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Thread: Started Dancing at 18.....wwyd?

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    Member lanadelwasted's Avatar
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    Dizzy Started Dancing at 18.....wwyd?

    So, a little background info: I starting dancing in October, then quit for about a month, switched clubs and have now been actually getting into it and developing my hustle. I'm currently full-time in university and I dance thurs/fri/sat. I don't have any other job at the moment, so I'm just worried about depositing what I make into the bank for obvious reasons lol. I've poked around in the Dollar Den and essentially I realise what I need to do is hire an accountant to help me out, someone at a smaller firm perhaps, who is familiar with small businesses/independent contractors.

    I'm just wondering if I should be worried about the past 4-5 months I haven't done that? Is it too early in my life to be worried about taxes?

    Also, in terms of saving/debt, tuition is around 6-7k per year. I've applied for a loan for this year, and have to reapply every year that I need it.
    Again from what I've read on SW, my first priority should be paying that off first, then saving.

    In terms of saving I'm a bit lost on how much to use toward my loan, and how much to save/how specifically to save it. TFSA? (I think in the USA it's a Roth IRA) CDs? save first and invest later?

    Basically my goal is to save as much $$$ as I can, and invest it so that my "money makes money", and after 4-5 years move on to new adventures with something to show for it.
    I also want to maximize my time dancing since I've started relatively(?) young.

    If this thread is redundant/repetitive and there are similar ones that I haven't found I apologize, and never mind me

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    God/dess shanna dior's Avatar
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    Default Re: Started Dancing at 18.....wwyd?

    If you're making money, it's not too early to be worried about taxes. Lucky for you, it's also not too late to file for your 2014 earnings, so you can certainly deposit your cash if you will be claiming it by April 30. Get yourself to an accountant ASAP.

    As for how much to devote to your loan, savings, and investments --- hard to say without knowing your earnings, expenses, loan terms, and both short and long-term financial goals. TFSAs are fantastic, yes, and so are RRSPs if you're thinking long-term. The latter have the added benefit of reducing your taxable income until it comes time to withdraw, though there are penalties to withdrawing early so it's good to have a variety of investments to have some liquidity. You should probably meet with a financial advisor -- much like with taxes, it's never too early to start saving and investing.

    If your student loan is from the government and therefore interest-free until you graduate, I wouldn't necessarily worry about starting to pay it off until that interest-free period ends. Just throw a bunch of money into savings with the knowledge that a percentage of that will go towards your loan once the time comes to start paying it off. Of course, if you can avoid taking out loans every year by making enough money, that's even better. If it's a regular loan where interest is accumulating from day one, you should definitely start paying it off now though.

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    Default Re: Started Dancing at 18.....wwyd?

    Thank you so much!!!! I've booked an appointment at the bank to speak to a financial advisor and get this all sorted out.

    Also, fortunately my loan is interest-free until I graduate as it is through the government.

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    Default Re: Started Dancing at 18.....wwyd?

    Quote Originally Posted by lanadelwasted View Post
    I've booked an appointment at the bank to speak to a financial advisor and get this all sorted out.
    Just be wary of their advice. A financial advisor that works for a bank is going to try and get you to purchase investments through their bank. That's not to say that they're not worth meeting with and learning from, but just keep that in the back of your mind so you don't let yourself get pressured into thinking that bank or even big banks are you only/best option.

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    Default Re: Started Dancing at 18.....wwyd?

    Don't worry about 4-5 months, not a big deal. 6K for annual tuition you are indeed lucky!!! I pay that per semester as a part time student. As a rule of thumb about what to save and what to pay back... if the interest rate on your student loan is 3% for example and your savings product pays 6% interest you get more for your money by saving and I would recommend you to put a larger percentage away. However if your loan is at 4% interest and your savings product is at 2% try to put more towards the loan and a smaller percentage in savings.
    XoXo Gia
    Danielle Fishell (the Dish): "If the Super-Star thing doesn't work out, Gia makes a great stripper name"

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    Default Re: Started Dancing at 18.....wwyd?

    You won't be able to save the $$. You will spend it. Trips. Bags. Shoes. Pretty stuff. Clothes. And when you finish school, you will still have $25k in loans about to rollover to interest paying. You don't need an advisor from some stupid bank. All you need to do is put half of what you make towards the loan and keep that outstanding loan amount as close to zero as possible.
    Taxes? I don't know how you report your club income (ie club gives you T4 or you are just cash and carry). Either way, no to RSP, no to TFSA..because technically, you don't have any money - you have a loan, remember? So pay off the loan. Otherwise, if you do have T4 reportable income, you can set up an account on the CRA website (My Account) and through your internet banking (ie pay bills > CRA > you) and monitor your taxes payable that way.
    If the club doesn't make fed tax deductions, then I suggest directly paying CRA about 20% of your gross every month. That way, when you do file, you will have most of the taxes payable already paid.
    Why are you dancing? To pay for school. Why are you going to school? To get a piece of paper so that someone will pay you $$ for a mainstream job. Don't forget that.
    Dancing can help you make this all happen.
    But it can also fuck you up, and if you are not paying attention, you will end up like the older girls in the club (ie 30+, no assets, no employable skills other than getting naked etc.) trying to make ends meet.

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