From Tone Deaf
Here is some salient information on managing money. All the points are well made.
Too often we have heard the horror stories of people being ripped off. Being a musician is a perilous field, and the rewards are not always material. But in order to keep on top of things follow the advice offered.
Here are a couple of points from me.
You employ the manager not the other way round.
Don't spend $10000 on making an album if you have 50 fans. they are not going to pay $200 each to buy the CD. Just becaa CD is $.50 a unit cheaper printed in lots of 500 rather than 100, don't do it. You end up with lots of frisbees under the bed.
You need to make great songs. If you have a great song get a producer who can make it super. This is your chance to make it and the song gets you noticed. This can get you on the radio, so your fees go up, and you are under way.