Understanding how cash flows within your music career is critical when it comes to maintaining sustainability. Unfortunately, there’s a lot of bad information out there about how to manage your money. David Andrew Wiebe explains why optimizing your cash flow does not equate to making more money in music.
So, I heard somewhere recently that you could make more money in music by optimizing your cash flow. And, I do think cash flow is a really important topic and I even talk about it in my upcoming book The Music Entrepreneur Code.
The thing about this is that you can’t actually make more money. You’re going to make the same amount of money regardless of how you optimize your cash flow. You’re going to be able to keep more of the money you make by optimizing your cash flow, but you can’t make more money. The only way to make more money is to make more money in your career. So, I would focus on making more money.
Now, is it good to sometimes cut on unnecessary expenses and to streamline your life? Absolutely, I think that’s a really important part of your journey early on. But don’t believe the myth that you can somehow make more money by optimizing your cash flow.