Apparently this place really exists according to the commercial I am watching on Comedy Central. However back to Thursday and the panel Making Money from the Music Industry and Keeping it. This was a panel run by people who new the industry from all sides. There was Mike Jacobs from Jacobs & Associates who is a drummer, real estate entrepreneur and also played with Charlie Sexton and opened Austin Rehearsal Complex, where the ARC Angels started, but more of them later. Giti Khalsa a financial adviser from Smith Barney and former drummer of 7 Mary Three. Don Harvey who is like Don Harvey. Actually hes a former label owner and record pusher who helped break The Offspring and No Doubt and is therefore responsible for my entire career, I thanked him later.
The basic idea behind this panel was instilling some basic common sense in financial approach to the music industry. Basically the music industry is like a roller coaster ride when it comes to income. I am living proof, sometimes your up some times your down, and its impossible to say when you can save and invest. So the basic advice was to keep saving wherever you can. The thing is its hard to compartmentalize your life but when it comes to money you need to. Money gets in the way of music a lot. You can't do even basic things without the right equipment, which costs money, but so long as your realistic you can put a lot of money away for things you will need in life, like your house or an education. If you are planning a career in music I can say this, learn some accountancy. figure out where you can save money until you need real help. Your not going to need an entertainment lawyer at the basic level, but you are going to need one when you get up in level to top tour gigs and recording jobs. Even then you can save money by asking around, reading reviews and asking opinions.
There was some other advice but I shall save that for lessons, the only other advice that may be a little out of your range was buy a house in LA now and become a US citizen because you can get a $8000 grant to buy a new house.
Just a thought.
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