I know many young violin teachers for whom money is the biggest barrier to honing their craft. They feel they have to take on any student or gig they can to make ends meet. This overwhelming schedule combined with the stress of scarcity makes it impossible to do the deliberate practice of learning how to intentionally teach well.

A lot of luck and circumstance has allowed me to do what I do. But there are a few financial principles which have helped. Perhaps the ideas below could guide you toward a sort of financial freedom, too.

1) No debt mentality. I didn’t take on debt for college or graduate school. I’ve never had a credit card. My philosophy is if I’m not able to pay for it now, I should find a creative way not to need it or save and buy later. I’d never financed anything until we purchased a new car to withstand the Ithaca winters and have some value left on the other side. Even then we really, really looked closely at whether it was worth the mental burden of debt and put over 25% down in cash.

2) Entertaining myself with hard, free things. It costs no money to read a library book. Seven days of personal silent, introspective mediation is free and life transforming. Bicycling across the country with a tent costs no more than staying at home (less if you can shave off a month of rent). Learning to make restaurant quality food at home requires time and creativity and research, costs a fraction of eating out, and is so fun to share with family and friends. My philosophy is if I can choose between paying to be entertained and not, the free option is financially wiser AND almost always better for me.

3) Decide what you don’t need, but invest in what you love. I learned pretty early (mostly through minimalism) that spending money on a closet of trendy clothes, luxury transportation, big concerts, luxe travel, jewelry, expensive education, gym memberships, and a fancy apartment didn’t have much value to me. But when I bought my one pair of boots, and sandals, and pants, and shirt, I made sure to get exactly the one I wanted and which would last me for (hopefully) decades. I don’t spend money on gym memberships, but I’m happy to pay the (economic) travel expenses to go hike a gorgeous trail. I don’t often go out to eat, but I pay a ridiculous amount of money to have green tea and matcha shipped from Japan. I love playing and teaching violin, so I unabashedly spend a disproportionate amount of money on violin maintenance, strings, rehairs, and Suzuki teacher training. We eat a plant based diet so have no qualms paying (a lot more) for delicious, healthy, local vegetables, grains, nuts and seeds. When I do spend money, I spend it on what I love. So as I move through my day, I feel like everything I touch or do is a truly luxury item and is something I paid a lot for. But I was able to do that because I’ve ruled out many categorically expensive items I decided I don’t want/need them.

4) Permanent or impermanent? Spending falls into two categories. Either we ‘own’ the thing and it lasts. Or we pay for it once, but it no longer belongs to us. Permanent purchase examples are real estate, objects such as clothes or appliances, or a permanent share of something (a vacation house, investment in a company, etc.). Impermanent examples are rentals, food, concerts, movie tickets, travel, and subscriptions. When purchasing permanent things, my philosophy is to go for the best and the longest lasting. For example, it makes much more sense to buy one vitamix with exceptional warranty to use for 7+ years than to buy four cheap, breakable blenders from Target. The feeling of using the Vitamix is better, it is able to perform more functions, if it does break it will be replaced, and ultimately you can return it to Vitamix or trade it in and they will refurbish it for another customer. I opt to cut impermanent purchases to a minimum. I prefer as few rentals and subscriptions as possible and will go for free rather than a one off entertainment option (movie ticket). When I do spend money in the impermanent category I try to make the purchase as memorable as possible. Trip to somewhere new, meeting someone special, eating something inspiring, seeing something truly one of a kind. If you have rely on many ‘impermanents’ in your life, then you can’t cut down monthly spending without taking a big hit to your day to day quality of life. If instead you’ve built a life around permanent purchases, you can ratchet spending up or down without significant change.

5) Take a look at what you spend most on and see if you can creatively go without. Our collective big ticket items are student debt, rent, car payments, and food. We can’t opt out of learning, shelter, transportation, and sustenance, but we can get creative in deciding what to pay for. Do you really need to go to college? What are you able to learn online? What are you able to start doing and practicing right now? If you are going to college– don’t pay for it! In undergrad I lived in a cooperative house in the middle of Austin, Texas and payed $550 a month for housing and food. For two years I lived rent free in Ithaca. I now share a place for $300 a month. Some of the most inventive athletes of the 20th century lived in tents for nothing in Yosemite valley. I lived for 5 years with just a bicycle (no car). Where do your values, your health, and your budget align to determine your food choices? Or are you just reverting to a pattern determined by your upbringing, your friend circle? Human needs are non-negotiable. Our socialized standards for education, apartments, cars, and restaurants aren’t.

6) Get paid to practice. It blew my mind the amount of students draining themselves working day job entirely outside their field of interest. Try as hard as possible to get a job actually doing what you want to do– not hard in violin teaching. Far from distracting me from my studies, I found it actually inspired me to dig deeper and find practical solutions in every class.

7) Don’t couple income and spending. Your needs do not change, so why should your quality of life change as you make more money? My philosophy is to use money collected now to purchase every permanent item I would need to lead a frictionless, quality life. I don’t have extensive savings, but I do have material security (utility). Beyond permanent items I have few needs (just food, insurance, and flight travel), so won’t need to spend any much money at all. Not only does this quell the strange need to make more, buy more, have more, it also unchains my work (violin teaching) from having to become a large source of income.

People who have shaped my mindset on money…
Tynan https://tynan.com/finance1
Charles Eisenstein https://youtu.be/EEZkQv25uEs
Dave Ramsey https://www.youtube.com/user/DaveRamseyShow
Ramit Setthi https://youtu.be/BmAwa1nnB6w
Matt D’Avella https://youtu.be/zVcwvCL2C2c