The Financial Samurai Podcast - Life As A Concert Pianist And Understanding Talent With Charlie Albright

Primer: What is life like as a concert pianist? How do you spot musical talent? What are the economics of being a musician? Let’s find out from Charlie Albright in this episode of the Financial Samurai Podcast.

Background

• A concert pianist. Has been hailed as among the most gifted musicians of his generation

• Went to Harvard and had a Bachelor’s degree in Economics. Was a pre-med student and has a Master of Music as well

• Started playing the piano at three and a half years old

• Has been reading Financial Samurai since 2009

• Has went to Juilliard, the best music school in the country

During Childhood

• Started playing the piano when he was 3 and a half years old

• Picked up Twinkle Twinkle Little Star by ear

• His mother heard that and realised he had a knack for music

• At 7, his Jazz teacher told his parents that he needed a year’s worth of classical music training to develop his technique

• Started traveling around the world for competitions

During College

• Had to decide what he wanted to do for a living

• Besides music, business, and medicine were his other interests

• Was attracted to joint programs that the various colleges were starting

How Good Would He Be If He Had Not Gone For Training?

• Would not know if he would have developed much at all

• Think that he would still be able to play by ear

• In terms of whether music talent is nature or nurture, he does not know

• You can tell if someone has the X-factor in music

• They could play a difficult piece but still not have the X-factor

• Yo-Yo Ma has the X-factor but is also extremely disciplined and has worked his butt off his whole life

What Differentiates The Top Juilliard Pianist VS Rank 5th?

• It’s out of the person’s control

• Willie Nelson, the country singer, said something along the lines that he felt bad for all the people who are far better than him who never got a career like he did

• This happens when someone is more famous than another in subjective fields like music and stand-up comedy

• There are people who are better than him musically and technically who did not have the opportunity to perform

• In a small world like classical music, there’s not many opportunities to play

• Worldwide, the classical music market is shrinking

The Economics Of Being A Musician

• Was not dead set on doing music

• Always thought medicine and business were interesting

• His father has a rare neurological disease called Reflex Sympathetic Dystrophy. This drew him towards medicine

• Did an internship on Wall Street at NYSE

• Had to decide between finance and music. Decided to go with music instead

• The economics of music is not as glamorous as people think it would be

• When a concert is held, people think that he will get most of the ticket fee. Instead, he is just a self-employed/contractor

• There’s no stipulation in the contract for a percentage of ticket sales

• There is only a fixed fee that they will pay him

• There’s an inverse correlation between the size and prestige of where you are playing and the amount you get

“Oftentimes if you're playing at a huge venue, very famous or whatever in a big city, you might get paid less than if you played in a smaller town somewhere or with a smaller orchestra.”

- Charlie Albright

• The same thing applies to doctors. They get paid a fraction in places like LA than compared to rural America

Recommending His Child To Go The Music Route 

• As a future father, would he recommend his child to go the music route if they are talented?

• If his child has musical inclination, learning a musical instrument as a child is very good

• There are benefits to the brains

• It teaches discipline as it requires practice

• His mother was not a tiger mom and he was not forced to practice

• When he was a child, he practised for an hour a day. When he got older, it became 2 hours a day

• Serious classical people practised 4-8 hours a day

• It’s tough financially and mentally to have a music career

What The Average Juilliard Student Do After Graduating?

• If you go to a conservatory, you have 2-4 options:

  • Be a solo performer (only option for a pianist since orchestras don’t really have a pianist. Applies to the Violin and Cello as well)

  • Be an instrumentalist and perform with an orchestra (extremely hard to get these jobs)

  • Become a private teacher

  • Get a professorship at a college or university

“There's only a spot [in an Orchestra] that opens up if someone retires. And when someone has a job, they aren't going to retire until they practically die, right?”

- Charlie Albright

• The most lucrative option is to get a spot in a major orchestra

• There are more smaller orchestras that are on a pay-per-concert basis. They might have 5-6 concerts a year

• Would be better if someone had a normal higher-paying job and be a musician as their side gig

• There’s an orchestra called the Longwood Symphony which consists entirely of doctors.

• A lot of doctors play instruments at a very high level

Not Being Able To Play Music In The Future

• Does he worry about not being able to play music in the future due to physical/mental deterioration? 

• He would be very sad but not depressed

• The only thing he could do is to hope that it does not happen

• Has been recording more on YouTube

• Have been teaching on the side remotely

• One important thing is to stay very loose while you are playing. Being too tense can lead to problems

• Has experienced memory slips before — Brain freezing up and not knowing what to play. This is where improvisation comes in

“One of my bigger fears when it comes to performing is that sometimes no matter how much you practice, how much you prepare, sometimes your mind can just go blank and you'd look at your hands. Just like when you think about how to walk. If you think about the physical movements of your toes, feet, and ankles in your legs as you're walking and suddenly you forget how to walk right? It becomes awkward.” 

- Charlie Albright

Practising A Piece For A Show

• Before giving a show, he practises the piece for a whole year

• Some normal-sounding pieces are easier as you can intuitively know if something is right or wrong

• Some pieces that he performs today are pieces that he learned 20 years ago

Talented Children And Managing Parental Expectations

• As a teacher, he can tell within seconds whether the child has the X-factor

• With his students, he tries to be clear if the parents ask about whether their child has the X-factor

On Comparison

• Comparison is something that can cause you to become less happy

• It’s fine if you occasionally compare so as to motivate yourself

Where Can People Find Him?

• On YouTube, Instagram, Facebook, Apple Music, and Spotify

• Has his own website

• A long time ago, he wrote an article called ‘Classical’ music is dying

All information presented above is for educational purposes only and should not be taken as investment advice. Summaries are prepared by The Reading Ape. While reasonable efforts are made to provide accurate content, any errors in interpreting and summarizing the source material are ours alone. We disclaim any liability associated with the use of our content.