5 Financial Pitfalls to Avoid When You Come into New Money

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SAVE YOUR MONEY  	Just because the money’s pouring in now doesn’t mean it will tomorrow. That’s why it’s always a smart idea to live within your means and not beyond them. For example, if you make $2 million in a year, Harmony suggests stretching that out to last 10 years by living like you only make $90,000 a year. “In the music business, actually in any business, there are peaks and valleys. When you hit your peak, prepare for the valley,” he says. “Money is thrown at you from all directions, but it’s not always going to be like that… You have to be prepared. You’re not always going to be hot.”

SAVE YOUR MONEY Just because the money’s pouring in now doesn’t mean it will…