Truth! Do the math, y'all. Get $600,000 minus 25% for reps = $450,000 minus 50% taxes and retained earnings = $225,000 divided by 5 years to recoup = $45,000 per year. Not bad, but should you really be spending $90K on a car, $30K on threads, and $20K on bling?
Right but if you sign early in the year and figure out a plan to use the money to upgrade your entire process you can flip it and save on the taxes. However it's easier said than done.
@@MusicMoneyMakeover I don't think it's reasonable to expect a 150% return on that kind of investment, especially when you have limited autonomy when it comes to the more granular details (choice of studio, support staff, brand endorsements, etc.).
You should always make payments to have a paper trail of on time payments to build great credit with lenders. Credit is more important in business than paying a cash out all the time.
@@drfangaz-pronouncedlikefan4019 ok so you’re essentially saying that one should ignore and let go of their childhood traumas regarding repossessions, and instead put themselves in a position to prevent this from happening by way of properly managing their finances? 🤔
I did the pop of color in the video. Great content info as always.
Thanks man we're overdue I hope all is well with you!
Thank you!
You're welcome
Thanks man. Much respect 🫡
Anytime!
Truth! Do the math, y'all. Get $600,000 minus 25% for reps = $450,000 minus 50% taxes and retained earnings = $225,000 divided by 5 years to recoup = $45,000 per year. Not bad, but should you really be spending $90K on a car, $30K on threads, and $20K on bling?
Right but if you sign early in the year and figure out a plan to use the money to upgrade your entire process you can flip it and save on the taxes. However it's easier said than done.
I noticed you didn't deduct finances for music production, recording, mixing and mastering costs, graphics design and administration.
@@MusicMoneyMakeover I don't think it's reasonable to expect a 150% return on that kind of investment, especially when you have limited autonomy when it comes to the more granular details (choice of studio, support staff, brand endorsements, etc.).
When you said that buying a car in cash is dumb can you please explain why this is not a wise decision?
You should always make payments to have a paper trail of on time payments to build great credit with lenders. Credit is more important in business than paying a cash out all the time.
@@drfangaz-pronouncedlikefan4019 ok so you’re essentially saying that one should ignore and let go of their childhood traumas regarding repossessions, and instead put themselves in a position to prevent this from happening by way of properly managing their finances? 🤔
@@orlandoyork2587 indeed.
Is the producer contract course needed if you get the 60 label course?