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Financial perspective

What is your financial perspective on performing music?

  • Performing is my primary source of income and I report it on my taxes

    Votes: 6 6.2%

  • Performing is an important secondary source of income and I report it on my taxes

    Votes: 18 18.6%

  • Performing makes beer & GAS money, but my day job pays the bills

    Votes: 40 41.2%

  • Performing music can earn money? Liar!

    Votes: 20 20.6%

  • Performing is a vicious, sinister money sucking pit, but one day it'll make me rich

    Votes: 8 8.2%

  • Carrots

    Votes: 5 5.2%
  • Total voters
    97
  • Poll closed .
J

Jason P Bass

Jan 15, 2008
1,309
14
Virginia Washington DC
#1
Recent threads have made me curious. How do you approach the financial side of playing music? I've been in hard working cover bands where the primary goal was to earn cold hard cash. I've been in original bands that ended in bitter disputes over gas money. Some people adamantly refuse to pre-sell tickets for a show. My current band is a vicious, sinister, money sucking pit.

But what's the typical TB perspective?
 
#4
Hunter S Thompson:
"I hate to advocate drugs, alcohol, violence, or insanity to anyone, but they've always worked for me."
:cool:

"The music business is a cruel and shallow money trench, a long plastic hallway where thieves and pimps run free, and good men die like dogs. There's also a negative side."

Love it live it! Be the ball!

1+ for the topic.
 
#5
I used to make money bu tit was all for the wife and kids. Since i am now in a originals band in the last year and a half i have not taken 1 cent form any of the money we make.We do decent for an originals band but use the funds for PR,recording CDs etc.
 
#6
as of right now I'm not making a dime from my music (if you want to call it that lol). Me and my fiance' have an understanding though. Any money I do make from it can go right back into better equipment (new bass, strings, amp stack, etc.)

As far as a day job... I'm on disability (I'm legally insane to put it simply) so I get to dedicate all my free time to becoming a better bassist... which boils down to roughly 12 hours daily in between sleep, feeding the animals, cleaning the house, and college.
 
#7
Most of the gigging I do is for theatres, so there is definitely money involved. The other two bands I'm in also treat this as a business; yes, we all have fun playing the music but we're not going to do this thing for free (with exception, of course).

Any of my gigging income (and like many here, it counts for half) goes into a separate savings account that is used for strings, equipment, upkeep, etc..
 
#9
fmoore60 said:
Hunter S Thompson:
"I hate to advocate drugs, alcohol, violence, or insanity to anyone, but they've always worked for me."
:cool:

"The music business is a cruel and shallow money trench, a long plastic hallway where thieves and pimps run free, and good men die like dogs. There's also a negative side."
Click to expand...

Man I love the second quote. :D, but both are good.

Yeah its just beer & play money for me currently.
 
#11
fmoore60 said:
"The music business is a cruel and shallow money trench, a long plastic hallway where thieves and pimps run free, and good men die like dogs. There's also a negative side."
Click to expand...

AWESOME!!! :bassist: I can't for the life of me remember where this is from. But I love that you dug it out.

Me? I play at church on the worship team. Money is not a concern for obvious reasons. But most people I have known have fallen under the "money pit" category.

Of course, I do have to ask, is there anybody that actually claims their band-as-secondary-income on their taxes? I have yet to meet one. That's why I ask.
 
#12
kb9wyz said:
Of course, I do have to ask, is there anybody that actually claims their band-as-secondary-income on their taxes? I have yet to meet one. That's why I ask.
Click to expand...

Yes. At the end of the year, I usually get 2-3 1099s from local theatres, one from my church and one from my band, so I claim it all on my taxes.

With that said, aside from the obvious write-offs, I have a list of things that you can write off as deductions that you normally wouldn't think of (like food when you're at a venue). It's saved me a lot of hassle.
 
#13
Haha, I remember one gig for a government cultural institution where I had to sign the contract because everyone else was officially unemployed and couldn't claim income, or was fearing a tax audit. But most years I don't claim music income. The more my day job pays the less I care about income from music.
 
#15
kb9wyz said:
Of course, I do have to ask, is there anybody that actually claims their band-as-secondary-income on their taxes? I have yet to meet one. That's why I ask.
Click to expand...

My band is a Pennsylvania S-corporation, so the band files its own tax return and I, as a shareholder, receive a K-1, which is then reported on my individual tax return. I also file a Schedule C with respect to all income I receive doing freelance work (primarily theater work).
 
#16
We're rolling in filthy lucre! Yeah, well...... I make enough to buy new strings, a case of beer, and take my honey out for dinner twice a week. Did I mention I buy beer with my band money? I get free beer when I'm playing too!
 
#17
All 5 of my and my bandmates work 9-5 fulltime jobs. We all have college degrees too.

The money we make from shows/merch goes directly into a band fund checking account. Nothing is divided up, nothing is loaned out to the memebers. We all agree on it.

This way, when we tour we have money for gas, more merch, and any other band finances we might need along the way.

Maybe the occasional case of beer or two is funded by the "band fund" but we like to try and save as much as possible. We use our 9-5 jobs to provide us our gear, rent and general living.
 

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