Business Managers of Skrillex, Zedd, and More Share 10 Music Industry Money Saving Pro-Tips

Skrillex and Zedd both made the top 10 of Forbes‘ 2017 “Electronic Cash Kings” list, and they got there by managing their money wisely…

David Weise and Associates (DWA) in Encino, California has something to do with it, as the firm also manages the lucrative earnings of both producers, Coldplay, the Weeknd and more. Founder David Weise and senior partner Wayne Kamemoto are proud of the rapport they’ve build with their clients over the years and the way they handle business.

Skrillex’s $30 million, Zedd’s $19 million, or the Weeknd’s whopping $92 million per year might not be figures we see in a lifetime, but you never know! These money executives offer up some pro-tips for saving money via Forbes — and whether you’re an aspiring DJ/producer or simply want to be money smart, this free advice is priceless:

1. Limit spending on items that have no value. Like going to a nightclub and blowing money on shots.
2. Understand the difference between spending money on wants and needs. You need a car. You don’t need a Lamborghini.
3. Hire pros, not bros. i.e. A high school buddy isn’t always the best option for your tour manager.
4. Don’t spend what you don’t have. This goes without saying.
5.  Stick to a budget. Another given.
6. Don’t buy on impulse. Look for discounts or sponsors.
7. Hold a tax reserve. Set money aside for taxes as you earn.
8. Don’t be the Friends & Family bank. Blame it on your Business Manager.
9. Invest in your future self via retirement plans.
10. Diversify your investments. Know your influence, and choose wisely.

Source: Forbes | Photo via: Rukes