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Last edited by Miss Chevious; 06-27-2014 at 09:52 PM.





Right out of the gate, I would recommend starting with an 'envelope' system ... one envelope for taxes, another envelope for savings, yet another envelope for necessary expenses, and a fourth envelope for 'luxuries'. Set an earnings goal for yourself, for example $1000 a week. Then as each new week starts, put the first $300 you earn into the tax envelope. Put the next $100 you earn in the savings envelope. Put the next $300 you earn in the necessary expenses envelope. And anything you earn over that put in the 'luxuries' envelope.
At the end of the month, when it comes time to pay rent and utilities - to buy groceries etc - use ONLY the money you have accumulated in the necessary expenses envelope. Also at the end of the month, deposit the money you have accumulated in the savings envelope into a bank savings account. At the end of the quarter use the money accumulated in your taxes envelope to file and pay estimated income taxes. Spending money for anything else must come from the 'luxuries' envelope ... with the option of also transferring any luxury envelope money that remains unspent at the end of the month into the bank savings account.
Once you have $20,000 or so accumulated in the bank savings account, you can start to worry about other investment possibilities.





^^^ yeah agreed ... and based on painful personal experience with a couple of NY clubs over the years, 'funny money' is NOT legal tender. If the club starts having problems, you have no realistic options to get anything for your 'funny money' except excuses. Take the cash as soon as you can !
I'll also add, with absolutely no personal aspersions intended, that dancers using 'funny money' as a means for saving is a lot like people in general using IRS tax returns ( = overwithholding ) as a means for savings. Both come at a 'price' i.e. zero chance of interest or investment earnings for yourself ( while providing 'free' interest or investment earnings for the club / the US gov't ). Financial discipline really isn't that hard to cultivate.
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