Ghanaian-UK entrepreneur and founder of Konnected Minds Podcast, Derrick Abaitey, has attributed the financial struggles of many musicians to a lack of financial literacy, arguing that talent alone is not enough to create lasting wealth.
Speaking on The Career Trail on Joy Learning TV and Joy News, Derrick said his years in the music industry exposed him to a pattern where many artistes enjoyed successful careers but later struggled financially.
“I figured out that a lot of musicians were going broke after getting their big hits,” he observed.
According to him, the problem is often not a lack of income, but the inability to manage and grow that income.
“The skill to make money and the skill to keep money working are two different things,” he explained.
The podcaster illustrated his point by comparing musicians to people in other professions who earn substantial incomes but fail to build long-term wealth.
“You can be employed and make so much money from your paycheck, but once that employment is taken away, you can go broke again because the money was only coming from one source,” he noted.
He said the same principle applies to footballers, politicians and other high-income earners whose careers eventually come to an end.
“You can have a great footballer earning a lot of money, but if there’s no financial management, once football is taken away, the person can go broke again,” he remarked.
“That’s the reason why sometimes even a lot of politicians come into power, get all the money they get, but when they leave office, they lose money again. It’s because the skill to keep money working and the skill to make money are two different things,” he continued.
For Derrick Abaitey, lasting wealth is created when talent is supported by sound financial decisions.
“When talent mixes with financial management, that’s when wealth is made,” he stressed.
He therefore encouraged creatives and professionals alike to develop strong business and financial management skills or surround themselves with people who possess those skills.
“I would advise anybody to take the path they need to take. However, you have to have business acumen. If you don’t have it, hire people who do and, more importantly, listen to them,” he advised.
Abaitey further observed that many people make the mistake of hiring experts only to ignore their guidance.
“Most people hire people they don’t listen to. They bring them onto the team, but they don’t take their advice. That’s one of the reasons people make money and still lose it,” he concluded.
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