The brainiacs at Kiplinger's Personal Finance Magazine just posted some good advice from millionaires on what it takes to become one.

The stories of the nine people featured are worth reading and have parallels with the music business.

The information can be summarized with these tips:

TIP #1: Go balls out. - Like a successful music business career, earning this kind of money isn't something you can halfass.

TIP #2: Support your idea and don't be afraid to invest your own money to make it happen. - It's easy to spend money when it doesn't belong to you. If you really believe in something though, you won't be afraid to invest your own.

People, including investors like record labels, know this. And when they see you're not afraid to put your money where your mouth is, they'll come with their money.

TIP #3: Know what you do best. - You need to know how to outsource. If you're not a graphic designer, you shouldn't be doing the graphics for your album.

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TIP #4: Don't let setbacks get you down. - Nobody said this is easy. The difference between successful music business people and those who aren't usually has more to do with them being able to take a punch and get back up than it does talent.

TIP #5: Take the long view. - The secret to both long-term financial stability and music business success isn't "timing of the market." Sure, some people get in, hit things while they're hot, and get out, but that rarely happens.

The secret is "time in the market" and being consistent if your actions.

TIP #6: Make your luck. - Some people really are more lucky than others. Part of it is a mind game and how you approach things, but most of it is making opportunities for yourself. People get in the right place at the right time because they put themselves there.

TIP #7: Enjoy the process. - While there are a lot of people who make this business look easy, it's very hard work that takes a lot of time and dedication. You may only see somebody doing "fun" things like hanging out at a club or chatting it up a conference, but don't make the mistake of thinking that is all they do. Chances are that when they're not "hanging out" (which is also work, in a lot of cases), they're working on the thousands of other things that it takes to do well in the business.
About the Author

David Hooper is the founder of Kathode Ray Music, an artist development organization specializing in promotion and marketing of independent musicians and bands. Visit http://WWW.TALENT-AGENCY-LAS-VEGAS.COM for more tips and hints for musicians, bands, and songwriters.