alden1013
New Contributor
Hi MJ and friends,
I finished the Fastlane book this week and subsequently reading people's stories and advice in the forum for the last few days. I was inspired and had to join the conversation. I am the daughter of a single mother who taught me all the wrong things about money and I have worked tirelessly over the last decade or so to unlearn the poverty mentality. Prior to this year, my annual earnings were embarrassingly low. Last summer, after reading a great book called "Overcoming Underearning," I was able to kick the subconscious victim mentality I didn't even know I was harboring and decided to kick into overdrive and earn six figures for the first time in my life. I decided I would do whatever it took to make this goal happen.
I'm a musician (singer/songwriter) who has had some international success licensing my music to film and TV (Harley-Davidson, Audi, Dexter, Sony Films, etc.). (You can stream live here: Nichole ALDEN: Singer, Songwriter, & Performer.) I write and record my own songs which (with few exceptions) I usually release on my own record label. I also create and maintain my own website, handle all of my own publishing administration, and personally fulfill most of my online CD orders. I released my third CD in November 2010 and will be working on my fourth this year.
The good news there is that I actually do collect some music licensing revenue and royalty income (seedling 1) and I definitely look at all of the time I've put into the creation of my music as a "process" and the licensing placements and record deals as "events." I do not yet make enough to survive (let alone live well) from my music income, but so far this year I've brought in more money from music than I have in the entire last decade. So, I've seen a glimmer of what is possible.
Additionally, I have been running my own private academic tutoring business (20+ hours per week) for the last 4 years in addition to working full time as an elementary school teacher (40+ hours per week) off and on for the last 9 years. Sadly, neither of these "jobs" follow the Fastlane model. I say "jobs" because even though I own the tutoring business, it feels like a job and even though I am able to charge a good rate for tutoring I am limited by how many hours I can work in a day. (Each time I've tried hiring other people it's turned out to be a headache.)
So, after working my a$$ off for the last 9 months, in February I finally clawed my way to zero (DEBT-FREE). Yes, I paid off all of my debt (car and multiple student loans) and in the last couple months I've managed to save just shy of $10,000. The only bad thing about this is that I've been working 12-14 hour days for the last 9 months and have sacrificed nearly all of my social life -not to mention any time for my music- to get here. I'm maxed out on how much I can earn doing what I'm currently doing and just can't continue at this pace.
Since I never really had a place I could call "home" growing up and I've lived with roommates since 17, it's really important to me to be able to buy a nice home. I want to purchase a modern loft, ideally with cash, within the next year (which will cost over a million dollars here on the west side of Los Angeles or between $200,000 - $300,000, if I choose to move to Scottsdale where my brother is) and now that I've gotten a taste of making money I'm ready to start making some real money and make that happen!
So, this is where I am. I've got just 7 weeks left of my grueling 14-hour per day teaching/tutoring schedule. (We finish the last week of June.) I've already started putting together a few summer workshops for my current tutoring clients with other people teaching, so I can guarantee some passive income coming in this summer. And, there I will be... free as a bird and with no bills (aside from rent and living expenses --around $2000/month), roughly $10,000 in the bank, no job, single with no kids ...not even a pet. I realize many have succeeded with much less and that this provides me with a huge window of opportunity to make a giant leap forward. So, I don't want to waste this and I would really appreciate some guidance.
Perhaps I should (for once) put *all* of my time, energy, and money into my music career? -Hiring interns again and just pushing like crazy for more licensing opportunities, putting together a world tour while recording a new album, shooting a music video, and making every effort to get my pop songs placed with huge artists. (I also write in other genres for other artists.) I know how competitive this industry is, but perhaps I can push harder in the foreign markets where I have a following and try to get a break in the U.S. if for the first time I really put all of my energy into this.
To be honest, I've never really tried as hard as I can to make this happen. I'm as cynical as the next person about pie in the sky, against-the-odds dreams, but I've actually seen some success with my my music -mostly via exposure I've gotten from film trailers or a commercials overseas.
I follow music/tech industry developments religiously and, like everyone else, I've had a ton of ideas on how to capitalize on the changing face of the music industry. I actually wrote my economics thesis in college about how mp3 technology would have massive implications for holders of intellectual property rights and I predicted back in 1998 that eventually people would just steal music, leaving touring, licensing, and merchandise as the only real methods for generating an income in the music industry. My economics professor hadn't even heard of mp3 technology at the time and he argued relentlessly that we'd never have enough bandwidth for that to be an issue. Ha! (If only I had been smart and confident enough to capitalize on that prediction.)
Of course, like everyone else, I have a ton of ideas for apps that are non-music related too. But, as MJ says, ideas are just ideas. Who cares!
Anyway... I feel like I'm rambling now, but I wanted to express to the best of my ability where I currently am. I'm wondering if I should go whole-heartedly for financial success with the music or if I should perhaps use this time to start another scalable business, like one of the many app ideas I have. I'm trying to be reasonable and objective in my decision-making process and would appreciate any feedback or ideas you may have.
The real question: Can I make millions in the music industry as an artist/songwriter? Should I put my efforts into something else or should I stop being what MJ refers to as a polygamist and finally go whole-heartedly for millionaire-level success with the music?
Thanks so much for reading and thank you in advance for your input.
Nichole ALDEN
Hi Alden, I removed your siglink in order to comply with forum rules. We have to do this to cut down on spamming, but you can put it back up after you have 50 posts.
Thanks
Sparlin (Mod.)
I finished the Fastlane book this week and subsequently reading people's stories and advice in the forum for the last few days. I was inspired and had to join the conversation. I am the daughter of a single mother who taught me all the wrong things about money and I have worked tirelessly over the last decade or so to unlearn the poverty mentality. Prior to this year, my annual earnings were embarrassingly low. Last summer, after reading a great book called "Overcoming Underearning," I was able to kick the subconscious victim mentality I didn't even know I was harboring and decided to kick into overdrive and earn six figures for the first time in my life. I decided I would do whatever it took to make this goal happen.
I'm a musician (singer/songwriter) who has had some international success licensing my music to film and TV (Harley-Davidson, Audi, Dexter, Sony Films, etc.). (You can stream live here: Nichole ALDEN: Singer, Songwriter, & Performer.) I write and record my own songs which (with few exceptions) I usually release on my own record label. I also create and maintain my own website, handle all of my own publishing administration, and personally fulfill most of my online CD orders. I released my third CD in November 2010 and will be working on my fourth this year.
The good news there is that I actually do collect some music licensing revenue and royalty income (seedling 1) and I definitely look at all of the time I've put into the creation of my music as a "process" and the licensing placements and record deals as "events." I do not yet make enough to survive (let alone live well) from my music income, but so far this year I've brought in more money from music than I have in the entire last decade. So, I've seen a glimmer of what is possible.
Additionally, I have been running my own private academic tutoring business (20+ hours per week) for the last 4 years in addition to working full time as an elementary school teacher (40+ hours per week) off and on for the last 9 years. Sadly, neither of these "jobs" follow the Fastlane model. I say "jobs" because even though I own the tutoring business, it feels like a job and even though I am able to charge a good rate for tutoring I am limited by how many hours I can work in a day. (Each time I've tried hiring other people it's turned out to be a headache.)
So, after working my a$$ off for the last 9 months, in February I finally clawed my way to zero (DEBT-FREE). Yes, I paid off all of my debt (car and multiple student loans) and in the last couple months I've managed to save just shy of $10,000. The only bad thing about this is that I've been working 12-14 hour days for the last 9 months and have sacrificed nearly all of my social life -not to mention any time for my music- to get here. I'm maxed out on how much I can earn doing what I'm currently doing and just can't continue at this pace.
Since I never really had a place I could call "home" growing up and I've lived with roommates since 17, it's really important to me to be able to buy a nice home. I want to purchase a modern loft, ideally with cash, within the next year (which will cost over a million dollars here on the west side of Los Angeles or between $200,000 - $300,000, if I choose to move to Scottsdale where my brother is) and now that I've gotten a taste of making money I'm ready to start making some real money and make that happen!
So, this is where I am. I've got just 7 weeks left of my grueling 14-hour per day teaching/tutoring schedule. (We finish the last week of June.) I've already started putting together a few summer workshops for my current tutoring clients with other people teaching, so I can guarantee some passive income coming in this summer. And, there I will be... free as a bird and with no bills (aside from rent and living expenses --around $2000/month), roughly $10,000 in the bank, no job, single with no kids ...not even a pet. I realize many have succeeded with much less and that this provides me with a huge window of opportunity to make a giant leap forward. So, I don't want to waste this and I would really appreciate some guidance.
Perhaps I should (for once) put *all* of my time, energy, and money into my music career? -Hiring interns again and just pushing like crazy for more licensing opportunities, putting together a world tour while recording a new album, shooting a music video, and making every effort to get my pop songs placed with huge artists. (I also write in other genres for other artists.) I know how competitive this industry is, but perhaps I can push harder in the foreign markets where I have a following and try to get a break in the U.S. if for the first time I really put all of my energy into this.
To be honest, I've never really tried as hard as I can to make this happen. I'm as cynical as the next person about pie in the sky, against-the-odds dreams, but I've actually seen some success with my my music -mostly via exposure I've gotten from film trailers or a commercials overseas.
I follow music/tech industry developments religiously and, like everyone else, I've had a ton of ideas on how to capitalize on the changing face of the music industry. I actually wrote my economics thesis in college about how mp3 technology would have massive implications for holders of intellectual property rights and I predicted back in 1998 that eventually people would just steal music, leaving touring, licensing, and merchandise as the only real methods for generating an income in the music industry. My economics professor hadn't even heard of mp3 technology at the time and he argued relentlessly that we'd never have enough bandwidth for that to be an issue. Ha! (If only I had been smart and confident enough to capitalize on that prediction.)
Of course, like everyone else, I have a ton of ideas for apps that are non-music related too. But, as MJ says, ideas are just ideas. Who cares!
Anyway... I feel like I'm rambling now, but I wanted to express to the best of my ability where I currently am. I'm wondering if I should go whole-heartedly for financial success with the music or if I should perhaps use this time to start another scalable business, like one of the many app ideas I have. I'm trying to be reasonable and objective in my decision-making process and would appreciate any feedback or ideas you may have.
The real question: Can I make millions in the music industry as an artist/songwriter? Should I put my efforts into something else or should I stop being what MJ refers to as a polygamist and finally go whole-heartedly for millionaire-level success with the music?
Thanks so much for reading and thank you in advance for your input.
Nichole ALDENHi Alden, I removed your siglink in order to comply with forum rules. We have to do this to cut down on spamming, but you can put it back up after you have 50 posts.
Thanks
Sparlin (Mod.)
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