Billboard returned to Miami for another year of Latin Music Week! The event continued its ongoing tradition of celebrating Latin music and highlighting the culture’s most impactful players.
On the opening day, CN Bank’s Vice President and Entertainment Team Lead Rodrigo Nieto-Galvis joined Billboard’s Leila Cobo on stage for a panel discussion called “How to Manage Your First Big Paycheck: Step 1, Don’t Buy That Exotic Car.”
The conversation focused on how to manage and structure music revenue over time. Receiving a massive lump sum of cash can be overwhelming, especially without the proper guidance from entertainment finance experts like CN Bank.
Neito-Galvis said, “You have to balance two elements. First, financial psychology and second financial education. Financial psychology can explain why you want to buy that exotic car. Financial education is really understanding that money you could spend on a car, can better help you achieve professional, and life goals over the long term.”
It is important to establish a plan before receiving a lump sum of money. Regardless of how large the number on your first music check is, artists are independent workers and often do not receive a monthly paycheck.
Nieto-Galvis said, “Initially when you start as an artist, money is mainly for survival… When you start getting bigger paychecks, your perception of money changes. You’re now able to acquire assets such as the car you are thinking about, or a house, or jewelry.”
CN Bank has a well established history of helping artists manage their finances and offer their clients a variety of solutions & support. Nieto-Galvis stressed the importance of having a financial team specifically dedicated to music and entertainment.
America is a second home for many artists in the Latin community, so dealing with different financial rules and regulations in multiple countries can be tricky. Traditional banking services can only help artists get to a certain point, but partnering with a financial team that specializes in entertainment will help an artist reach their full potential while simultaneously establishing wealth.
If you weren’t able to join us in Miami for this insightful discussion between Rodrigo Nieto-Galvis & Leila Cobo, watch the panel above and stay tuned for more content from Billboard Latin Music Week.
