💰 The Composer’s Guide to Finances | Part 1: Managing Your Money Like a Pro 💰

Are you ready to tackle the financial side of being a composer? This video is your no-nonsense, straightforward guide to managing your money as a composer or musician. From understanding income streams and expenses to mastering budgeting and creating passive income, we’re covering all the bases. This information can apply to any film composer, video game composer, contemporary or classical composer, or any musician who wants to think and act more like a growing business in the new year.

📋 What You'll Learn in This Video:
1️⃣ Key Financial Terms
Revenue, expenses, P&L, balance sheets, gross vs. net profit, royalties, W9 vs. W2, and more.
2️⃣ How Composers Make Money
Explore income streams like commissions, royalties, licensing, sheet music sales, teaching, and parallel work.
3️⃣ Tracking Your Finances
Why you need to track income and expenses (and how to do it like a pro with tools like QuickBooks or spreadsheets).
4️⃣ Financial Statements Made Simple
Understand Profit & Loss (P&L) and Cash Flow Statements with clear examples.
5️⃣ Budgeting and Managing Expenses
Learn to identify recurring costs, handle irregular income, and save for taxes and emergencies.
6️⃣ Dealing with Inconsistent Income
Strategies to achieve financial stability in the unpredictable world of composing.
7️⃣ Analysis of Your Finances
Understand what's working and what needs to grow with your composing business.

🎯 Whether you're a seasoned composer or just starting out, this video breaks down the essentials of managing finances for creative professionals. And no, there are no “get rich quick” schemes here—just real talk about the financial realities of being a composer.

🛠️ Resources Mentioned in the Video:
Recommended software: Excel, Google Sheets, QuickBooks, etc. Examples of P&L and Cash Flow Statements

💬 Join the Conversation!
What’s your go-to strategy for managing composer finances? Share your tips in the comments below!

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📌 Chapters:
0:00 Do you want to earn $100000 a year as a composer?
0:29 Intro to Finances
1:06 Financial Terms Every Composer Should Know
4:59 Income Streams for Composers
7:58 Defining and Understanding Your Expenses
8:40 Tracking Revenue and Expenses
11:15 Defining the Chart of Accounts and GAAP
12:49 Tracking Your Hours
14:10 Profit & Loss Statement
14:58 Cash Flow Statement
17:07 Balance Sheets / Tracking your Assets
18:07 Budgeting and Managing the Money
19:26 Budget vs. Actuals (comparing your goal with how you really did)
23:06 Comparing Your Revenue & Expenses
24:15 Budgeting Over Time
25:09 Dealing with Inconsistent Income
28:11 Closing Thoughts

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