i've been dancing for 2 years and have saved 20,000. i dont make a crapload at my club (avg 150-250/night) and work 3-4 nights a week. am i saving enough? keep in mind the first 4,000 i made went to buy a car.
Printable View
i've been dancing for 2 years and have saved 20,000. i dont make a crapload at my club (avg 150-250/night) and work 3-4 nights a week. am i saving enough? keep in mind the first 4,000 i made went to buy a car.
oh and keep in mind- i've only danced regualrly for 1 year and a half- starting out was just on the weekends.
Based on your provided income numbers you've saved about 30%. That's damn good IMO. Make sure you're investing it well and you're on a rather good road for your fiscal future.
Doing great IMO! I guess it also depends what your goals are...........
Good work!
"Enough" depends entirely on what you are saving FOR. Are you trying to equalize your lifestyle when you transition to a post-dancing income, buy a house, or are you saving for retirement (65+).
In any event you are making very good progress. At middle levels of your estimates you have over a six months cushion as a reserve 200*3.5*50=35000 income and you have 20K banked. You should put part of your saving to your later years. If you have taxable dancing income you can put part of it in an IRA. See http://www.irs.gov/pub/irs-pdf/p3998.pdf
for small business IRA info.
You should also think about setting up a sinking fund (replacement fund--think of it as making a car payment on the car you do not have yet) for when the $4K car goes to its great reward. You are obviously not a car-horse but think of it as transportation, but it one day will need to be replaced.
All in all, you have been very responsible and wise. Pat yourself on the back.
Saving $200 a week out of an $800 a week pre-tax $600 a week (guess) after tax income is VERY GOOD. As to whether it is 'enough', that depends a lot on what your long term goals are and how long you plan on dancing. If you take the $20,000 you have already saved, invest it in very safe CD's paying 3.5% after tax, and keep saving $200 a week, and reinvest the interest earned, here's what your balance will look like if you keep dancing for 10 more years
next year : $ 30467
2 : $ 41306
3 : $ 52531
4 : $ 64154
5 : $ 76192
6 : $ 88657
7 : $ 101566
8 : $ 114934
9 : $ 128777
10 : $ 143113
What are you saving for?
well, it's jsut that you asked if you are saving enough, but it's hard to tell unless you know what you are saving for. Figure out your goal and a way to get there.
I think you're doing REALLY well with saving. I haven't saved crap. :(
Put in an IRA - this will help with you continuing your goal plus its a tax shelter .Keep saving for you will soon be a three toed sloth like myself .
Wow congrats its really hard for people to save sometimes but I think youre doing well since you started 2 years ago.
I know its your money but you could miss out on a big financial gain if you dont. But, then again you earned and be proud of yourself.
I'd say you've done very well and showed a great deal of dicsipline and restraint ( Atlanta has really great shopping opportunities!!)
I'm assuming that you don't pay taxes though -- what with the government spying on me stuff.
If you are ever in a position where your are forced to pay back taxes there goes a great deal of your savings. I'm sure there are many ways of protecting what you have saved up so far, though.
And it's not in the bank? So where do you keep it?
ya good question ...where do you keep it ???
Youre probably not going to say where you keep it....I think thats too personal.
Im curious what was your savings plan?
Sounds like a very respectable amount- good job! Now go buy property! Lol, that's my answer to everything :)