Debt is a dream-killer.  If you want to make “the jump” to seriously pursuing songwriting as a career or if you are already a pro, I highly encourage you to avoid debt like the plague.  If you’re already saddled with debt, pay it off as fast as you can.  Here are four ways debt kills songwriters’ dreams.

1. Debt makes “the jump” more difficult.

The higher your “bare minimum” income is, the less likely it is that you can take that $18,000 to $25,000 per year staffwriting deal… or that your spouse will let you!  I know some people who are able to chase songwriting full-time because their family can live off the other spouse’s income.  The more debt your family has, the less likely it is that you can be that lucky spouse.

2. Debt limits how much you can invest in your dream.

$700 in car payments, $150 in student loans, and $600 per month in credit cards could keep you from getting that demo recorded or making that trip to Nashville.  How fast can you save up money for moving to Nashville if you have those kind of bills?

3. Debt brings stress.

Financial stress steals your energy and focus.  It steals your creativity.  How much can you focus on achieving your goals if you’re not sure how to juggle your bills?  Financial stress is the #1 cause given for divorce, and debt is a major cause of financial stress.  Beyond songwriting, do what’s best for your family.

4. Debt makes it harder to survive the valleys.

This goes back to your “bare minimum income.”  If you’re blessed to get a staffwriting deal, the odds are fairly good that you’ll get dropped at some point (no offense).  The more bills you have every month, the less time you have to get another publishing deal before you have to get a “real job.”

A big part of going pro (and staying pro) is giving yourself all the time you can in which to achieve success.  It’s also about putting yourself in a position to ride out the peaks and valleys.  Debt limits you in those areas.  Do yourself, your family, and your dream a favor… kill the dream-killer.

YOU VS…