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Thread: Reporting your Earnings to your SO

  1. #26
    Senior Member DenverD's Avatar
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    Default Re: Reporting your Earnings to your SO

    You will earn more interest in a cd than a saving account. Ask you bank if they have a 1 year CD. Its a cheap way to start, and it gives you experience with cd's. When the year is up , you can convert, or cash out and do something REAL NICE for yourself as a reward!
    You can also have the satisfaction of telling EVERYONE that has been nosing around in your finances that YOU have a CD with YOUR bank. God! I am so glad you got your own accounts, rather than putting the money in someone elses account as was suggested to you! Good luck!
    **Live Long And Prosper**

  2. #27
    Banned Melonie's Avatar
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    Default Re: Reporting your Earnings to your SO

    I'm putting aside 20% for taxes as suggested. Do we really need to pay all of that? I mean whoa!

    My earnings are now being put into two accounts. One checking and one savings. Anyone know about CD's? I heard they were a good idea if you had spare $$ and wanted to build interest.
    In regard to taxes, in many states the combined state and federal income tax rate with self-employment tax may be more like 30% instead of 20% for a full time dancer earning at typical levels. This is particularly true if you don't own a home such that you can't write off mortgage interest and property taxes. I DO own a home, but in the high tax rate state of New York I'm lucky to stay under a 30% tax rate anyhow.

    Just my opinion, but right now the interest rate available on CD's is pretty low. If you sign on for a 1 year CD right now, and if interest rates start rising significantly over the next few months, you may actually lose money compared to 3 month CD's or a high interest money market account. Also, the interest you earn on any of these accounts will be reported as income to the IRS and state tax department, who will then claim 20-30% of that interest in taxes. This makes a significant dent in the actual amount you earn after taxes on CD interest. Also, if there is any reason that you might need to lay your hands on that money before the CD matures (like paying tuition), the bank will charge you a FAT penalty for early withdrawl.

    Again just my opinion, but I'd stick with a bank account or money market account until your finances get more settled. Once you have built up ten grand or so in your bank or money market account, THEN it makes sense to put additional savings into higher earning investments that you're sure you can leave untouched.

  3. #28
    Featured Member Juliette_deSade's Avatar
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    Default Re: Reporting your Earnings to your SO

    Just your opinion? Mel, those are hard facts....and thank you for them. Where do you get your information? I'd love to look into this stuff too. Any particular site?

    You sure would do really well on Wall Street. Blown away.....whew.

    Juliette de Sade
    The Texas Pin-up Stripteuse!

  4. #29
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    Default Re: Reporting your Earnings to your SO

    Guys, would it offend you if your girl kept her earnings a secret?
    It wouldn't be offensive, but it wouldn't be optimal. From the bit of info you've given us, it sounds like there is a imbalance in respective incomes AND you don't really trust him -- I'd say the latter is more troublesome.

    My GF/Dancer never hid the AMOUNT of her earnings from me. I used to help her count it after work, put it into little neat piles with rubber bands and stuff, and take it to the bank for her (her account). Sometimes she'd give me the one dollar bills just because she thought it was too much trouble for her to count... It probably helped a lot that we made roughly the same amount of money annually.

    I think the crux of the matter is really the trust. There are some things that take a bit of financial planning -- if you are in a committed relationship and you are trying to do something into the future together that requires some liquidity -- it does help to know each other's net income (as only the first part of planning something together).

    My GF no longer thinks this way -- but she used to, "Oh, of course we can buy that -- I can make that in one night, two tops." This thinking is okay when you want to buy a few Prada bags or some Gucci boots -- but it doesn't work when your decision point is further into the horizon. How do you plan to buy a house, or a car, or a boat?

    I've read the responses, "NEVER, EVER, EVER..." "NOT UNLESS YOU ARE MARRIED." It still goes back to the trust -- it won't matter if you are married or not, if you don't trust each other. I think when you find the right partner, it won't be an issue as to how much money you make/spend.

    Oh, and if you need to invest your money. I just happen to be a CFA. Just kidding.


  5. #30
    Veteran Member Naomi_Tx's Avatar
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    Default Re: Reporting your Earnings to your SO

    I'm a greedy bitch and quick to run at the first sign a MFs acting like a pimp. It wouldn't be too good if I told ya'll how I really felt on this matter, the FCC would shut the web site down. [cuss]So I'll quote B.I.G. as he puts it in a civil manner compared to what I'd say.

    Rule number uno, never let no one know how much dough you hold, cause you know, the cheddar breeds jealousy especially if that man fucked up... get your ass stuck up.

  6. #31
    Banned Melonie's Avatar
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    Default Re: Reporting your Earnings to your SO

    Just your opinion? Mel, those are hard facts....and thank you for them. Where do you get your information? I'd love to look into this stuff too. Any particular site?
    Well, they're NOT all hard facts, because nobody can say for sure what interest rates will actually be a year from now! My personal opinions on interest rates are just suppositions based on my own interpretation of financial news plus the opinions of financial analysts. If you're really interested in starting to follow finance, you might start with and temper it a bit with (financial link) . Please understand (disclaimer) that I am not licensed to offer financial advice and I am not doing so. I'm merely offering my personal opinion, which anyone can agree with or disagree with as they choose!


    You sure would do really well on Wall Street. Blown away.....whew.
    Well, I do OK I guess. But the real truth is that people assume that the markets will do certain things based on market conditions, conditions of the economy in general, business profits etc. In reality, what the market actually does is often affected more by the "hidden hand" of government injecting or withdrawing fed funds, speculators buying and selling stock options and futures contracts, a relatively meaningless news blurb (like Bin Laden's lackey being captured) etc. than by logic or fundamental strength or weakness. Unless you somehow have the inside scoop on this sort of stuff, the best you can do is try to beat the averages slightly.

    Also, investing in stocks or bonds instead of savings accounts or CD's involves an element of risk that the value of your investment can go down to less than you bought in for. Investing in stocks or bonds also involves paying broker's commissions, so that even if you break even on your investments you lose money buying and selling. I guess what I'm trying to say is that until you have a safe and stable nest egg built up in your savings account or CD's, you shouldn't start thinking about speculative investments

    Also, BTW, this is not generally publicized but it IS possible for money market accounts to actually LOSE money. This is because these are based on shares purchased not actual dollars. There is no guarantee that the financial institution managing a money market account will pay back $1.00 per share in the future instead of $0.99 or $0.98 or $0.50 for that matter ! No money market fund has "broken the buck" yet, and I doubt that any ever will, but it doesn't mean that they couldn't in the future. In contrast, bank savings accounts and usually bank CD's too are federally insured.

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