Give Some. Save Some. Spend Some.

Produced by: Darrell Robinson 
Written by: Scoop and Wayne Moore

#Realtalk...Initially starting this blog, my purpose was to promote my company which provides business management services for musicians/producers. Daily there are millions of web searchers I'm bound to attract potential clients. However, being the bleeding heart kind of person I just couldn’t settle with a booming business but rather I prefer to change the wasteful thinking of the “touring musician”. As mother in her southern accent would say “ you can’t put the cart before the horse” simply means I must have assets to work with if I’m a business manager.

Presently, my main mission is to get individuals working in the music industry to really buckle down and commit to a lifestyle (budget) that will keep them and their families financially stable into their golden years. The time is coming when they can't perform or no longer want to trample all over the globe. As time moves on things change quickly especially the music industry. In that case your name may not be at the top of the call list as the hottest person to get on a tour. If you are living from tour to tour without any cushion you are living dangerously. There is no other way to put or I can just say you are STUPID. Irresponsible spending leads to overwhelming debt and poverty.

We see it in the news on cable stations once on top of their game pro athletes and artists (who were bringing in much more dough than the average musician) now broke because of poor money management. They had to have the over the top parties, numerous expensive cars, the million dollars homes and money vultures (friends, family). All of this destructive behavior without any wise financial counsel bankruptcy is inevitable. It soon happens they are now left alone and broke only to be raked through the media for public humiliation. NUTS!

All of the above comes down to trying to impress people. Most musicians don’t have the money like the artists but they try to hang like it by buying a bunch of the latest sneakers, designer glasses and clothes, gaudy worthless jewelry and the infamous Louis Vuitton luggage (that eventually may end up getting destroyed by the baggage handlers) just to name a few things. Oh, this is my final one and please I mean no offense. The irresponsibility of not practicing safe sex now there is some one other than you to be responsible for in this life. I know children are a blessing, but they are expensive especially if you have various baby mamas. YIKES! Impress your family by; not getting evicted and moving back with the parents, having a car or not getting the one you have repossessed, not getting your utilities shut off while on tour, investing in your children, investing in your future.

Let's turn the table and talk about responsible financial planning. The simple principle of give some, save some and spend. This principle should be easy to understand and follow, but it's totally ignored. The result is financial decline. The common word here is "some".

Give some, this applies to the law of sowing and reaping, some may call it karma or what goes around comes around. I don't care what label is put on it, the law of giving and receiving started by the hand of God. It is an ingrained law that applies to life same as “what goes up must come down”. Therefore, remember what you put out you will get back, so live generously.

Save some, we all have heard put away something for a rainy day. I have been instructed to save at least 30% of my salary. This is that cushion I mentioned before, something to fall back on when there is a break between tours. The bills still need to be paid, kids still need to eat. This is hard when you are out on the road having a good time the cash is pouring in weekly the concept of saving is none existence, because one thinks it will last forever. News flash it doesn't and it won't. Prepare yourself for a down- pour.

Spend some, the problem here is some, in most cases it's all. I have had to seriously talk my guys out of buying things they could afford but didn't need. I manage grown folks, so I'm respectful how I speak to them, but ultimately they hire me to work in partnership with them to keep their heads above water. In many cases depending upon my client they are put on a strict budget with a monthly allowance, so far everyone who has followed this formula are doing well and if continue will be even better in the future. We must be the wise spender. Next time you are about to buy a big- ticket item ask yourself "do I really need that"? Most of the time the answer is NO.

I want to put in this disclaimer I'm not a financial genius or hold degrees in accounting. However, this issue affects me directly because of my close affiliation with individuals working in the music/entertainment industry. To many times I have witnessed wasteful spending from these individuals and I’m fed up and speaking out. In addition, I apply the above principles to my personal finances and it’s working for me, along with working with my team of accountants and advisors to keep me on track.

The financial decline in this world may not get better, but it's your responsibility to make it better for you and your family. #I’mjustsayin’

Smooches,

@babyboyrocks