Investing and Retirement (Music Industry Edition) [7FMS Ep. #110]

by Daniel Patterson

 

How are you saving or planning for retirement?

Is this something you are thinking about?

In his many years of coaching school owners… Daniel has discovered that financial planning, investment, and retirement preparedness is a topic that is often neglected and fraught with confusion.

In this compact episode, Daniel and Nate discuss their personal approach to this topic and give a dozen or so suggestions as to how they are planning for the future.

We obviously are not financial planners! And… this episode is not designed to compete with the many books, blogs, resources and podcasts that exist on this very topic!

Think of this as a friendly discussion amongst friends… one that might inspire you, challenge you, or help you add to your own asset and investment planning.

Click below to listen to the episode.

 

 

Or, check out the video version of the podcast:

 

Here’s what we cover in the episode:

  • Reframing retirement as a small business owner
  • Investing in self-education and personal development
  • Becoming your own banker (controversial)
  • Setting up SEP and disability insurance
  • Real estate market, owning a home, Bitcoin, and other nerdy stuff (finding your interests and diving in deeper)
  • Developing fluency around retirement planning (preparing by knowing)

Show Notes

During the episode, Daniel and Nate mentioned a number of resources…

How Much Is Your School Worth? | Do you know how much the school you’ve built is worth? Do you think of your school as an asset?  An asset that you could sell, or pass on, or even use as a piece of your wealth-building strategy? If you haven’t, you should listen to this episode, because we’ve brought back Jeff Homer (friend of the show) to talk about putting a valuation on your school.

5 Books That Will Change Your Music School | Wondering what to put on your reading list this year? Here are 5 *MUST READ* books for every music school and music studio owner. These books cover topics of leadership, strategy, purpose, management, and career satisfaction.

24 Assets: Create a digital, scalable, valuable and fun business that will thrive in a fast changing world | This book teaches you how to make your business valuable. It helps you change your business into something that can grow big, use technology, be fun, and make a difference.

The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It | This book teaches you about the steps a business goes through, from starting out, to growing bigger, and then being fully grown and successful. It explains how to use the ideas from businesses that use a special model (like McDonald’s) for any kind of business. The most important thing it reveals is the difference between helping your business grow from the outside and doing the everyday work inside your business.

Becoming Your Own Banker: Unlock the Infinite Banking Concept | This book tells you what you need to know about Whole Life Insurance policies to save and manage your money in a smart way.

It will be difficult to invest if you don’t have the cash to do so!

That’s why we help school owners to supercharge their enrollment efforts.

Check out this free training I did on how to get more students in your school!

Also… Daniel has been posting a lot of great advice on his Instagram.

Give us a follow if you’d like to see short inspiring clips in your feed during the week.

Sponsors

SPONSOR – Piano Express from GroupLessons.com

Would you like to start a group piano program in your studio… but are concerned about the logistics, the setup, and (most of all) the response from your studio families?

Don’t be scared!

Head over to GroupLessons.com, sign up for a free demo, and we’ll show you how hundreds of studios have easily started a new group program (sometimes in just a few weeks)… with little to no difficulty.

You can even begin our owner training for free (download our shopping list, and look through our teacher guides and method).

Don’t let an imaginary “boogeyman” keep you from making a profitable change in your studio!

SPONSOR – Big Music Games

Big Music Games provides fun with a clear purpose. Ear training and music theory for students ages 4-14. 

Level up your student’s ears & ignite their passion and motivation to practice with 15 levels of rhythm, melody, harmony and songwriting games. 

Join the tribe of teachers dedicated to improving the way the world educates the next generation of musicians. 

BigMusicGames.com/7FMS

 

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Daniel Patterson is a private teacher, writer, and marketing consultant for music schools. He began teaching in 2004. He co-founded and led marketing operations for a summer music camp that sees over 200 children each summer.

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