Financial wellness is music to his ears
Endowus Insights

Leap into prosperity this CNY 💰     Get an $88 head start to growing your wealth.

Leap into prosperity this CNY 💰Get a $88 head start to growing your wealth.

Financial wellness is music to his ears

Updated
26
Sep 2022
published
4
May 2022
Li-Wei-cellist-Endowus

Li-Wei’s career as a professional cellist has not been without its hiccups — he recalls a period of uncertainty when he went from having a nice apartment in London and driving luxurious cars, to having to downgrade to a smaller place and selling off those cars, all in the span of one year.

While that rough patch only lasted momentarily, the experience served as a vivid reminder to Li-Wei about the importance of saving and planning ahead, especially given his line of work.

He says: “As an artist, I think it’s difficult to see your future as a smooth sailing journey. It’s always about ups and downs. You might have a great year or two, but the following year might not be so rosy.”

This reality first hit him when he was in his early twenties, where he went from having 60 concerts lined up in one year to just 15 the next.

“Many orchestras in Europe offered opportunities to work for them, but little did I realise they were just opportunities offered for the prize winner of that competition. So after that initial one great season, they were looking for the winner of the next competition,” he adds.

But if anything, the fluctuant nature of his job taught him to exercise prudence from an early age, which thankfully was not a concept that was entirely new to him.

“As an artist, I think it’s difficult to see your future as a smooth sailing journey. It’s always about ups and downs. You might have a great year or two, but the following year might not be so rosy.”
Concert cellist Li-Wei

When he moved to Australia together with his family in 1989 at the tender age of 13, Li-Wei’s parents, who used to be professors at the Shanghai Conservatory of Music, had to begin conducting private lessons.

Having to start afresh in a foreign environment wasn’t a particularly easy process. Things were rough at the start, and his parents were cautious with how they spent their money, he recalls. Therefore, the idea of saving for the future was one that became ingrained in him.

So when the time came for him to pursue his music career, Li-Wei also had to inevitably mind the dollars and cents.

He recounts a time when his wife was shocked upon overhearing a conversation between him and his manager, where the two were discussing finance matters such as concert fees and flight and accommodation details.

“She was in shock because she always thought musicians are above everything,” he says.

“But we still have to eat, we still have to live, we still have to have a roof over our heads.”

Perhaps such a mindset may have been less apparent in his early days as a student — Li Wei shares that in the past, musicians in China made no more than US$30 a month, and so that was a goal he set for himself: to just be self-sufficient.

“I (didn’t) really spend that much money. I mean, apart from my cello… the concert wear, I didn’t really spend that much money so I (could) survive on a smaller income,” he says.

There was also a sort of bohemian charm to toughing it out while starting out as a musician.

“Back in the days when I was a student in England, you could sleep on a couch somewhere, you know, and (go) to music camps and just bring your cello; be a hippie, basically.”

But now, Li-Wei also has a family to care for. He says that at this age, financial stability is important for him to be able to provide his children with various options in life, and for contingency purposes. He adds that investing has been one way that has helped him gain greater financial independence.

“It’s crucial because only then can you have more freedom in choosing the projects, the concerts you want to do, rather than being obliged to take up everything just because you have to make ends meet,” he says.

In addition, this has also freed up time for him to spend with his family and to set aside some personal time, instead of worrying about the day-to-day functions, which sometimes makes one lose sight of the bigger picture.

“I think my aim for the long term is to see these investments grow with me and ultimately be a better musician while I have the financial backings.”
Concert cellist Li-Wei and Endow

All that said, however, Li-Wei emphasises that honing his craft remains his top priority, and that the financial reward comes as just a subset of his artistic achievement.

“Is financial reward the only thing we look for? Absolutely not. As a musician, I think the initial drive (comes) from the love of the art,” he says.

Instead, he sees his investments as side projects that provide the opportunity for him to explore different investment strategies, and to weigh the returns he gets from each of them. Additionally, how he sees Endowus fitting into that picture is in providing him with the expertise and a peace of mind as he embarks on this journey.

“I think my aim for the long term is to see these investments grow with me and ultimately be a better musician while I have the financial backings.”

And while one may think that music and investing belong to two entirely different worlds, Li-Wei begs to differ. In fact, he likens his career to that of the stock market.

He says: “In our profession, you really have to plan ahead. You really have to understand that it’s a little bit like the stock market — you have ups and downs, and it’s never so straightforward! There will always be some volatility, but your work, commitment, and diligence will ultimately help drive you up, allowing you the opportunity for a successful and rewarding concertising career.”

<divider><divider>

Make your portfolio a work of art. Get started with our investing solutions today

Disclaimers
+
More on this Tag
Li-Wei-cellist-Endowus

Table of Contents