Financial Resources for Independent Music Teachers

One of my hobby interests for many years has been finances and investing. It’s probably my dad’s fault! He volunteered for many years leading financial Bible studies and counseling people who were stuck and trying to get out of debt and make progress toward financial goals. From a young age he set my siblings and me up with little banks that we kept on top of the refrigerator where we stored our money and had ledgers to keep track of income, giving, saving, and spending. All that to say, I appreciated the recent article by Heather Smith, NCTM, in the MTNA Business Digest on Financial Planning for Music Teachers at Different Stages of Life. She lays out some helpful goals and items to consider in each decade of your life related to finances. She also has an accompanying article with Five Steps for Creating a Financial Plan.

According to a 2023 Report on the Economic Well-Being of U.S. Households, only 31% of non-retirees think their savings is on track for retirement, so it’s definitely an area worth looking into and gaining knowledge and understanding. Even if you plan to teach until you die, it’s wise to anticipate that you may not have the same capacity in terms of numbers of students and teaching hours. Thus, having a diversified income that includes passive income from a retirement account can provide the means to cut back as needed. If you’re interested in learning more about this area of finances and investing, here are a few of my favorite resources:

The Sound Mind Investing Handbook by Austin Pryor

A very helpful overview of the world of finances and investing that will provide lots of food for thought! Starting from the understanding that we are stewards who have been entrusted with all of our resources by God, the author looks at what our attitudes should be regarding money and then how that plays into managing it well.

 

The Path by Peter Mallouk

I came across this book and read it earlier this year. It’s one of the best books I’ve read that gives a more comprehensive perspective on issues ranging from estate planning, to understanding and buying insurance, to selecting a financial advisor, to investing, and more.

 

The Dividend Cafe by The Bahnsen Group

After reading David Bahnsen’s book, The Case for Dividend Growth, several years ago, I subscribed to his daily email. It’s a wealth of information about economic policy, market movement, and investing philosophy.

Wealthfront – A High Yield Cash Account (and much more!)

I was thrilled to discover Wealthfront a couple years ago right as the interest rates starting climbing. They have consistently raised the APY on their high yield cash account in conjunction with the Fed’s interest rate levels. So now, their regular rate is 5.00 % and if you use a referral link from an existing customer, they’ll boost it an additional 0.50% for 3 months! They also have a whole array of investing options, including Roth IRAs and automated investing portfolios that implement tax harvesting principles to help you maximize earnings.

Do you have any favorite finance or investing resources? I’d love to know about them!

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DISCLAIMER: Obviously I’m not a financial expert, just a small business owner who enjoys studying and learning about these things, so be sure to consult a certified financial planner for specifics related to your own situtation.

Please note: Some links above are affiliate links that enable us to receive a small commission from purchases made through them. We only recommend those that we find valuable for teaching and studio use. We are so grateful for the support of teachers and musicians who use our affiliate links to help offset the costs of running Music Matters Blog and providing free resources for music teachers!