Music Business- Business

Being a business owner you have to provide your own security and financial safety net. Unfortunately, many in the music business still view their activity as a hobby or gamble much like playing the lottery. Because you don't view your involvement in the industry as being in the music business you miss a number of opportunities to save and invest what money you make on your path to riches and fame.

As an example you'll want to have a business license, tax id and business checking account. In doing this you're able to separate your business money from your personal money allowing you to be a more legitimate business in  the eyes of the corporate structure.

Additionally, by being a music business you're able to write off certain business expenses. Yes, paying to perform in a music or talent showcase and registering for a music conference may qualify as a business expense. Of course, you would be wise to consult with your certified public accountant (c.p.a) or other tax professional.

You're never to young to consider retirement. For sake of time and space let's say agree that retirement is as follows:

1. Your money is earning money, essentially working harder than you work for it.
2. You're able to live off the interest not the principal of your money.
3. You're generating so much revenue you're just now spending money you earned 10 years ago.
4. You have enough money being earned from royalties and rental income, you don't have to work.
5. You're able to live the life you've always envisioned for yourself without concern of paying bills. 
6. You're able to give back ie do charitable and philanthropic work to help others get what they desire.

With all that being said read books, blogs and magazines that speak about setting yourself up for retirement and learn one phrase so that you know it like second nature- COMPOUNDING INTEREST!