Money Moves: These Nonprofits Support Music Professionals for Career and Financial Sustainability

In a study conducted in 2021, about 62% of the music community reported moderately high levels of issues related to financial difficulty. Factors like lack of financial management skills, high expenses, and irregular pay cycles unfortunately have some of our artists gridlocked in a never-ending cycle of financial uncertainty. 

Truth is, the ups and downs of the industry can be taxing on our artists. These results manifest into finding musicians not being able to cover basic needs such as food, housing, or worse, their mental health taking a major toll. 

Take, T-Pain, for instance. A prominent figure in R&B and Hip-Hop known for his creative use of auto-tune, once publicly discussed his past financial troubles. He famously stated that he lost $40 million due to bad investments and poor financial management. He then went on to famously state, “I had to borrow money to get my kids Burger King,” influencing him eventually to re-think the way he managed his money. 

With April recognized nationally as Financial Literacy Month, it’s the perfect time to highlight the importance of financiaml education. And in the music industry, financial literacy is key to a long-lasting career. Artists like T-Pain prove that you can bounce back from financial pitfalls and incorporate intentional habits. 

Thankfully nonprofits like MusiCares are stepping up to provide music professionals with tools and support needed to help artists take control of their finances. 

MusiCares: A Nonprofit Supporting Music Professionals 

Founded in 1989 and later incorporated by The Recording Academy, MusiCares serves as a safe space for music professionals facing personal, financial, or medical crises. The organization funnels its resources and attention towards issues that directly impact the health and well-being of the music community. 

To date, MusiCares has distributed more than $118 million in aid to artists and industry professionals in need. Their support also spans far beyond financial assistance, but also, mental health programs, addiction recovery services, and career sustainability initiatives. 

Financial Literacy Month & Year Round Support 

Recognizing that financial stability is crucial, MusiCares has developed Financial Literacy Month programs aimed at equipping artists with essential financial skills. During April, the organization offers educational workshops, webinars, and programs covering topics such as money management, musician liability insurance, and affordable housing. 

Many of these resources remain available year-round to ensure ongoing support for artists navigating financial challenges.

MusiCares also partners with Life’s Jam to provide one-on-one financial coaching for eligible musicians. Through this program, artists can work with a financial coach to identify financial pain points and create a personalized financial plan that aligns with their unique career path. They can also have the opportunity to access YNAB (You Need a Budget), a simple money management tool designed to help users track expenses, plan for slow seasons, and build long-term financial security. 

The Sona Foundation: Another Key Player in Financial Education

While MusiCares is leading the charge, other organizations like The Sona Foundation are also empowering music creators with financial education. The Sona Foundation provides artists with the tools to: 

• Understand their financial situation 
• Prepare for emergencies 
• Reduce debt burdens 
• Gain insight into long-term financial planning 
• Maximize intellectual property value 

Backed by industry giants like Amazon, Spotify, and BMI, The Sona Foundation is playing a pivotal role in helping musicians build stability and career longevity. 

Why Financial Literacy Matters

Financial instability is a major barrier to long-term success. Nonprofits like MusiCares and The Sona Foundation are taking charge of changing the narrative, ensuring artists have access to the knowledge and resources they need to manage their money and plan for the future. 

With the right financial education, artists can move on from the paycheck-to-paycheck survival mode and build foundational practices for long term success. Financial Literacy month is a reminder to take advantage of these resources and gain control of your financial future.