How to Become RobotStripper?
Well, I need to get serious about stripping & saving- before, I coasted. Blew my money on stupid stuff. Gave it away! Partied in the Carribean. Now my money years are coming to an end and I have to work through school.
So yeah, the party's over. No more fun. How do you stay disciplined? Not one of my strong points. I realize it starts with my thinking but how do you make it stick in the rest of your lifestyle?
Re: How to Become RobotStripper?
pretend each pay cheque is your last.
Re: How to Become RobotStripper?
Ummm.. well, that was easier said than done. When you KNOW its not your last check its hard to actually convince yourself of that.
Are you asking how to save or how to stay focused at work? Or both?
I became disciplined about 4 weeks ago... lol... not kidding... after 5 years of this industry.
I put my money in an envelope and when I come home from work I add it to the pile, re-count it and put it back... it sure is pretty to play with.
Re: How to Become RobotStripper?
What are your major daily expenses?
There's always the latte fator:
Quote:
$5 per day (the average cost of a latte and a muffin) x 7 days = $35 per week
$35/week = $150/month
$150 per month invested at a rate of 10% annual return =
1 year = $1,885
2 years = $3,967
5 years =$11,616
10 years = $30,727
15 years = $62,171
30 years = $339,073
40 years = $948,611
Once you get used to scrimping and saving it becomes second nature, and actually kind of fun. Audrey's very right, it's all worth it when you look at your bank balance, or what you've been able to do with the $$ (ie school, although be warned, I find school the most demoralizing expense becasue you don't get anything except more work for the money you spend! But, of course, it's worth it..grr).
Re: How to Become RobotStripper?
Just an idea.....
Starting next week,after working your best shift,see how far you can make it go.
Lets say you make 800 on friday night.
Thats what ya get for the week,till next friday.
for anything and everything,no excuses.
Now after every shift,go straight to the bank or an ATM and deposit every dime you make saturday to thursday.
See how long you can make friday nights "take"last.If you run into any problems,you can always go to the bank to bail yourself out.
Re: How to Become RobotStripper?
This will only work if your friendly ATM is several mile down the road.
If the ATM is only a walking distance away, you are done for.
Yield not to temptation, my ass!
The only way I was ever able to save money was to put into an account where it was a real hassle to get back out.
Now days, I got into a habit of saving. Not hard to do. Just take the first step, gal.
Re: How to Become RobotStripper?
when i count my money at the end of the day i usually (since i make around 145$-200 ) i put aside $100 in an account then use the rest for living costs. Since i work 2 nights or sometimes only 1 night a week sinc ei live so far away...i've saved around $100-$300 a week
Re: How to Become RobotStripper?
Create a monthly budget of what it costs to exist. ALL of your expenses. Everything from rent to your car payment. 90% of your money will go to these things first. Obviously you have to have some money for food etc. so keep a portion of what you earn for these things. Once your bills are paid, then allocate the next amount of money coming in to short term savings...what you will need to have on hand when you are done dancing. It might be best to get some software to help you along like Microsoft Money or even better, hire an accountant for an hour to go over all your expenses and incomes with you and create a budget. It's not a fun thing to do, but you need to do it and at least you are starting to recognize that fact. Lastly, you now have an additional bill you have to pay each month. It's a bill that needs to be paid just like your rent, just like your electric bill. It's called "savings". Figure out the absolute most you can afford each month to pay this bill and pay it.
Re: How to Become RobotStripper?
my motivation is to be cash poor by putting money in places I can't touch it. I also work 6-7 nights a week. You get used to it after awhile.
Sure we work hard, stressful jobs, but so do a lot of people that work way more hours than us. I figure if they can do it, I can do it.
Re: How to Become RobotStripper?
I agree with Dancer Wealth. I take money out of what I make every night for savings, just like any other bill. It's become second nature. I also take out for emergencies. It's like that saying, I'd rather have a dollar and not need not need it than need a dollar and not have it.
I'm guilty of not making as much money as I can, since I make phenomenal money without really trying. I have resolved to wring money out of every nanosecond I'm at work. I think about the extra $200, $300 , $500 a night I could be making by pushing myself just a touch really adds up.
Re: How to Become RobotStripper?
Agreed with DancerWealth. Part of the reason it's taken me this long (into my early 30s) to get my finances straightened out was because except for setting aside a car payment, in my 20s I pretty much spent whatever I had (going out, travel, etc.).
These days, virtually every penny I take in is spoken for, whether it's for rent, utilities, transportation, savings...and even my entertainment and travel. So now, within my means, I can save up for my future, and still see the sights and have fun.
Re: How to Become RobotStripper?
I have 4 savings accounts. I did this after getting all depresssed watching my "savings " disappear after my car breaks down or I've been unable to work for a few weeks. It has really helped me.
Emergency -- Someone dies or I break a leg and can;t work.
Prudent Reserve-- yearly expenses that are always "unexpected" -- car breakdown, 2 weeks out of work for Flu, speeding tix.
Savings -- Saving for a new house or other big project
Retirement-- never to be touched under any circumstances!
As far as being a robot at work-- I'm only good at that after a breakup.
Re: How to Become RobotStripper?
Lots of good techniques. The main thing to motivate you to use those techniques is to set goals. Ever go on a diet? I approach saving and budgeting the same way. With a diet you set a goal, maybe to weigh x lbs. by summer. Same with budgeting. You want to have x number of dollars in the bank by a certain date. Then just like a diet, you work out a plan for how you're going to get to your goal and stick with it. If its a reasonable plan it will work. When you're tempted to splurge on something that's not in your plan, you just remind yourself that while it may satisfy you for the moment, in the long run, it will set you back in reaching your goal. So you pass. That works whether it's a chocolate donut or a cute pair of shoes.
Re: How to Become RobotStripper?
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Originally Posted by Destiny
Lots of good techniques. The main thing to motivate you to use those techniques is to set goals.
Actually, I'm a big believer in NEVER set "goals". People set goals with the hope that they will make it to a certain level. By nature, it can set you on a road that can give you a way out for failure later on. Instead of setting goals, set PLANS. A goal is something you hope to achieve, a PLAN is something that gets you on a course of action. It's a much different way of thinking of getting to your desired outcome and will generate better results for you. Always do plan setting, not goal setting. Big difference.
Re: How to Become RobotStripper?
We have several accounts, as well:
Vacation - All of our money for vacations goes here. This is all that we allow ourselves to spend on vacation. Once it's gone, it's gone. We've really stopped buying so much crappy junk during vacations. We'll get things that we really want. When we first started doing this, we kept running out of money...now we usually come home with money left in the account!
Emergency - We put away $100 a month for Emergencies. Usually medical emergencies...ER co-pays, whatever. We don't ever touch this account.
Bills - I have a separate account for bills. Scorpio works straight commission, so on his really good months, I put 2 months of bills into this account. Right now, I have 6 months of bill money sitting in this account. I am working towards having a full year. That way, if anything happens, I know that our bills will be paid for 6-12 months.
Makayla fund - we have a savings fund for Makayla. We don't touch this account and will be investing this money into something soon.
Savings - 20% of every check goes into this account. No matter how big or small the check is, 20% goes into this account. This is our money to put towards retirement (along with our 401k).
Checking accounts (2) - Scorpio and I both have our own checking accounts. Each pay check we each take 10% of the money and put it into our own accounts. This way no one spends too much money...and once the money is gone, the spending spree is over. ;)
It's a lot of accounts, but the only accounts that I really have to keep track of are the checking accounts. Having my money divided up really helps keep things in order for me.
Re: How to Become RobotStripper?
To the ones with multiple accounts...can you get different accounts with the same bank? Or is that a good idea?
Im a great saver right now. Good thing I dont live near a Wal-Mart though. I ask myself a few questions if I want to buy something even if its a $10 pair of pajama booty shorts.
"Will this make me more money?"
"When will I wear/use it?"
"Do I really need this?"
Usually these questions will stop me from spending petty amounts of cash. Like when I make a trip to the grocery store I always have a list or when I go to Wal-Mart I have to cover my eyes over certain areas. Wtvr helps!
Even when I have a bad day at work and make very little I would be prone to spend wtvr it was then I just think all my previous saving was for a "rainy day" and this chump change will go towards the next one.
Re: How to Become RobotStripper?
Well, in our case, all of our monthly fees for the accounts were waived because we have several accounts, all with money in them.
A lot of banks give their customers, who have multiple accounts and are good savers/etc, perks for multiple accounts.
Re: How to Become RobotStripper?
I too have longed to be a Robot Stripper! Here are a few things that have helped me get organized:
Bring a book on finance to work with you. Something easy to read over the sound of screeching girls in the dressing room like "Laws of Money" by Suze Orman. When it's slow or you need a break to rejuvenate read for 15 minutes. It will help keep you focused and motivated to get back out on the dance floor when you really don't want to.
When you save one or two thousand dollars buy a CD. That will keep it locked up and out of your reach. You can save your 6 months of emergency savings that way. Buy them so that one matures each month in case of emergency.
Pay yourself a house fee. I can't tell you how devastating it was to realize on the 10th anniversary of my club's opening that over time I had probably paid them $30,000 and did not have that for myself. A friend said "It's like you bought them a house and forgot about yourself".
Be realistic about how much you can dance. If 4 nights a week is your limit accept it and plan accordingly. For years I beat myself up for not being able to attain the goals I'd set from the cozy comfort of my home. On the 4th night of dancing I would always go home with head pounding, lungs burning, ears ringing, muscles screaming. I eventually let that go and got a part time job in an area I enjoyed for the first part of the week then danced two nights a week. A schedule that was realistic for me gave me a structure that made saving easier even though I was making less money.
I did not get rich dancing but ultimately it's been a gift to me.
Re: How to Become RobotStripper?
Quote:
Pay yourself a house fee. I can't tell you how devastating it was to realize on the 10th anniversary of my club's opening that over time I had probably paid them $30,000 and did not have that for myself. A friend said "It's like you bought them a house and forgot about yourself".
Thank you! Someone finally mentioned it! Yes, this is VERY important. PAY YOURSELF FIRST!
I don't think anyone has even thought about this however I find it real good way to save money.... over-pay your taxes. I pay my tax quarterly and pay a specific amount based upon one of my tax returns. Thanks to this I paid too much in tax in the past financial year and have received over $8000 (tax refund! yay!).
Once you receive your refund, invest it.... whether it be back into your business or another form of investment. Paying more tax may not be fun however you are guaranteed not to be able to touch the money... and it makes you more prudent about your spending so you can be due for a refund (or it did for me, at least).
I just can't emphasise how much we all need to "pay yourself first". This means putting money aside (be a percentage or specific amount) of each night's earnings into some form of interest-bearing ("savings") account (ie, ING Direct's Savings Maximiser).
Also, TigersMilk is on the right track as well in re: the questions.
Will this increase my income?
Will I be able to claim this as a tax deduction (legitmate business expense)?
When/where will I use it and how often?
If it's a more personal (less business orientated purchase) ask yourself "Will I be able to easily sell this?"
Re: How to Become RobotStripper?
I am an expert, I suppose. Hello, all.
Not suprisingly, the answer to every one of these questions is "maybe."
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Originally Posted by DJ_WuLf
As for the Florida trip, IF you are only scheduled to work 2 days the expenses of the trip are deductible. Certain expenditures of course are not like most non business meals since you wuld have had to eat at home, and any recreational activities, but the trip itself IS A business expense. Exxperts? Yea or Nay?
Airfare is a deductible business expense, provided that it is not "commuting" expense. That is, if you fly to work the way more traditional folks drive to work, the travel is nondeductible. On the other hand, if you take an unusual business trip, it is deductible. Bottom line, if you make the trip weekly, nondeductible. Monthly or less often, deductible.
In the example of flying to FL for two weeks, working one shift then relaxing, that's not deductible. Working 4-8 shifts? Probably deductible. Tax courts have human judges, who don't like to see people abusing the system. Be honest with yourself about the primary purpose of the trip, or if you have counsel, ask your advisor how likely your position would be to stand up if challenged.
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Originally Posted by DJ_WuLf
Michele1: Costumes that are purchased and apply strictly to/for the Job of dancing are certainly a viable business expense, either depreciable or in some cases direct deductions from Schedule C income. Experts? Yea or Nay?
Depends on whether the court agrees that a costume has "no other possible use." For example, a mechanic's coveralls are deductible, but a salesman's business suit is not.
Personaly, I would advise a client to deduct the costumes - you may get called on it and lose your appeal, but there won't be a fraud penalty if you lose. There may be case law on this, but I haven't found it.
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Originally Posted by DJ_WuLf
Lena:While I don't advocate buying $15,000 in costumes or shoes you don't NEED, I do advocate deducting those items you WANT when applicable. Schedule C Deductions are not limited to business related dancer only clothes (Read that as UNIFORMS for other business's) or business related travel. Read over a Schedule C and see for yourself the long list of areas that being an IC makes available.
It's important to apply an "actual use" or "no other possible use" standard. Don't be a pig.
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Originally Posted by DJ_WuLf
I stand firmly by my opinion that most dancers filing a Schedule C should have 50% of thier income sheltered by deductions/depreciation. Experts? Yea or nay
A dancer has no legally depreciable business assets. Expenses that are genuinely business expenses are deductible, but as others have said would you rather have $70 (after tax) to save or spend on whatever you want or $100 that has to be spent on clothes you can only use for work? I'm a guy, and maybe some of you would disagree, but I'd rather have the $70.
Hope this helps.
Re: How to Become RobotStripper?
Quote:
Thank you! Someone finally mentioned it! Yes, this is VERY important. PAY YOURSELF FIRST!
Actually, it's more like 'pay the gov't first' i.e. estimated taxes, and pay yourself second !
Re: How to Become RobotStripper?
Quote:
Originally Posted by Nina
I have 4 savings accounts. I did this after getting all depresssed watching my "savings " disappear after my car breaks down or I've been unable to work for a few weeks. It has really helped me.
Emergency -- Someone dies or I break a leg and can;t work.
Prudent Reserve-- yearly expenses that are always "unexpected" -- car breakdown, 2 weeks out of work for Flu, speeding tix.
Savings -- Saving for a new house or other big project
Retirement-- never to be touched under any circumstances!
As far as being a robot at work-- I'm only good at that after a breakup.
Yep, I do something similar...and it works well. I have a checking account for emergencies (aka car breakdown, etc.), an account specifically for music-related expenses, a CD for grad school or other schooling that I might want to do, once I figure out exactly what I do want to study, and a CD where I'm saving for a down payment on a house (eventually!)
I actually find it really easy to save, because I hate to work. It's not that I'm lazy; it's just that spending time on anything other than music, singing and composing, disgusts me. The more I save, the less I have to scramble and work more.