dollar-currency-money-us-dollar-47344As DJ’s we are independent contractors and that means nothing is guaranteed. We can have a great 3 months followed by a terrible 2 months or unforeseen circumstances we aren’t prepared to handle financially. We also need to worry about paying taxes, equipment upgrades, as well as health insurance, and some kind of retirement fund. With all of these things on our plate it’s good to have some kind of rainy day fund, scratch that several rainy day funds. A good practice is to have a checking account and a savings account plus an under the mattress fund haha. I personally have a checking account where I pay all of my bills, a savings account that I transfer money into every 2 weeks for my taxes, as well as a safe where I put all of my tip money for those unforeseen circumstances & equipment upgrades. I’m not talking about hundreds of dollars every day, but maybe $20-40 every cash paying gig to the safe aka under the mattress fund, save the tip money for your taxes savings account, and $25 every week or 2 to go towards investing in new equipment. You can even sell old or unused equipment to new upcoming DJs for a discount to put away. The most important thing is that it isn’t so much how much we make but how we manage it, so pay yourself first. No matter how much you can afford this is very important for setting yourself up to succeed. I promise you that no gig is guaranteed and things will come up that you didn’t plan for so you must be prepared. I mean think about it, what if your car breaks down on your way to a gig or you get sick and can’t make it to work,  you don’t want to be unable to pay your rent, fix your car, or go to the doctor. Which brings me to another point, if Obamacare is available & affordable to you take advantage of it. Nothing is more important than our health, if you aren’t healthy enough to work than you won’t be able to make any money to manage. Let’s also revisit the tax situation for a minute. I know that it sucks having to pay taxes but if you want to prove that you’re making revenue, you gotta do what you gotta do, you can’t just write off everything to not owe the IRS. I learned that the hard way and I’m still trying to correct that mistake now. My partner DJ Que also gave some helpful tips when it comes to tax time in his previous article https://www.mp3poolonline.com/blog/djs-tax-season-is-here/ click the link and check it out.  I took my own advice this year and I’m prepared to pay because I’d love to invest in a property and create some passive income. Passive income is another great way to create a “Fall Back Plan”, whether you want to fall back from work to travel or just have a plan to fall back on in case of an emergency. You always need a backup plan in this industry, any veteran would agree. I just want to see all of my fellow DJ’s succeed and have more of a business minded approach to things so that we can secure our longevity without killing ourselves in the process. Remember, it’s not just always about One Dance, One Mic, Shots, the Flashing Lights or if your Hotline Blings, there are way more important things In My Life and yours too so Please Please Please Save Dat Money!