One big lesson for independent bands, one isn't always successful and one can't always live from it so you need to have a back up. Take the Irish band. The lead Singer owns a painting company and the guitarist works with electronics. The only one that truly lives on their music is the violinist, and that is because he teaches music, plays in a multitude of bands and is hired by many. From then, your schedule is messed up.

Everything aside, you need the cash in order to maintain everything. Speakers, Cords, Cables, Instruments, Microphones, Rehearsal Rooms, Gas Money. Ect, ect.

What income you do make, say, from CDs, and Merch, is split up between everyone in the band, so the money isn't a lot. Just enough for extra spending for more equipment.

So the best word of advice, even if it costs a couple dollars more, buy the warranties so you don't have to pay for replacements, the replacements are free. Most Cords at Guitar Center have a life-time warranty  which helps a lot because Cords break all the time.

Everything is a team effort, everyone pitches in so the band can survive.