Retirement Planning
Five Things Every Freelancer Needs to Know About Finance (Including Teachers!)
Independent music teachers, owners of independent music schools and free-lance performers can all feel overwhelmed by the challenges of short and long-term financial planning. At times, it can seem almost impossible to get out of debt or start saving for retirement.
Retirement Planning: You Can Never Start Too Soon
My favorite quote about planning for retirement comes from Chris Hogan, “The Retirement Fairy isn’t coming!” (2016, 113). Another favorite by Hogan, “The money you save while you’re working is the income you’ll have in retirement” (2016, 114). If you are in your 20s or 30s, maybe you feel like retirement is too far off to think about now. If you are in your 40s or 50s, maybe you are too concerned about house payments and putting your kids through college. If you are in your 60s or older…time is passing in a blink. No one wants to retire poor or continue to work far into old age, so here is the good news: There are specific steps that can be taken to secure the retirement years.
Studio Refresh! Essential Business Topics to Revisit Annually
Times change, but strong business practices never go out of style. An annual refresh keeps a studio vibrant, relevant and meeting the needs of students and parents. Compiled by the MTNA Business Network, the highlights important studio topics that warrant regular review. Follow along as we explore these key studio topics in more detail.
Five Steps for Creating a Financial Plan
1. Set Clear Financial Goals
Creating a financial plan is a crucial aspect of managing your money effectively, regardless of your age or career stage as a music teacher. Certain principles remain relevant for all teachers.
Financial Planning for Music Teachers at Different Stages of Life
Navigating the landscape of financial planning is an essential aspect of a music teacher’s professional journey, characterized by self-employment, limited working hours and irregular income streams. When and why should a music teacher engage in financial planning?
Financial Health 1-uh-oh…I mean 101
Congratulations! You have a wonderful career at a professionally run independent studio, a prestigious university or a successful community school of the arts. You are on the road to financial success. Well… maybe not.
Financial Calculator Tools for the Studio Music Teacher
Finances, taxes and rates, oh my! For many teachers, the financial aspects of running a private studio can be daunting, but we are lucky to live in an age when so many essential, yet simple, tools are available with just the click of a button.
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