To afford the basic necessities now and in your retirement requires planning. When it comes to your personal finances and your music business, the ultimate responsibility lies with you to file your tax returns, have adequate insurance cover and create your own pension plan. The best time to start is now. Here is some general guidance.
How to make money as a music producer or musician requires creativity. If you work on multiple income streams, you will be better able to support yourself. Also, if one stream runs dry, you have other streams to draw from. Most independent musicians today get money for their music by diversifying.