One idea is...at the beginning of each month, put
aside envelopes for all your bills...and add to it each day. Include
a 'play' and a 'save me' envelope. Put almost all your money into
the bill envelopes FIRST until they are all 'paid'....then you can
play. ;)
- Porn Actress Lilith Fyre
Make money orders for things like rent at the
beginning of the month - then there is no way to spend it.
No matter what - File your Taxes Every Year!
If you are working cash only, you can still file a tax return as an
independant contractor. This will also allow you to write off certain
business expenses like advertising. The small cost involved in hiring
a tax accountant will be well repaid if you are ever audited. Also,
filing taxes will allow you to build a credit history - essential when
applying for a loan, a mortgage or credit cards.
Be realistic about your income. It is a standard
industry rule of thumb that you will never again in your adult career
be as busy as you are in the first six months you work. You're the 'new
kid on the block', and everyone wants to meet you. This sudden high
income can make it easy for you to assume that you'll earn this kind
of money forever. You won't. Take what you earn those first few months,
and divide it by a third. This is a much more reality based way to estimate
your on going income.
Desperation = Danger. Doing a call that sets
warning bells off in your head just because you're broke is a sure fire
way to get into trouble. Never put yourself into danger just for a small
amount of money.
Save at least a little bit of money every month.
Those shoes you want? Don't buy them - put that money into the bank,
instead. If you save just $50 per month your entire career, you can
still put aside enough money to pay for college, or for the downpayment
on a condo.
Pay as you go credit cards are an adult workers
best friend. You can put them in any name you want, which protects your
personal ID from being revealed to every ad source or hotel you deal
with. Best of all, they're a good way to avoid carrying around large
amounts of cash.
When you have the extra money, visit a good
financial planner. Call around, and find one who's comfortable with
what you do for a living. Be honest with them about your income, your
expenses and your goals - this is no time to lie about what you make,
and anything you tell them is confidential. They can help you to decide
on the best strategies for maximizing your savings, and minimizing your
tax loads. Who knew you could write off feather boas?
Never keep large amounts of cash in your home, your incall space or
your hotel room. Due to the somewhat legally tentative nature of the
adult industry, sex workers are often targets of theft or home invasion.
Theives reason that we'll be too afraid to report the crime, which is
too often true. Load up a pay as you go credit card, send yourself a
wire transfer, put it in the bank or a safe deposit box - just don't
keep it sitting around. Also, remember that many police forces will
have no qualms about seizing any money they find on you, or in your
space, and getting it back can be a long and difficult process. Protect
yourself, and your earnings.
Keep track of your expenses. It's essential to have a working monthly
budget, so that you can be sure of having enough money at the end of
each month to cover your expenses. Industry experts estimate that the
self employed should have a minimum of three months expenses at hand
at any time, in case of an emergency. While this isn't always possible,
it's still something to aim for.