork, colorful rugs, and warm tones throughout the space. You might be inspired to create something totally new in your studio, and having a creative atmosphere can help to bring new ideas to life. 

Things like furniture, rugs, and wall decor can also help to absorb more sound. Even if your space is soundproofed from outside noise, certain rooms within the home might not have the best acoustics. If you’re using a larger room, for example, the open space can create a lot of excess noise and echo. Having items in the room to absorb some of that extra sound will make a big difference and provide you with a cleaner, warmer tone. 

If you don’t have room in your budget for decorations, consider decorating on a budget and bringing some of your personal items into the studio until you do. Bringing in a couch with a few pillows, a throw rug for the middle of the room, or some artwork that inspires you can make a big difference until you’re able to purchase studio-specific decor. 

As you can see, it doesn’t have to take a lot of time or money to create a home studio. If you’re on a budget but can’t wait to record, use some of these ideas to get your studio off the ground.

Creating The Perfect Budget-Friendly Home Studio

The Straw: A Singer's Best Friend

Have you ever tried singing through a straw?  Today I introduce you to Voice Therapist extraordinaire, Mary Hanson, who will share why straw exercises are so effective, and how to do them properly.

1.     Let’s start super basic - what does phonation mean?  What is a straw phonation?

 Straw phonation is what it sounds like! Really this means that you are “phonating” (i.e., making sound) through the straw. If you put your straw in water, you can think about it as making bubbles with your voice on. Typically, it’s made with an /u/ sound, like we hear in the word “you”. It’s a great exercise for the casual speaker and the professional singer, alike! 

Straw phonation is part of a group of exercises called “Semi-Occluded Vocal Tract Exercises” or “SOVTEs”. Really this means that you have a small opening for the air to escape at the mouth or nose. That small opening creates back pressure, which is super beneficial. 

2.     What are the benefits of straw exercises?

Straw phonation can really be quite magical, and its benefits are endless. However, it really does three main things. It reduces the tension, impact and collision at the level of the vocal cords.  Vibration at our vocal cords can only happen because some of the pressure from our lungs is reflected back once it reaches our lips. When we use straw phonation, we increase the level of back pressure, essentially making the vibration at the vocal cords even more efficient. This efficiency acts as a little massage and reduces vocal fatigue.  

This efficiency also balances the vocal cords in a way that provides extra support for changes in pitch.  Practicing those transitions with a straw can improve flexibility and power of the vocal folds and can translate to when they are not using the straw. That balance also provides singers with the opportunity to expand their range, without tensing as they explore new notes. 

 Lastly, that efficient voicing and balance, gives opportunity to strengthen the vocal cords in a safe way.   

3.     Is there any voice type or condition that should NOT do straw exercises?

There is no one condition, or voice type, that straw phonation is automatically not appropriate for, but the type of exercise that you do, and what you focus on may be different depending on your voice goals! If you are attempting straw phonation and it’s not clicking after a couple minutes of playing with it, and especially if you feel tense or have increased tension with its practice, its best to consult a professional. Straw phonation should only feel beneficial, and a voice professional can walk you through how to best use the tool for your voice! 

4.     Does it matter if you use a glass of water or not - is there a greater benefit each way?

It depends on what your goal is and also the size/shape of your vocal tract! Water will provide more resistance, resulting in increased back pressure. For most, that is beneficial and can help stabilize a tone and create more tension relief. However, for some that can turn a tension relief exercise into a strengthening exercise, and they may not be ready for that yet. I like to trial both with everyone and do what feels best for the person. (*Note from Your Online Singing Coach - I prefer using a glass of water, but it can be messy, so make sure you use a large/tall glass and don’t fill the water too high. ALSO, I have found that glass straws and paper straws don’t work as well as plastic, silicon, and stainless steel).

5.     Does size matter (ha ha) - straw size, that is?

Straw size does matter! In this case, the smaller, the better (generally)! However, that doesn’t mean you should go grab a coffee straw from your favorite locale. A smaller opening means increased back pressure. While this can have more therapeutic benefit for balancing and tension relief, that’s only if you are doing the exercise correctly! It’s generally recommended to start with a larger sized straw and then work your way down to something smaller as you get better at maintaining a clear forward tone and balancing the back pressure from the smaller opening. Its also important to keep your goal in mind, if your goal is purely tension relief, do what feels easy-and that may be a whopping smoothie straw! 

6.     Can you talk us through how to do a straw exercise correctly?

 Straw phonation can look different for various people, as we all have different shaped vocal tracts.  However, there are a few things that we like to think about for “successful” straw phonation. 

The first is lip placement. Its important to ensure that all airflow is going through the straw. You need a good lip seal, but at the same time it’s important to not over-tense the lips, as we want straw phonation to feel open and easy. 

 The next is airflow. You want to take a deep (*low, diaphragmatic) breath and start your voice off gently. You can use a  /u/ sound like in the word “you”. Use a full breath but keep your volume soft. You should have steady airflow flowing through the straw. You can tell you have that good airflow by either feeling for it with your other hand or putting the straw in water (just the tip!) and make sure you see bubbles. Our voices are really just chopped up air! If you don’t see bubbles or feel air, that’s a very clear sign that your phonatory system (your voice box) and your respiratory system (your lungs/air supply) are out of sync. 

 Pick a note in the middle of your speaking range and hold out the note for as long as is comfortable. Don’t go near the end of your breath, as we need the good pressure in the lungs to balance the back pressure from the straw. If you hear the tone sounding wobbly, or feel pressure in the throat, think about the placement of your articulators (i.e. lips, tongue, teeth). Can you adjust them in ways that makes the tone clearer? Feel easier? If you are unable to make the tone feel good and sound stable, don’t push it too much. (*Note from Your Online Singing Coach - pitch glides into a straw in a glass of water 5 minutes at a time delivers incredible bang for your singing buck.  Try it, and I’ll see you when you join the Straw Phonations fan club!)

Mary Hanson is from Sturgeon Bay, Wisconsin and holds a Master’s degree from George Washington University in Speech-Pathology.

Your Online Singing Coach provides live, private online singing lessons and vocal coaching for singers of all levels.

The Straw: A Singer's Best Friend

10 tools musicians should use when making music

Making music is a huge part of many people’s lives. Whether you are an amateur or professional musician, there are some tools that can help make the process easier. In this blog post, we will discuss 10 tools every musicians should use when making music!

Click to read more ...

June is here: Are you ready to get to work on your musical goals?

It’s almost June, are you ready to get to work on your goals?

Soundfly’s community of mentors can help you set the right goals, pave the right path toward success, and stick to schedules and routines that you develop together, so you improve every step of the way.

But it all starts with that first, crucial step: finding someone who inspires and challenges you, and whose experience can lead you along the right path. Check out some available Soundfly mentors below, and click on a session topic that fits your goals for 2021.

Click to read more ...

6 ways to create more consistent content.

As someone who’s been writing both songs and articles since January of this year — and moved halfway across the country, and survived a shooting, and started working twice as many hours — I have discovered the wonders of burnout.

 

Lately, I just haven’t felt inspired. Only a few days since I have been in Boulder have I had an influx of ideas that I vomited onto the computer screen. So much has happened since March, yet my Muse idly sits in the grass, unwilling to budge.

 

Any creative will become intimate with burnout. The creative process reaches a plateau similar to what Seth Godin calls “The Dip,” and everything begins to feel stagnant and tiring. The office cubicle you longed to escape becomes the creative rut you long to escape.

Click to read more ...

Top 8 audio production blogs for aspiring producers

Guest post by Dre DiMura. This article originally appeared on Soundfly’s Flypaper

The internet is ripe with resources (free and paid) for amateur producers, mixers, beat makers and songwriters alike. In fact, there’s no end to the ways you can improve your skills with content and recommendations that address your every need. But in all that vastness, where do you begin?

Sorting through hundreds if not thousands of blogs is exhausting, and can even be detrimental to your process, as you try to delineate between different methods, techniques, and opinions for achieving the same sonic ends. The good news is, we’ve done the research for you!

Click to read more ...

How to Make Playing the Guitar a More Personal Experience

If you really want to enjoy playing the guitar, try making it a more individualized experience. You can have a deeper connection to the instrument, the music you play and yourself. This can be exciting and calming at the same time. These tips can help you make it a more personal experience.

Click to read more ...

6 Iconic And Fun Dance Moves For Everyone To Learn

Dancing is an expression of creativity and a way to interact socially with others. However, it can also be a source of anxiety for people who feel awkward or self-conscious. While dancing often looks spontaneous, it may involve choreography, which is developing and learning dance steps ahead of time. If you go to parties or night clubs and see people moving and grooving out on the floor, they usually aren’t doing strictly choreographed routines. In many cases, however, they are spontaneously making use of choreographed steps that they learned elsewhere.

If you’ve never had the opportunity to learn any dance steps, it’s no wonder that you feel uncomfortable when the music strikes up. Fortunately, there are well-known moves that you can learn on your own and then break out at your next social gathering. The following start with the simple and then move up to the more complex.

Click to read more ...

How To Find Your Music In China

There is a possibility that your distributor or label might have at sometime distributed your music in the past to China and it is now floating around somewhere out there. This search will find if your music is there, it may be just a catalogue list with no sound file or it may be that it wasn’t properly removed when you changed labels or distributors and was left with no one to claim its license. If you do find your music in the search to your surprise, then you may contact your current or previous label or distributor to claim the licence or you may inquire a distributor like Musicinfo who specializes in digital music distribution to China to help claim your music.

Click to read more ...

4 Musical Projects To Pursue This Winter

While there have been some optimistic murmurings of live music returning in 2021, nothing is certain, and regardless of positive developments down the line, winter of 2020/21 seems certain to bring with it more of the social isolation we’ve become so familiar with. Fortunately for bands and artists, we already have an established creative outlet readymade for dealing with the challenges of isolations, challenges magnified by the darkest season of the year. When buckling up for a winter that may feel longer than most, consider taking on some of these musical projects.

Click to read more ...

How To Build A Music Studio

Making music and getting it out into the world is easier than ever, thanks to the power of the internet. Unfortunately, most modern homes don’t come with built-in studios. They also aren’t designed with acoustics in mind, unless you count parents trying to muffle the noise of small children running at full speed during all hours. 

If you want to make music in the comfort of your own home, you really need a music studio. What will it take to turn your spare room into a studio you can be proud of?

Click to read more ...

How To Build Confidence As A Beginner Singer

Are you just getting started as a singer? Great!

What many beginners or wannabes have in common is that they’re a little unsure of themselves. They’re often self-conscious of their voice.

This comes across in their performance. And, for better or for worse, it can even negatively impact how they’re coming across.

If there’s one quality that makes a singer stand out, it’s confidence. If they sing with confidence, even if their technique isn’t perfect, the audience will often respond favorably.

But how does a singer improve their confidence? That’s what we’re going to look at here.

Click to read more ...

Learn To Play The Guitar With These Simple Tips

Who hasn’t watched a great guitar player and dreamed of being them? is there anyone who doesn’t want to learn guitar? If you are a beginner, or someone who just want to become a better player, then these tips are perfect for you. So keep reading and then hit a practice session soon.

Click to read more ...