Music major looking for some career advice...

[oystersauce]

Hello, teachers! I'm having some career dilemmas and I was hoping some of you could share your wisdom with me

I will be starting my first year at university this semester as a BMus student. If I complete my degree I will become a piano teacher giving private lessons. However, I'm afraid that being a full-time piano teacher won't generate enough income for me to live the lifestyle I choose. Obviously I'm not talking about a lavish life, but I would like to make around 100k because my parents make less than that and have always struggled with money and I know how stressful it can be. But music is the one thing I'm 100% certain that I love. The money factor is the main thing driving me away from making it a career (I hope I don't sound greedy). I could always start a music school, but that would probably be many years down the road and with student loans to pay I'd need the money soon after graduating.

Another option I have is psychology. I'm very interested in it, and am looking to obtain a Masters or PhD in Industrial/Organizational psych. The money seems good and it's a growing field, but I'm afraid it will become too dry. There's a lot of statistics to learn, which I'm not so hot at, but I'm pretty good at research and data management (based on my somewhat limited experience with it in high school).

So, what do you guys think? I would really appreciate some perspective on this, thanks!

[rachmaninoff_forever]

I don't see why it can't make a lot of money

Lets say you have 40 students a week and you charge 75 an hour.  

If they all come once a week, then that's 3,000 dollars a week.  Multiply that by 54 and you get 162k a year.

But lets say that not all the students can make it because of holidays, and life stuff happens.

You take away 62k and you'll still have around 100k a year



I mean, it could vary.  You could charge less, but have more students to teach.  I know everyone says that teaching doesn't make a lot of money, but I think it's possible.

Another option I have is psychology. I'm very interested in it, and am looking to obtain a Masters or PhD in Industrial/Organizational psych

I think we're gonna have a blast getting to know each other! 

[j_menz]

Multiply that by 54

 

 

[rachmaninoff_forever]

 

Aren't there 54 weeks in a year?  And he only has to work six hours for five days and five hours for two days.  So that's quite a bit of free time as well isn't it?

[j_menz]

Aren't there 54 weeks in a year? 

Possibly somewhere, but not on Earth.  The number you are after is 52.

[ajspiano]

54 lol.

You can absolutely make 100k as a piano teacher. It's not something that you'll just waltz on into in your first few years though.

..nor does completing a Bmus have anything much to do with your success. I rather suggest you start teaching now just a couple of students and see if you actually want to make that your career.

[ichky]

Hi Oystersauce,

There is a big difference between making enough money doing what you love just to get by, and generating massive income to become wealthy. You will be playing a different game.

The answer to your question is "Leverage". You must leverage.
There is only three ways to leverage to generate massive income:
1) Time
2) People
3) Money

Yes, you can start a school, then you can have other teachers teaching for you, but you would have to manage it like a business if that is what you want to get into. Or you can leverage your time, where you can teach multiple students in one go.

As an Entrepeneur, I'll give you another advise. You want to find money elsewhere so you don't have to worry about making money in doing the things you love, and in order to do that you need to learn how to make "Passive Income". Money coming to you while you are sleeping!

There are only less than 5 different ways to obtain passive income, that will be another topic.

Good Luck 


Regards,

Ichky

[bmbutler]

My advice - get a degree in something where you can make a regular, consistent living with benefits and teach on the side.  This is after having a Master's degree in music for 20 years.

[oxy60]

Minor in music, and go for psychiatry. You'll need the music for your own well being after a day of patients (and their troubles).

[asuhayda]

Hey!

Agreed.. teach on the side.  Reality is. It's going to be tough.  Right out of school, there is no way you're going to make that kind of money.  In order to demand higher lesson rates, you have to be established and have top notch students who are winning piano competitions. 

I've been teaching for 10 years now, but I have a full time job as well.

Here's the thing.. piano is a novelty for most parents/kids.  When the economy gets bad (or it gets warm outside), you could lose a HUGE percentage of your income no matter how well they are doing. 

I have colleagues with PhD's in Piano performance who only teach on the side as well and for the same reasons.

Trust me, I would love love love to teach 40 hours a week and do nothing else.. but it's a lofty and skirting unrealistic goal for me.

Unless you've got a degree in investment banking or something like that, the chance of you making 100k right off the mark in ANY field is slim to none.

I'm not trying to bring you down.. definitely go after your dreams. It's just an extreme challenge and I don't want you to get depressed if and when it doesn't work out the way you'd hoped.

Hope this helps!

[oystersauce]

Thanks for the replies! I'll most likely do my first year with both music and psych/stats courses, then decide what I want to pursue.

[oxy60]

Thanks for the replies! I'll most likely do my first year with both music and psych/stats courses, then decide what I want to pursue.

Don't worry about those stat courses. Unless they've added some very special formulas to explain some very basic principles you should sail through with the wind at your back. In the dark ages when I took it we did all those calculations on paper.

If nothing else it will make you a better gambler, poker player, investor or home buyer!

[oystersauce]

If nothing else it will make you a better gambler, poker player, investor or home buyer!

Haha, I like the way you think!

[gsmile]

Universities often have "joint majors" or "double majors"-- maybe you can get a joint or double major in psychology and music. I know that most universities in Canada have this option!

[oxy60]

Haha, I like the way you think!

Thank you! If English is your mother tongue, take as many courses as possible in English. I know people who couldn't pass the bar or write a decent blue-book exam because their English wasn't good enough to express what they had learned.

Life is not becoming easier. We are confronted by complex documents at every turn (have you seen the back of a rent a car agreement?) and we had better know what they mean.