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Thread: Pay off Debts!

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    Default Pay off Debts!

    I have a question for all of you pro hustlers out there.

    Just a little background, I only recently started dancing and I am making good money, but I would like to make more. I am still learning. LOL I just graduated from college with my Bachelors degree in business and I plan to go back to get my Masters. The problem is, I have incurred over 15,000 in debt. I would like to pay this off by 2010, but I don't know if this is realistic as a dancer.

    Have any of you been able to dance part-time or even full-time to make enough money to pay off debt? What did you do and how long did it take you to get out of debt?

    Any words of encouragement?

    Thanks for your time! Much appreciated!

    xoxoxo

    Parris

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    Default Re: Pay off Debts!

    You only need $1000 per month to make your target. For a dancer thats not a lot.

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    Default Re: Pay off Debts!

    Quote Originally Posted by LuvlyDancer View Post
    You only need $1000 per month to make your target. For a dancer thats not a lot.
    Very true. I guess I just need to set a goal for myself. Work no less than 3-4 days a week, since I have stopped working 9-5 it's a little harder to work independently. I also will set a $$$ goal for myself in order to make what I need to make for the month.

    Sound good?

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    Default Re: Pay off Debts!

    i dont think its unrealistic at all, i paid for my mba without getting any loans, and that crap is 5K+ a semester
    These days I like to count my money. I like to wash it delicately and iron it. Sometimes I dry it with some bounty to make it all nice and cuddly. I love my money... did I say that out loud?

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    Default Re: Pay off Debts!

    You know what you earn. You can calculate what you need to earn and pay your work overhead, your living costs, and your taxes as well. Earning a thousand a month for 15 months is not 15 thousand you'll have for paying off debts, but saving that for 15 months is.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Default Re: Pay off Debts!

    Parris, you're already on the right track if you are treating dancing as a 'serious' full time business pursuit. For myself, the most helpful aspect was drawing the analogy that being a professional dancer is very similar to being a professional athlete ...

    i.e. a relatively small number of 'peak earnings' years are available,
    one needs to put forth maximum effort during those 'peak earnings' years,
    one needs to pay off debts as soon as possible,
    one needs to save and invest at maximum levels while keeping spending to an absolute minimum

    by following the above 'creed' for 12 years I found myself in a position to retire from dancing and live comfortably on the proceeds of my savings and investments (despite the economic downturn).

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    Default Re: Pay off Debts!

    Quote Originally Posted by Melonie View Post
    Parris, you're already on the right track if you are treating dancing as a 'serious' full time business pursuit. For myself, the most helpful aspect was drawing the analogy that being a professional dancer is very similar to being a professional athlete ...

    i.e. a relatively small number of 'peak earnings' years are available,
    one needs to put forth maximum effort during those 'peak earnings' years,
    one needs to pay off debts as soon as possible,
    one needs to save and invest at maximum levels while keeping spending to an absolute minimum

    by following the above 'creed' for 12 years I found myself in a position to retire from dancing and live comfortably on the proceeds of my savings and investments (despite the economic downturn).
    Thanks Melonie! I did have a "business" state of mind so to speak going into this because I look at it as an amazing opportunity to basically run my own business. I know I can learn a lot form this business and I plan to use it to my advantage. I refuse to strip and just be known as "the stripper" for xxx amount of years, I must have a lot to show for it. To prove the haters wrong! lol I would love to get to a point where I can invest, that is my main goal. I think it is very important at this time in the economic decline.
    <3 Parris Starr <3

    "People always ask me, did I ever learn anything when I was a stripper? Yeah, I did. One man plus two beers equals 20 dollars"
    -- Anna Nicole Smith

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    Default Re: Pay off Debts!

    ^^^ well if you are serious about that, I would start seriously thinking about leaving California ! That state is on the verge of increasing (business) income taxes to unprecedented levels ! Keep in mind that before you can have money to save or invest, you must first earn it and second keep as much of those earnings as possible away from the tax man ! California's income tax increase is going to be a 'double whammy' since it will A. take more money out of the pockets of potential club customers ... leaving dancers with less income potential, and B. take away more of the remaining customer money that dancers are still able to earn !

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    Default Re: Pay off Debts!

    Quote Originally Posted by Melonie View Post
    ^^^ well if you are serious about that, I would start seriously thinking about leaving California ! That state is on the verge of increasing (business) income taxes to unprecedented levels ! Keep in mind that before you can have money to save or invest, you must first earn it and second keep as much of those earnings as possible away from the tax man ! California's income tax increase is going to be a 'double whammy' since it will A. take more money out of the pockets of potential club customers ... leaving dancers with less income potential, and B. take away more of the remaining customer money that dancers are still able to earn !
    I have to agree here. I left California four or five years ago. Best decision I ever made.

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    Default Re: Pay off Debts!

    I think it's more than just taxes you have to avoid while you are in a high earning position. Maybe these are obvious but they're worth considering, but's avoiding such things as:
    • high interest rates on consumable items,
    • spending money on luxury, ego-stroking items,
    • giving away money to 'friends' who should be earning their own,
    • paying excess stage and tipout fees,
    • not living/working in potentially profitable locations,
    • buying costumes and personal care items at high prices,
    • drugs and alcohol that will dampen your money-making potential,
    • not managing your income and personal expenses in a tax-wise manner
    • not planning for income-producing work for your after-dancing career

    These additional items over time will be more important than just avoiding some taxes.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Default Re: Pay off Debts!

    Quote Originally Posted by Melonie View Post
    ^^^ well if you are serious about that, I would start seriously thinking about leaving California ! That state is on the verge of increasing (business) income taxes to unprecedented levels ! Keep in mind that before you can have money to save or invest, you must first earn it and second keep as much of those earnings as possible away from the tax man ! California's income tax increase is going to be a 'double whammy' since it will A. take more money out of the pockets of potential club customers ... leaving dancers with less income potential, and B. take away more of the remaining customer money that dancers are still able to earn !

    My husband and I were actually talking about leaving California last night! I love it here, but It's just not what it used to be. Not as many opportunities as before.
    <3 Parris Starr <3

    "People always ask me, did I ever learn anything when I was a stripper? Yeah, I did. One man plus two beers equals 20 dollars"
    -- Anna Nicole Smith

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    Default Re: Pay off Debts!

    Quote Originally Posted by threlayer View Post
    I think it's more than just taxes you have to avoid while you are in a high earning position. Maybe these are obvious but they're worth considering, but's avoiding such things as:
    • high interest rates on consumable items,
    • spending money on luxury, ego-stroking items,
    • giving away money to 'friends' who should be earning their own,
    • paying excess stage and tipout fees,
    • not living/working in potentially profitable locations,
    • buying costumes and personal care items at high prices,
    • drugs and alcohol that will dampen your money-making potential,
    • not managing your income and personal expenses in a tax-wise manner
    • not planning for income-producing work for your after-dancing career

    These additional items over time will be more important than just avoiding some taxes.

    I agree! I am going to write these things down. Thanks!
    <3 Parris Starr <3

    "People always ask me, did I ever learn anything when I was a stripper? Yeah, I did. One man plus two beers equals 20 dollars"
    -- Anna Nicole Smith

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    Default Re: Pay off Debts!

    Quote Originally Posted by parris_star View Post
    I have a question for all of you pro hustlers out there.

    Just a little background, I only recently started dancing and I am making good money, but I would like to make more. I am still learning. LOL I just graduated from college with my Bachelors degree in business and I plan to go back to get my Masters. The problem is, I have incurred over 15,000 in debt. I would like to pay this off by 2010, but I don't know if this is realistic as a dancer.

    Have any of you been able to dance part-time or even full-time to make enough money to pay off debt? What did you do and how long did it take you to get out of debt?

    Any words of encouragement?

    Thanks for your time! Much appreciated!

    xoxoxo

    Parris
    Eh I am about 20k in debt from student loans and plan to pay it off in 2 years as well (also an 08 graduate). I think its totally realistic to pay off even in 1 year or even before your grace period is up. Just manage your money well, dont spend money on frivolous things.

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    Default Re: Pay off Debts!

    Actually, student loans are 'dangerous' ... since they are exempt from bankruptcy protection in the event of a personal catastrophe. Student loans are now also fairly 'expensive' in terms of spread cost ... i.e. the best '100% safe' investment you're likely to find will pay perhaps 4%, while student loan interest will probably cost you 7%+ (maybe a whole lot of + in the near future if your student loan interest rate is variable).

    However, also keep in mind that in today's economy it is increasingly difficult for a 'stripper' to obtain other types of credit at affordable interest rates. Thus you need to strike a balance between 'retiring' student loan debt, versus building up cash reserves which may be needed to purchase 'necessary' items (like a dependable used car for instance) in the absence of a new loan which won't be approved due to lack of verifiable income / 'risky' nature of your business.

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    Default Re: Pay off Debts!

    my loans definitely dont have 7 percent interest. the interest rate on my loans are super low, but they are government need based loans. Are you talking about private loans?

    Do they really need to verify your income in order for you to buy a car? I own a new car and i dont remember them asking for any proof of income. I had good credit and that was good enough. I do know this sometimes is a problem with trying to rent a place to live though, but starter apartment places usually dont care as much, and the ones that do will accept a bank statement or income tax return, which if you are depositing your money into a bank and paying your taxes shouldnt be a problem right?

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    Default Re: Pay off Debts!

    Do they really need to verify your income in order for you to buy a car? I own a new car and i dont remember them asking for any proof of income. I had good credit and that was good enough. I do know this sometimes is a problem with trying to rent a place to live though, but starter apartment places usually dont care as much, and the ones that do will accept a bank statement or income tax return, which if you are depositing your money into a bank and paying your taxes shouldnt be a problem right?
    Things have changed a LOT in regard to the availability of new credit these days. For example, new gov't regulations on lenders requires them to A. verify the actual income of the applicant over a period of the past 3 years, B. consider the 'worst case' scenario in regard to the applicant's ability to repay the loan, and C. consider the 'pecking order' of any new loan approval in relation to existing loans. In the context of an exotic dancer ...

    A. they'll want to see three years worth of tax returns
    B1. they'll consider the possibility that a newly passed anti-strip club ordinance or a broken ankle could immediately and totally destroy the dancer's future earnings capability
    B2. they'll also consider that the typical 'peak earnings' period for exotic dancers doesn't extend beyond 10 years ... thus raising huge questions in regard to future repayment ability on say a 30 year mortgage
    C. they'll consider that any new loan repayment will always be subordinate to pre-existing student loan debt repayment, thus in a worst case scenario the gov't will have 'first dibs' ahead of the financial institution in regard to liquidation of assets to settle outstanding debts.

    This isn't intended to say that exotic dancers with reasonably good credit and reasonably good tax / financial documentation can't obtain new loans. What it IS intended to point out is that the interest rates likely to be offered to exotic dancers will be significantly higher than those offered to people holding 'straight jobs' with similar income levels. Like expensive car insurance for all males under age 25, this is based on the statistical 'risk' of the subgroup in general - despite the fact that one particular 24 year old male may have a perfect driving record, and despite the fact that one particular exotic dancer may have a perfect tax / financial history.


    my loans definitely dont have 7 percent interest. the interest rate on my loans are super low, but they are government need based loans. Are you talking about private loans?
    if you have locked-in a 'super low' interest rate on your student loans, this is yet more reason to think twice before paying this loan off ... you may want to check out the concept of 'opportunity cost' in detail !

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    Default Re: Pay off Debts!

    Quote Originally Posted by Melonie View Post
    Things have changed a LOT in regard to the availability of new credit these days. For example, new gov't regulations on lenders requires them to A. verify the actual income of the applicant over a period of the past 3 years, B. consider the 'worst case' scenario in regard to the applicant's ability to repay the loan, and C. consider the 'pecking order' of any new loan approval in relation to existing loans. In the context of an exotic dancer ...

    A. they'll want to see three years worth of tax returns
    B1. they'll consider the possibility that a newly passed anti-strip club ordinance or a broken ankle could immediately and totally destroy the dancer's future earnings capability
    B2. they'll also consider that the typical 'peak earnings' period for exotic dancers doesn't extend beyond 10 years ... thus raising huge questions in regard to future repayment ability on say a 30 year mortgage
    C. they'll consider that any new loan repayment will always be subordinate to pre-existing student loan debt repayment, thus in a worst case scenario the gov't will have 'first dibs' ahead of the financial institution in regard to liquidation of assets to settle outstanding debts.

    This isn't intended to say that exotic dancers with reasonably good credit and reasonably good tax / financial documentation can't obtain new loans. What it IS intended to point out is that the interest rates likely to be offered to exotic dancers will be significantly higher than those offered to people holding 'straight jobs' with similar income levels. Like expensive car insurance for all males under age 25, this is based on the statistical 'risk' of the subgroup in general - despite the fact that one particular 24 year old male may have a perfect driving record, and despite the fact that one particular exotic dancer may have a perfect tax / financial history.




    if you have locked-in a 'super low' interest rate on your student loans, this is yet more reason to think twice before paying this loan off ... you may want to check out the concept of 'opportunity cost' in detail !
    Do you really need to tell people you are a stripper though? Cant you just say you are a freelance artist or performer? Is it hard to get loans for other people who also can be out of a job if they get into an accident (other types of dancers, aerial artists, etc)? Or is it only rudeness out of them judging you for being a stripper?
    The low interest rate is a reason why im chosing to pay the loans off in 2 years instead of in the nine month grace period. I guess if something happens though i might hold off longer but for now I think I can do it in two years without causing any harm to my finances.

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    Default Re: Pay off Debts!

    well, the lenders are going to want to see tax returns. The tax returns must have an occupation code. The code that comes closest is 'performer'. So while you don't necessarily have to volunteer the information, the question may be raised by the lender nonetheless.

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