Financial Advice and Planning for Musicians during Covid-19💰
Seth Novatt, former Manager Director @ Alliance Berstein and Marc Penziner, Principal and Financial Advisor @ Berstein Private Wealth Management, joined us for our 7th episode to give guidance on how musicians can tackle their financial situation during the Pandemic with strategies and resources as well as discussions on how we can responsibly look for ways to monetize our craft which is our source of living 🎼💰.
Joined by Community Co-Host Siwoo Kim
*Check out Marc’s Podcast ‘Marc To Markets’ !*
Click on Timestamp to Navigate
0:00 Intro
0:10 Introducing Seth and Marc
3:23 Start of Conversation
5:08 A Unique Time for Artists and Musicians
7:20 Weighing Risk
11:05 Cash on Hand
13:46 Rent
18:32 Earning Interest on Saved Money?
20:52 Stock Market
21:50 Organizations that give Pro Bono Wealth Management service to Musicians
24:10 Monetizing Performances During these Times
27:15 Subscription based system or Donation?
28:37 Dont be Afraid to reach out to Patrons & Arts Enthusiasts
29:25 You should be paid.
31:10 Will Covid impact Donor's abilility to give?
33:19 Monetizing is not Charity
35:16 Being in personal contact with your Patrons
38:59 Final remarks: Ask yourself "How much is spent"?