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Thread: "The $10,000 Club" 2011

  1. #51
    Banned Melonie's Avatar
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    Default Re: "The $10,000 Club" 2011

    I have lots of debt that might make this goal a little unrealistic for me...
    Actually, paying down existing debt ... and especially high interest rate debt ... is probably the best overall 'investment' that anyone can make !!!

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    Veteran Member Purrfect's Avatar
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    Default Re: "The $10,000 Club" 2011

    What an awesome thread! I love saving! I'm pretty much the most frugal dancer in my club, always bringing my home made boxed meals and rarely buying outfits/new clothes/make up/etc, lol. These small things really add up! Plus I don't either smoke or drink.

    My goal for 2011 is to have $15 000 in my savings account (At the moment it's only $1000 as I've paid off half of my university tuition for this year plus had some other major investments) and $50 000 invested in shares (right now I've got about $30 k in the stock market). In the last months I've constantly been working 6-7 nights a week and saving about 50%-60% of my income. It's been a crazy challenge, but now I'm starting university in about 4 weeks and very excited that I could pay it off without taking out any loans or anything.

    So honestly, with determination and good willpower, anything is possible. Good luck everybody!

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    Default Re: "The $10,000 Club" 2011

    I'm at $1250 !!!!

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    Default Re: "The $10,000 Club" 2011

    Well, I've paid off all my debt back in 2008, sold my home in 2009. I got rid of my leased car and bought a car in cash. SO I feel so good to have gone 2yrs with no car payment. My lease on my loft will be up in 2 months and I'm moving bk to my 2nd home with my guy. I will prob step into a club for a few months to try and see about getting as close to 10k as I can. But once his company has taken off, there won't be any need for me to do it. SO I will have my savings bk in business this yr and I will be buying me a couple more investment properties in the coming yrs. I wish all you ladies the best success as well. Also a good book for everyone to read to get their finances back into shape is Suze Orman The Money Class!!!
    Make Your Life Beautiful!

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    Default Re: "The $10,000 Club" 2011

    5,000!!!! I'm half way, and I got employee of the month.

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    Default Re: "The $10,000 Club" 2011

    ^^Yay!!

    I'm doing so badly this year. I hate how schoolwork is cutting into my money. I have all my priorities straight, haha.

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    Default Re: "The $10,000 Club" 2011

    Quote Originally Posted by charlottepower View Post
    5,000!!!! I'm half way, and I got employee of the month.
    Way to go Charlotte!!! Keep it going.
    Make Your Life Beautiful!

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    Default Re: "The $10,000 Club" 2011

    I saved up 2k this month. Unfortunately, it's all going to taxes. >.< I've been dancing ten months and during that time I've gotten my first place by myself and most of my money goes to making it a home. Buying furniture, house supplies, etc. I've cut way back on spending, avoiding stripper stores like they were the plague (we have a local boutique that is a money magnet, you can't go in without spending at least a hundred). My birthday last week was my first major spending in a long time, and I made sure to not spend more than I made the night before.

    Keeping money in a bank definitely helps for saving. Having cash is just too tempting. I like to save up until I hit a thousand, then deposit it. When my bills for the month are all covered and then some, I transfer a big chunk to a savings account.

    I find the dollar box method to be a grand way to get some extra saving in. I do all my tip-outs at work in ones, then any ones left go into a box at home. If I don't have any ones, my fives or tens go in instead. When shopping I use only twenties, keeping all change in a separate pocket to go into the box. Thus for whatever I spend I MUST save some. In a matter of only a few weeks you can save a few hundred dollars easily.

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    Default Re: "The $10,000 Club" 2011

    Quote Originally Posted by Purrfect View Post
    What an awesome thread! I love saving! I'm pretty much the most frugal dancer in my club, always bringing my home made boxed meals and rarely buying outfits/new clothes/make up/etc, lol. These small things really add up! Plus I don't either smoke or drink...
    This is me too!

    Unless my cupboards are bare I'll always bring an array of food from home, it's healthier and way cheaper. If I don't bring something from home I'll stop by the supermarket on my way into work for a Lean Cuisine or something like that. I see girls placing a order for delivery before they've even sold their first dance/made house fee. there's no way I'm paying $20 for a greasy, cheesy chicken breast wrapped in foil!

    I like to buy new make up and costumes occasionally (ie: once every few months) to keep things fresh & prevent boredom but I bargain hunt, check the sales, compare prices online, etc.

    I make sure I take really good care of my outfits, I wash them in those mesh lingerie bags and never, ever put them in the dryer. These days I don't buy anything delicate or flimsy... it's got to be made with dancers in mind and consist of a durable fabric (lycra/spandex). Little lace and mesh sets are cute but it only takes one stiletto through the ass of your knickers to destroy them and I've made that mistake too many times! I only recently threw out some costumes from my first year of dancing because I'll never fit into them again, but they were still in great condition.

    I am probably the most boring, practical stripper on earth these days. But it's worth noting that I earn less now than I did 5 years ago (by choice, I now work at in quiet dive which I love), but my savings are better than they've ever been. It's not about what you earn, it's about what you save/do with that money.

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    Default Re: "The $10,000 Club" 2011

    Quote Originally Posted by charlottevalentine View Post

    I like to buy new make up and costumes occasionally (ie: once every few months) to keep things fresh & prevent boredom but I bargain hunt, check the sales, compare prices online, etc.
    Clearance for the win!

    I find a good way to change up outfits is to trade with girls. At our club we're always borrowing dresses. Frequently, borrowing a dress from a girl results in a sale. If she's tired of it or it looks better on you, she's likely to take an offer on it.

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    Default Re: "The $10,000 Club" 2011

    I'm going to pay my next 4 or 5 months rent upfront

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    Default Re: "The $10,000 Club" 2011

    Quote Originally Posted by lol1337a View Post
    ^^Yay!!

    I'm doing so badly this year. I hate how schoolwork is cutting into my money. I have all my priorities straight, haha.


    Hahahaha! I have this problem, too!

  16. #63
    Banned Melonie's Avatar
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    Default Re: "The $10,000 Club" 2011

    My goal for 2011 is to have $15 000 in my savings account (At the moment it's only $1000 as I've paid off half of my university tuition for this year plus had some other major investments) and $50 000 invested in shares (right now I've got about $30 k in the stock market). In the last months I've constantly been working 6-7 nights a week and saving about 50%-60% of my income. It's been a crazy challenge, but now I'm starting university in about 4 weeks and very excited that I could pay it off without taking out any loans or anything.

    So honestly, with determination and good willpower, anything is possible.
    I am probably the most boring, practical stripper on earth these days. But it's worth noting that I earn less now than I did 5 years ago (by choice, I now work at in quiet dive which I love), but my savings are better than they've ever been. It's not about what you earn, it's about what you save/do with that money.
    Well, I've paid off all my debt back in 2008, sold my home in 2009. I got rid of my leased car and bought a car in cash. SO I feel so good to have gone 2yrs with no car payment.
    ^^^ spoken like a 'serious professional stripper' !!!


    The above comments embody the two MOST important concepts in managing personal finances. The first is to realize that spending borrowed money that must be repaid with interest ( using after-tax earnings dollars that are subject to high 'ordinary income' tax rates ) is incredibly 'expensive'. Consider that repaying $1000 in borrowed money within in one year, at say 10% interest for easy calculations, actually requires somewhere around $1100 * 1.25 ( 25% tax rate ) = $ 1375 in additional earnings. The longer the repayment period drags out, the greater the difference between the amount originally borrowed and spent versus the amount of earnings required for repayment.

    The second is to realize that the compounding of interest PAID to you on savings, and especially on investments ( which are subject to a significantly lower 'capital gains' tax rate ), is equivalent to an independent source of income that does not require you having to make an additional active effort to earn. Turning a 15% gain on a $10,000 stock market investment in a single year is equivalent to an additional $1500 / 1.15 ( 15% tax rate ) = $1304 in after-tax income that required zero additional effort on the part of the investor to earn.










    ~
    Last edited by Melonie; 03-30-2011 at 01:19 PM.

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    Default Re: "The $10,000 Club" 2011

    It didn't take me long to save up $10,000 due to the past conventions here in Vegas. On my way to the $20,000 club Oh and to celebrate, I'm treating myself to a massage, nothing major but I hardly ever do anything for myself anyway. Good luck girls, and keep saving
    "Do what thou wilt..."-Crowley

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    Default Re: "The $10,000 Club" 2011

    [quote=Melonie;2084044]^^^ spoken like a 'serious professional stripper' !!!


    The above comments embody the two MOST important concepts in managing personal finances. The first is to realize that spending borrowed money that must be repaid with interest ( using after-tax earnings dollars that are subject to high 'ordinary income' tax rates ) is incredibly 'expensive'. Consider that repaying $1000 in borrowed money within in one year, at say 10% interest for easy calculations, actually requires somewhere around $1100 * 1.25 ( 25% tax rate ) = $ 1375 in additional earnings. The longer the repayment period drags out, the greater the difference between the amount originally borrowed and spent versus the amount of earnings required for repayment.

    Thank u hun for the compliment and I def agree with what u said abt t the amt of interest which adds up
    in the longterm liability count. I always want to def continue saving more and spending less. I also encourage every woman on here to invest in Roth IRA fund. Because u really hv to get yourselves on the right track. Everyone needs to save for their future and retirement.
    Last edited by anacol; 03-31-2011 at 02:28 AM.
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    Banned Melonie's Avatar
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    Default Re: "The $10,000 Club" 2011

    ^^^ Agreed on compound interest.

    However, and not wanting to sidetrack this thread, even though the Roth IRA is the 'least of the evils' in regard to gov't sanctioned retirement accounts, it's worth being a bit wary of putting too many eggs in that basket. The reason of course is that access to the money put in any gov't sanctioned retirement account is restricted until you reach age 60, while the gov't is able to 'change the rules' at any point in the future. Recent speculation in Washington is calling for rule changes that would force gov't sanctioned retirement account money to be invested in US gov't bonds ( which could be major 'losers' compared to other types of investments ).

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    Default Re: "The $10,000 Club" 2011

    Quote Originally Posted by Melonie View Post
    ^^^ Agreed on compound interest.

    However, and not wanting to sidetrack this thread, even though the Roth IRA is the 'least of the evils' in regard to gov't sanctioned retirement accounts, it's worth being a bit wary of putting too many eggs in that basket. The reason of course is that access to the money put in any gov't sanctioned retirement account is restricted until you reach age 60, while the gov't is able to 'change the rules' at any point in the future. Recent speculation in Washington is calling for rule changes that would force gov't sanctioned retirement account money to be invested in US gov't bonds ( which could be major 'losers' compared to other types of investments ).
    Yeah, but that's not thecase. I def hv other investments and savings elsewhere and so do most people I know. Not only do they hv Roth ira, but they have other retirement accts with the companies they work for, etc. Roth is one of the best for people to start in, especially if u don't make millions and any financial advisor would say the same. U can take money out tax free after 5yrs and the age is 59 1/2 so that u don't have to wait the other six months! lol. So that's the reason the roth ira is good, not to mention dividends, stocks, bonds, etc that the roth can be used for as well. I think because the benefits outway anything else, like gov not being able to touch ur money is a huge plus as to why alot of people choose the roth as one of their investment spots.
    Last edited by anacol; 03-31-2011 at 09:48 PM.
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    Default Re: "The $10,000 Club" 2011

    Quote Originally Posted by Melonie View Post
    Before I 'retired', I used a similar discipline. First, I sat down and figured out exactly how much my 'normal cost of living' bills were going to cost on a weekly basis. Next I already knew how much money I needed to add to my 'nest egg' every week in order to meet my time goals for retirement. Then I could determine how much money I needed to set aside for paying income taxes. I then forced myself to spend the absolute minimum necessary during the early days of the week before my minimum weekly earnings threshold was actually met.

    Put another way, I usually wound up working my butt off monday through thursday in order to meet my weekly minimum earnings threshold as quickly as possible ... because doing this meant that anything additional that I was able to earn on friday and/or saturday was available for spending on 'non-essentials' and/or luxuries.

    I developed this approach after spending my first year of dancing only thinking about meeting 'current' needs. In other words, during my first year I only worried about earning enough to cover that week's immediate bills and taxes ... and gave very little thought to seriously saving for the future. As a result, during my first year, once my bills were paid for the week I would allow myself to spend money on luxuries ... or worse allow myself to say '[email protected]%k it, I'm going to go out and party tonight' instead of working at the club an extra night that week.

    However, by my second year, I had thoroughly absorbed the concept that simply meeting 'current' needs wasn't going to get me anywhere in the long term. By then I had seen too many dancers hit their '30's, start losing their 'marketability', start experiencing a decline in their earnings level, and in turn start to turn 'desparate' because they had little or no savings and/or investments set aside from their earlier peak earnings years. I decided that I was never going to allow myself to be put in that position !!!
    This is such great advice. I retired at the beginning of this year and saved enough to be completely debt free and to comfortably finish up the last year of school without having to work at all. I wish more dancers thought about investing and saving.. because like you said... once you hit a certain age your marketability goes down..and so does your $$$. Especially in this economy. When I first started dancing I couldn't make the $$ fast enough... but the industry has changed and I'm glad I got out when I did. Good luck with your savings ladies... and stick yo it... you'll be glad you did.

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    Default Re: "The $10,000 Club" 2011

    Quote Originally Posted by Melonie View Post
    Actually, paying down existing debt ... and especially high interest rate debt ... is probably the best overall 'investment' that anyone can make !!!
    Yeh, I've got about $10,000 in high-interest debt (taxes, credit cards, & one of my student loans*) that I'd rather pay off this year, as opposed to saving a lot of cash for something in particular. I wanna start over with a clean financial slate

    But fuck yeh ladies, good luck!




    *my other 2 student loans are Federal Subsidized loans that I'm sticking in forebearance/deferment for the time being)

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    Default Re: "The $10,000 Club" 2011

    I love this idea!! I don't know how I managed to miss it up until now, but count me in Although I have student loans that are now in repayment, so probably I will put 50% of my monthly savings towards my student loan bill. But overall, I aim to put $10,000 towards savings and paying back student loans!


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    Default Re: "The $10,000 Club" 2011

    Taxes and bills almost cleared me out, but now it is the road to redemption.

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    Default Re: "The $10,000 Club" 2011

    I'm saving (at 2k now and not counting my emergency money that I continually add to), but also work a tonnnn in order to pay down school loans. Living expenses are 1k or under a month, so almost everything else goes to savings or loans. Oh...and taxes! Blahhh.

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    Default Re: "The $10,000 Club" 2011

    I have been such a slacker in the last couple of weeks!!!!! I need to get motivated. I've only been to work four times this month, and it has been slow. Tonight, I will do my best to make serious money!

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    Default Re: "The $10,000 Club" 2011

    Everytime I get close or bank, some bs has come up! Ladies this is why it's important to not spend all ur money!! Always save for that 'rainy day'. This thread is great motivation.

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    Default Re: "The $10,000 Club" 2011

    Im on my way to saveing 20,000 Im very exited and doing exelent so far,good luck to everyone

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