10 Money Conversations to Have with Your Fellow Musicians
We talk openly about our gear, our setlists, and our streaming numbers. But when it comes to finances, most musicians go silent.
Here’s the problem: 9 out of 10 musicians quit before reaching their goals—not because they lack talent, but because they lack a plan. (Okay, we made that stat up… but didn’t it feel real?)
In truth, financial challenges are one of the most common reasons people give up on creative careers. But what if the difference between "making it" and giving up isn't talent at all—it's simply talking more openly about money?
Why Musicians Need to Talk About Money
Let’s look at the real numbers. According to data shared by Joshua Becker at Becoming Minimalist:
70% of Americans have less than $1,000 in savings
25% have no savings at all
The average U.S. household has over $7,000 in credit card debt
40% of Americans use up to half of their income just paying off debt
Less than 1/3 of Americans use a budget
That’s the average person. Add the unpredictability of the music industry—irregular income, high expenses, travel, self-employment taxes—and it’s clear: if we’re not talking about finances, we’re setting ourselves up for failure.
And yet, we stay quiet. We wait for soundcheck, talk shop, and avoid the most critical conversation: how we’re making our career sustainable.
But what if we changed that? What if we swapped budgeting tips the same way we share plugins or pedal settings?
Here are 10 essential money conversations to have with your fellow musicians. These aren’t just questions—they’re doorways into smarter financial decisions, healthier careers, and stronger creative communities. The following is a good overview of some real financial stats for you to noodle on from Joshua Becker, writer for Becoming Minimalist
10 Money Conversations to Have with Fellow Musicians
1. What percentage of your income do you take home vs. reinvest in your business?
This is a great place to start. Knowing how other musicians split their income helps you benchmark your own system. Are you saving enough for taxes? Are you setting aside money for future projects?
2. Do you finance your gear? How do you decide what’s worth the cost?
Gear can be a huge expense. Talking about what others choose to buy outright vs. finance can help you avoid unnecessary debt. It can also uncover smarter ways to get the sound you want without overspending.
3. Are you saving for retirement? When did you start, and how much are you putting away?
It might feel premature to think about retirement when you’re focused on paying rent, but the earlier you start, the better off you’ll be. Even a small monthly contribution adds up. This conversation can be eye-opening and motivating.
4. Do you have health insurance? Who’s your provider and what’s your monthly cost?
Healthcare is a major pain point for self-employed creatives. Ask about options, subsidies, and plans. You might discover a more affordable solution or a helpful workaround.
5. Are you working to pay off debt early? What strategies have worked best for you?
Debt—student loans, credit cards, car payments—is one of the biggest stressors for musicians. Comparing payoff strategies (like the debt snowball or avalanche method) can give you fresh ideas and encouragement.
6. Do you set a budget for your music business? What tools or systems help you stay on track?
Budgeting doesn’t have to be complicated. Ask what apps, spreadsheets, or methods other musicians use to track expenses. You might discover a new habit that keeps your career on firmer financial ground.
7. How do you decide whether to accept a gig or project?
Do you calculate minimum fees based on hours worked or expenses involved? Do you accept gigs based on exposure, networking, or creative value? Understanding how others price their time helps you value your own.
8. Do you invest outside of music? Real estate, stocks, or something else?
Multiple income streams are key to financial stability. Hearing where others invest—or plan to—can spark ideas and encourage diversification beyond music revenue.
9. What’s the best piece of financial advice you’ve ever received?
This is a quick question that often leads to deep insights. A book, a quote, a habit—it all matters. Sharing tips helps everyone around you level up.
10. What’s the biggest lesson you’ve learned about money in music?
Experience is a powerful teacher. Whether it’s a lesson from a failed tour or a big win from licensing, hearing what others have learned helps you avoid mistakes and find new opportunities.
Let’s Normalize Talking About Money in Music
Too many musicians quit because they didn’t have a plan—not because they weren’t good enough.
It’s time to normalize healthy money conversations in green rooms, rehearsals, group chats, and soundcheck lulls. Because when we talk about money, we take control of our careers.
💬 Want a place to start? Ask one of the questions above at your next gig. Share what’s worked for you. Learn what others are doing. Let’s make financial wisdom as common in our community as songwriting tips.
Ready to Take Control of Your Music Finances?
Head over to MusiciansTipJar.com for more tools, templates, and tips to build a sustainable music career. And don’t forget to subscribe to the podcast for weekly episodes on musicians and money.