← 5 Financial Pitfalls to Avoid When You Come into New Money

Eyeing-money

By Anslem Samuel | Published February 15, 2011 | Full size is 500 × 320 pixels

ADVANCES… ACT LIKE YOU DIDN’T GET IT A big mistake that many new artist make is that they think the money will last forever. An advance is just that, it’s upfront money that you have to recoup. That’s why Harmony advises just putting it in the bank and saving some for Uncle Sam. “Put 50% into a separate account that you will not have access to just for your taxes,” he says. “Taxes are about 30% of your gross income. You’ll be doing yourself a favor. Remember, you’re never too rich to go broke!”

ADVANCES… ACT LIKE YOU DIDN’T GET IT A big mistake that many new artist…