Re: Living within your means
imo, living within your means is excessive unless dancing is a side job or she's in school.
I live well below my means (I'm talking like at least half of what I make goes into savings and investments) because I'm not going to be that 40 year old stripper that has to come in becauase rent's due soon. We have to sell so much of ourselves, so why would I ever want to leave the business with nothing to show for it?
Re: Living within your means
I don't live below my means but I really really need to! I don't have anything saved :(
Re: Living within your means
Stripping isn't all that different from other independent contractor jobs, like real estate, massuse, small business owner, etc. Irregular amounts of money coming in at irregular times make it harder to stick to a budget, especially when you get paid in cash. It takes discipline to be an IC and save $$$ for the lean times no matter what your particular field...
Re: Living within your means
Quote:
Originally Posted by
Laylas
Stripping isn't all that different from other independent contractor jobs, like real estate, massuse, small business owner, etc.
I'm going to have to disagree on this. It is different because we can't do it as long as other IC jobs, so we should be saving much more. Plus our money is almost always cash. it's much more difficult to have the discipline to save cash.
Re: Living within your means
^^ ^^
Agreed, but all I was saying was that we can't count x amount of dollars for x amount of time like a typical 9-5. It will vary from day to day, which can make it a little harder (but nowhere near impossible), to stick to a budget.
Re: Living within your means
Quote:
Originally Posted by
Emily
it's much more difficult to have the discipline to save cash.
Ain't that the truth...That's my biggest downfall when it comes to saving money.
Re: Living within your means
I live well, well, below my means as well. I save 3/4 of what I make. I got into the dancing thing late in life (at almost 27). So, I just want to use these years to SAVE. My investments make me happy. I do also travel, but I do not feel my lifestyle has changes since I was a teacher. I went back to school while dancing and finished. When I stop dancing to be in my career full time I want to be set up for success. Lots invested for retirement, house almost paid off, reliable car. It is actually hard for me to spend money. I am going to europe in a biking trip this summer for a month and a half. Even though I have totally planned for it, it is still difficult to spend.
Re: Living within your means
I guess technically I'm living within my means, and starting to save some money. But on the other hand I live with my mom :(
So, I need to really buckle down and save up some money so I can move out in the near future. I love my mom and all, but I just can't live here anymore.
Re: Living within your means
Quote:
Originally Posted by
Laylas
^^ ^^
Agreed, but all I was saying was that we can't count x amount of dollars for x amount of time like a typical 9-5. It will vary from day to day, which can make it a little harder (but nowhere near impossible), to stick to a budget.
I don't think saving money is about budgeting for those bad weeks. I think it's about saving for retirement. To not plan for retirement (in any field) is a huge oversight. It's ironic how even though it's so important for us, it is considered a low priority for many dancers.
Lots of girls put it off indefinitely or they wait for their white knight.
Re: Living within your means
I try to stay within my means, but I'll never be the kind of person who can live below their means. It's just not me.
Re: Living within your means
Emily, how exactly do you invest for your retirement?
Re: Living within your means
Quote:
Originally Posted by
Bella21
Emily, how exactly do you invest for your retirement?
Well, first I max out my IRA.
Then I bought my own home (put 20% down).
I also have an online savings account earning just over 5% with a decent amount of money in it.
And as of late, I've been investing in rental properties. I just bought my first one last month and it's being rehabbed now. Contrary to popular belief, there are still ways to make money in RE investments. You just have to make sure you don't invest in a heavily inflated area.
Re: Living within your means
When my life is a little bit more stable I will definately resume living within my means. At the moment, due to recent events over the past few months I am not living within my means. After I finally move on Fri 22 I will start to live within my means.
For me, living within my means is being able to live on $500 or less per week. So then any excess money is put into savings or well that is my aim to have expenses that are below $500 per week.
Re: Living within your means
One day when you are out of the industry as I am now and don't have anything prominant to show for it you'll wish you had put that 400 bucks in the bank. I can think of a ton of ways I could have saved my money and what I could have did with it. I could have bought a home and invested in real estate. I could have saved up enough money so when I wanted to quit and go to school I wouldn't have to work. These things go through my head now after the fact because there isn't that "tommorrow night" where I can go make it up.
Re: Living within your means
People aren't living below their means, saving, and investing for retirement, in many industries. They often have free courses at community centers about the fundamentals. I suggest everyone look for an opportunity to learn.
Re: Living within your means
I save most of what I earn due to the fact that I am still living at home. I certainly treat myself to a whole lot of things but I make sure I save a set amount each week which is about 3/4 of what I earn.
Re: Living within your means
I lived under my means for a few months now and now I'm living a bit over my means with the savings since I decided to slow working.
Re: Living within your means
I never have lived within my means. I had a bad life, and felt "entitled" to treating myself when I had money. I felt I "deserved" a new outfit/hair done/nails whatever. I felt that since I worked hard for my money, I deserved to have nice things, more so than I needed to pay bills. I came first. As a result...I fucked up my credit the same year I could get credit. At 18, I went from no credit to good credit to very bad credit with 2 car repos.
I have alwyas felt like I was entitled to things. I deserved a new car, weather I could afford it or not, just because I felt like since I was a good person who worked hard, I did not deserve to be as poor as I was, and so I tried to make up for being poor by having nice things, which only made me poorer.
Then I came to Vegas. The first year I lived here, I made well over 150k. I spent money like water. I had no bills, everything was paid in cash for 6 months. I was making incredible money and living in a new cool city and had a lot to explore and do. I went out every single night and spent anywhere from 500-200 every single night. I saved nothing. ( I say I, but should say we. We spent, we didn't save)
We started buying things. I felt entitled again. I was an incredible stripper not only surviving in Vegas, but thriving. I felt on top of the world. We bought whatever toys we wanted. New cars, new furniture, tv's, random shit. Gambled and drank and blew money constantly.
Then I stopped makign so much money. I got depressed, I stared workign less and makign less. But...we had all these bills now. Much higher rent, car payments, credit cards, payments on all the toys we had bought on credit....
And we sunk. Couldn't keep up witht he lifestyle we had created, and we went down the tubes.
We just lost our house, and moved into a much smaller apartment. All or credit cards have been closed and sent to collections. We just barely made the car payments before reposession.
That's what happens when you live above yrou means. We have no savings, and nothign to show. I made sooo mcuh money, and yet, we have nothing.
Thank god, it was a lesson learned. Now we are living within our means. We don't go out as much, we save money from every paycheck. I save what I can. Im workign more and makign money again, and we are not going to screw up again. vegas can either make or break a person, and we nearly let it break us.
Now we have to start from scratch and build up again, only with ruined credit. Mine was trashed, his was great until last year. For a few years of overspending, we have ruined his credit for 10 years.
Lesson learned. Now we save. Now we don't go out, or overspend, or feel entitled to anything. I'll never live above my means again. We got caught up in a lifestyle, and when the money changed, we still tried to keep up that lifestyle and nearly ruined ourselves.
Re: Living within your means
I live on a third of what I make.
Re: Living within your means
I live below my means, but it is difficult. Sometimes I feel suffocated by my expenses. I'm trying to pay bills, save for a house and retirement, and pay off debt (car, student loans, credit card) at the same time. Sometimes I just wanna screw the budget and go on a shopping spree. I'm usually pretty disciplined about it, but it's still hard.
Emily, you inspire me. How do you do it? You seem so focused. Do you ever get frustrated and want to throw your hands up?