Nor orthw hwest ISD ISD The best and most sought after school - PowerPoint PPT Presentation

Nor orthw hwest ISD ISD The best and most sought after school district where every student is future ready: Ready for college Ready for the global workplace Ready for personal success Making Money with Your Instrument: College and Beyond

Goals • Locate additional funding sources for college, supplemental, or primary income • Consider new options for generating income (or reducing debt) • Find scholarships • Learn basic retirement strategies useful for musicians and teachers • Design a plan for works for you

Debt to I ncome Scenario I ncome/ Debt Amount Income $50,000 Loan Debt $80,000 Term 15 years at 6.8% https://www.wellsfargo.com/student/calculators/debt/

College Debt Total U.S. Student Debt $1.4 trillion Student Debt Accrued Every Second $2,858 Average Student Debt 2017 $37,172 https://www.cnbc.com/2018/02/15/heres-how-much-the- average-student-loan-borrower-owes-when-they- graduate.html

Save Money During College • https://www.daveramsey.com/blog/how- teens-can-become-millionaires $166 per month

General Scholarships • What really matters? • What will get me more money? – GPA, SAT/ACT, class rank, the instrument I play? • Private vs. Public Universities – Choose what learning environment is right for you, but private may come in cheaper, and therefore, may be a better investment – When hiring applicants, college names don’t matter to me • https://www.hsutx.edu/offices/financial-aid/scholarships/ • http://www.hputx.edu/campus-offices/financial-aid/scholarships/ • http://www.finaid.txstate.edu/scholarships/freshman/assured.html

Stack up the Scholarships Stack up your savings! • Determine your academic scholarship • Stack your music scholarship on top of that amount – Note that music scholarships are offered to many students, but not all will accept. This occurrence leaves room for you to counter their offer at the time of the scholarship acceptance date. Negotiate! – Music scholarships are not limited to any restrictions like athletics. In fact, these professors need to maintain their studios for their own livelihood.

Teacher Loan Forgiveness Program https://studentaid.ed.gov/sa/repay- loans/forgiveness- cancellation/teacher# eligibility

Scholarship and Financial Aid Resources http://northwest.ss10.sharpschool.com/dep artments/college_and_career_readiness/coll ege_readiness_-_financing_college/

Music Education vs Music Performance Degrees Music Education Music Performance High scholarship opportunities High scholarship opportunities Graduate with a teaching certificate Potential for Additional performance opportunities Usually has the ability to take performance Additional coursework needed for teaching classes (studio, extended recital, etc.) certificate (1 year) Can teach private lessons Focus completely on instrument Sometimes carries more clout for private teaching Usually a longer degree with more hours Usually a 4 year degree required Possibility of loan forgiveness Teaching could lead to other careers in College professor (Low initial earnings, but teaching (Principal, Superintendent) limitless possibilities in college admin)

What can I do with a Music Degree and what is my earning potential? • https://www.berklee.edu/sites/default/file s/Music% 20Careers%20in% 20Dollars% 20 and% 20Cents% 202016-rh.pdf

Major in Music without Pursuing Music as a Profession • Music scholarship to help pay for school • Advanced degrees and professions outside of music are still available • https://www.usnews.com/education/blogs/medi cal-school-admissions-doctor/2015/08/12/shine- on-medical-school-applications-without-a- premed-major

Teacher Retirement Food for Thought • TRS – Teacher Retirement System • 2.3% earned each year of service • Rule of 90: Age plus years of experience • Scenario: Two 22 year old teachers. Teacher one paid into TRS throughout their college years. Teacher two began paying as a teacher after college. Teacher One Teacher Two Can I retire yet? Eligible to retire Eligible to retire at age 56 with at age 52 with 78% salary 78% salary 34 years of Retire at age 56 Retire at age 56 service with 78% salary with 86% salary

Jobs that pay into TRS (some restrictions apply) • Crossing guard • Bus driver • Lunch monitor • Paraprofessional (classroom aide) • Lawn and maintenance • Weekend painter • State university jobs • Color Guard

Earn Money With Your I nstrument and Expertise • Scholarships – Reducing debt raises earning potential • Church/University matching scholarships https://www.hsutx.edu/offices/financial-aid/scholarships/ • Weddings – Four Seasons String Quartet, Abilene TX – http://www.fortestrings.com/welcome.html – Work a local wedding show http://westtexasbridal.com/ – Contact local wedding planners and give them your card – Play a friend’s wedding for free (collect references, pictures, program with your name in it, etc.) – Start collecting wedding music today • High school/University/Community Theatre musicals • Gigs – One time and reoccurring (i.e. church choir/orchestra) – Possibly join the local Union http://musiciansdfw.org/2014-dues/ – Become a musician contractor (Jessie Fry) – Audition for a local symphony

Earn Money With Your I nstrument and Expertise • Private lessons in schools, in homes, in churches, or your place – Contact local school teachers, fine arts directors, HOA’s, flyers, childcare centers • Clinics and sectionals in schools • Worship pastor (common for choral students) • Perform in a church choir/orchestra weekly (paid through scholarship) • Learn additional instruments (string bass players learn electric, choir students learn piano, wind players learn additional instruments in your field, violinists learn viola, etc.) • Learn to repair instruments (Craigslist ads, local repair shop) • Buy and Sell investment instruments for which you are an expert – hang a flyer at your college that says “Need extra cash: I buy used instruments” – Garage sales, Craigslist, Flea Market, Consignment, etc.

Earn Money With Your I nstrument and Expertise • Record/Audio Equipment – Record UIL, concerts, honor band, choir, orchestras – DJ Weddings – Work with teachers to setup audio (staff development for teachers) – Consult with middle and high school musical theatre for wireless mics (Martin) • Studio Recording – Commercials, rocking chair people, etc. • Invent something for your instrument – Use your expertise (clarinet spacer, tie dye cello rock stop, etc.) • Learn piano – solo and ensemble contests and accompanying choirs is big money

Let’s Sum it Up! Dr. Lacefield’s Opinion Corner • College is one of the largest investments of your life. Be sure it has a return that will work for you. • Work hard and make good grades. • Keep your scholarships! • Go to a college where you will be most successful. • Use your expertise to your financial advantage. • Live poor and save money when you’re young. Great memories and stories.

Nor orthw hwest ISD ISD The Opportunity: Creating the Best Schools in Texas!