I’m in a situation where I have 180k in savings which I plan to invest from a injury, would it be better to finish my music degree (I’m a freshman) or to just get a job an do the music on the side and hone my craft until I make it into the music industry. I feel like if I just did college like 100k of that would be gone and all I’d have to show for it is a degree which isn’t even that good if I get a job or do trade school I feel like I’d have a lower opportunity cost and higher returns cause more of that money would compound in itself or whatever
Is a music degree worth it if I already have a lot in savings. Should I just invest it and work a normal job and have music as a hobby/ learn on my own
byu/XenomystusNigri ininvesting
Posted by XenomystusNigri
12 Comments
r/lostredditors
How were you planning to pay for the degree before you got the injury money?
Not unless you know you want to, and planned on becoming, a music teacher at a school or university.
I have a “music degree’ only in the sense that I was a double major. I was primarily an English major, but was taking so many core music courses as electives that it made sense for me to just add Music as a second major. But its the English part of my degree that has helped me get jobs (writing, analysis, etc).
If you just want to learn music, learn music. You can take cheap courses or study with someone. But spending $100k when its not necessary for your future job prospects (meaning, little to no ROI on that $100k), I wouldnt do that. If you are going to complete your degree and its for the purpose of securing future non music related work, then I’d probably do what I did and double major with music as your secondary major.
If you were to go by investment standards, a music degree is not a great investment. I don’t think that’s the right way to look at it, personally.
Can’t you just save all that money and study music in Europe, where all universities are basically free or A LOT cheaper?
The thing I absolutely regret the most is paying tuition for my American degree. The quality of undergrad education isn’t even better.
Can’t tell you what to do. But assuming under 30 and if it were me:
Invest $150,000 into a low cost index fund (for example VOO) through a respectable broker (Fidelity, Schwab or similar) and name a beneficiary in the event that something happens to you. Keep the beneficiary information updated and keep up with any tax information but otherwise forget it exists until you’re 65.
Barring exceptional unforeseen or tragic future events, you now own your future.
Next, take the remaining $30,000 place it into a HYSA and use it as a sleep well at night emergency fund only.
Make all other financial decisions as if this money does not exist.
What are you planning to do with the degree? Yes, it can be useful. Go into the military band, get on cruise ships, move to Branson or Las Vegas and be part of a house band. Or, you expect to be the breakout artist? You don’t need a degree to be the artist, you need talent and a work ethic.
We hosted a South Korean student who was seeing a bit of the US before returning to her country. She had been in the US on a piano study exchange program. In South Korea, all she did is piano, all day, all the time. I took her to a large multiple day music festival, my spouse was in one of the bands. She met “regular” people, a mailman who played piano, a policeman who plays horn, etc. She didn’t know you could have a regular job and also play music. It’s hard to make good money at this, but it’s a way of life that can be great.
If you enjoy the music training, recognize how much that’s like math. You might enjoy a “day gig” in a related field. Drafting, for instance.
Depends on your goals. I have a bachelors in classical guitar and a masters in jazz. I primarily make and perform rock music for a living. My degrees did help me get a teaching gig at one point, and I certainly have a skill set I got from school, but I don’t necessarily believe that my degrees really shaped my career. I’m an autodidact, so I learn a lot on my own anyway.
As far as if you should make music your career, I always say do it if you have to but if you don’t have to, maybe don’t, haha. That said, you’re young, give it a shot. Music has taken me around the world and I’ve done things I never thought possible. Love my job and the lifestyle.
Don’t waste your money on a music degree please. You will regret this in 10 years or less.
Yes, this is the move for your 20s . But the deal is you try to figure out how to make money on your own without a job while you’re working and investing. No day trading, No leverage, just figure out something small along the lines of entrepreneurship.
Only do it if you are willing to have music be your entire life. I find that saving hobbies for home gave me a better work life balance and I no longer burn out on things I enjoy.
You could consider looking into Fundrise as a way to invest your savings while weighing the opportunity cost of finishing a music degree versus starting work, though it’s important to research carefully since returns aren’t guaranteed.