Thread by @tayooye

THREAD: Music vs. Banking? Why I never advise people to “follow their passion”?

My first passion was music. I was a decent rap artiste hawking a demo tape and playing gigs across Nigeria in the late 1990s. That was way before Wizkid, Davido etc. showed Africa how to monetize music.

My first job out of University was in a bank. It wasn’t a glamorous job by any standard but I learnt so much about investments and money/capital markets. Those lessons became the foundation for much of my networth today.

Back to music. I won a “Talent Hunt” in October 1999 and the grand prize was a studio session to record my first singles. The “Talent Hunt” victory and the studio sessions convinced me that I could have a future in music if I gave up banking to focus exclusively on my passion.

Here’s the problem:

Fewer than 1% of very talented musicians make a living with music. Survivor bias is why we think the chances are higher. We know the kid who started from nothing and is now a household name but don’t know the 1,000 equally talented kids who never made it.

Besides, the music industry is a “Gangster Industry”. The top 1% make 77% of the value in the industry; the next 4% make about 13%; while the remaining 95% of musicians share the remaining 10% of the total revenue in the industry.

To make it clearer. The top 5% of musicians make about 90% of the revenue in the industry. Everybody else (95%) literally makes nothing. Could I have made it into the top 5%? We'll never know.

I did the math and opted for a corporate career. Many of us did. My good friend @subomiplumptre and I were in the same rap group circa 1996. She was a dope singer/rapper but is now a senior partner at a major consulting firm and a leading voice in the Nigerian renaissance.

Follow @subomiplumptre, she is one the smartest women I know.

We all still play music on the side. Some of us even have home studios and have plans to float a music label in the future. But I am glad I did not follow my passion and I never advise young people to just follow their passions especially if they don’t have a safety net.

I usually tell people instead to:

1. Get an education.
2. Get a job.
3. Follow your passion on the side.
4. If a conflict arises, make sure the passion can keep you comfortable before leaving your day job.
5. Just don’t follow your passion blindly.

If your passion puts you squarely in a “Gangster Industry”, please be careful. You have to knock out the Godfathers just to make a decent living. You may rise to the top and become the Capo, but it’s more likely you end up as another hungry artiste.

Do I regret giving up music? Not really. Some of my friend and musical contemporaries made it (eg @illBlissGoretti) but most are struggling today. Besides, this corporate thing didn’t turn out so badly. I ended up in the advertising industry and loved every minute of it.

SUMMARY:
In your teens, follow your passion like crazy. Give it 100% to see if it can pay your bills. If it doesn’t work, find a job in your 20s, consolidate your income in your 30s and 40s; and then go back to your passion after your needs are met.

My view on this subject is a bit controversial; but it’s my opinion. Opinions are cheap because everybody has one. Please feel free to share yours via comments.

I wasn't always a grizzled veteran.

https://twitter.com/tayooye/status/1095091714707066881?s=19