It never ceases to amaze me how some musicians that achieved tremendous financial success in a relatively short time squander it all. When you are a famous musician with a hit song and at the highest of your career, the feeling might seem endless. But everyone knows ’no condition is permanent’ and many musicians are not exactly brilliant at saving up for tomorrow. This is why over the years we have seen and heard of rich and A-listers with incredible success run into financial problems and end up broke!
Here are some of the reasons why most (Ghanaian) musicians end up broke:
1. Spending more than they earn: Most musicians think that once they have a certain amount of money, they can buy everything they ever possibly wanted. They begin to live an extravagant life, spend lavishly on slay – queens and other unnecessary things, forgetting it is hard to make another hit song in Ghana.
2. Keeping up to a lifestyle they cannot afford: After living an extravagant life, the biggest mistake that they continue to make is maintaining the lifestyle they have carved out for themselves. When the hit song dies out and there is none to maintain the money coming in earlier, musicians tend to continue to live like when they were making that big cheque to keep up with appearances. But that isn’t necessary, why don’t you cut your coat according to your size and invest the rest for the future.
3. Unrealistic assumptions of future earnings: Success doesn’t last forever. When most musicians are achieving their peak earnings, they fail to recognize it. They assume that the best is yet to come. These unrealistic hypotheses about future earnings cloud their judgment when it comes to savings and spending.
4. Depending only on their music: Most musicians depend solely on their music as a source of income which is dumb and not advisable. As a musician, music shouldn’t be the only enterprise for you unless you are not talented enough but just doing music because someone broke your heart. But if you are truly an act in motion, you should venture into other aspects of the creative industry or better still invest in other businesses recommended by your business manager (if you have one) so that when you can’t make hits anymore, these businesses can hold you down.
5. Poor management team: It is sad to see musicians lose everything because they assigned the wrong people to be in charge of their careers. As a musician before you appoint team members to manage your affairs, you should consider the following if not you might come back to square one (Underground)
- Find people who care and have your interest at heart.
- Look for excellent communicators.
- Seek members who are well organized and self-discipline.
- Look for resourceful, influential, and knowledgeable individuals who know their means in the music business.
Let’s take note and be extra cautious so we can still smile for long in this industry.
Written By Esther Konama.
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