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Financial Planning

Want a career in music? Here's how much it can cost

19 June 2017
Know the approximate costs of music instruments and courses before embarking on a career in music
 

If you love music, you have probably thought about being a professional musician. But there’s more to having a career in music than just entertaining an audience. It can take years to be a successful musician and can involve a lot of money. From instruments to training, here are some things to consider if you want a career in music. 

 

Buying your choice of instrument:

Pianos: These come in different brands and on an average, a professional piano can cost anywhere between 50,000 and 2 lakh-plus. Acoustic pianos, however, are priced even higher, while grand pianos start at around Rs. 3,000 and go into a few lakhs. 

Drums: Factors such as type, size, brand and playing level can determine the cost of a drum setThe cost of beginner drum kits can start at Rs. 15,000 to specialisation in music, which you can consider. 

A career in music does not come cheap. However, that does not mean it is unaffordable. Here are some financial instruments that can help you get started in your music career. 

Public Provident FundThis is an ideal option you if you are a salaried individual. It allows you to build corpus for expensive purchases. The minimum annual investment can be as low as Rs1,50,000. 

Note: Your investment gets locked for 15 years, but you can make partial withdrawals at the end of the sixth year.  

Mid and small-cap mutual funds: These generally offer high returns; however, the average investing period is from five to 10 years.

Fixed Deposits:?This is a safe option and is best suited for short-term investments. It offers a fixed interest rate, ranging from 4% to 11% p.a. Money can be withdrawn only after maturity that comes with a term that ranges from 10 days to 10 years. Interest comes into play after three months of deposit. So, plan it ahead! 

Recurring Deposit:?It generates regular monthly income by investing small amounts in a systematic way. 

SIP:This investment method generates additional income through regular depositsThe minimum deposit for this is Rs. 500 month. Interest rates for SIPs can go over 10%, eventually earning you a significant amount each year. It is best to invest in SIPS at least 10-12 months in advance. 

 


Disclaimer: This article is intended for general information purposes only and should not be construed as investment, insurance, tax or legal advice.You are encouraged to separately obtain independent advice when making decisions in these areas.

 
 
 

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