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Where Should My Next Dollar Go?

Brian Rood, CFP®, ADPA®, CCFC | January 9, 2024

When musicians think about their finances they often become frustrated and even overwhelmed.

They ask “where should I start” and “will it really make a difference”?

As performing artists we tend to concentrate on our careers and getting the next gig above pretty much everything else. We often put financial decisions off until next year or further down the road. And, before we know it, retirement is around the corner.

Rather than being stressed out about it, here is a set of guidelines to help get you moving in the right direction. It is a roadmap with questions and strategies to consider as you plan where your next dollar should go.

And, here are a couple of important questions that we address with our clients:

  • Financial Security: Analyze your overall financial well-being including your emergency fund, financial solvency and whether you are adequately insured.
  • Employer Benefits: Those who know me from CBA negotiations may remember my saying “never leave money on the table.” The same applies for your employer benefits. We will explore “free money” and tax advantaged opportunities for you to help maximize your financial situation while you're working and during retirement.

To download a PDF version of the flowchart, click on the image below.

Keeping in mind your specific circumstances this roadmap offers ways to consider how to allocate your money depending on your unique goals and objectives as well as resources.