Most of us have been held back for years because of what I like to call the "Broke Music Teacher Fallacy." I know I was until just a few years ago.
It goes something like this.
Teachers are not known to make great money. We praise teachers for their dedication and passion...but unfortunately, you can't pay bills with dedication, passion, and a pat on the back for doing a good job.
The notion of a teacher retiring a millionaire? Most people laugh at this idea.
And then, there are musicians. When most of us told our families we were going to go to music school, at least one person said, "How are you going to make ends meet?"
Again, society has a perception that musicians are supposed to be poor and struggling. The romanticized "starving artist."
So, becoming a music teacher is a double whammy. While I believe many people value music and music education, not much is expected of music teachers financially.
Sadly, this has become a self-fulfilling prophecy. So many wonderful music teachers have accepted a life of financial struggles, stress, and worries about the future when they didn't have to.
It's reached a point where the salaries we've accepted have become "industry standard."
In a previous community music school job, the annual budget was five million dollars. That's right.
Five. Million. Dollars.
Yet, the teachers weren't being paid enough to live on comfortably. Unless teachers had a spouse with a lucrative job, they were working at two or three different places just to make ends meet.
When any of us dared challenge the status quo and ask about the pay, the response was, "We benchmark. Your pay is actually quite good compared to the industry standard." End of conversation.
But we can free ourselves of this and lead better financial lives if we break the Broke Music Teacher Fallacy down. I believe this fallacy is based on two misconceptions.
Misconception #1: You Need to Make More Money
How many music teachers do you know who went back to school to become a doctor, lawyer, or accountant?
If you've come to find you hate teaching, then fine. You should go back to school and do something else. But if you're doing it to live a better financial life, STOP RIGHT NOW!!
Making more money does not lead to financial freedom. Because it's not about how much money you make. It's how you handle the money you have.
If you're like most people, you don't keep close track of your spending, use credit cards, have a hefty car payment, and wonder why you're still broke a decade later.
A larger income will not change this. If anything, it will make it worse.
As an example, let's say you go back to school and decide to become a neurologist. Now you make $200,000 a year. Everything's going to be great.
But then, like most doctors who are coming into a large income for the first time, you decide to take out a mortgage on an expensive house. A three-million-dollar house. While you're at it, you take a loan for a $120,000 car.
Because hey, the monthly payments seem manageable at the time.
But even with this larger income, you're right back where you started with financial stress and worries consuming your life. Because even at this beautiful income, all of the money is going to loan payments.
No matter how much money you bring in, you must learn how to handle it properly. That's the foundation of your financial life.
The way to do this is to keep a monthly budget. Most people shun at the word "budget" because "deprivation" is next word that comes to mind. That's not true. All a budget is, is making a plan for your money before the month begins.
You write out your income for the month, your expenses, and then whatever is left, you decide what to do with it. But no matter what, don't spend more money than you make. It's as simple as that, even though most people don't do it.
Creating a budget is telling your money where to go so you don't have to wonder where it went.
The best budgeting app out there is Everydollar, and it will change your life. Check out our tutorial on it here.
Misconception #2: Music Teachers Are Supposed to be Paid Low
To a degree, I think we did this to ourselves. Decades upon decades accepting low pay for work that we know changes lives led to this.
Making this level of pay now "industry standard" among music schools. Both in the classroom and in private lessons.
I believe this isn't a low pay problem so much as a low self-worth problem.
We don't deem ourselves worthy to demand the raise from our bosses. We get too scared to seek out a job with higher pay. And we're probably most terrified to strike out on our own to seek out the pay we know we deserve.
And so, we accept what we have and count ourselves "lucky to have a job," as the famous saying goes.
The way out is to dive deep into self-reflection. Do some reflective writing (it sounds like BS, but don't knock it until you try it...it really does help). Think about your work. And what you need to live a peaceful financial life (*cough* budget *cough*).
Are you making what you need? And if you're not, what are you going to do about it?
Once you make the choice to value your work, the doors open. You will seek the better job. If you don't qualify for the better job, then you can get the training you need for a better job. Or if no one will pay you what you know you deserve, then you can go into business for yourself.
And you'll have the courage to make it happen because you know your work is important.
When music teachers do the work they love, are getting what they need financially, and handle that money well...magical things happen. It's rare that people take the steps, but anyone can do it.
I'm cheering you on, and am here for you every step of the way!
I would love to hear your thoughts on this. Have any stories to share? Victories of your own? Are you finding yourself immersed in this fallacy in your own work? Please comment below. I would love to hear from you.