How To Manage Finances as a Music Entrepreneur Part 1 of 2 | Money Tips for Producers

In this video I talk about managing finances as an entrepreneur, producer and most importantly as a regular guy who wants to manage his money wisely. These are some budgeting tips and tricks that will keep you in control of your personal and business finances.

It’s important to properly manage money as a producer and plan ahead since we get paid at different times from different sources and in different increments. Hopefully these money management tips will help you with planning and help you manage money as a musician.

Chapters:

00:00 - Intro
01:20 - How To Budget Quarterly Royalty Payments
02:08 - Know What Your Expenses Are
03:00 - Paying Self-Employment Taxes
05:10 - Saving For Business Emergencies
05:53 - What I Do With The Rest of My Business Income
06:02 - Keeping Track of Business Expenses
06:58 - Using Hurdlr To Organize Business Income & Expenses
08:05 - How I Use Credit Cards

Stay tuned for Part 2 where I break down our custom budget spreadsheet and give you a copy to use for your own budget as well.

Useful links:

IRS Details on Self-Employment Tax: https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes

NerdWallet Article on Self-Employment Tax: https://www.nerdwallet.com/blog/taxes/self-employment-tax/

The App I Use To Track My Business Income & Expenses

Hurdlr: https://driver.app.link/jZpqRwtNjY

Business Credit Cards I Use - We can both get rewarded if you're approved!

American Express Card: http://refer.amex.us/ANTHOCvJo8?XL=MIDCP

Chase Ink Business Credit Card: https://www.referyourchasecard.com/m/21f/6L5/G7D4/1573243620

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