Last week I discussed five things I wish I would have known before graduating from college. This week I'll discuss five more things I wish I would have known.
Stay Away From Student Loans
I'm sure you're wondering how else you are suppose to attend college if you don't take on debt. I can't answer that specifically for you because we are all in different situations. What I can say is student loans are horrible! You leave college and owe anywhere from $20,000 to over $100,000. Making those monthly payments to Sallie Mae (now Navient) and Fedloan is a real drag. It limits the amount of money you have to spend on everyday necessities, investing, etc. Add to that the interest the accrues as you are making payments.
Do your best to pay as much as you can without loans and whatever you do, don't cosign!
Keep Track Of Your Miles
It's not just miles you need to keep track of, but all expenses related to your business! Hold on to your receipts related to equipment bought and repairs made. Jot down miles driven to rehearsals, gigs, teaching gigs (as long as you are not considered an employee).
Sidenote: At first I would do my own taxes, but then after getting married and having multiple incomes I decided that I would have someone take care of my taxes. I wanted to make sure I didn't make any mistakes. There's more that can be said about this topic of taxes, but I wont go into any further detail at this point.
Budgeting For The Highs And Lows
Hills and valleys! Your musical journey will be filled with them and you need to be ready! I will say that I was aware of budgeting. What I wasn't so prepared for? Suddenly having gigs cancelled or students dropping.
The pro of an irregular income is that you may all of the sudden have a spike in income. The con is that you may suddenly have a drop. However, you can prepare by figuring out your median income and save money back in case of lost gigs/students and emergencies.
Balance VS Integration
What I have found is that hasn't been a so called work-life balance, but rather an integration. Throughout the day I'm working on some aspect of my music career while also being aware of my personal life. Some may choose to separate the two, but just as you may remember, this blog started based on the premise of integrating the two. Some gig opportunities have led to short vacation trips and there are times when I consider if there are potential performance opportunities while on family trips.
This Is Your Journey
This journey is yours! It doesn't matter where so and so is playing or how many gigs they have! It's great to be aware of others and not self centered, but you need to also put on your blinders and push ahead based on the goals and vision you have set for yourself.
This is another one of those things I knew, but as we continue to be bombarded with posts, stories, pics, videos, etc. we may have a feeling of failing based on what we "see". Be persistent in making what you consider to be a successful career a reality!
