Sep 29 / Vinny Ribs

How Do I Know What To Spend My Limited Funds On?

It's never easy nor fun to have to watch every penny that you spend on your career. After all, there are countless things you need or have to spend money on,  and so many more that you would love to but just can't afford yet. So how do you decide where to spend the budget you do have and still move your career forward?

I'll be honest. Everyone has different priorities, so I can't give you exact answers. But what I can do is give you a formula to follow.

1. Make a list of all of the career-related expenses you already have. This includes everything from lessons to website hosting. Include your marketing expenses such as your newsletter platform. Add your accessories like guitar strings or drum sticks. Try not to leave anything out.
2. Now add a separate list of all of the things you absolutely have to invest in or they will stop you in your tracks (e.g. a new vehicle)
3. Next add a list of the things you really should have to advance your career (e.g.  your own home recording studio).
4. Now add a list all of the items on your wish list such as a new instrument or microphone.
5. Now finally, add a list of the extras that would be 'so cool to have!'

So now you have your expenses listed by priority. 

Now, in each of the last 4 lists, determine which items are 'more important than the next because one depends on the other.  For example, a new guitar peddle might not be effective if your current guitar has a terrible sound. Perhaps a new guitar should come first. 

Consider if there are reasonable , less-expensive alternatives to any of them? Replace items wherever possible.

Consider if any of them will give you a quick return on your investment. Move those to the top of each list. 

Only you can decide  what's important to you - saving time, having the best quality, saving money. Apply your reasoning to every choice you make, and the result will be a reasonably prioritized list of where you need to invest your money. 
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