Unlike so many other artists or athletes, who make their way to bankruptcy court, August Alsina knows what it is to spend within your means.
Even when around rich friends like R&B artist Chris Brown and rapper Tyga, he is very cautious because he knows where he is going and he’s laying low and waiting for his time.
“I’m always very cautious of what I choose to do,” August told L.A.’s Power 106 'The Lift Off.'
He adds: “I was with Breezy (Chris Brown) and Tyga the other day and I was riding in Tyga’s Maybach and Breezy was in the Lambo … We hopped out and Breezy was like ‘Lil bro, you gotta get you one of these.’” A laughing August replied, “I know I gotta get me one of these,” but insist, “I ain’t rich like y'all yet.”
August details his reasons for not “splurging,” especially in a city like L.A. where you're either a "bum" or "balling."
“You got to know where you are in your life and you got to be very aware of where you’re going,” he says. “I’m just very aware of what I’m doing … I see a lot of people out there splurging … you see a lot of new artists come buy chains, cars, this and the third … when I come, I gotta be on some boss material … I’m just taking my time.”
Kudos to you August! Teach these youngins!
When it comes to financial stability in the music industry, many new artists often find themselves caught up in the allure of splurging. However, August Alsina is not one to fall into that trap. In a recent interview, he opened up about his mindset when it comes to money and success.
According to Alsina, when he comes into the industry, he wants to be on some boss material.
Maintaining financial stability is crucial for any artist looking for long-term success in the music industry. While some may be tempted to splurge their newfound wealth on lavish cars and extravagant vacations, August Alsina takes a different approach. He understands the importance of prioritizing his future over temporary luxuries.
For him, being on ‘boss material’ means making smart financial decisions and investing wisely in his career. In this article, we will delve deeper into Alsina’s perspective on not succumbing to the temptations of instant gratification and how it has contributed to his rise as an artist with staying power.
Maintaining Financial Stability in the Music Industry
You may be wondering how you can maintain financial stability in the music industry without splurging like some new artists. Well, the key is to have a solid financial plan in place and stick to it. This means budgeting your expenses, saving for the future, and making smart investments.
Firstly, set a budget for yourself and stick to it. Determine how much money you need for essential expenses such as rent, utilities, and transportation. Allocate a certain percentage of your income towards savings and investments. By having a clear understanding of where your money is going, you can avoid overspending and ensure that you are living within your means.
Secondly, start saving for the future early on in your career. The music industry can be unpredictable, with highs and lows in income. Building an emergency fund will provide you with a safety net during lean times or unexpected expenses. Additionally, consider investing your savings wisely to generate passive income over time. This could include real estate properties or stocks that align with your long-term financial goals.
Lastly, surround yourself with a team of professionals who can help manage your finances effectively. Hire an accountant or financial advisor who specializes in working with musicians to guide you through tax planning strategies and investment opportunities specific to the industry. They’ll help ensure that you’re making sound financial decisions that align with both your short-term needs and long-term aspirations.
Maintaining financial stability in the music industry requires discipline and careful planning. Set a budget for yourself, save for the future, invest wisely, and seek professional guidance when needed. By following these steps, you can avoid falling into the trap of splurging like some new artists and instead focus on building wealth for long-term success in the industry.
Prioritizing Long-Term Success over Splurging
Focus on building a solid foundation for long-term success rather than indulging in extravagant spending. It’s easy to get caught up in the glitz and glamour of the music industry, especially when you start seeing some success. However, it’s important to remember that fame and fortune can be fleeting.
Instead of splurging on expensive cars or designer clothes, prioritize investing in your career and securing your financial stability.
One way to ensure long-term success is by saving and investing wisely. While it may be tempting to spend every dime you earn on luxury items, consider setting aside a portion of your income for savings and investments. By doing so, you can create a cushion for yourself during leaner times or invest in opportunities that will yield returns in the future. Remember, being financially stable not only provides peace of mind but also gives you the freedom to take risks and make strategic decisions without worrying about immediate financial needs.
Additionally, focus on building a strong network within the industry. Surround yourself with professionals who can guide you towards long-term success. Seek out mentors who have been through similar experiences and learn from their mistakes and successes. Collaborate with other artists and producers who share your vision and work ethic. Building these relationships can open doors to new opportunities, collaborations, and even potential business ventures that will contribute to your long-term success.
Resist the urge to splurge on material possessions early in your music career. Instead, prioritize building a solid foundation for long-term success by saving money, investing wisely, and cultivating meaningful relationships within the industry. Remember that true success lies not just in fame or wealth but also in longevity and sustainability as an artist. Stay focused on your goals and always keep an eye towards securing your future in the ever-changing world of music.
Conclusion
In conclusion, August Alsina’s approach to financial stability in the music industry is commendable. By prioritizing long-term success over splurging, he sets himself apart from many new artists who are tempted to spend their newfound wealth recklessly.
Alsina recognizes the importance of being financially responsible and ensuring that his career remains sustainable for years to come. His mindset of wanting to be on ‘boss material’ when he comes is a testament to his ambition and determination. Instead of succumbing to the allure of flashy purchases, he focuses on making wise investments and building a solid foundation for his future.
This level-headedness will undoubtedly contribute to his continued success in the industry. Alsina serves as an inspiration not only to aspiring musicians but also to anyone striving for financial stability and longevity in their chosen field. His example highlights the significance of making thoughtful decisions with money, rather than succumbing to impulsive spending habits.
With this mindset, it’s clear that August Alsina has positioned himself for sustained success in the music industry.
Founder and Creator of Singersroom.com and IncredibleWork.com. Follow me on Instagram at @gary.gentles.