Prodigal M wrote:
Money is bad, very bad. Put it all in an envelope and contact me. I will give you instructions on where to send it. That way you will not have to worry about it. Glad to be of service.

ROFLMAO!   Well .. umm I'm not that naive!  Your sense of humor is appreciated though! 

markcomp wrote:
First things first.  The first thing to do is write down every dime you spend.  Seriously, even if it is for a candy bar, write it down. 
After a month or so you will get an idea of where you are draining your finances.  Most people are aware of their big expenditures but nickle and dime themselves to death.

Two programs to aid you:

1.  Quickbooks.
2.  TurboTax

Ok, Mark, thanks! Writing down everything I spend money on sounds like a lot of work, but then maybe I'll be more careful.  This means getting the models to buy my coffee when I meet them!  LOL   

The software programs I've heard of, so I'll check those out.

jonathan ledeux wrote:
just do the opposite of me and youll be A- OK cuz Im freaken skint

Well maybe I'll need to get some coaching from you so that I know to do the opposite? 

Pat Thielen wrote:
Money... Just what is this "money" you speak of...?

 

LOL  ... yea, maybe that is my problem.  For the first time in a long time, I might actually have some!

Patrick Walberg wrote:
I need to either learn how to handle money or find someone I can trust ... at least with taxes and perhaps more (...) What do you do?

visit your local bank & make an appt with a financial planner / investment officer, or a tax specialist; most these services are offered, at least the initial consultation, to members.

~ F

BlindMike wrote:
Easy solution. You can't have money problems if you don't have money to have problems with.

But ... but  ... but ... I want to be like Bill Gates!  LOL  He doesn't seem to have any problems, right? 

Maybe it's delusional thinking, but I'm actually attempting to plan my business.  Last year I spent more than I made.  This year, it is possible that I will come out ahead.

Pat Thielen wrote:
Money... Just what is this "money" you speak of...?

 

Frank M. Lopez wrote:

visit your local bank & make an appt with a financial planner / investment officer, or a tax specialist; most these services are offered, at least the initial consultation, to members.

~ F

Thanks!  Good idea.  I will call my bank branch and ask for help there. One thing about banks though is they are out to make sales of their products/services and most will only pay attention when I have a substantial amount of money. I did get a business loan from Well Fargo and it seems to be improving my credit line! 

Frank, isn't it interesting how many people post passionately on topics like escorts, models who flake, "TFP", camera choices, creepy photographers, why you don't need a job because you've got (place some models name), on and on ... yet when it comes to photographers handling their own money (or model, MUA, anyone in business!) Where's the passion? 

I'm not afraid of people.  For example, I'm not too concerned about escorts stealing my gear because I take certain precautions.  Yet, I am fearful that if I don't keep an eye on my bank account, I could lose everything.  How many people here have had a loss or know someone who has had a loss due to identity theft for example?  How many people here have made a mistake on their accounting books that has cost them a substantial loss?  Even some people with money blow it because they trusted the wrong person to do their taxes but it's them who has to pay when the government comes knocking.

Corey Wellman wrote:
Get a CPA and stick with them.

Corey, that is good advise.  I will search for one.  Better still, maybe I should find a model who is in school studying accounting to become a CPA?

Patrick Walberg wrote:

Ok, Mark, thanks! Writing down everything I spend money on sounds like a lot of work, but then maybe I'll be more careful.  This means getting the models to buy my coffee when I meet them!  LOL   

The software programs I've heard of, so I'll check those out.

RED FLAG:

First off, I have spent 3 years studying accounting, I need to finish a couple of semesters to have my cert...ok!

1)  Keep an account of what you are spending money on will do two things, a: it will give you a record of what you are spending and b: it will show you where you might be over spending and need to adjust...ex. 4 Starbucks in one day...you may need to adjust.

2)  When meeting with a client, model, or another photographer...receipts are tax deductions...you can write them off as business expenses...

3)  Get receipts on every thing...gas...film...printer paper...ink...ect...all these are business related.

4)  Make sure if you work out of you house or apartment you write of a percentage of your mortgage or rent as well.  Transportation...your car or van are used for business you can write off a ton of over things if you just keep a record.

The computer programs mentioned will aide you in keeping track of what you have spent and will allow you to take them to your tax person and they will be able to use them to get you a bigger tax return and then you will have more money.  If you really have serious questions contact your local tac accountant and talk with them about setting you up and getting you in the right direction.

PatrickW wrote:
isn't it interesting how many people post passionately on topics like escorts, models who flake, "TFP", camera choices, creepy photographers, why you don't need a job because you've got (place some models name), on and on ... yet when it comes to photographers handling their own money (or model, MUA, anyone in business!) Where's the passion?

i'm more for taking the emotion out of what's business; reduce it to handling the facts & work with logic ...

('course, people post on these Boards for *ALL SORTS* of various reasons)

... and channel the passion directly into the images. get your finances in order & you might be better able to concentrate on things that matter most (priorities) to you.

g'luck.

~ F

markcomp wrote:
First things first.  The first thing to do is write down every dime you spend.  Seriously, even if it is for a candy bar, write it down. 
After a month or so you will get an idea of where you are draining your finances.  Most people are aware of their big expenditures but nickle and dime themselves to death.

Two programs to aid you:

1.  Quickbooks.
2.  TurboTax

This is how I do ALL my bookeeping/accounting. Quickbooks is a great way to track all your transactions throughout the year, and at tax time I just import the data into Turbo Tax. Presto. Accurate, legal reports and tax forms ready to go. No spending endless hours digging out old recieps and punching a calculator wondering what to enter, where....
(It's still only January, good time to get started for 07)

Life Is Great Images wrote:
Good with money.  Need help with photography.

Same here...

Patrick Walberg wrote:
With numbers, I'm the terrible!  That is a bad thing for my fiscal health.  I have to put this issue out there because after all " .. money makes the World go around!"

The handling of money has always been my weakness.  I admit that I need help with accounting and doing taxes.  Being a photographer, I like thinking in terms of "images" and creativity.  Numbers put me to sleep unless I find myself over drawn or falling behind on bills!  Are there others here who have this same problem? 

It would be nice to just be confident that I'll always have enough money in the bank while doing the work I enjoy and love.  But I need to either learn how to handle money or find someone I can trust ... at least with taxes and perhaps more. 

This is a full time business for me.  Is there a website you can recommend?  A software program that works best for you?  Or do you hire an accountant?  What do you do?

I will email you a budget spreadsheet that I work with that has helped me for the last 3 years.  I'm only 22 mind you, but I learned it in the military and my financial habits have done a 360 since then.  The hardest part about budgeting is actually STICKING to it.  Let me know if you need it.  Good luck!

Patrick Walberg wrote:

But ... but  ... but ... I want to be like Bill Gates!  LOL  He doesn't seem to have any problems, right? 

Maybe it's delusional thinking, but I'm actually attempting to plan my business.  Last year I spent more than I made.  This year, it is possible that I will come out ahead.

Invest!

MagicImagePhoto wrote:
Try this for every dollar you spend put that amount on your cookie jar you spend 10 bucks put 10 buck on your cookie jar.

While this is a bit flippant, there is a kernel of truth here.  Some general advice:

Pay yourself first!  Meaning, whenever you have money coming in, put aside a good percentage (say 10%) into savings.  You can start with a simple savings account & eventually graduate to investments:

   Corollary:  "Put Aside" means don't touch it except for things that will grow in
   value:  So, you can spend your savings on a downpayment on a house, but
   you can't spend it on a car or a vacation or a party.

If you spend all you earn, you'll have to work until you die.

Don't spend money you don't have on things you don't need.

Track everything!  Yes, tracking income & expenses is incredibly boring & tedious, but if you don't, you will never get better at handling money.

Debt is bad.  Sure, debt is often unavoidable, but still it is often better to do without than the go into debt for stuff you could wait for.  So, pay off your credit cards every month.  If you have a loan, work to pay it off early (that's cheaper in the long run).  If you are getting a loan, the loan with the lowest monthly payment is often the best deal for the bank & not for you.

When investing, don't put all your eggs in one basket.  Not all investments will grow -- some will shrink.  Manage your risk by diversifying.  (I'm invested roughly equally in real estate, stocks, and businesses -- one might have a slow year, but it is exceedingly rare when all three areas are in trouble.)

Take the long view.  Get to the point where you can worry about your financial picture 10 years from now (as opposed to worrying about where your next rent check is coming from).  Invest the maximum in retirement plans (IRAs), company stock options, etc.  Plan to hold onto your investments for multiple years.

Get help!  At first, "help" might be a software package (like I said earlier, I'm a devoted Quicken fan, but whatever you choose, definitely find something.  Eventually, when your nest egg has grown a bit, your next step might be getting an accountant, and eventually getting a financial advisor.


Just so you know, I was essentially penniless in my early 20s, I paid my own way through graduate school, got a good job, maximized my company's stock purchase plan & retirement plan, started salting away 10% of my take home pay in savings, invested in real estate & stocks, bought a family business & used all the profits from that business to invest (i.e. I didn't change my life style when my income improved), bought more real estate, expanded the business.  When my company discarded me like a used bathroom tissue when they wanted to merge with a competitor, I decided that I didn't have to work for a living anymore -- so I "retired" when I was about 50.

So, you, too, can learn to manage money.