Financial planning for strippers.
The 4 ways you must allocate your dancer income.
Financial planning is important for everybody, unfortunately most of us don’t learn the importance of this or how to do it. When you are working as a stripper this is becoming very important for many reasons:
- You often get paid in cash and then it’s normally after every shift.
- Cash is not king anymore, they tend to disappear to easy and give you a false feeling of being richer than what you actually really are in the moment.
- Spending your money on to much unnecessary accessories and don’t put anything away for unexpected expenses.
- You don’t invest or have a regular saving plan.
- Don’t pay your tax or put away enough money for tax payment.
- Many dancers have not even registered themselves as self employed.
- You don’t have any insurance or pension saving plan.
If you can identify yourself with one or several of these points, you should continue reading and pay attention to this very important subject about your stripper salary. The consequences of the above list ac be fatal. You risk that you will find yourself 5 to 20 years later in life at the exact same financial level as when you started your dancing career. Even worse is that you haven’t paid any tax or built up any pension points or have any insurance if you get ill. This means that you won’t be able to get a mortgage in the bank. Also your pension payment when the day comes will be at the minimum rate.
Understand what you really spend your money on.
There has been several studies on rich people’s habits and one of the important ones is that they have full control on what they spend their money on. If you could write down everything you spent your money on during a full month. I bet you would be very surprised about how much of it that actually goes to things you really dont need and easily could live without. This is the moment when most dancers would say, I have to live my life and enjoy. I also need to spend money on my appearance and that’s expensive. All these arguments are true, but the fact is that you can moderate a lot of it and save money.
If you end up every week or month being broke and not being able to put any money away, you have a big problem and its gonna hit you hard later down in life. Ask any professional financial adviser about this problem and they would say “you spend to much money” Because that’s exactly what it is. How many Gucci bags or new pair of shoes do you really need? Are you eating in restaurants and taking taxi to work every night? The list of expensive habits that can be moderated and changed is endless for many strippers.
Pay the price now and get the reward later.
This is one of the hard facts in life, you can’t just live in the moment and take no responsibility for your own future wealth. Very few of us will meet that rich prince that’s gonna come and save us financially for the rest of our lives.To take that responsibility means that you have to pay the price now and you do that by controlling your expenses and starting up with your saving plan. If you can follow the advices here, you will be guaranteed a successful career as a dancer. And by successful I mean being able to have paid your tax and be given all the advantages this gives you in society. Have built up and secured yourself with wealth and assets. Having a healthy relationship and respect of money and always have extra savings for those unexpected expenses that life throws at us.
Open 4 different bank accounts and get started today.
I would guess that you already have a bank account, what you now need to do is to open 3 more so that you have in total 4 different accounts:
- Spending account (monthly outgoings like food, rent clothes etc)
- Saving account for leisure (your holidays or other unexpected expenses)
- Tax account. (this account can be locked so that you can’t spend these money on anything else than tax bills)
- Saving account for future wealth (investments like saving fonds, property etc ?)
Every time you get a payment, either its cash or by bank transfer you need to spread that monye to those 4 accounts. The perfect split would be roughly ¼ in each one. It all depends on how much you need in your spending account and how disciplined you are with your spendings.
Define your future goals for wealth and commit to your plan.
When you are in your 20`s most of us finds it hard to see ourself in the next 10 – 20 years. As I am writing this article in the age of 47 I can tell you that these years goes fast and I wish for myself that I had the knowledge I have today about this subject and that I could have started planning for myself financially earlier in life.. Saving money and building up wealth is a numbers game and the most important numbers is the numbers of years you are doing it. So the earlier in life you get started the better it is and the earlier you can start to harvest from your disciplined and hard work as a stripper.
In the moment you can define your future goals for wealth and commit to the saving plan. Your whole approach and attitude to your dancer job will change. You will be going to work with a higher commitment and responsibility for your own future and you will see that your earnings will rise.