Book Title: The Quiet Investor: A Musician’s Guide to Investing
Author: Rory C. Morgan
Genre: Self-help, Music, Business
Review: 4.8/5
Main points of the book:
1- Creating a business that supports your production of music and allows you to manage your own time and enjoy more freedom is key to longevity and happiness in this field
2- Effectively managing finances determines the success
3- Dealing with failure by being mindful is important for long-term success
4- No matter what stage you are in your career budgeting will help you lead a life without financial pressure
5- Marketing as a musician is vital for raising awareness of your music
Introduction:
This book is written by Rory C. Morgan, a rapper, a songwriter, an author, and an entrepreneur. In this book the author, Rory C. morgan has many guides for his readers and new upcoming musicians about finance and music. He has described how to achieve financial stability and financial freedom. How to not overspend, and learn unique ways to generate income and most importantly how to create diversified income streams. This book has a complete guide towards a stress-free financial future for the Musicians.
Summary:
In the first chapter, the author has informed us about what tangible and intangible assets are. With the growth of technology and social media, Information based businesses such as blog or vlog on YouTube and a website on social media platform can also be an asset for a musician. Apart from promoting one’s own business, or music the most important thing in finance is Copyright. Copyright protects the work that we produce or create. It is the most relevant intellectual property for an artist because through copyright a person can claim his own rights on work, art, or anything that he has created whether it’s art or music. For the musicians, When a record company or the artist owns a copyright to this own composed or created song, they get paid a royalty each time the song is played. As a musician, he must take his time to understand that intellectual property and branding are vital intangible assets for his music. A brand also plays an important part in the financial matters of a musician. As the brand depicts the true value of an artist and also reduces potential competition, Data also plays an important part in generating revenue.
The author has also described advice on How to be your own boss. As at the start of a musician’s career, he has to perform at different venues and work hard. Therefore it is not easy to be your own boss under immense pressure and stress. But being your own boss even in difficult situations will enable you to make your own choices, control your future, and enable you to make money from something you love. At the start of any business, there is a high chance of failure therefore, you have to determine your objectives and create a plan to reach your goals and aims. Before starting a business one should keep in mind the start-up costs and other factors to enable sustenance of the business and to generate income for yourself. The author has further effectively and broadly defined what is interest, and simple interest, and how they function in your business.
Budgeting is the most important part of a business. Many times we are caught up to present ourselves in a certain way to go with the trend like wearing expensive clothes, flaunting cash, and living a lifestyle that is beyond our reach, which leads to financial stress. Budgeting helps to track how we are spending our money. After a month of budgeting, we come to know where all our money is going. Analyzing our expenditure through budgeting will show us where we can save and invest our money.
Marketing is a great opportunity to grow your audience. Marketing can be done through online and offline means. Marketing as a musician raises awareness of your music in the world. Personalized websites and social media platforms are great ways to enhance the marketing of your music. Try to post frequently and engage with your fans through social media platforms like Twitter, Facebook, and Instagram. These platforms help you connect with your fans, and also build strong relationships with your fans and increase your popularity among people.
Conclusion:
This is a great book not only for the Musicians, but also for new start-up businesses to manage their finances and know about investing and interests. Marketing strategy and investing are very well defined, which helps the readers gain knowledge in starting their own career as a Musician. You can get this book here on amazon.
RCM Book Reviews 