How Artists Should Spend Their First Big Paycheck, According to Jimmy Iovine

"Get a studio."
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Too often, we hear of artists blowing their advance money. Plenty of artists do it, go on to regret the day, and turn into the advice articles that you all read here on DJBooth. One way to stave off the trap of losing your first big paycheck, per legendary record producer and executive Jimmy Iovine, is to invest that money back into yourself by way of a recording studio.

“Jimmy Iovine told somebody, I'm gonna say Snoop Dogg, that when you first get your big paycheck, make sure you get a studio,” said rapper and singer Elhae during an interview with BET. “That's very important, because that's gonna generate the bucks later on.”

Of course, getting your own studio checks all financial and creative boxes. You cut certain overhead costs, you still get the dopamine drip of a big-money purchase, and now you have a space to be as creative as you want, however you want.

And as Elhae noted, when you have your own studio, you’re generating your own money in your own space. Keeping everything in-house is one of the best ways to invest in yourself as an artist. A chain might look good, and so would a new car, but nothing looks better than shiny new music equipment and creative freedom. But if you can afford all of that at once, peace be with you.