Individuals in the music industry are most often faced with lower than average annual incomes, minimal access to healthcare, and inconsistent paychecks. Educating the music community on how to prioritize their financial wellness can impact their mental and physical health, alleviating stress and anxiety. MusiCares' Human Services team aims to provide education and easily accessible tools to further empower financial health among music professionals.
As we celebrate Financial Literacy Month this April, here are some examples of how MusiCares works to support the music community's financial wellness year-round.
1:1 Financial Coaching
MusiCares coordinates free, one-on-one sessions with Rachel Bronstein, Founder & Financial Coach at Life's Jam, for eligible music professionals in need.
Each qualifying individual will meet with Rachel twice. During their first session, they'll work together to identify their largest pain points and financial struggles. In the second session, Rachel will provide guidance on developing a plan of action to address those pain points and struggles.
Free Subscriptions to YNAB
Recognizing the importance of financial health, MusiCares is partnering with YNAB to provide a simple and accessible tool for money management — a free financial app subscription. YNAB guides spending decisions through a simple set of habits, and has taught millions of people to spend, save and give without guilt or second-guessing.
In addition to the app, there are free blogs, workshops and community groups that further support your goals to empower and sustain financial health. Keep the money you make so that you can keep making music!
Music professionals with at least five years documented work experience or six credits on commercially released tracks are eligible to receive a complimentary subscription to the app courtesy of MusiCares. Complete the request form linked here and submit all requested documentation for consideration.
Live Webinars & Recorded Programs
Throughout the year, MusiCares hosts a variety of virtual programs highlighting the importance of financial wellness and the unique struggles of music professionals. Previous programs have covered topics including money management, the psychology of money, musician liability insurance and more.
Access our Financial Resources for Music Professionals playlist on YouTube, now streaming three incredible conversations on financial wellness:
Black and Brown Communities: Embracing Financial Empowerment
Join MusiCares Human Services Client Manager, Robert Taylor Jr., and Founder of The Black Credit Conversation, Brandee Wilder, for a candid conversation about credit scores, tools to better manage credit for music industry professionals, and destigmatizing the credit conversation.
Tax Tips For Musicians: Keep The Money You Earn
Understanding the nuances of 1099 vs. W-2, LLC vs. S. Corp, and the complexities of business taxes can be daunting for musicians. Join MusiCares and Keila Hill-Trawick (MBA, CPA, & Founder of Little Fish Accounting) for expert advice navigating these topics and more.
Tax Tips For Musicians: FAQs
Understanding the complexities of business taxes can be daunting for music professionals - but MusiCares is here to help! Tax expert Keila Hill-Trawick (MBA, CPA, & Founder of Little Fish Accounting) broke down some of the most frequently asked questions from music professionals this tax season.