Bob Baker's Indie Music Promotion Blog

News, notes and ideas on music marketing, self-promotion, artist empowerment and more

January 21, 2008

Do You Have a Millionaire Mind?

One way to increase the flow of money into your life is to study the ways that other successful people do it. (Hint: It's not about getting an inheritance, ripping people off, or being a super salesperson.)

Readers Digest may not be the first magazine you pick up at the newsstand, but last month it ran an interesting article called "Secrets of Self-Made Millionaires." And ... believe it or not, there are a lot of lessons musicians can learn here.

Some of my take-aways from the article:

Don't paint yourself into a small corner. Think Big! The article quotes "Secrets of the Millionaire Mind" author T. Harv Eker: "The biggest obstacle to wealth is fear. People are afraid to think big, but if you think small, you'll only achieve small things."

I wrestle with this myself. I make a nice living as an author who serves a niche market: aspiring indie musicians. And I advocate that artists should serve their ideal slice of the music fan population and not try to please everyone.

I still embrace that philosophy, but that doesn't mean you should limit yourself or downplay the impact you can have with your music. You can serve your niche in a big way -- and profit accordingly. And, should you choose to do so, and if your fans support you in your quest, you CAN take your music to a wider and wider audience.

I try to raise the level of my activities every year. You should too. But that won't happen until you give yourself permission to think big and act accordingly.

Educate yourself. From the article: "One of the biggest obstacles to making money is not understanding it: Thousands of us avoid investing because we just don't get it. But to make money, you must be financially literate."

Even if you don't have much money to work with and invest right now, start preparing for the day when you do. Get comfortable with cash flow and how to direct it. Hint: The wealthiest people are very good at saving it and giving it away to worthwhile causes.

This education thing extends beyond finances. I've made a lifelong habit out of feeding my mind with positive messages and information on marketing, publicity and sales, in addition to health, wealth and spirituality. It all gets ingrained and makes you a better (and more prosperous) person.

The passion principle. Also from the article: "According to research by Thomas J. Stanley, author of "The Millionaire Mind," over 80 percent of millionaires say they never would have been successful if their vocation wasn't something they cared about."

You already have this one down, I'm sure. You love what you do. But this is more than just "do what you love and the money will follow." It's about staying connected to your passion for music, and finding a way to serve your fans and make a living doing it.

There you have just some of the success secrets of self-made millionaires. Think big. Educate yourself. And immerse yourself in something you love that serves others in a meaningful way.

Ready to take the plunge? No time like the present!


Ready to Transform Your Musical Life? Mark your calendar for June 20-22 in St. Louis, Missouri. That's when I'll present Indie Buzz Bootcamp, a life-changing, one-of-a-kind weekend event. Join me, Derek Sivers (of CD Baby), music publicist Ariel Hyatt, and other visionary speakers who will inspire you. Register to win free tickets!

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posted by Bob Baker @ 10:27 PM   2 comments


At Feb 18, 2008 10:55:00 PM, Anonymous Faustus said...

Interesting piece of advice. Sometimes people think small because they set limitations for themselves. They think that they are not capable of earning more money. Testimonials of people who have gone from rags to riches best motivates them to succeed.
Would you be interested with the Young Entrepreneur Society from the An entertaining documentary that shows successful entrepreneurs.

At May 9, 2009 8:04:00 AM, Blogger Jaykle said...

That is interesting reading , so true we all seem to aim small for a strange reason , it doesn't really serve us , thank you for all this great advice



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