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Business Manager?
Ok.... maybe this is a TOTALLY wierd question... but...
A LOT of girls in this business make a LOT of money and don't have a CLUE what to do with it (taxes, investments, contracts, etc.) They end up blowing it on $5000 hair extensions and overpriced sportscars and by age 30 have nothing to show for it but a sore back, DD boobs, and a bad coke habit.
ANYWAY... other people in moderately high income fields (athletes, actors, musicians, etc.) have business managers who handle all that for them. Now, first, things first, I am NOT volunteering for this job. However, what if someone who knew what he or she was doing and was open to working with people in the sex industry would provide business management or advice, for a fee, to us?
Any thoughts?
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Re: Business Manager?
Knowledge is key, and if a viable person who is good in creative finance and investments were available to us for consultations at a reasonable fee that would be a good thing.
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Re: Business Manager?
screw the fee ... this is not a difficult thing for any reasonably intelligent girl to do for herself, and many of us "experienced" dancers have been handling our own investments very successfully for years and years.
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Re: Business Manager?
The majority of dancers do not have any investments or have no one in the know to show them how to work the business, how to invest in real estate, stocks, gold, or in opening swiss bank accounts.
Melonie, you know that over 95% of dancers don't have someone in the know to show them what to do with their money and how much they should work so they can become financially secure for life off of dancing.
The VAST majority of dancers do not know how to work their money as you do and need guidance. If they did, they would treat dancing more as a career and not just as something to do as a closet job to get extra money. ???
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Re: Business Manager?
Managing your money is not as difficult as it sounds. The first thing you do, is put it in the bank every night. Those little amounts of interest earned add up. That also removes a certain amount of temptation and it does secure your money so it is much more difficult to steal.
Second, pay yourself. By that, I mean put some money aside. I always lay away 10% of any deposit into my savings account. More if I can afford it.
Third, use the online bill pay function. Most Credit Unions and lots of banks offer this service, many of them do it for free. Some businesses who accept online payments give a discount, take advantage of it.
Fourth, hire an accountant. Have her set up your accounts and taxes. She will take care of your reporting and getting you a TPIN. She can also make suggestions about the most advantageous business form for your state. (Quickbooks or Microsoft Money can do most of this for you, and if you are disciplined and comfortable with a computer, they will do a good job. *A disclosure, I do own Microsoft stock.*)
Fifth, Most investment advisors suggest that you have six months worth of living expenses in savings before you start making any more sophisticated investments. That's probably a good number.
Sixth, once you have six months worth of living expenses saved up, begin by investing in very good companies that you understand. If a company cannot explain to you what they are doing in terms that you can understand, chances are they don't understand what they are doing. Avoid those companies. (Think Enron here. For years Management's discussion of their business was simple and very understandable. Then in the late 1990s, it became very complex and incomprehensible. Soon, the company turned into dust.) Buy shares only after you have investigated the company. There are some good books at your public library that describe in detail how to evaluate stocks. Between now and when you have your living expenses saved up, use the time to check out and read up on how to evaluate stocks. As you become more comfortable with your own risk levels and knowledgeable about the markets, you can branch out into more complex investments.
HTH
Z
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Re: Business Manager?
I think that would be great if we were in a business where we make 10 grand per show. When you say athletes, i think Tiger Woods, musician, Aerosmith, and actors, Tom Cruise. Then i would need a manager. But with 900 or less a night, i can handle that amount fine. Pamela ;)
With a little help from my accountant.
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Re: Business Manager?
Tina, I would argue that what you describe in the way of dancers not having investments is not a lack of knowledge per se but a lack of a professional attitude. Any girl that has access to the internet can open a Swiss bank account, buy or sell gold, stocks or bonds, even indirectly invest in real estate. Any girl that can walk into a local bank can open a savings account, and can invest in CD's. The problem is more basic i.e. having the professionalism to think beyond the coming weekend and having the discipline to save money instead of spending it as fast as it is earned. Saving money in an envelope at home vs in a local bank account vs. in a Swiss bank vs. in a mutual fund vs. in gold bars in a home safe is only a matter of "location". The correct choice of "location" can make a 10% or even 20% difference in the rate of return, but compared to saving the money in the first place this difference is really peanuts.
Actually, to be totally correct, since January 1st thanks to the new anti-terrorist money laundering laws a US citizen can no longer open a Swiss bank account over the internet. However, you can still open accounts in some other countries online.