Many musicians today who work the bands for hire markets tend to be aware of their current predicament but we at Talents For Asia wonder if they are aware of their future predicaments. How will they earn when they can’t be sold/promoted anymore? Will they have enough savings or a pension fund to fall back on? Do they have insurance for health issues? These are all very valid and real questions that have plagued us at Talents For Asia. Why?. Because from what we have seen, very few musicians from the band for hire market make it to the ranks of international celebrities, some even go back to their homes broken in many ways and live a life of poverty. Some however do have the knowledge to pre-arrange their retirement and can live a very comfortable life.
Talents For Asia’s concern is for those who don’t have the knowledge to set up their own retirement situation and thus fall into a world of pain and suffering. We are of the opinion that musicians should take responsibility for their own financial future as they don’t have a cozy pension fund to fall back on and if you are a musician who has zero or next to no knowledge in managing your finances to create a secure future then we suggest you walk into a financial institution, like a bank of international standing and seek their advice on how you can start a retirement fund via monthly contributions.
Now, in Malaysia we have the EPF (Employee’s Provident Fund) where in you contribute on a monthly basis and then you can withdraw at age 50 and 55. In Singapore they have the CPF and in Philippines, you have options like S S S (Social Security) or PAG IBIG. Now these are the government based platforms that are available to you but if you are not comfortable in contributing to these various platforms, then walk into an International bank like HSBC or CITIBANK and try to speak to one of the many consultants they have and explain that you are a musician and you are looking to set up a retirement fund, they have various options they can recommend you to invest in via a monthly contribution. Talents For Asia would advice that you look at a big International bank so that your deposits are insured and risk is kept to a minimum.
Another important much neglected factor is medical and basic healthcare, based on your capacity to earn an income, see a reputable insurance company also of international standing and get a policy that covers you till old age with full benefits from hospitalization to surgery even for major illnesses, Why? Because musicians are exposed to what is a very unhealthy lifestyle and the environment you work in is often polluted and you never know what will emerge out of the dark in a few years down the road. Having a fat savings account is also nice, but once you withdraw, it’s spent and you can’t get it back, thus we would advise you to have two to three other platforms where you can really secure your self.
Most musicians will say; we don’t Earn Much”. If you can set aside 250 USD a month from the age of 25 then by the time your fifty, you should have a decent platform to retire on. For those of you who are older, try to increase your monthly savings or investment contributions to about 500 USD a month, so you can catch up where you have missed out on. If you’re not sure or if you feel that you lack knowledge and know how on setting up a retirement platform, don’t worry!… Just walk into a bank and they have many consultants who can advise you accordingly, look at low risk situations that are long term investments based on age which can yield profits which will fruit when you’re ready to retire.
This is just so that you are independent of any family when it comes to your old age, but if your making millions, then you can save millions for a rainy day, but if your in a situation where your living month to month, then its really advisable for you to walk into a bank and get your self sorted out. You can also look at a business option to invest into that will help grow your money, but business is a gamble and highly risky, so even if you do decide to go into business, its best to have a fall back or what we call a safety net. Gone are the days where you have two or three children and pawn your old age on them. Times are changing an as the world evolves so will your child’s way of thinking and thus it would be wrong to pawn off your old age on them. As a musician, the work you do is not easy and the hardship you go through having to leave your homes and families is really not something every one can do, but that’s the road you walk thus Talents For Asia is of the position that this advice is really well overdue as some musicians start out very young and from their first months salary they are caught up in a world of expensive mobile phones, laptops and many other worldly possessions but very little thought is put into what happens when they can’t earn anymore. They are also musicians who send their entire salary home to their families and that is something very commendable but there must be an amount that is withheld and placed into a retirement savings platform, be it government driven or private.
Don’t just think of the next thirty days but think of the next thirty years.. Only You Can Determine your own financial wellbeing,, Be Smart, Start Planning For The Tomorrow’s Today…
Post Title
→A MUSICIANS RETIREMENT
Post URL
→https://womencelebrity-gj.blogspot.com/2011/06/musicians-retirement.html
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