Jeremiah Johnson on How to “Break Through Broke”

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.

About the author, James

I play the cornet, and trumpet when I get called to do so.
I'm also a podcaster.

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