Originally Posted by drummingman
In my life i have, and am still, dealing with debt. My goal is to get out of debt and to stay that way for the rest of my life....
The whole thing for me is keeping my bands that im in out of debt with labels and anyone else that way we dont end up getting messed over and that way the label does not have leverage over my bands.
What are all of your thoughts on these things?
- not all debt is bad. 20 years ago I took out a mortgage to buy my house. It is now paid off and the house is mine - it's a much nicer house than I would have ended up with had I tried to just build a little bit at a time as I could afford it (or if I just tried to save up until I had enough money to buy it outright). Debt is a way of leveraging your own resources. If you believe in the value of what you acquire and in your ability to pay the debt service, you just have to take that risk. Of course that also means that maxing out a couple of credit cards (at 20% interest) to buy video games and takeout pizza when you have no income would be a BAD way and reason to go in debt.
Signing with a label could be similar in that by doing so, you avail yourself to a vast wealth of resources and knowledge. It's not free - but if the value of what you get from the label allows you to reach your goals - then it could be worth what it costs you to get there. It seems that almost everybody else has posted that there will be significant costs no matter how you go about it - the question you have to answer is what is most important to you - being successful, not taking on any debt, or not ever signing a deal. They're not mutually exclusive - but you may be losing focus on what your ultimate goal is by imposing artificial constraints on yourself.