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Thread: The POWER OF SAVING! Insanity!!

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    Senior Member msincredible01's Avatar
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    Default The POWER OF SAVING! Insanity!!

    Facts: Age 18, full time student. Only "bills" to pay are rent, cable and internet, sometimes gas and food.

    My math prof. was teaching us about interest and compound interest. I went nuts last night figuring out how much i could save working different amounts per week....i was SHOCKED!

    Now I work once a week...sometimes twice btw 800-1200 per night. I only have 7 months left of rent and a big fat security deposit waiting for me at the end but its a possibility to have saved up $50,000 by next year without interest! I factored in everything from gas money, taking time off from work, bad nights and birthday money, current $ i have saved, ect.


    *Out of curiousity i calculated how much i realistically could save if I quit school (quit is such an ugly word.."paused" would be better since i'm gonna be half way done this yr anyways i suppose) and danced my ass off for 4 years. Working 4-6 times a week, goal of 3-3500 a week. Factored in rent, bills, gas, food, emergency $, broken car parts, SHOPPING$ the whole shabang..even with bad nights and taking time off after only 4 YEARS i would have $560,000 without interest. maybe more maybe less i'd be giving myself 700 for rent and bills each month then 1300 for gas, food, spending $.

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    Senior Member msincredible01's Avatar
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    Default Re: The POWER OF SAVING! Insanity!!

    Continuation of *...i started sharing my "crazy" idea with friends and SO and recieved lots of criticism and skeptics. I said "maybe more maybe less" bc i estimated that amount as if i worked every week for 4 years straight. I did consider bad nights and vacations. I also would live at my parents house for probably 2 of those yrs which would save on rent and bills. I even considered in the whole sugar daddy thing for when i wanted to ease off from work and find yet another way to make money off the idiocy of men.

    Before my 24th B-day, if all went according to plan and with interest I'd have around 600,000. COuld buy a half million dollar home without morgage, buy a new car if i wanted with $ left over to furnish home. Ofcourse this is all very high dreamin and would take alot of commitment and coupon clippin.

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    Senior Member msincredible01's Avatar
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    Default Re: The POWER OF SAVING! Insanity!!

    Sry for replying to my own thread like this but I started questioning the very essence why we're told from birth "graduating college will equal financial success equaling a happy and fulfilled life." Think about why we really go to school. My own theory: we need to find a niche in society, college is a way to get the "perfect suburban American dream" I started thinkin of what i'd do if that all happened....half a million dollars in the bank, bought a house. I'd be 23/24....now what? Go back to school and focus on getting a career u love doing w/out factoring the salary at all? Realistically I'd have to also consider taxes and how i'd explain a half million dollars to my parents who don't even know i work.....ppl go to college because we're conditioned to believe that thats the responsible and "prestigious" thing to do. really kids are going there to make the most of themselves. to get that job that will pay for that perfect house and the car and the family....what if u could rearrange the pattern? work, hopefully get the house then finish school?.....questions? comments? critiques? bring it on lol

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    Default Re: The POWER OF SAVING! Insanity!!

    Quite a few people go to college to learn more about things that interest them, not just to earn a better paycheck. The happiest people are the ones who get paid to do something they enjoy.

    In order for society to function, we need professionals such as doctors, lawyers, pharmacists, engineers, architects, nurses, dentists etc. If we did not have people with interest in these vocations, our standards of living would decrease rapidly.

    Seems as if you are not taking the provisions of your own healthcare or taxes into your lofty 500K savings plan.

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    Veteran Member modlgrl's Avatar
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    Default Re: The POWER OF SAVING! Insanity!!

    Great plan- soometimes it doesn't work out that way, but that's the right attitude.

    Try it, and then update to let us know how it's going for you throughout time.

  6. #6
    Bianca O'Blivion
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    Default Re: The POWER OF SAVING! Insanity!!

    You need to factor in breaks in income stream from sick days and emergencies, fluctuations in busines flow, and the I-R-S. This might damper your joy somewhat, but the truth is, stripping *IS* a goldmine. However, everyone is going to want a piece of you, and not in all the predictable ways. Be careful. I am happy for you, though. You sound intelligent enough to do good things with your wealth.

  7. #7
    AudreyLeigh
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    Default Re: The POWER OF SAVING! Insanity!!

    Are you counting TAXES into your equasion? Including self employment? Also burn out happens to us all.

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    Default Re: The POWER OF SAVING! Insanity!!

    ^^^ yup, social security / medicare taxes plus income taxes are going to gobble up a 30-40% chunk of that income. But even so, if you look at the 'equation behind your proposal I agree that it makes a lot of cold hard financial sense given the fact that college tuitions are as high as they are, and the pay differential available for new graduates is as low as it is (versus jobs not requiring a college degree).

    In your specific case, if she's smart about it, a 'hot' 18 year old will be able to take advantage of several years of 'peak earnings' potential right out of the gate so to speak. Let's try a very conservative example i.e. you are able to average $2500 a week over a 4 year period age 18-22. This amounts to $125k gross per year, and probably $85k net of taxes. So even if your living expenses run $2000 a month or $25k per year, this leaves you with an annual net positive of $60k per year. With a little bit of interest earnings, this would add up to $250k over a 4 year period age 18-22.

    In comparison, a full time 4 year college student is going to earn little or nothing. Additionally, the 4 year college student is going to 'rack up' at least $50k in college loans. So at the point where both reach age 23, the dancer will be $250k ahead and the 4 year college student will be $50k 'in the hole' ... a $300k difference.

    The only caveat that I always stress, and I CAN"T SAY THIS LOUDLY ENOUGH, is that the success of this plan is totally dependent on the dancer maintaining both a strict work ethic and strict financial discipline. Some girls can handle this, but many can't.

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    Senior Member Apollopink's Avatar
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    Default Re: The POWER OF SAVING! Insanity!!

    even if you "rearrange the pattern", keep in mind if you do work first, then car/house, school, and THEN satisfying career work, that last step may be a rude awakening if the only thing on your resume is dancing!
    I love your mindset and its totally the right one to have, but to technically have a big blank up until youre ready to start postgraduate work at 25 or something cant be a good thing...

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    Default Re: The POWER OF SAVING! Insanity!!

    you aren't factoring in that if you are smart enough, you can just get financial scholarships to college, thus not racking up any loan debt at all. debt is not a requirement for a degree.

    others already covered the burnout/taxes/injuries/resume gap stuff.

    you also should factor in the erosion of your earning power as you continue earning cash in an economy with a falling dollar that's lost at least half its value in the last decade and with inflation (in real terms) at 10% or so.

    even if you make 1200 each shift and work 4 shifts a week, what happens if that particular club closes and you have to travel inconveniently to earn a similar amount? what happens if there are laws passed against stripping a certain way, so that customers stop coming in (lack of contact, lack of nudity, fear of arrest, etc).

    plus you also assume that your body/mind can ramp up to the stresses of hustling/working more than once a week, and that further, you will never make less than 500/shift.

    also, everyone likes to think they won't spend more if they have more money, but that's just not typical. it is more likely that you'll ramp up the spending and mentally blow it off as 'well i can always put in another shift this week'. do that even a few times a year and your savings rates won't be nearly as high as you're thinking.

    or maybe you burn out HARD after a year and just can't go in for months, and struggle along on your savings.

    dancing's a cash business with a limited income ceiling. the limits on it are better than other unskilled work, but they are still there, and they are among the reasons dancers don't have 500k in the bank after 4 years.

    certainly if you're going to continue dancing, i hope you pay your taxes in full, get insured and factor in the risks and just try to save as much as possible as you transition to other work. resume fillers never hurt and even a little part time income elsewhere can make the dancing money easier to hustle when you're at the club because it won't be the only income you have.

    plus, houses and cars aren't yours unless they're paid off, and with homes, that is increasingly rare.

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    Senior Member msincredible01's Avatar
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    Default Re: The POWER OF SAVING! Insanity!!

    I've been dancing for a year now on and off and I remember the very first time I counted out 800 on my bed, all I wanted to do was go to the mall and buy everything i wanted. I spent my money foolishly....omg i kick myself in the ass right now thinking about all the stupid designer things and meal out. Thats the real killer, food and eating out. But ever since my math course I've turned frugal overnight! No more eating out i love to cook so i prefer it. No stupid binge shopping. I'm very smart about my money now. Very smart.

    My ultimate goal is to buy property and soon (in 4-8 years) while the markets down. Its a scarey time financially in this country I couldn't agree more on that. I was playing around with the numbers and my situation. Even if i could save up 120,000 in 4 years while still going to school bc my parents are covering that expense thats enough around here to buy a 3 family house in a good neighborhood. Live in one floor, rent out the other two, its a good investment. The prices for multi family homes are dropping so much around here, I saw one for 99,000 in a really good neighborhood and town, I went down that street all the time! Couldn't beleive it.

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    Senior Member msincredible01's Avatar
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    Default Re: The POWER OF SAVING! Insanity!!

    Health insurance I'm covered for the next 3 years under my parents. Car, they bought me with cash an 06Scion, they pay for tuition in cash....its the immigrant way. Everything in cash or checks; they keep pleading for me to come home and live there which is only 13 minutes from my aparentment. They don't know about this job which is mainly why i have the apartment. With insurance, car and school covered, I've got it pretty good for now which is why I want to take advantage of the situation and save as much as i can while i have it this good. Only thing i'd have to worry about is rent if i chose to not live at home...essentials, food, gas ect and taxes.

    I guess what i'm trying to get at is efficiency! Efficency at work (off topic) like instead of bitching about a rude customer in the dr for 20 min. like i usually do go try to sell another dance or room instead. Efficiency in spending. I've been shutting off lights in rooms i'm not in...carpooling, buying smarter groceries. Efficent with the fact that nows the best opportunity for me personally to stash the cash away.

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    Veteran Member angelicat's Avatar
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    Default Re: The POWER OF SAVING! Insanity!!

    Think about why you have been on and off from dancing as well. Is it because you were pre-occupied with other things, or did you need a break? As someone who has been dancing for about three years (I know many of the ladies on here who have been doing it much longer!) breaks are very necessary in our line of work. Also, it is very possible to be both a student and a dancer. I am full time (5-6 classes a semester), work 3-5 nights/week and have a healthy personal/relationship life. Maybe while you make your financial goals you should make them in other areas of your life, as well.

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    Senior Member msincredible01's Avatar
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    Default Re: The POWER OF SAVING! Insanity!!

    Thanks angelicat i know. Reality kicked me in the ass 2 days ago. I caught a cold....went into work then left. Gave the dj a hundred bucks and got out it was miserable. I also met a guy whom i talked to about majors and career options...he really opened my eyes now so now. I flip flop a lot.

    Just off topic...2 girls in my club made 10 grand each Friday night off one guy. That just shows the elasticity of this job. You can make 70 bucks one night a thousand the next...and then some idiot comes as drops 20 grand on 2 girls....makes me chuckle

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    Default Re: The POWER OF SAVING! Insanity!!

    Don't assume the money will be there for years to come, because in a lot of places it practically vanished over night. With how shakey our economy is right now, you REALLY don't know what'll happen next!

    Don't count your chickens before they hatch and all that jazz : P.


    But aside from that, I think you're wise to realise the potential to get yourself ahead - which is what stripping should really be about. Most girls your age don't think in those terms.

    Best of luck to you! And here's to hoping we all keep making good $$$!

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    Default Re: The POWER OF SAVING! Insanity!!

    lil' miss incredible 1,

    I'm just finishing up year 1 of a similar path in action. Let me tell you, it's alot harder to do than you think. Taxes make it most difficult. You think you are saving for yourself until you get the damn tax bill!

    Someone that makes ca$h income needs to be extremely disciplined and 'smart' with their choices.

    some tips though:
    I find it alot easier to save when I have a concrete deadline goal to save a certain amount of money. Having a house that I just bought and closes on Oct. 30th gives me a concrete goal as such. I also buy most of my stocks during tax loss season (this year is going to be a crazy one ... October to December 31st!) So, I try and have a good portion of my investment cash for the year available for that time.
    Oh Canada, we stand on cars and freeze...

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