Let’s talk about something most artists avoid discussing: money.
We love talking about music—the creative process, the passion, the artistry, the culture. We’ll discuss motivation, discipline, and dedication for hours. But mention money, and suddenly there’s discomfort. As if caring about money makes you less of an artist. As if wanting to earn from your craft is somehow impure or unartistic.
This needs to stop.
Here’s the truth nobody wants to say out loud: Your mindset about money directly affects your ability to build a sustainable music career. How you think about money, how you feel about earning, how you approach the business side of music—these aren’t separate from your artistry. They’re integral to whether your music career survives or dies.
As Tray Millen, building an independent dancehall career, I’ve had to confront my own money mindset issues head-on. The beliefs I carried about money—many unconscious—were actively sabotaging my career. Changing those beliefs changed everything.
This isn’t about becoming greedy or selling out. This is about understanding that music, money, and mindset are deeply connected, and until you address all three, you’ll struggle to build the career you want.
Let’s explore this connection honestly—the good, the uncomfortable, and the transformational.
The Toxic Beliefs Artists Hold About Money
Most artists carry limiting beliefs about money that cripple their careers before they even start.
Belief 1: “Caring About Money Makes Me Less Authentic”
The belief:
Real artists create for love of the art, not for money. If you care about earning, you’re a sellout. Commercial success equals artistic compromise.
Where this comes from:
- Romantic notions of the “starving artist”
- Cultural glorification of suffering for art
- Fear of being called a sellout
- Misunderstanding what “doing it for the love” means
Why this is destructive:
You can’t sustain what doesn’t sustain you. If your music career doesn’t generate income, you’ll need a day job that drains the time and energy you could use creating. Poverty doesn’t make you more authentic—it just makes you poor.
The reality:
You can love your art AND want to earn from it. These aren’t opposites. Earning money allows you to create MORE and better music because you can afford to focus on it full-time.
My reframe:
“Wanting to earn from my music means I want to keep creating it. Monetization enables artistic sustainability, not compromise.”
Belief 2: “I Don’t Deserve to Make Money From Music”
The belief:
I’m not good enough yet. Who am I to charge for my music? Other artists are more talented. I should wait until I’m “really good” to expect payment.
Where this comes from:
- Imposter syndrome
- Comparison to established artists
- Low self-worth
- Perfectionism
- Not understanding value creation
Why this is destructive:
You’ll never feel “ready” enough. You’ll give away everything for free and wonder why you can’t sustain your career. You’ll undervalue your work, which trains others to undervalue it too.
The reality:
If you create something people find valuable, you deserve compensation. Your music doesn’t need to be perfect to be worth paying for. Every artist started as a beginner who still charged for their work.
My reframe:
“I create value through my music. People who value it should compensate me fairly. This exchange honors both my work and their appreciation.”
Belief 3: “Money Is Dirty/Evil/Corrupting”
The belief:
Money corrupts. Rich people are greedy. Capitalism is evil. Wanting money is selfish. Poverty is more spiritual/pure.
Where this comes from:
- Religious or cultural programming
- Political ideology
- Personal experiences with money
- Observing wealthy people behaving badly
- Economic trauma
Why this is destructive:
If you believe money is bad, you’ll unconsciously sabotage efforts to earn it. You’ll feel guilty when you do earn. You’ll create a psychological ceiling on your income.
The reality:
Money is neutral—a tool. Like any tool, it can be used well or poorly. The character of the person doesn’t change because of money; money amplifies whoever you already are. Good people with money do good things. Bad people with money do bad things.
My reframe:
“Money is a tool that amplifies my impact. The more I earn from music, the more time I can dedicate to creating and the more people I can reach.”
Belief 4: “There’s Not Enough Money/Opportunity to Go Around”
The belief:
Success is a zero-sum game. If another artist succeeds, there’s less opportunity for me. The music industry is saturated. All the money goes to major label artists. Independent artists can’t really make money.
Where this comes from:
- Scarcity mindset
- Competition-focused thinking
- Seeing limited opportunities
- Comparing to top 1% artists
- Not understanding multiple revenue streams
Why this is destructive:
Scarcity mindset creates jealousy, prevents collaboration, limits creative thinking about revenue, and makes you give up prematurely.
The reality:
The music economy is vast and growing. Millions of people pay for music, concerts, merch, and experiences. Multiple artists can succeed simultaneously. Your success doesn’t diminish anyone else’s.
My reframe:
“There’s more than enough opportunity and money to go around. Other artists’ success proves what’s possible. Collaboration multiplies opportunities for everyone.”
Belief 5: “I Need to Struggle to Create Real Art”
The belief:
Suffering and poverty fuel authentic creativity. Comfort kills artistry. Real artists struggle financially. Success makes you soft and uncreative.
Where this comes from:
- Stories of famous artists who created through hardship
- Romanticization of “hungry artist” narrative
- Confusing correlation with causation
- Fear of losing edge or authenticity
Why this is destructive:
You’ll unconsciously maintain struggle because you believe it’s necessary for creativity. You’ll sabotage financial success to preserve your “authenticity.” You’ll normalize suffering as artistic requirement.
The reality:
Financial stress doesn’t make you more creative—it drains the mental energy creativity requires. Many artists create their best work when they’re financially stable because they’re not constantly worried about survival. Stability provides space for deeper creative exploration.
My reframe:
“Financial stability gives me mental space and time to create more and better music. My creativity comes from within, not from struggle.”
Understanding the Money-Mindset Connection
Your beliefs about money create your money reality.
How Beliefs Become Reality
The psychological process:
1. Beliefs shape perception
If you believe money is scarce, you’ll notice scarcity and miss abundance. If you believe you don’t deserve earnings, you won’t see opportunities.
2. Perception influences decisions
Scarcity mindset makes you avoid risks that could increase income. Unworthiness makes you undercharge or give away work for free.
3. Decisions create actions
Your actions reflect your beliefs—underpricing, avoiding monetization, not promoting yourself, settling for less.
4. Actions generate results
Predictably, beliefs that limit your worth or see scarcity create financial struggle.
5. Results confirm beliefs
Financial struggle “proves” your beliefs were right, reinforcing them further.
The cycle: Limiting beliefs → limited actions → limited results → reinforced beliefs
Breaking the Cycle
The intervention point:
Change the beliefs. When beliefs change, everything downstream changes—perception, decisions, actions, and eventually results.
The challenge:
Beliefs are often unconscious. You don’t realize you hold them. They feel like “truth” rather than opinion.
The work:
Bringing beliefs to conscious awareness, examining them critically, and deliberately choosing new beliefs that serve your goals.
Money Mindset Shifts That Changed My Career
Let me share the specific shifts that transformed my relationship with money and music.
Shift 1: From “Starving Artist” to “Sustainable Creator”
Old belief:
Artists are supposed to struggle financially. That’s part of the artistic journey. Success means selling out.
New belief:
Sustainable creativity requires sustainable income. I want to create music full-time, which requires earning from it. There’s no virtue in poverty.
What changed:
I started viewing money as fuel for my music career, not a threat to it. I looked for ethical ways to monetize without compromising artistic integrity. I stopped wearing struggle as a badge of honor.
The result:
As I accepted that earning was okay, I became more creative about revenue streams—merch, direct support, strategic collaborations, digital products. Income grew because I stopped sabotaging opportunities.
Shift 2: From “Waiting to Be Ready” to “Worthy Now”
Old belief:
I’m not good enough to charge real money. I need to be at [arbitrary level] before I deserve payment.
New belief:
I create value right now, at my current skill level. People who find value in my music should compensate me. I’m worthy of fair payment for my work.
What changed:
I stopped giving away everything for free or dramatically undercharging. I set fair prices that reflected the value I provided and the time/skill invested.
The result:
People actually paid—often happily—when I charged appropriately. Turns out, undercharging didn’t make me more accessible; it signaled low value. Fair pricing attracted more serious supporters.
Shift 3: From “Money Is the Enemy” to “Money Is a Tool”
Old belief:
Money corrupts. Caring about money is greedy. Wealthy people are selfish.
New belief:
Money is neutral. It’s a tool that can fund positive impact. Earning allows me to create more, help more people, and support my community.
What changed:
I examined where my negative money beliefs came from (family, culture, religion). I questioned whether they were actually true or just inherited programming. I decided what I actually believed.
The result:
Guilt around earning disappeared. I could pursue income without feeling like I was compromising my values. I started seeing money as means to greater impact.
Shift 4: From Scarcity to Abundance
Old belief:
There’s not enough opportunity to go around. Other artists’ success reduces my chances. The pie is fixed and finite.
New belief:
The economy is abundant. Multiple artists can succeed simultaneously. Collaboration creates more opportunities than competition. Other artists’ success proves what’s possible.
What changed:
I stopped viewing other artists as threats and started seeing them as potential collaborators and inspirations. I celebrated others’ wins genuinely. I looked for win-win opportunities.
The result:
More collaborations, more opportunities, more support from artist community. Ironically, abundance mindset created more actual abundance.
Shift 5: From Single Income Stream to Multiple Streams
Old belief:
Musicians make money from music sales and shows. That’s it. If those don’t work, you’re stuck.
New belief:
There are dozens of ways to earn from music career. Creative thinking about value creation opens unlimited possibilities.
What changed:
I explored every possible revenue stream: streaming, digital sales, merch, shows, online content, teaching, production services, brand partnerships, fan support platforms, digital products, consultation.
The result:
Diversified income that’s more stable than relying on one stream. Some streams are small, but collectively they support my career. No single failure destroys everything.
The Practical Side: Money Mindset in Action
Beliefs matter, but let’s talk about practical application.
Pricing Your Music and Services
The mindset challenge:
Setting prices that reflect value without feeling guilty or greedy.
The approach:
1. Calculate actual costs:
How much time did this take? What expenses were involved? What’s the market rate for similar work?
2. Factor in skill and experience:
Your expertise has value. Don’t price like a beginner if you’re not one.
3. Consider what the market will bear:
Research what others charge. Price competitively but don’t race to bottom.
4. Communicate value clearly:
Help people understand what they’re getting and why it’s worth the price.
5. Start somewhere and adjust:
You can test prices and change them based on market response.
My practice:
I researched what artists at my level charge for features, show bookings, and merch. I set prices in that range—not lowest, not highest, solidly in the middle. As I grow, I increase prices appropriately.
Creating Multiple Revenue Streams
The mindset challenge:
Seeing beyond traditional “musician income” to creative monetization.
Possible revenue streams:
- Streaming and digital sales
- Physical music sales (vinyl, CDs)
- Live performances and shows
- Merchandise (clothing, accessories, art)
- Fan support platforms (Patreon, Buy Me a Coffee)
- Production services for other artists
- Mixing/mastering services
- Teaching (lessons, courses, workshops)
- Consultation (career advice, strategy sessions)
- Content creation (sponsored posts, YouTube revenue)
- Brand partnerships and endorsements
- Sync licensing (TV, film, advertising)
- Sample packs and production tools
- Digital products (guides, templates, tools)
- Exclusive content and experiences
My approach:
I don’t do all of these, but I’ve built 4-5 solid streams that collectively support my career. I’m constantly exploring new options.
Handling the Mental Game of Inconsistent Income
The reality:
Music income is notoriously inconsistent. Some months are great, others are terrible. This inconsistency creates stress and anxiety.
The mindset management:
1. Expect and plan for inconsistency:
Don’t be surprised when income fluctuates. Budget conservatively based on low months, not high months.
2. Build emergency fund:
6-12 months of expenses saved creates psychological safety and prevents desperation decisions.
3. Focus on what you control:
You control consistent creation, promotion, engagement. You don’t control when sales happen.
4. Track trends, not individual months:
Look at 6-month or yearly trends, not individual bad months.
5. Diversify income streams:
Multiple streams mean one bad stream doesn’t destroy everything.
My practice:
I save aggressively during good months to buffer bad months. I focus on consistent actions (releasing, posting, engaging) rather than obsessing over monthly income fluctuations.
Investing in Your Music Career
The mindset challenge:
Spending money on your career feels risky, especially when income is low.
The reality:
Every business requires investment. Your music career is a business. Strategic investment accelerates growth.
What’s worth investing in:
- Quality production and mixing
- Professional branding and design
- Equipment that improves output quality
- Education and skill development
- Marketing and promotion
- Website and online presence
- Music distribution services
- Professional services (legal, accounting)
What’s usually not worth it:
- Buying followers or streams
- Expensive PR without strategy
- Unnecessary gear you don’t know how to use
- Scam services promising unrealistic results
My approach:
I invest where it directly improves quality or reach. I’m conservative but not afraid to spend on things with clear ROI. I track what investments actually generate returns.
The Relationship Between Creativity and Compensation
Let’s address the elephant in the room: does monetization kill creativity?
The Fear
The belief:
Once you’re creating for money, you’ll compromise artistically. You’ll make what sells rather than what’s authentic. Money will corrupt your artistic vision.
Where this comes from:
- Seeing artists “sell out”
- Fear of losing creative freedom
- Believing commerce and art are opposites
- Not understanding how sustainable creativity works
The Reality
What actually happens:
Scenario 1: No monetization
You work day job to survive. Limited time and energy for music. Resentment builds. Creativity suffers from exhaustion and stress.
Scenario 2: Smart monetization
Music generates income. You quit day job. Full time available for creating. Financial stress decreases. Creativity flourishes from freedom and space.
The truth:
Financial pressure kills creativity faster than thoughtful monetization ever could. Stability enables creativity.
The Balance
The approach that works:
1. Maintain artistic integrity in your music
Create what you genuinely want to create. Don’t compromise core artistic vision for money.
2. Be strategic about monetization
Find ways to earn that don’t require compromising art—merch, shows, teaching, fan support, production for others.
3. Set boundaries
Some things are for sale (merch, tickets, features). Some things aren’t (your artistic authenticity, your message, your core values).
4. Communicate your values
Be transparent about how you approach money and why. Your audience respects authenticity.
My approach:
I create the music I want to create, then find ways to monetize around it. I don’t change my music to sell—I find people who value what I naturally create. My artistic decisions aren’t driven by money, but I monetize the art I choose to make.
Practical Steps to Transform Your Money Mindset
Ready to change your relationship with money?
Step 1: Identify Your Limiting Beliefs
The practice:
Complete these sentences honestly:
- “Money is…”
- “Artists who make money are…”
- “I don’t deserve money because…”
- “Making money from music means…”
- “If I have money, I’ll…”
What you’re looking for:
Beliefs that limit your earning potential or make you feel guilty about money.
Step 2: Question Your Beliefs
The practice:
For each limiting belief, ask:
- Is this actually true, or just something I’ve been told?
- Where did this belief come from?
- Does this belief serve my goals?
- What would I believe if I wanted financial success?
- What would change if I no longer believed this?
Step 3: Choose New Beliefs
The practice:
Deliberately choose empowering beliefs:
- “Money is a tool that enables my music and impact”
- “I deserve fair compensation for the value I create”
- “Earning from music allows me to create more and better work”
- “There’s abundant opportunity in the music economy”
- “I can have financial success and artistic integrity”
Step 4: Act From New Beliefs
The practice:
Make decisions based on your new beliefs:
- Set fair prices
- Pursue revenue opportunities
- Invest strategically in your career
- Celebrate financial wins
- Approach money with confidence, not guilt
Step 5: Address Financial Reality
The practice:
Get honest about your finances:
- Track income and expenses
- Create budget
- Set financial goals
- Build emergency fund
- Develop multiple income streams
The Bigger Picture
This isn’t really about money. It’s about sustainability.
The question:
Do you want to create music for a few years until you burn out, or build a sustainable career that lets you create for decades?
The reality:
Sustainable careers require sustainable income. Artists who last build healthy relationships with money that support their creativity rather than draining it.
The choice:
You can embrace that money is part of the equation and work with it strategically, or you can resist it and struggle indefinitely.
My choice:
I want to create music for life. That requires treating my music as both art and business. Both matter. Neither is more important than the other.
Final Truth
You can be an authentic artist AND earn well.
You can maintain artistic integrity AND build wealth.
You can love your craft AND want fair compensation.
These aren’t contradictions. They’re the foundation of sustainable creative careers.
Your money mindset is as important as your music skills.
Both require development. Both affect your success. Both deserve attention.
Transform your money mindset, and you transform your career possibilities.
Start today. Your future creative self will thank you.
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Free resource: “The Musician’s Money Mindset Workbook” at TrayMillen.com/money-mindset
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