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Chronology of Debt Accumulation
- Was told he “needed” to go to Indiana U. because that’s the only place for opera singers.
- Family financial situation caused him to drop out of Cincinnati Conservatory and re-enroll at out of state tuition
- Ended up with over $100,000 in debt after two degrees
“Rock Bottom” Moment:
- “Zits” rehearsal for an opera.
- Didn’t have gas in his car; had to run to rehearsal and was 15 minutes late.
Steps to Getting on Track
- Googled “making a budget”
- Musicians inherently embrace discipline
- Entitlement mentality: “I’ve worked so hard…I can splurge on this or that…”
Specific Tactics on Money Management
- Envelope system
- Have $$$ specifically allotted for necessities: food, gas, bills, etc.
- Dave Ramsey: “Make your money work for you. Tell your money how to work for you.”
About the Guest:
I’m a financial counselor and performer with a passion for keeping other artists from making the same mistakes I did!
After graduation from the Cincinnati Conservatory I realized I had the education I always wanted and the six figures of student loan debt to go with it. I also had NO CLUE what to do, or how to make it go away.
So I started educating myself about budgets, money, and the power of personal finance. Then slowly I started fixing all my mistakes. In doing so I realized my mission in life was to help educate other artists before they screwed it up just like I did!
Now I teach clients how to manage their money, budget for the future while being musicians, and reach long term life goals they never thought they could achieve.