Wealth Psychology
in the music & creative industries

Here are some of the common issues I see:

Brave New World:

If the artist or creator is from a background where money was always in short supply, likely they’ve never thought about the potential problems that having money would create. Yet they now find themselves in a world where they are being asked to make all sorts of financial and personal decisions, some with
lifetime implications.

Devil in the Details:

Many creators are not good at detail and may blindly trust their advisors to take care of everything. Blondie was one of the biggest bands in the world yet lost their entire fortune and earnings through bad advice that meant they didn’t pay tax for two years so were forced to repay everything. Many younger artists understandably want to focus on their creativity and not take ownership and responsibility for the ‘boring’ stuff. Successful long-term artists understand that the devil is in the detail.

A Change is Gonna Come:

Lil Naz X said, ‘Wealth doesn’t change you; it’s the people around you who change’. As artists and creators build their profiles, some within their circles will have expectations the artist will share their wealth. Emma Raducanu recently said, ‘I’m keeping my guard up as more people see me as a piggy bank’. All sorts of people will come out of the woodwork, and even family members may expect you to pay for meals, drinks, etc., expensive gifts, and the old favourite, ‘invest in my sure-fire business idea’. Envy and jealousy unfortunately can spill into hate on social media. Wealth psychology is the psychology of healthy change.

Money’s Too Tight to Mention:

A recent article in The Times about the band Yard Act said, ‘They can sell out arenas, get millions on Spotify and count Elton John and Cillian Murphy as admirers but still can’t afford a house’. It’s all very well appearing on TV and constantly being visible through promo activities, but that doesn’t mean the artist is earning the sort of money that makes a difference. Other people’s perception of wealth can be as difficult to deal with as real wealth.

I Wasn’t Expecting That:

All manner of unexpected issues can crop up. The proliferation of catalogue purchase is a case in point: should you sell your back catalogue and receive one payment or enjoy a potentially higher return over time through the royalties? How will losing ownership of your creativity and how it’s presented to the world impact you? Is the money worth it? You need to be able to sit down and think through lifetime impact decisions with clarity and a detailed understanding of your attitudes.

Can’t Stand Losing You:

Once money and success arrive and you get used to it, the next challenge is the fear of losing everything. Yet a creator career is not a straight path, and success can come and go along with its income. It’s vital that artists and creators understand what money means to them, how it is impacted by their personal history, and be able to identify their values and purpose going forward. Creators need to develop a strong sense of self to navigate this.

Lean on Me:

Success inevitably means frequent separation from trusted friends and family and can act like a magnet in drawing new people towards you. When you have no money, it is easy to understand that people who spend time with you do so because they like you. With money and success, it’s harder to identify the motives of new people in your life and know who you can trust. Ed Sheeran has a very small circle of people around him that pre-date his success. Understanding who you are, and a strong sense of self can enable you to be more discerning in who you trust.

I Will Survive:

Human beings need to make meaning from their experience; the relentless demands of a successful creative career can lead to feeling like a hamster on a wheel. If we are unable to complete whole experiences and are constantly in action mode, never achieving satisfaction and completion, then life has no meaning. It’s at this point that people may turn to drugs, alcohol, and other harmful activities as an alternative to the meaningless and emptiness they feel inside while they live in a crazy world outside. Mental health crises may ultimately lead to suicide, the most tragic aspect of success and wealth in the music industry.

It’s the End of the World as We Know It (And I Feel Fine):

Achieving success and wealth through being recognised for your creativity should be a fantastic experience. As an industry, we should be preparing artists and creators for the unexpected challenges their success will bring them. Enabling them to understand their unique wealth psychology will equip them with the ability to navigate the journey with much more potential to understand their emotional reaction and make better choices and decisions and achieve deep satisfaction in their life and careers.