Stick with creative work - supplement with money skills
Before we get into the letter...
I've got super exciting news for
EDM Producers stuck in a 9-5
struggling to get their productions to quality release ready standards and growing their artist brand online.
I can't share anything now but keep an eye out for something from me on Tuesday next week.
--
Over the past year, I've developed a love-hate relationship with money.
All my life before, I used to chase money without even realizing it.
I grew into a numb zombie doing stuff I hated for a few extra dollars.
Of course, money isn't bad.
Money is an essential resource to sustain your life and build a future for yourself and family.
The issue was my motive behind chasing money and the various sacrifices I made to do it.
I used to chase money for fear of being broke and being a "starving musician" which was my worst fear.
So I instead sacrificed investing into myself to make my creative work profitable and stuck to jobs I hated.
It was all a run-around way to reach my real goals.
Plus, creating that safety net of income from a job made me complacent with my creative goals.
I didn't push myself as hard as I could because there were no external pressures to get results fast.
Rent, food, taxes, bills etc. - all covered by my job.
So that meant I could take it "easier" with my creative goals - which meant I didn't make progress as fast as I could had I put real skin in the game.
I don't regret anything as I've learned a lot - but I could have saved myself pain had I done a few things different.
If I could go back in time to just 3 years ago, here's what I would do different...
NOTE: Nothing I say is financial advice, only my thoughts and lessons learned from my past and personal relationship with money.
Seek professional financial advisors for your specific situation if you need help.
1. Switch mindset from saver to investor
This study looked at people's motives behind why they chase money and how it affects their well-being.
The key findings were:
Motives like social comparison and overcoming self-doubt links to lower reported well-being.
A higher importance on money compared to other goals (like family, social life etc) lead to lower subjective well-being.
Participants valuing money for positive reasons, such as supporting their families, showed neutral effects on well-being.
The actual amount of money desired did not correlate with reported well-being.
Similar results occurred in a sample of 145 entrepreneurs.
Only through trial and error did I find myself chasing money as a way to overcome self-doubt and external judgement to please others.
While again, aiming to earn more money or be focused on it is NOT bad - the way we target it needs to be positive for long term well being.
I had many bad burnouts almost every 6-8 months because I was chasing money with the wrong focus and motive.
And while I was busy chasing money and saving it - I missed years of time to invest into various assets and skills.
The lesson:
Switch my mindset from a saver
someone who never spends money due to fear of being broke.
To an investor
someone who spends their money to learn and earn more.
2. Take more financial "risks"
When I was chasing money before - my biggest motivator was fear.
My family sacrificed a lot for me to have a good education and get a good career - who am I to waste my energy and time on music and my passions when I have to go get a stable job and earn good, stable money fast?
So that's what I did.
Since I was old enough to work, I have been.
Grocery store
Restaurant
Another grocery story
One more grocery store
Dorm advisor at uni
Banker
Analyst
Analyst in different field
Senior analyst in tech.
It was mayhem and I was only chasing these roles so I could earn more and show my family I'm not a “disappointment”.
Going back, I would instead use the money as a means to invest into myself and learn entrepreneurship skills vs sticking with my employee mindset of working and saving only.
That would mean hiring coaches earlier on, even if they costed $5000 - $10,000 dollars - the transformation and progress I would have made is immeasurable.
I'd never take any risks/investments that put dependants in further distress.
But I could have spent my disposable income/unused savings on learning and increasing my earning capacity - even if it did cost a lot.
Side note:
—
The reasons it's important to pay a lot for training, coaching etc. is because it holds you accountable to results.
Paying $500 for a course vs $5000 is a huge difference in commitment level from you.
Someone who spends $500 will feel a small dent in their income and only action what the course teaches for a bit.
But someone who spends $5000 will put their entire heart and soul into following through on the course and actually do the work requried to change their lives.
This is also called "skin in the game".
—
Had I had put some skin in the game, I would be building a future where I could avoid forcing myself to work in situations I hated much faster.
I could have already achieved my ideal of
Time freedom
Location freedom
Financial freedom
I would be 3 years ahead of where I am now.
3. Learn high value sales, marketing and branding skills
The most important thing I should have done is the learn the fundamental skills of business.
Sales
Marketing
Branding
These 3 core skills would have empowered me to make anything I do profitable and help to replace my job fast.
While my music production skills were not as good back then as today - I could have still started my brand online, create content, network etc.
I had only started creating content over the past year - if I had started 3 years ago the progress I'd have be 3x further where I am now.
As a creative who wants to be creative full time - the key is to make your creative work (CW) sustainable long term.
This only happens when you add fundamental business skills with your creative work that truly helps people transform their lives with your creative work/skills.
I hope this inspires you to move forward and commit to your creative work.
Whether you find yourself lazy and complacent because you have a stable income/job.
Or you're scared to invest into a mentor/coach or something to increase your earning capacity due to cost and fear it won't work for you.
In my experience, money at the end of the day is a means to and end.
It is there to help us live a better life and to achieve all our goals.
Use it to its fullest extent. Its not doing anything worthwhile in your savings only :)
Peace,
Vig/MA
PS. As mentioned,
I've got super exciting news for
EDM Producers stuck in a 9-5
struggling to get their productions to quality release ready standards and growing their artist brand online.
I can't share anything now but keep an eye out for something from me on Tuesday next week.
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