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When making or raising a Sim who will be earning there living through tips it is beneficial to choose traits that will help with this quest. The following traits are good choices for making the life of your street musician a bit easier.
Artistic - The Artistic trait allows a Sim to learn to play guitar faster. The benefit of this is fairly straightforward. The quicker a Sim learns, the quicker he or she will be earning tips and learning new tunes to play.
Charismatic - This does not relate directly to money earned from tips, but it makes people even happier than normal while a Sim is playing. It works well with Party Animal when using the create-your-own concert strategy of inviting a bunch of friends to a location and playing for them.
Loves the Outdoors - Playing for tips means being outdoors. This gives a mood bonus for being outdoors, making the life of your Sim a better easier.
Party Animal - Parties are great places to play for tips. In a way they are like a personal concert for a street musician. Party Animal will make sure everyone is happy at the party. They'll stay longer and thus more tips will be earned.
Virtuoso - This one is pretty obvious. It gives bonuses to the rate of learning the Guitar skill and increases the value of tips earned.