Or are most hobbyists like me??? If not spending my money on providers, I am spending my money on luxury vacations, expensive restaurants, payments on an exotic car, and top-notch entertainment (theater and championship fights mostly). I own a house, but I could probably own another or have plenty of money stashed away, but it just slips through my fingers. Get shit all the time from the in-laws, but honestly, I think only half of their concern is about their daughters future and the other half is that they cannot live half the lifestyle now, yet less twenty five years ago when they were my age. Maybe I will have regrets later on, but I cannot justify saving all my money when there is such a beautiful big world to see and so much fun to be had right here in California, whether it is with providers or with my SO doing different things. I realize that most hobbyists are my senior and I am wondering if they were hobbying at the age of 29, and if so, if that allowed much room for other activities. And, to those in my age category, do all of your funds go to hobbying or are you still able to enjoy a nice lifestyle outside of the hobby. I love hobbying, but if it meant giving up the rest of my lifestyle, I don't think I would do it, and if I did, maybe only once every three months or so.
I started in the hobby when I was 24, so yes I was in the hobby at your age, though not successful in business at the time. I was living a rather bohemian lifestyle of sex, drugs and rock-and roll. I managed a club that showcased newly signed bands in the So. Cal. area, finding willing partners was never a problem, but then they were back at the club the next week. So the hobby back then allowed me to have sex with some nice women who would not be bugging me for free drinks etc the next week (or ever!) Now as for today, I hobby quite a bit, after the bills are paid the kids are taken care of, and money for a rainy day is safely put away where I could never, never binge on it! I hope this answers your questions.LM
Personally, I make a pretty good living and recently bought a house (which in SoCal is an expensive proposition). Now on the other expensive propositions...
It is easy to go through money fast when hobbying, just like it is easy to blow through a lot of money doing other things. Maybe I am a stick in the mud, but I like to take the attitude that you need to take care of the non negotiables first. House payment, paying off the credit cards in full each month, 401K contributions, savings for rainy day/investments, etc. Then I have my money left over for other fun.
This is my aim anyway. Do I occasionally spend too much, yeah. On average though I treat this just like any other thing that I like to spend money on. If I spend too much this month, I cut back a bit the next month and try to balance out. I dont want to sound too boring and structured, but I think that this is an expensive way to enjoy yourself and you cant let it upset other areas of your life, just like you wouldnt want to pour all your money into savings and never have any fun in the other areas of your life.
J, You definitely do not sound like a stick in the mud...I, too, must attend to the same things that you described, although with the stock markets being the way they've been the past 14-15 months, I have completely liquidated my investments, which weren't much to begin with. So, at 29, I live a very nice lifestyle but haven't really started socking away money yet, but do have investments in the form of businesses for my SO and myself. Hobbying doesn't get in the way of the bills, but it does get in the way of having a dream home and true financial security, as I suppose it does for most. But, if it ever came down to choosing that luxury vacation and other goodies, I think that I would have to really cut out the hobbying before I would the vacations and other goodies. So, I guess my question also entailed where hobbying ranks on hobbyists list of priorities as far as extracurricular activities are concerned.
Forgive me if this sounds like a sermon, but then again I'm not known for short answers, similar to G2.
Like all things in life, balance, is foremost. For a young man as yourself, buying your 1st home is premier, secoundly you should take full advantage of fulfilling any tax free pre-retirement plan you qualify for, third is keeping your monthly obligations (credit cards etc.) at a minimum balance, if not at a zero balance. The fact that you have created your own personal freedom by owning you own businesses is great!!! Nothing like being your own boss, other than the Missus. LOL
The dream home is a great idea, but the sooner you prepare for and get into the habit of regularly contributing toward your retirement goal, the easier it will become in your later years. Normal success of your business, and added private investment along with rising Real Estate Prices in California, will give you the money for the dream home.
Based on current law, you have 30 1/2 years until you can withdraw from your retirement accounts. That is a great deal of time for the logarithimic rules of finance to work for you. The rule of 72 says, "If you invest in an average mutual fund, $10,000.00, (the maximum 401k per individual, which as the owner of your own business you can put away more in a SEP IRA, apprx. $30,000.00), at a conservitive 9% yield over 30 years, that investment will be have a value of approx. $120,000.00 by the time of retirement.
So, you can see that it wouldn't take much to build a good sized nest egg without having to interrupt any of the fun things in life. That is the advantage of showing fiscal resposibilitiy, and good savings habits at a young age.
At the age of 48, I was a very late bloomer, although in the last 6 years, I've been able to make up ground, ever since I went to work for myself. It was done mainly by saying NO to myself for a very long time. Example of saying no is: Last Friday I had to turn in my GS300, could I afford the New GS 430 or the Cabriole? Answer, Yes. I drove home in a new ES300 Coach Edition, why? $800.00 per month difference in cost. With tax, license, insurance, over $10,000.00 per year savings (the exact amount allowable for an individual withdrawl for a 401K account). See how easy it is to plan for your retirement. And I didn't effect my hobbying budget one dime, infact I saved 150.00 per month versus the GS300, or $2000.00 per year, now I can afford HBXXX.LOL
Because, I showed disapline I am quite comfortalbe, with no worrys about my future other than staying alive to spend it. Excluding the Wake and my Viking Funeral off of Leo Cabrillo State Beach, I intend to have a balance of 0 in my accounts for my heirs. I've already put my nephew through USC, and I have a quasi step daughter (remnants of an old girl friend) who will be attending Art Center, or Cal Arts, in another 3 years, that I'll put up the money for, after that they shouldn't need my money when I go.
I didn't say no to everything, and I never will, and until I find my princess in life, I personaly will continue the hobby game and make sure I have the funds to enjoy it to the max. The ladies are far more important to me, then anything else. They've been there when I started back in BootCamp when I was 17. They've been there in good times and bad, and I'm not about to give them up now.
As the man say's, "There's always room for Jello", although I'm starting to take on the look of jello everytime I look into the mirror, getting older sucks. From a six pack middle to half a dozen rolls.
Seriously, fiscal responsiblity and common sense is all you need to practise. Ask yourself, "Will this new toy really make me happy 1 year from now?" Cool cars are nice, but they don't swallow, and you always have to use a cover, don't want to f**kup that rich Corinthian Leather. LOL
I had to delete a paragraph to get under the 5000 character limit. Never happened to me in the past, so may be part of the new software upgrade. Gandalf, we may actually to have a point in mind before we start writing! This could be the end of an era...
Obviously Staff didn't read or understand your response to I_C_E_M_A_N, that when men reach the age of 40 to 50 it may take them longer to get their point across or IN, as the case maybe.
when I was younger it was usually the girl that could hardly walk after we were done. Now it's most likely me! Sore neck and back, strained hamstring, leg cramping up, you name it. Maybe I need yoga (yeah right, then I could add tweaked knees to the above list).
Speaking of long posts,I don't want to be the one to have to break the news to JP about the new 5K limit.
Mr. Getty ..... I couldn't agree more on the house issue. I bought my first house when I was 24 and traded up three times until I ended up in the present one that I built in 1972. Nothing magic about the system. You have to pay rent or make payments. I made payments for 20 years and now have a house that is free and clear and is worth two commas ( I think that is a Gandalf term). So, Zorro you really need to buy a house NOW. Just as Gandalf says. DON'T WAIT.............
Chuey, I own a house now but I am probably not trading up nearly as fast as I could be. Nice neighborhood but not wealthy neighborhood. I should probably stop using the excuse that most people my age are still trying to buy their first homes and not even in as nice a neighborhood. I guess I just have a gamblers attitude that my business is big enough that it will either make me very wealthy or totally break me. I know better though. The homestead act prevents the government of creditors from seizing your house. The only way that you can lose your house I believe is through divorce or by not paying your mortgage. So, while I could be paying off my house in five or six years, I am not yet doing it. Bad example left by my parents who were always excellent at making a lot of money but never so good at managing or keeping it. Still plugging away, looking for that golden goose, and that is not where I want to be in 30 years. Having children isn't even a consideration...too selfish I guess. Have dogs that need everyday care by others so I don't think I would do too well with kids, at least not for a few years. Trust me, I cut way back on my hobbying a few months ago (actually went 3+ months without in one stint) and I was the first one to acknowledge that cutting back on a single session today would guarantee me two or three sessions 10-15 years from now. Plus, it will probably be much more exciting for me to be 40-45 and have sex with a woman in her early to mid 20's than it is now. Hopefully I won't get all mushy about it and think of them as anything more than a nice hot sexual encounter but I do think that there will definitely be more of a rush because of the age difference. One of the sexiest things I ever saw was seeing a guy in his mid to late 40's who was very well dressed (in a Steve Martin kind of way and look) and he was walking around Disneyland totally being an exhibitionist with his 19-20 year old girlfriend/date. At the time I was only about 15, but I remember thinking that is what I wanted, at least on occasion. Anyway, let me get off the podium now. Just looking for a little direction and guidance, I guess.
Gandalf, I totally agree with you. The only thing I can offer in my defense is that hobbyists had it much easier before this website came along! Of course I had hobbied prior to this but mostly just visits to TJ, something that set me back probably no more than inviting a friend to see a Lakers game! Maybe I just have less willpower than most, but I am a very impulsive person. Once I set my mind on something, I have to have it. One day I may wake up and decide I need to spend 10K on my next vacation. Next day I might wake up with a hard-on and a couple hours later be at a MP ready for action. Anyway, I am not looking for a support group like some but at the same time I am not denying that I have an addiction. But I do not view this addiction any worse from a financial standpoint than I view my addiction to first class travel. On my last vacation, I was actually seated with an Australian media baron on my cruise! Did I kiss his ass and wish I was in his shoes...no, but it was a great experience to be able to sit in the company of such an accomplished person. Well, the SO is walking in so I gotta go. -Zorro
into getting a credit card with one of the major Air Carriers, ala United or American. Take advantage of the mileage rewards that you would gain while using your card for puchases. In that way you can either upgrade your seating to 1st Class from Business, or get your flight for free. My expenses due to business, runs around 5k to 8k per month, so I build up miles quickly. I can't remember when I've flown in the back of a plan other than Southwest to Vegas.
After you build up enough miles, this also comes in handy when you want to take a provider with you on a trip. You can save on her airfaire, if not eliminate her travel cost completely.
In addition limit your credit cards to 1 or 2, including department stores. Don't let your ego get the better of yourself, because you qualify for everykind of card under the sun. Too many cards will effect your overall credit rating, due to the exposure of so much debt.
The stock market...yeah I have been getting f**ked pretty good by that lady for the last year or so. But what can you do. Market goes up, market goes down. I did rebalance my stocks a bit last May which lightened the hit I took quite a bit, but it still stung.
I am in my early 30's and have always saved a bit ever since I got my first job out of school. A business of your own is an investment, definately. Personally I prefer to own stocks because that way I don't get a call in the middle of the night if someone smashed a window at one of the Microsoft buildings. But then again you dont have to worry about the antitrust folks either
I guess it all ends up at the level of setting priorities and being a bit disciplined. I think that does even more so for people who do have a good income, because you have the ability to throw a lot of money into your interests. If I couldn't afford to see some of these ladies on my income, then it wouldnt be a factor I would have to worry about because it wouldnt be an option. Since it is an option, I have to watch what I spend because I don't want to neglect other areas of my life that will matter a lot in the long run.
So yeah, I do prioritize the house, investments, vacations, ahead of hobbying. Way I look at it, with the power of compound hobbying, the escort I skip this month (and save the $$$), will be worth a threesome a few years from now. Its true, any amount I spend on this takes away from other things. I could have a bigger house, I could have a nicer car, I could own a few more shares of XYZ for my old age. But all things in balance. Make sure the essentials are taken care of first, and then have your fun. All saving and no fun would make JG a dull boy.
Speaking of investments. The best investment I made last year was when I gave an old girlfriend an interest free loan for a down payment on a condo she was buying. She paid me back about six months later.
If she hadn't tied up a good chunk of my money during that time, I would likely have tossed it into the market as it fell.
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..... I couldn't agree more on the house issue. I bought my first house when I was 24 and traded up three times until I ended up in the present one that I built in 1972. Nothing magic about the system. You have to pay rent or make payments. I made payments for 20 years and now have a house that is free and clear and is worth two commas ( I think that is a Gandalf term). So, Zorro you really need to buy a house NOW. Just as Gandalf says. DON'T WAIT.............
Its true, any amount I spend on this takes away from other things. I could have a bigger house, I could have a nicer car, I could own a few more shares of XYZ for my old age. But all things in balance. Make sure the essentials are taken care of first, and then have your fun. All saving and no fun would make JG a dull boy.