One of the income streams likely to be available to you, as a musician, is that of musical royalties. Depending on how popular your music is, you may actually end up earning considerable sums of money in the form of royalties. You may subsequently have to figure out ways to utilize the said (musical royalty) money wisely: lest it slips through your fingers.
It makes sense, of course, to use a bit of the money you earn from musical royalties to cater for your day to day needs. But you need to draw up a budget, so as to avoid falling into the trap of impulse buying. It is a trap I personally fell into recently: and I only came to think of it when, having bought stuff I didn’t really need from a Kroger outlet, I found myself being invited to take part in the Kroger feedback survey! The key to success, when it comes to spending your musical royalty income wisely, is to ensure that you keep track of everything, and that you spend strictly in accordance with your plans.
It would also be wise to re-invest a bit of the money you earn from musical royalties in to your musical enterprise. Buy musical equipment. Pay bonuses to your band members. Invest in networking with industry influencers… Anything, to ensure that a bit of the money goes back into the business. Inasmuch as your musical enterprise is capable of earning you some money, you need to seriously consider reinvesting there.
It also makes a great deal of sense for you to save some of the money you earn from your musical royalties, and invest it in other ventures, so as to secure your future. A day may come when your music won’t be so popular: that is, a day when you won’t be able to earn as much money from the royalties or from live performances. By investing the money in other businesses, or in real estate, stocks, mutual bonds and other such things, you can be assured of having an easy time, even when your music eventually falls off the charts.