Habits of Rich Artists: 5 Secrets to Musical Success

Today, you are going to learn the 5 habits of rich artists. Therefore, the secrets to musical success are within your reach. If you are a regular reader of my blog, you will notice that the information that I offer can make you a success if you follow the guidance. In fact, I am thinking of compiling an ebook on your road to success as a musician. This will also be available to you for free once it is written. Read on and I will share the 5 signs you will be rich with you.

This first Pinterest pin has a guitar with plants growing in it and around it.  The title 5 Habits of Rich Artists is above it with the Krannaken branding at the bottom

Habits of Rich Artists: 5 Secrets to Musical Success

Here are the 5 signs you will be rich from your music career.

1 The First of the 5 Signs You Will Be a Rich Artist

The first of the signs you will be rich with your music is that rich artists educate themselves while poor musicians entertain themselves. Therefore, if you wish to be a successful and wealthy artist you will need to be serious. Keep on practising – even when you would rather do something else.

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One of the Habits of Rich Artists is that They Turn Their Downtime Into Educational Time

One of the key signs that you will be a rich artist is if you can turn your free time into educational time. It is vital that you also turn your free time and space into your own University. Read books, do online courses on Udemy or even just on YouTube. I know you can also learn a lot from people like Chris in the video at the top of this post.

You can also learn a lot from reading blog posts. If you are serious about your music and you have a passion for it, I advise you to come back to my blog and learn more every week.

“Formal education will make you a living.  Self education will make you a fortune…”  Jim Rohn

Never allow waiting time to be wasted time. You need to continuously learn and make the most of every free opportunity. I once bought a course in Pinterest marketing for $300 and I bought another course for less than $20 on Udemy. I ended up learning just as much from the $20 as I did from the $300 – maybe more.

Another example of paying less and getting more was when I quit smoking 16 years ago. Back in 2004, I paid around £200 and it didn’t work. In 2005, I went to a local hypnotherapist and paid £20 – I haven’t smoked since the latter appointment. I didn’t think it would work, but it has and I am much better for the experience.

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2 Rich Artists Invest in Assets

The next of the secrets to musical success is that rich artists invest in assets. For instance, you can invest in a great guitar or an amplifier. These can make your sound much better.

A note to remember about buying gear:

If you are purchasing gear you are not yet used to, it may take you some time in order to learn how to use it. This is especially true in electronic music production.

I once purchased a Native Instruments Maschine MkII. This is undoubtedly a great piece of kit. However, at the same time, you need to learn to use it. I didn’t use it to its full potential and now I have sold it on.

One of the Secrets to Musical Success is Investing in Gear

If you invest in something like a Fender Stratocaster electric guitar or a Gibson Les Paul, these are investment purchases. Therefore, they will appreciate in value over time if you can keep them in good condition.

This Pinterest pin shows a cartoon image of a man sitting in tonnes of bank notes and laughing as he considers whether he should count his money this is secrets to musical success

Habits of Rich Artists: 3 The Rich Artist Has a Vision For The Future

The next of the 5 habits of rich artists is that they have a vision for the future. They ask themselves where they see themselves in five years time. Furthermore, they make this plan and they hang on to it.

If you have a YouTube channel, ask yourself how many subscribers will you have in five years?

You may have an email list. How many contacts will you have in five years time?

How many songs, EPs and albums will you churn out in the next five years? You may be unclear on this, but it is always good to have a specific number of songs, EPs and albums in your mind for this plan.

Loopcloud Sounds

Where Do You See Yourself in Ten Years?

What is the big picture for ten years? Where do you see yourself? What will you have accomplished?

What is Your Life Goal?

You should have a life goal. What do you hope to accomplish throughout your life? Who do you want to work with in these time periods? Where do you hope to travel to put shows on? What do you hope to accomplish in your personal life?

What Are You Doing Today That is Going to Lead You Along These Plans?

Are you planning on making any sacrifices? Sacrifices are vital if you are making a plan because they help you to achieve your goals. Therefore, make sacrifices now that will lead you to your goals. Do you have a plan in place? It is important that you will also read and continue to learn as we have already discussed. However, it is equally as important for you to put your plan into action. You can’t just make a plan and forget all about it. That would be a recipe for failure even before you have begun. You will only reap what you have sown.

Habits of Rich Artists That You Have to Put in Now

Believe it or not, you are in the middle of your plan for your life. The beginning happened when you were born and if you consider that your life began when you were conceived, that is a perfectly valid argument.

Therefore, you have been on a life plan your whole life. Your plan may simply have been that you were alive and moving along somehow. That is a plan. Things might not go according to plan. However, your life plan is what you have at the moment.

You need to look after your physical, emotional, financial and spiritual life. Only then will you be able to optimise your working performance. You need to be happy and these things will make you happy in the short-term as well as in the long-term.

What you put into your body is what is going to come out. Therefore, if you eat junk food, do drugs or drink too much, your musical performance will suffer. Therefore, you need to consume healthy content with all of your senses. Don’t eat or drink anything unhealthy. Don’t watch “adult” content. It is equally important that you fill your life with what is good and wholesome. (Philippians, 4:8 NIV).

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4 The Secret to Musical Success #4 is that Rich Artists Know How to Save Their Money

Don’t spend all of your money on expensive cars, clothes, houses, etc. This is especially true with artists who get famous and take off quickly. They spend so much money, so quickly that they soon find themselves broke again. You need to invest in your future as we have already mentioned. Invest in things that will continue to pay you passively.

Electronic Music Production Courses from Loopmasters.com

Being Economic About Your Home is One of the Biggest Signs You Will be Rich

This is one of the biggest habits of rich artists. They don’t invest in things that are draining their money. A big house is one of these expenses. Living in a big house is a sign of financial affluence, but leaving it empty is just draining your financial resources.

Instead of leaving your big house empty, you should let it out to people who need a place to stop for a few nights. Sites like Airbnb will advertise your house and you can turn your home into a money-making asset. It is quite commonplace to earn $100 per night by allowing tourists and sales teams who wish to work in your area to stay in your home overnight.

This last Pinterest pin shows a bear playing guitar with the title 5 Habits of Rich Artists above

5 The Last of Our Habits of Rich Artists is That They Spend Less Than They Make

This is easy to get wrong. In the video, Chris says it’s easy to accomplish. However, as someone with 1,001 subscriptions, I know how out of control it can get. However, with careful management, expenditure can be decreased. This is one that I should take more seriously. I need to sit down and figure out exactly what I have coming in and how I can cut down on what is going out.

If we hope to be wealthy artists, we need to read and take seriously this post that shows you the secrets to musical success. Therefore, we need to learn to go without, save money and have reserves.

Conclusion

If you would like further advice about making a living from your music without breaking the bank, please check out these other blog posts…

Alternatively, you are welcome to check out my most recent blog posts here…

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About the Author
David Verney is a graduate from the University of West London, husband, father, Christian and Tottenham Hotspur fan. He started Krannaken.com during his final year at University. The initial idea was just somewhere to put his ideas on the subject of music marketing. However, it has been going strong since then and (at the time of writing) this website is 19 months old. Ideas don't dry up because the industry is always changing. New websites with new features are being launched all the time. Therefore, Writer's Block does not feature. I hope you enjoy the blog. Please hit one of the banners and claim your free copy of The Complete Guide to Music Marketing. I plan to update my book with new content every year.

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