Yes, diversification of income streams (from music) is the most sensible approach.
With this particular phase 1 of dealing directly with finances, which most musicians, artists, and well, a lot of people in general, don't place proper focus on.
In the times when my music career was really kicking along and I was earning a decent amount, and I employed these financial techniques, things went really well for me and my career kept a steady upward trajectory. But the times when I just let money come and go I later found that too much of my life was left to chance and that's when I'd experience the worst hardships and struggle.
We must prepare for the low waves whilst we're building the high waves... (Waves of Life theory applied here again).
Thanks so much, bro!
:)