How to Manage Your First Big Music Paycheck: CN Bank Explains at Latin Music Week 2023

The financial institution’s Rodrigo Nieto-Galvis shares the do’s and don’ts of what to do with your revenue.

You got your first music revenue paycheck. Great, congrats! Now what?

In a panel called “How to Manage Your First Big Paycheck: Step 1, Don’t Buy That Exotic Car,” presented by CN Bank on Monday (Oct. 2) during the opening day of Billboard Latin Music Week 2023, Rodrigo Nieto-Galvis, CN Bank’s vp/team leader, Entertainment Banking Miami spoke with Billboard‘s Leila Cobo about managing and protecting your music revenue.

According to Nieto-Galvis, you should seek advice and establish a plan before running out to buy that luxury car. No matter how big that check is, especially if you are starting out, “your income is not so constant because you are an independent worker, you’re not getting a monthly paycheck,” says the expert.

“You have to balance,” Nieto-Galvis explains. “First, financial psychology — why you want to buy that car … with, second, financial education — understanding that money can help you achieve your professional and life financial goals.”

“It doesn’t matter if that check is for $100,000 or a million,” he stressed. You need a team specifically dedicated to music and entertainment to be able to eventually buy the car of your dreams and also have financial stability.

Celebrated for more than 30 years, the 2023 edition of Latin Music Week includes a Superstar Q&A with Shakira; the Legends on Legends chat with Chencho Corleone and Vico C; Making the Hit Live! with Carin León and Pedro Capó; a panel with RBD’s Christian Chávez, Christopher von Uckermann, and Maite Perroni; Superstar Songwriter discussion with Edgar Barrera and Keityn, among many other panels, Q&As and workshops. See the ultimate Latin Music Week guide here. This year’s Latin Music Week, taking place Oct. 2-6, also includes showcases by Peso Pluma, Mike Bahía and Greeicy, DannyLux and Fonseca, to name a few. Check out the dates and times for the showcases throughout the week here.

Official partners of the 2023 Billboard Latin Music Week include AT&T, Cheetos, CN Bank, Delta Air Lines, Lexus, Netflix, Michelob ULTRA and Smirnoff.

Latin Music Week coincides with the 2023 Billboard Latin Music Awards ceremony, which will broadcast live from the Watsco Center in Coral Gables, Fla., on Thursday (Oct. 5), and will air on Telemundo. It will also broadcast simultaneously on Universo, Peacock, the Telemundo App, and throughout Latin America and the Caribbean on Telemundo Internacional.

By Sigal Ratner-Arias 

Billboard