If you’re in the first few years of your career, money can be a complicated topic. You may be trying to balance bills and student loan payments while still investing in your business. On top of that, if you’re self-employed, you have to figure it out all on your own!
In today’s show, you’ll be introduced to Shannah Compton Game, a Certified Financial Planner and the host of the Millennial Money podcast.
Shannah’s Five Money Tips for Self-Employed Music Teachers
1. Know your number
I’ve got printable budget worksheets to help you out!
2. Build your money system
- Choose the software or system you’ll use to track money for your personal and business lives
- Set up a separate bank account and credit card for your business
- Protect your credit score
- Schedule money dates to review your finances
3. Build a strong team to have shared brain power around your business and finances
Lawyers, accountants, and business coaches, will all bring a different perspective and help you see the blind spots you might have.
4. Price for profit
Check out these blog posts and calculators for more guidance:
- How Much do I NEED to Charge
- How Much SHOULD I Charge
- Music Teacher Income & Tax Calculator – input your living expenses and the calculator will estimate how much you need to earn to cover those expenses plus taxes.
- Creating a Music Studio Financial Plan + PRINTABLE Startup Expense Worksheet
5. Tell your money where to go with goals
Connect with Shannah
Podcast: Millennial Money