As most of you are aware, I recently lost two very close friends, both of whom were full-time musicians. They were extremely talented individuals who were performing on average at least 4 to 5 days a week, every week of the year.

And, like many musical entertainers I know, they lived for today. Neither had a scrap of life insurance, health insurance, they didn't have a dime in the bank and for the most part they were not good businessmen. They frequently ate every meal at a restaurant, breakfast, lunch and dinner, and the only thing in the refrigerator was various beverages.

Both paid cash for nearly all their purchases, which most folks in business for themselves consider very foolish. They kept lousy records of their expenditures, frequently forgot to claim single performances where they were paid in cash, and when it came to planning for the future, they both figured they had plenty of time to do that sometime later in life. Unfortunately, later came much sooner than they anticipated.

Consequently, when they died, which was within a few months of each other, they left their families with a woeful mountain of debt and problems. When I talked with them about planning for retirement, setting up a retirement savings program, and running their musical entertainment business like any other business, their usual excuse was "I can't afford to put anything away, and I don't have enough time for all that paperwork."

I, personally, have been planning for retirement for the past 20 years, and with a little luck, I'll be able to just do a couple jobs a week when I reach age 70-1/2, which is the mandatory age to begin drawing from my retirement programs. I haven't put a huge sum into retirement, but over the years it has grown steadily, and despite the current economic times it continues to grow.

Additionally, I have supplemental health insurance and term life insurance, both of which are not overtaxing on my income. Both of these things are extremely important, particularly for those of us with families that would be left behind in the event of our untimely demise.

I use Quicken, Quick-Books and rely heavily on my computer to keep the business purring along. Nothing is paid in cash, including tolls. The tolls are paid using EZ-Pass, which is billed directly to a credit card that is strictly used for the business. The same is true for other expenditures, gasoline, equipment, repairs, equipment insurance, etc.. The card is paid off IN FULL every month, just like clockwork and the expenditures are all itemized using Quicken.

The reason behind that relatively long post is I recently discovered that another of my musician/entertainer friends is probably in the early stage of Alzheimer's Disease, which slowly but surely robs them of their mind. He too has no health insurance, very little life insurance, still pays a hefty monthly mortgage and has no savings account. His loving spouse of many years, has serious physical problems, which precludes her ability to drive. The next few years will likely be a series of trips to doctors, hospitals, and eventually end up with him in an extended care facility, which is extremely expensive.

Until recently, I was unaware that so many individuals in the musical entertainment field live exactly the same way as these individuals. They work hard, play hard, have lots of fun, but when it comes time to retire, very few can.

I didn't want to hijack Steve's post about keeping his day job, and I know he will continue to provide excellent musical performances at an increasing frequency during the ensuing years. Zuki, DNJ, Bill and a number of others are all working every day of the week. Hopefully, they are all putting some money aside for the inevitable. However, after reading that post a couple times it becomes apparent that very few of has take time to smell the roses. I frequently wish I could turn back the hands of time so I could have spent more time with my immediate and extended family members, but alas, that's not possible. I hope the members that read this post take a page from the life of this old man while you are still relatively young. Take just a little time each week to smell the roses, and plan for the future--it will arrive much sooner than you can imagine.

Good Luck,

Gary

Gary dont make yourself older then you are buddy.....have fun & enjoy every day you wake up! Go look at some of these HIgh end adult communiteis where everyone ios living better the they ever have doing all sorts of activities. Theres no reason you shouldnt also....sheeeesh your still in you 60s for petes sake your young!!!!

I'm with Gary on this one. Gary's post is EXACTLY what my parents have said to me growing up. Reading this post was a flashback for me.

I agree with Gary..., it doesn't matter what your age is. You always have to think to the future and what you leave behind. Sure life is great when you live for the now.., but it's easy to say that when you don't have to deal with what you leave behind for your loved one's to clean up.

Good post Gary.

Squeak

I saw a great T shirt at the casinos......

"I'm spending my Grand kids inheritance"

This is fine as long as it doesn't go the other way..leaving your burial expenses to the grand kids....

It isn't as hard to plan as most think..even a modest sum put away in a retirement fund..and don't touch...will add up....There have been many mutual fund programs that have done well over the years....and folks in their 20's-30's..should think about it NOW too..

It's not about living a life of luxury when we retire...it is about protected our survivors from our dumb habits and expenses..


Now let me go shopping for a "new toy"..

Oh come now Fran....
you know retirement IS Playing music for a living
Look at all the fringe benefits!

I'm hoping that when I die, I'm going to be very old and owe a LOT of money.

I'm going to have a mailbox attached to my tombstone...then they can send the bills to that address.

Gary great post, what you say makes a lot of sense. It's important to plan, not so sure that if I hadn't worked for a large company in the early days of employment that I would have had the discipline to plan for the future. Despite having to do the 8 to 5 and then some grind it does have it's rewards. Of course I'm not having as much fun as you folks who are playing music full time.

How did he say it –“Happiness and contentment is when you’re on your in death bed on your last day and you’re writing the last check and the account just ran dry”.

No, that would be nice but the chance of succeeding is very slim. I had a friend who worked for Grumman manufacture and played weekends -- all his playing money went directly into his investments, wow I wish I would have done that one.

My direction has always been a good daytime job or small business leaving me free to pick and chose where and when I would play a job. Playing never became a job and I enjoyed the time I spent being with my family.

John C.

From age 60 to age 70 the years seem to gain speed. From age 70 to whatever they go even faster --- What am I saying; Plan for the future but live for now, give it all you got.

I fear some of you are not taking Gary's post seriously enough. What this means is that at some point, some friend of YOURS is going to be writing a post very similar to Gary's. Of course, Gary's post only has meaning if you care about the welfare of those you leave behind. If that's not the case, then by all means, keep investing your retirement and/or long-term healthcare (and burial) funds in Yamaha's latest 'ponzi' scheme (T1,T2,T3.....).

I have seen way to many instances of musicians (and others, but mainly musicians) living the "eat, drink, and be merry...." lifestyle and leaving someone else to clean up their messes. Their 'messes' are not even always of their own doing and things such as premature failing health (though sometimes brought about by the very lifestyle) and global economic reversals can have a devastating effect one's future (Russ has posted one very poignant example of a very talented friend of his who died recently). In the end, you will be remembered more for your selfishness and irresponsibility than for your musical talent.

I hope everyone goes back and re-reads Gary's original post.

chas

Gary,

Good post and a warning to all. I've had a successful business career, in which I was fortunate enough to invest (although I refuse to open quarterly statements). I did this for my family.

The music scene fills my days for sure, but the flexibilty allows me to do many things around here for all. No more 2am bar scenes either. I still am a mgf rep and keep a line or two going as a backup (nice to be my own boss). My family is happy with my hours.

I've plenty of time to smell the roses, more so than when I was a slave to demanding corporate thugs. No more laying in bed with my eartips burning. My health was deteriorating from that stress and I cannot begin to explain the joy my current freedom has given me. Who could ever deny one that?

Bottom line, for sure, is to save and invest for those we'll leave behind. I know my wife will outlive me by 20 years or more. Family genes have already written that chapter

These days it is hard to save and invest for the future.

Hopefully the newly elected Administration will help ease the economic stress.

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Larry
The NEW SynthZone Map

I have to agree with Gary here. You have to be prepared. I appreciate Donny's enthusiasm about just going out and doing it. It's one thing to want to play a lot of jobs. But it's another thing to have no choice in the matter, to have to play to pay the bills. I for one always want to be able to make that choice. I'd hate to see myself like I used to see old guys several years ago playing for bar mitzvah's and looking like they were miserable. Better safe than sorry.

Joe

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Songman55
Joe Ayala

Larry,

I would not put a lot of hope in the newly elected administration doing anything other than raising taxes by a substantial margin. Keep in mind that every politician that ever ran for office promised to lower taxes, eliminate crime, make your kids smarter, make you live longer, yada, yada, yada... I've been around for a long time, seen lots of politicians make those same promises, and not a single one of them make good on any promise they made. I sincerely believe you determine your ultimate destiny and goals in life. If you depend upon someone running for political office you're in for a big letdown.

Good Luck,

Gary

A lawyer friend and I act as the "clean-up" team for our old musician buddies. The lawyer and I are partners in commercial property, and he is a passable jazz trumpet player.

He has done all the required legal work for the estates of 5 musicians who have passed away in the last two years at no charge. I have dusted off my accounting degree and used it as the court appointed administrator of the estates, also at no charge.

All were disasters. Burial expenses for all but my friend George (he had a retirement from IBM) were paid for via donations and benefit concerts. Several of the estates were so hopeless that bankruptsy was the only option.

George-even though he hadn't driven or walked for years, bought a Chrysler 300M with a Hemi engine for $40,000.00 and saddled his wife with $700.00 a month payments for 7 years...all because he wanted to show off when he visited his daughter in St. Louis
(only made the trip once-wrecked the car and never drove again)-car is now three years old with 3500 miles on it. His wife is hopelessly "upside down" on the loan. At the time of his death, she had never put gas in a car, never written a check, etc. She wasn't prepared for his passing at all, even though he was wheel-chair bound for several years.

With the exception of George, none of these guys had health insurance or life insurance. None, including George, had a will, and family members could not or would not contribute to "final" expenses.

Chas is right...we all owe it to the ones we leave when we pass on to not burden them this way.

I knew that surviving as a musician was rough. That's why I held a full-time job, played 6 nights a week, taught part-time and did free-lance work to set Annie up confortably, educate my children with no student loans and helped them with houses, cars, etc.

We all need to realize the need, define what it takes to reach goals and then "make it happen".


Russ