the TrueFans AMP— Issue 95

"You can be creative and still make money. You don't have to starve to be an artist— unless you want to."
— Dolly Parton

In This Issue... 15 pages (about 22ish minutes to read) You'll Get... 

• Recommends— Some Affordable Tools & Resources for Artists Managing Money

• Your BIZ— Music Out, Money In: 7 Financial Essentials Every Music Artist Must Know

• the Greatest Singer Songwriters of All Time— Jimi Hendrix: The Sonic Alchemist Who Changed Music Forever

• in partnership with Jason Blume

• Guest Article— How to Earn Big Bucks Writing Songs— by Jason Blume

• PS from PS— The Myth of the Starving Artis Is... a Myth

Here’s the playlist

• Recommends—  Some Affordable Tools & Resources for Artists Managing Money

A bit of cart-before-horse, you may want to read Your BIZ— Music Out, Money In: 7 Financial Essentials Every Music Artist Must Know first before this. What follows is a shortlist of artist-tested, budget-friendly tools to help you handle your finances like a pro (without hiring one):

Accounting & Budgeting Tools

• Wave (Free)
  waveapps.com
  Easy-to-use accounting for small businesses— track income, expenses, and send invoices.

• YNAB (You Need A Budget) ($14.99/month, with free trial)
  ynab.com
  Ideal for managing cash flow and long-term savings— even for variable artist income.

• Spendee (Free & Paid)
  spendee.com
  Visual budgeting and cash flow tracking via mobile app— great for everyday money awareness.

Invoicing & Payment Tools

• PayPal Business / Square
  For easy invoicing, payments from fans, merch buyers, or clients.

Artist-Specific Financial Help

• Sound Royalties
  soundroyalties.com
  Advances and royalty-based funding without losing your rights.

• TuneCore Rewards / CD Baby Blog
  Tons of free articles and courses on DIY finances, music income streams, and royalties. 

Books Worth Owning

• All You Need to Know About the Music Business by Donald Passman
  A classic. Slightly more "industry," but every artist should read it.

• Music Money and Success by Jeffrey & Todd Brabec
  Especially good on licensing and royalty income.

• Your BIZ— Music Out, Money In: 7 Financial Essentials Every Music Artist Must Know

How the treat your music like a business— without losing your soul (or your shirt).

If your music is anywhere between a serious side hustle and a thriving career, then money matters. Lots! Whether you're headlining festivals or uploading to Bandcamp from your bedroom, the truth is the same:

If you don't know where your money's going, it's probably going away.

Below are 7 essential elements every Music Artist must know and manage to grow their career like a real business. No spreadsheets required (yet). Each element comes with a plain-English explanation and a set of Action Steps to get you moving. No MBA. No BS.

1. Profit & Loss (P&L): Know if You're Winning or Losing

Why it matters:
You're not in this to lose money. Your P&L (Profit & Loss statement) shows if you're actually making money— or just working hard and going broke. It's your scoreboard.

In plain terms:
Add up your income (shows, streaming, merch, licensing) and subtract your expenses (gear, travel, rent, promo). The result tells you if you're in the red or the black.

Action Steps:

• Review your P&L every quarter (or monthly if you're active).

• Use a simple app (like Wave or QuickBooks) or a Google Sheet.

• Track categories separately: merch income ≠ tour expenses ≠ Spotify streams.

2. Chart of Accounts: Organize Like the Boss

Why it matters:
Chaos kills clarity. A Chart of Accounts is your financial tracklist. It shows where your money comes from and where it's going, clearly and consistently.

In plain terms:
Income categories might include gigs, sync, Patreon. Expense categories might include software, collaborators, and gas to get to the gig.

Action Steps:

• Create 5–10 basic categories for income and expenses.

• Label every transaction (yes, every one).

• Bonus: Makes taxes and grant applications 10x easier.

3. Advances: The Devil You Need to Know

Why it matters:
An advance is not a gift— it's a loan against your future. And if you don't recoup it? You don't see another dime.

In plain terms:
A $20K advance sounds great until your music only earns $15K. You're stuck until that $5K gets made up.

Action Steps:

• Only take what you actually need.

• Don't blow it— invest in what makes you money back (like production or marketing).

• Ask yourself: "Can this advance help me make more than I owe back?"

4. Recoupables vs. Non-Recoupables: Knowing What You Own and Owe

Why it matters:
Not all label or partner spending is equal. Some gets deducted from your future income (recoupable). Some doesn't (non-recoupable). Know the difference— or you could be singing for free.

In plain terms:
If your label pays $10K for your video, you might owe that back before seeing any royalties. But if they spend $500 on a press kit and it's non-recoupable, you're in the clear.

Action Steps:

• Ask up front: What's recoupable, and what's not?

• Get it in writing.

• When in doubt, assume you have to pay it back.

5. Cash Flow vs. Profitability: Rich on Paper  Broke in Life

Why it matters:
You can be profitable but still unable to pay rent. That's the difference between cash flow and profitability. Both matter— but only one keeps your lights on.

In plain terms:
You might be owed $10K in royalties but have $14.75 in your account. That's not a business. That's a financial crisis. Happening now. 

Action Steps:

• Create a simple cash flow calendar to track when money is coming in.

• Build a 1–3 month cash cushion if you can.

• Budget for delays. Assume money arrives late (because it will).

6. Budgeting: Your Business Plan By the Numbers

Why it matters:
Budgeting isn't about penny-pinching— it's about freedom. A solid budget lets you fund the music you love without fear, stress, or surprise credit card debt.

In plain terms:
Planning to drop a single? Budget everything from mixing and mastering to cover art and social ads. Now you've got a roadmap.

Action Steps:

• Before every project, write down your expected costs.

• Don't guess— get quotes.

• Over-budget by 10–20% for surprises. (Always!)

7. Taxes: Don't Let the IRS Be Your Opening (or Closing) Act

"The IRS ain't gonna get an apology from me. I don't feel bad. That's their problem."
— Willie Nelson

This quote came after his legendary $16.7 million tax debt scandal in the early '90s— which he partly paid off by releasing the album The IRS Tapes: Who'll Buy My Memories? and touring relentlessly. He turned a financial nightmare into a creative and public-relations win, Willie style.

Why it matters:
You will pay taxes. The only question is whether you're prepared or panicked when it happens.

In plain terms:
Every $100 you earn might really be $75 after taxes (depending on your state, deductions, and structure). Plan for it.

Action Steps:

• Set aside 20–30% of every dollar earned in a separate "tax" account.

• Keep receipts and mileage records.

• Consider an accountant or tax pro who gets the music business.

Final Takeaway: Money ≠ Evil. Ignorance About Money... Is!

You don't need to love accounting to respect your finances. You just need to treat your career like what it is: a business with heart. That means knowing your numbers and making smart, clear, confident moves.

Because at the end of the day, nobody's going to care about your money more than you.

"The music industry is not designed to help you own anything. You have to learn the game— or get played."
— Questlove, the Roots

• The Greatest Singer Songwriters of All Time— Jimi Hendrix: The Sonic Alchemist Who Changed Music Forever

"If music had a Mount Olympus, Jimi Hendrix would sit atop it with a Stratocaster for a scepter and distortion as his divine language." 
— Music historian Charles Shaar Murray

Jimi Hendrix didn't just play the guitar— he redefined it. In a tragically short window of just four years in the spotlight, he left a legacy that still reverberates through every amp, pedal, and studio track today. Hendrix remains one of the most innovative, influential, and inspirational figures in the history of music— not only for how he played, but for what he said... how he wrote... and how he saw sound.

Sonic Revolution: One-of-a-Kind Sound and Production
Hendrix's signature style blended blues, rock, soul, funk, jazz, and psychedelia— transforming the electric guitar into an orchestra of emotion and chaos. With his debut album, Are You Experienced (1967), Hendrix delivered a record so advanced and explosive it felt like alien technology had landed in the studio. Songs like Purple Haze, Hey Joe, Fire, and The Wind Cries Mary weren't just hits— they were blueprints for the future of music.

"The first time I heard Hendrix, I felt like I'd been caught in a hurricane. He was just… from another planet."
— Eric Clapton

His follow-up albums, Axis: Bold as Love and the double-LP masterpiece Electric Ladyland, showcased Hendrix as more than a virtuoso guitarist— he was an experimental producer and boundary-breaking Songwriter. Tracks like Little Wing, If 6 Was 9, and Voodoo Child (Slight Return) revealed a poetic and political depth often overlooked amid the fireworks of his fretwork.

"He didn't just play. He hypnotized you. He took you somewhere else."
— Stevie Nicks

Sales, Success, and Global Reach
Though his mainstream recording career spanned only four years, Hendrix's commercial impact was immense. Are You Experienced is consistently ranked among the greatest debut albums of all time. His records have sold over 30 million copies worldwide, and posthumous releases continue to chart, sell, and inspire new generations.

"You can't be a guitar player and not acknowledge the man. Jimi Hendrix is the father of electric expression." 
— Prince

His iconic performance of The Star-Spangled Banner at Woodstock in 1969— delivered with shrieks, wails, and feedback— was both a musical marvel and an anti-war statement. No other artist has merged artistic freedom and political urgency so completely with guitar strings and amp distortion.

Collaborations and Concerts: Moments that Shaped Generations
From backing Little Richard and Wilson Pickett in the early days to jamming with Eric Clapton, Stevie Winwood, and members of the Rolling Stones, Hendrix was always drawn to pushing the limits with other greats. One legendary moment came when he stepped on stage at London's Speakeasy Club in 1966 and blew away the audience— including Clapton himself.

"Without Hendrix, I don't know if we'd even understand what a guitar can do. He was the ultimate explorer."
— Dave Grohl

At Monterey Pop Festival, he set his guitar— and the audience— on fire, both literally and metaphorically. At Woodstock, he closed the festival with a sunrise set that became the defining moment of the counterculture era. At the Isle of Wight, he gave his final major performance before his untimely death at 27.

"It's not a wonder to me that Jimi Hendrix played my songs better than I did. That's what true greatness is."
— Bob Dylan

Inspirations and Inner World
Hendrix often cited Bob Dylan as one of his biggest lyrical inspirations. He called Dylan a "king" and credited him with teaching him that a rock song could carry serious poetic weight. Hendrix's lyrics, full of dreamscapes and spiritual searching, blended raw emotion with cosmic vision.

"I try to use my music like colors in a painting," Hendrix once said. "Each note, each lyric, each effect— it's all part of the picture."

That perspective— part poet, part painter— permeated everything he created. He wasn't just playing music. He was painting soundscapes of the soul.

Personal Life and Struggles
Born in Seattle in 1942, Hendrix grew up poor and shy, often retreating into his imagination. After serving in the U.S. Army, he pursued music with relentless determination. Fame came fast, and so did the pressures. His personal life was a storm of short relationships, artistic restlessness, and drug use.

He never married, and some of his closest connections were to bandmates and fellow musicians. He struggled with the expectations placed on him as a Black man in a mostly white rock world. Hendrix was outspoken about race, peace, and the Vietnam War, though he often channeled his activism through music rather than interviews.

Enduring Legacy and Influence
Jimi Hendrix's influence is universal. Guitarists from every genre— metal to country— cite him as a foundational figure. His trailblazing approach to feedback, wah pedals, and recording techniques inspired producers and engineers. His fearless fusion of genres opened doors for artists like Prince, Lenny Kravitz, and Gary Clark Jr.

"He was a beam of light. He opened the doors of perception with a guitar."
— Carlos Santana

And it wasn't just how he played— it was how he wrote. Hendrix's songs weren't just vehicles for solos. They were complete works of art, blending lyrical vulnerability with sonic fury.

He received countless honors posthumously, including induction into the Rock & Roll Hall of Fame in 1992. Rolling Stone, NME, and Billboard have all ranked him among the greatest artists of all time.

More than 50 years after his death, Jimi Hendrix remains a living presence in modern music— his riffs sampled, his lyrics quoted, his silhouette iconic. To listen to Hendrix is to tap into a source of endless possibility.

"Music is a safe kind of high." 
— Jimi Hendrix

in partnership with Jason Blume

• Guest Article— How to Earn Big Bucks Writing Songs 
— Jason Blume

In today's market, if you want big bucks you've got to write big HITS. 

Streaming income barely provides a fraction of what songwriters and music publishers earned back in the olden days when dinosaurs roamed the Earth and people bought physical product, such as CDs.

The Backstreet Boys' Millennium album, includes my song, Back to Your Heart, written with Gary Baker and Kevin Richardson. (Tap the link to listen.)

Released in 1999, it got in just under the wire before file sharing and streaming took over. The money I earned from mechanical (sales) royalties was life-changing. But if that album were released today, I might be asking, "Do you want fries with that?"

So what can we do to earn big bucks as a Songwriter? 
 
Note: Money earned as a recording and/or performing artist comes from a completely different pie than Songwriter and publisher income. The information provided here refers only to the money earned by Songwriters and publishers.

In today's market, mainstream hit singles can earn $1 million— or more in performance royalties. What genres constitute "mainstream?" Hip-hop, pop, R&B, country, and adult contemporary. Fewer radio stations play folk, Americana, blues, heavy metal, Christian,  and jazz songs, so songs in these styles generate less performance royalty income.
 
Performance royalties are money earned primarily for "performances" on radio, TV, and streaming platforms.

Money from live performances comprise only a tiny percentage of performance  royalties.

In the U.S., performance royalties are collected and distributed by BMI, ASCAP, and SESAC. Outside the U.S., each country has its own PRO (Performance Royalty Organization). 
 
Pop, hip-hop, and R&B singles that top the U.S. charts are likely to also be hits in international territories, which can multiply those millions. But while #1 country songs can rack up $1 million in U.S. performance royalties (which is split between all of the writers and publishers), they are unlikely to receive significant airplay outside the U.S.
 
As a side note, when I teach in Australia, New Zealand, Scandinavia, and the UK, people often tell me that they love country music. When I ask who their favorite artists are, I inevitably hear Johnny Cash, Merle, Waylon, Patsy Cline, Willie, and Dolly Parton. Few of them are familiar with artists such as Morgan Wallen, Luke Combs, Zach Bryan, Lainie Wilson, Jason Aldean, Carrie Underwood, or Jelly Roll. 

While entire albums are streamed, ONLY the hit singles from those albums typically receive substantial radio airplay, and it is the hit singles that get the lion's share of streaming. 

If you think it's impossible to earn multi-millions as a Songwriter today, check with Max Martin, who has notched 27 number one pop songs, or Ashley Gorley, who has written an astounding 81 number one country songs (in addition to multiple charting cuts). 

But even one or two big hit singles can deliver life-changing money.
 
So, in summation…

Songs that might have generated significant mechanical (sales) royalties as album cuts 20 years ago will no longer suffice. Artists are not looking for album cuts; they can write those songs themselves.

In today's market, if you want big bucks you've got to write big HITS. 

Those are going to require FRESH, ORIGINAL, approaches— methodically & lyrically

PUSH THE ENVELOPE.

“Prefectly crafted” in not enough.

Aim for “WOW!”

__________  

Check the gold in partnership with box above to learn all about Jason Blume. 

____________________

• PS from PS— The Myth of the Starving Artist Is... a Myth

I was thirteen when I watched Jimi Hendrix die without knowing it.

It was at the Isle of Wight Festival. August 31, 1970. I'd snuck out of my parents' holiday rental with the son of the family renting the house next door. We trekked through the rain to see Jimi Hendrix at Afton Farm.

It was our Woodstock. Everything was mud. And madness. And magic, because there he was... The electric prophet in red bell bottoms, wrestling with technical difficulties, playing to a crowd that was half-asleep at 2 AM. Three weeks later, he'd be gone. Choked on his own vomit in a London flat. Pockets empty while his manager had millions in his pockets.

That night haunts me. Still. Not just because I witnessed genius three weeks before it extinguished itself, but because I've spent decades watching the very same tragedy replay again and again albeit in different keys. The myth of the starving artist isn't just some romantic notion— it's a death sentence we keep handing out like a backstage pass.

Here's what they don't tell you: 

Jimi wasn't just betrayed by pills and wine. He was betrayed by an industry that convinced him that understanding his publishing rights would somehow diminish his cosmic gift. 

While he was channeling the universe through his Stratocaster, the suits in the suites were channeling his royalties through offshore bank accounts.

I've sat with too many musicians who wear their financial ignorance like a badge of authenticity. They'll spend ten thousand hours perfecting a chord progression, but won't spend ten minutes understanding a contract. They think the business side will contaminate their art, as if poverty were some kind of creative preservative.

But poverty isn't romantic. Not when you're Billie Holiday dying at 44 with seventy cents in the bank— while her recordings were still selling. It's not pure when you're Prince fighting for decades to own his own name. It's not right when you're any of the thousands of brilliant artists who believed that someone else should handle "that business stuff" while they focused on the music.

The cruelest part? We've turned their exploitation into mythology. We tell young artists that Jimi's genius was somehow connected to his suffering. That Van Morrison's astral weeks were better because he got screwed on the deal. We've confused victimhood with virtue.

When I work with young musicians now, I tell them about that night at Isle of Wight. Not about the transcendent music— they know that part. I tell them about the exhausted man who'd been touring relentlessly because his manager had already spent his money. I tell them about the genius who died with lawsuits pending, rights scattered, legacy hijacked.

Your art is your business. 
Your business is your art. 

The moment you separate them, you hand someone else the knife they'll use to cut you apart.

That 13-year-old kid watching Jimi in the rain thought suffering was the price of transcendence. The adult who's seen too many artists destroyed knows better: 

The only thing that should be starving is the Myth of the Starving Artist itself.

Until we speak again...

Thanks for reading. Give us your feedback.

And PLEASE, if you've got any Singer Songwriter friends, pass the AMP on, because... It’s Time... for a Change. Big Time. Past Time...