Hello All!
I'm Nicky in NY, determined to get on firm financial footing.
In bed with the flu today so plenty of time to update my finances in Quicken. It's really great to find a site that points to a way out. I find I have a lot of things in common as well. Too bad FI isn't one of them just yet...matter of fact I may be at the bottom of the list. Looks like I'm in the worst shape compared to many as I am still in debt at aged 45. Jacob and many posters have really changed my thinking entirely...I only wish I'd found this sooner. I will use this forum to document my transformation from being on shaky financial footing to financial security, independence, and increased income from music and book sales. It's a big mess right now..but I'm happy to feel less alone in adopting a frugal lifestyle and goals of FI.
Occupation:
Singer Songwriter
Personal Trainer
Financial Summary:
11k in debt (Got debt down to $3845 as of Nov 2012)
Roughly 10k in retirement
About 5k savings
Actions To Increase Income:
Took on 3 non-music jobs to bring in income
with goal of debt free by end of 2012
Lessons Learned:
I've got to work during gigs and between gigs otherwise my savings gets eaten up
I've learned to keep good relationships with employers who don't mind me leaving for gigs and coming back
I've learned Medical expenses can suck up savings
I've learned that I've never learned how to handle money and that I need to break the family history of poverty, paycheck to paycheck living, consumerism.
Keep income coming in as steadily as possible
Expense Comparison by Category as Percentage of Total Expenses
Bad Debt Credit Cards % 21.34
Rent % 19.75
Investment Exp % 11.58
Expense % 8.01
Dining Out % 4.68
Transportation % 4.25
Telephone % 3.41
Therapy % 3.21
Other % 9.0
( I've got more work to do to find out why the categories Expense and Other did not provide a detail breakdown but they must include clothing, internet, household, furniture, etc.)
Next....plan and post GOALS 2013
Need Help:
Music means everything to me! It's my passion and my calling. I don't make enough yet to cover my expenses (though I have in the past). I think it's because I've spent so much time and energy trying to get out of debt working 3 jobs that I've little energy left for music. I'd like to work as little as possible, but enough to cover my expenses and devote the remainder of my time to music which I feel strongly will generate revenue.
What's holding me back?
Getting older and wanting to see more in savings and 401k makes me want to work 3 jobs I HATE which drain my soul and leave little for music.
I'm open to feedback on this.
Thank you for reading,
Nicky
NYC Newbie Seeks Transformation
You're focusing a lot on the income side, which is good and frequently gets neglected here. But what about expenses? First off, you should be paying down that credit card debt ASAP.
I don't really understand your categories. For instance, you have 'Dining Out' but not 'Food,' and what are 'Investment Expenses'? If you're shy about posting actual numbers to the forum, that's fine, but I don't think expenses as % of total are a useful way to track progress. You need absolute numbers. Otherwise, if you pay off credit card debt entirely, you won't really see progress - just that the other categories rise.
Good luck with your efforts to earn financial independence!
I don't really understand your categories. For instance, you have 'Dining Out' but not 'Food,' and what are 'Investment Expenses'? If you're shy about posting actual numbers to the forum, that's fine, but I don't think expenses as % of total are a useful way to track progress. You need absolute numbers. Otherwise, if you pay off credit card debt entirely, you won't really see progress - just that the other categories rise.
Good luck with your efforts to earn financial independence!
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Nicoleismyname
- Posts: 34
- Joined: Thu Nov 08, 2012 1:45 pm
Thanks for replying m741 Master and for wishing me luck, I think it's on my side! Your comments are helpful (and exciting) and shows me I need to get a lot clearer. Yes, the categories are strange- I got them from a Quicken Report which I'm still learning. I agree, I need numbers (though I'm not sure what absolute numbers mean). So I did averages which I listed below. The Investment Expense is that each month I transfer a little money into my savings accounts and into my mutual funds. I wasn't too sure how to categorize the expense so I selected a preset Quicken category called "Investment Expense."
Today, I just paid $500 off to my last credit card (wooo hooo!!!). However, it's a 5 second celebrations as I've got $3845.00 to go on a loan at 8.9% My plan is to get rid of that by 12/31/12 with bonus/Christmas money, money from savings, some from when my client's renew buying sessions, and some from my regular wages.
AVERAGE EXPENSES: JAN 2012- OCT 2012
TOTAL EXPENSES: $3052/per month
Rent: $620
Cell Phone: $104
Utilities: $68
Bad Debt-
Credit Card: $650
Bank Fees: $11
Books: $5
Clothing: $86
Dining Out: $142
Groceries: $318
Education: $10
Electronics: $53
Email: $4
Entertain: $6
Furniture: $50
Gifts Given: $13
Hair Care: $24
Household: $10
Internet: $39
Invest. Exp: $353
(savings)
Music $231
(equipment,supplies)
Office Supply: $7
Therapy: $100
Toiletries: $14
Transportation: $134
Well...I can definitely improve. I've had a bicycle on loan that I ride a lot though I still depend on the train since work is about 1/2 hr via subway and about 40-45 via bike up a dreaded hill. Concerned about riding in the cold in NYC and now that I've got the flu I won't be able to ride for a few days.
I've all ready started to cut back on groceries and smh at how much food I throw away or forget to use.
This month's goal: Reduce the categories in phone bill, and transportation bill (no taxis), books, clothing, electronics, dining out, and cut remainder of my debt (3845) in half.
Today, I just paid $500 off to my last credit card (wooo hooo!!!). However, it's a 5 second celebrations as I've got $3845.00 to go on a loan at 8.9% My plan is to get rid of that by 12/31/12 with bonus/Christmas money, money from savings, some from when my client's renew buying sessions, and some from my regular wages.
AVERAGE EXPENSES: JAN 2012- OCT 2012
TOTAL EXPENSES: $3052/per month
Rent: $620
Cell Phone: $104
Utilities: $68
Bad Debt-
Credit Card: $650
Bank Fees: $11
Books: $5
Clothing: $86
Dining Out: $142
Groceries: $318
Education: $10
Electronics: $53
Email: $4
Entertain: $6
Furniture: $50
Gifts Given: $13
Hair Care: $24
Household: $10
Internet: $39
Invest. Exp: $353
(savings)
Music $231
(equipment,supplies)
Office Supply: $7
Therapy: $100
Toiletries: $14
Transportation: $134
Well...I can definitely improve. I've had a bicycle on loan that I ride a lot though I still depend on the train since work is about 1/2 hr via subway and about 40-45 via bike up a dreaded hill. Concerned about riding in the cold in NYC and now that I've got the flu I won't be able to ride for a few days.
I've all ready started to cut back on groceries and smh at how much food I throw away or forget to use.
This month's goal: Reduce the categories in phone bill, and transportation bill (no taxis), books, clothing, electronics, dining out, and cut remainder of my debt (3845) in half.
It really sounds like you are turning things around. Remember that this is a marathon more than a sprint, so don't lose focus after you get rid of the debt.
I could be completely off base, as I know way more about quantum physics than I do about the music industry, and I'm an accountant, but what about living in a cheaper city. Would a place like Nashville or some other cheaper city with a music scene offer something close to what you get in NYC? There may not be. Or, you could just like living in NYC. I know I sacrifice some savings to live how I want to live. I only get to 40-50% savings, while many on here get to 60-70%.
I could be completely off base, as I know way more about quantum physics than I do about the music industry, and I'm an accountant, but what about living in a cheaper city. Would a place like Nashville or some other cheaper city with a music scene offer something close to what you get in NYC? There may not be. Or, you could just like living in NYC. I know I sacrifice some savings to live how I want to live. I only get to 40-50% savings, while many on here get to 60-70%.
Paying off the credit card debt is great news! And it sounds like the loan is tractable.
One other suggestion, now that I understand "Investment Expenses" - it really isn't an expense at all. You're just moving money around in your portfolio, so I wouldn't treat it as an expense. If you pay $10 in transaction fees to buy some stocks, I'd say that's an investment expense, but putting $300 in mutual funds is simply an investment. Just a thought.
One other suggestion, now that I understand "Investment Expenses" - it really isn't an expense at all. You're just moving money around in your portfolio, so I wouldn't treat it as an expense. If you pay $10 in transaction fees to buy some stocks, I'd say that's an investment expense, but putting $300 in mutual funds is simply an investment. Just a thought.
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Nicoleismyname
- Posts: 34
- Joined: Thu Nov 08, 2012 1:45 pm
@Chad "Remember that this is a marathon more than a sprint"
Really wise words to a person like me who wants it all fixed now. Thank you. I'm seriously thinking of adding more meditation into my life. Right now, I'm kind of attached to NYC. Also, I would think that saving 40%-50% is pretty good. Especially compared to this msn article I read about 50/30/20 rule. Here's the link- http://money.msn.com/how-to-budget/how- ... eston.aspx The 20% is allocated to savings which is much more conservative compared to ERE lifestyle. I guess as you said it takes a while to get to a certain place. Nonetheless saving up to 50% is a lot better than most Americans who are saddled with debt and a lot of wants over needs (myself included in the latter).
@m741 I'm so happy to be have refinanced my loan and to be making progress. Before I had a 29.9% rate which was just futile. Now that I see the investments as more like a transfer than an expense, I will have to find a way to track it in Quicken without it being recorded as an expense.
Thank you for the support--it really makes my day!!!
Really wise words to a person like me who wants it all fixed now. Thank you. I'm seriously thinking of adding more meditation into my life. Right now, I'm kind of attached to NYC. Also, I would think that saving 40%-50% is pretty good. Especially compared to this msn article I read about 50/30/20 rule. Here's the link- http://money.msn.com/how-to-budget/how- ... eston.aspx The 20% is allocated to savings which is much more conservative compared to ERE lifestyle. I guess as you said it takes a while to get to a certain place. Nonetheless saving up to 50% is a lot better than most Americans who are saddled with debt and a lot of wants over needs (myself included in the latter).
@m741 I'm so happy to be have refinanced my loan and to be making progress. Before I had a 29.9% rate which was just futile. Now that I see the investments as more like a transfer than an expense, I will have to find a way to track it in Quicken without it being recorded as an expense.
Thank you for the support--it really makes my day!!!
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Nicoleismyname
- Posts: 34
- Joined: Thu Nov 08, 2012 1:45 pm
Progress:
Grocery bill is cheaper. Anywhere from $17-$45 wk. Used to think $100 wk was normal.
New clients increased business profit, former client gave $1000+ check which felt good.
Savings is growing.
I can pay all debt off now if I want to but don't want savings to go down? Is that an illusion considering 8.9% interest each month or .94 day.
So happy to see more in savings. Really a cool thing for a gal like me.
Regress: eating out more. I hate being hungry, and I've got a knee jerk reaction to hunger which is satisfy it now!
Never been this close to being debt free. I should be ecstatic but I'm worried about all the free time I will have on my hands from decreased bill monitoring on the internet, travel to banks to question fees/rates, or just staring at the numbers and stressing out. I hope I can change.
Miscellaneous:
Everyone is so poor in my family. Things looked so bad going back for the Holidays. I wish I had more money to help them all but right now, though I want to buy things for my nephew, it would set me back. Memory came: that family members with her hand out borrowing money from me while I was working and going to school and never paying it back: NOT COOL. Wish I'd known about contracts way back then. Just that the memory came to me yesterday while pondering why it's hard to take gift money from significant other.
Grocery bill is cheaper. Anywhere from $17-$45 wk. Used to think $100 wk was normal.
New clients increased business profit, former client gave $1000+ check which felt good.
Savings is growing.
I can pay all debt off now if I want to but don't want savings to go down? Is that an illusion considering 8.9% interest each month or .94 day.
So happy to see more in savings. Really a cool thing for a gal like me.
Regress: eating out more. I hate being hungry, and I've got a knee jerk reaction to hunger which is satisfy it now!
Never been this close to being debt free. I should be ecstatic but I'm worried about all the free time I will have on my hands from decreased bill monitoring on the internet, travel to banks to question fees/rates, or just staring at the numbers and stressing out. I hope I can change.
Miscellaneous:
Everyone is so poor in my family. Things looked so bad going back for the Holidays. I wish I had more money to help them all but right now, though I want to buy things for my nephew, it would set me back. Memory came: that family members with her hand out borrowing money from me while I was working and going to school and never paying it back: NOT COOL. Wish I'd known about contracts way back then. Just that the memory came to me yesterday while pondering why it's hard to take gift money from significant other.
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secretwealth
- Posts: 1948
- Joined: Mon Jun 27, 2011 3:31 am
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George the original one
- Posts: 5406
- Joined: Wed Jul 28, 2010 3:28 am
- Location: Wettest corner of Orygun
Any debt with an interest rate higher than 6% is high. Pay that off ASAP.
Any debt with an interest rate lower than 3% is low. No need to rush paying off debts below 4%.
Paying debts with interest rates between 4% and 6% is open to negotiation provided you have an investment track record of several years that exceeds 6% after taxes.
P.S. Congrats on moving forward with savings and reducing debt!
Any debt with an interest rate lower than 3% is low. No need to rush paying off debts below 4%.
Paying debts with interest rates between 4% and 6% is open to negotiation provided you have an investment track record of several years that exceeds 6% after taxes.
P.S. Congrats on moving forward with savings and reducing debt!
I agree with everyone else. At 8.9% you should pay that debt off now. That is a nice guaranteed return on your money.
"I wish I had more money to help them all"
This is a nice sentiment, but you have to take care of yourself first. It doesn't do them or you any good to only be able to help them a little, but then the little bit you give ends up making your financial situation precarious. It's kind of like what the airline attendants say before the flight, "If the oxygen masks drop and you have a small child, put your mask on first and then put their mask on." Get your financial mask solidily in place and then you can think about helping.
"I wish I had more money to help them all"
This is a nice sentiment, but you have to take care of yourself first. It doesn't do them or you any good to only be able to help them a little, but then the little bit you give ends up making your financial situation precarious. It's kind of like what the airline attendants say before the flight, "If the oxygen masks drop and you have a small child, put your mask on first and then put their mask on." Get your financial mask solidily in place and then you can think about helping.
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Nicoleismyname
- Posts: 34
- Joined: Thu Nov 08, 2012 1:45 pm
Waaay cool to be part of this forum and get advice and feedback from...THE ROCK STARS!
Jumping around my apartment like I got to go backstage at The Beatles concert!!!
THANK YOU All!
Ok, I needed that sober slap to pay off the credit card...which I will December first in about 3 days..& wow I will be living debt free completely if I don't pass out from the sheer shock of not being in debt since for...hmm..have I always been in debt?
Maybe had a one (or two tops) time of being debt free for a brief sneeze. I can do better than this. And I will.
Thank you all for the truth and wisdom of your post--it's like I have less guilt and more permission in some strange way to take bigger steps forward. Especially around family stuff.
I just so appreciate the welcome, support, and feedback!
Jumping around my apartment like I got to go backstage at The Beatles concert!!!
THANK YOU All!
Ok, I needed that sober slap to pay off the credit card...which I will December first in about 3 days..& wow I will be living debt free completely if I don't pass out from the sheer shock of not being in debt since for...hmm..have I always been in debt?
Maybe had a one (or two tops) time of being debt free for a brief sneeze. I can do better than this. And I will.Thank you all for the truth and wisdom of your post--it's like I have less guilt and more permission in some strange way to take bigger steps forward. Especially around family stuff.
I just so appreciate the welcome, support, and feedback!
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frugaladventurer
- Posts: 118
- Joined: Sat Sep 15, 2012 11:05 pm
Hi Nicole -
I just have to applaud you for actually DEALING with your situation! My best friend is a singer-songwriter and I can't even get her to do a budget. Artsy types often struggle with analytical financial stuff, so good for you for tackling this. Also good for you for recognizing that you have to get out of the poverty mindset you grew up with.
I know the music industry is tough out there - I have other musician friends, and know what a struggle it can be. But if you can get out of debt, manage to pay your expenses out of your day job earnings, and find a way to make some money out of your music - you'd be doing way better than many musicians I know.
I just have to applaud you for actually DEALING with your situation! My best friend is a singer-songwriter and I can't even get her to do a budget. Artsy types often struggle with analytical financial stuff, so good for you for tackling this. Also good for you for recognizing that you have to get out of the poverty mindset you grew up with.
I know the music industry is tough out there - I have other musician friends, and know what a struggle it can be. But if you can get out of debt, manage to pay your expenses out of your day job earnings, and find a way to make some money out of your music - you'd be doing way better than many musicians I know.
I agree with everyone else...pay of the 8.9% debt.
Then lets tackle an item at a time....mine:
the Bank Fees $11...you need to get rid of those.
Most banks give you Free Checking if you have some form of Direct Deposit...(which I personally hate by the way) otherwise they waive the fee if you keep either a set Minimum (Average Daily Balance) or have a certain Balance at the end of the month.
In my case I can either keep a $1500 Average Daily Balance or on the day the statement drops the account has $2500 in it.
If you can find an account that has the same requirements and can put $1500 in the account you ignore you will save $132 a year...thus the $1500 will earn an imputed 8.8% Interest Rate....{$1500 x 8.8% = $132}...
As you can see your Bank Fees are costing you only .01% Less than the Debt you are going to pay off.
But lets put the example another way....You are PAYING 8.8% on LESS than $1500 whereas if you keep MORE than $1500 you EARN an imputed 8.8%...so the actual Interest Spread is 17.6%.
As a Bonus the money in the account you "forget about" can count towards an Emergency Fund.
~~~~~~
OK....Who wants to tackle something else on her list to help her?????
Then lets tackle an item at a time....mine:
the Bank Fees $11...you need to get rid of those.
Most banks give you Free Checking if you have some form of Direct Deposit...(which I personally hate by the way) otherwise they waive the fee if you keep either a set Minimum (Average Daily Balance) or have a certain Balance at the end of the month.
In my case I can either keep a $1500 Average Daily Balance or on the day the statement drops the account has $2500 in it.
If you can find an account that has the same requirements and can put $1500 in the account you ignore you will save $132 a year...thus the $1500 will earn an imputed 8.8% Interest Rate....{$1500 x 8.8% = $132}...
As you can see your Bank Fees are costing you only .01% Less than the Debt you are going to pay off.
But lets put the example another way....You are PAYING 8.8% on LESS than $1500 whereas if you keep MORE than $1500 you EARN an imputed 8.8%...so the actual Interest Spread is 17.6%.
As a Bonus the money in the account you "forget about" can count towards an Emergency Fund.
~~~~~~
OK....Who wants to tackle something else on her list to help her?????
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Nicoleismyname
- Posts: 34
- Joined: Thu Nov 08, 2012 1:45 pm
Well well well...just got an offer to gig in Europe. LOVE LOVE LOVE EUROPE!!! However it is paying a lot less, though me and agent are almost always able to bump up the salary.
Currently the salary stinks: 2759 Euros per/month which I think is something like $3559 US Dollars.
Pros:
*Everything is paid for room, board, food, gas, electric, heat, hotwater, etc..
*Chance to see: Northern Europe, Trans-America, North America, Trans-Caribbean (including Hamburg, Paris, London, Amsterdam, Bergen, Stavanger, Oslo, Geiranger Fjord, Iceland, North Cape, Halifax, New York (Overnight), Bermuda, Bahamas, Miami, Baltimore, Jamaica, Dominican Republic)
*Could save at least 22k
*Doing what I LOVE
* Free Time and Chance to work on personal projects
*Improve my German
CONS:
-I'd be gone for a year--it is so uprooting and hard work to reconnect upon return
- I've just started my own business which is doing ok (roughly 30% income now from it-could be wrong about that number which could be higher or slightly lower)
-Saving usually gets used up while I try to stay afloat for the next gig which who knows when will come. I think this may be a pattern for debting.
- Fear they will never ask me again if I say no
- It is hard being in another culture and language although I've learned to speak German a lot better. There will be those excruciating times of homesickness/loneliness.
-It doesn't seem like it's getting me to the next level. It's a treat, a workation but I'm building something.
Thanks frugaladventurer!--burying head in sand is no longer an option. Changing the mindset is the trickiest because even when I'm earning/have earned a lot (which for me was royalties for two years on a song that did well in Europe, with 4 figure week salary on Broadway), I still had/have hangups about money-some from religious beliefs, some from family, some culture, and my own tendency to be kinda happy go lucky, and uncomfortable with a pile of $$$ in bank. Here's the clincher...it was never really hard for me to earn money as an artist until maybe the last 2 years (in part because I just got so fed up with the pattern: getting gigs, then getting fired from survival jobs who didn't want me to leave to take the gig, then savings drying up trying to find work between gigs, using credit card...finally I just chose stability of survival job with hopes of working from home on music. THAT takes time and dedication vs. being the dancing bear in someone else's show). I do agree the Music Industry is tough but the toughest for me are greedy, greedy, greedy producers and lawyers who have and will do the old maul me and leave bleeding on the side of road. I don't even want to get started on that nightmare...hence me taking a totally different approach this time around.
Well, if your friend is in NY, there are some really helpful money programs and Unions (which you don't necessarily have to be a part of).
I'm actually off to one of those programs right now...running late from typing on post but it is worth getting the clarity.
Until next time...BE HEALTHY, WEALTHY, AND WISE!
Currently the salary stinks: 2759 Euros per/month which I think is something like $3559 US Dollars.
Pros:
*Everything is paid for room, board, food, gas, electric, heat, hotwater, etc..
*Chance to see: Northern Europe, Trans-America, North America, Trans-Caribbean (including Hamburg, Paris, London, Amsterdam, Bergen, Stavanger, Oslo, Geiranger Fjord, Iceland, North Cape, Halifax, New York (Overnight), Bermuda, Bahamas, Miami, Baltimore, Jamaica, Dominican Republic)
*Could save at least 22k
*Doing what I LOVE
* Free Time and Chance to work on personal projects
*Improve my German
CONS:
-I'd be gone for a year--it is so uprooting and hard work to reconnect upon return
- I've just started my own business which is doing ok (roughly 30% income now from it-could be wrong about that number which could be higher or slightly lower)
-Saving usually gets used up while I try to stay afloat for the next gig which who knows when will come. I think this may be a pattern for debting.
- Fear they will never ask me again if I say no
- It is hard being in another culture and language although I've learned to speak German a lot better. There will be those excruciating times of homesickness/loneliness.
-It doesn't seem like it's getting me to the next level. It's a treat, a workation but I'm building something.
Thanks frugaladventurer!--burying head in sand is no longer an option. Changing the mindset is the trickiest because even when I'm earning/have earned a lot (which for me was royalties for two years on a song that did well in Europe, with 4 figure week salary on Broadway), I still had/have hangups about money-some from religious beliefs, some from family, some culture, and my own tendency to be kinda happy go lucky, and uncomfortable with a pile of $$$ in bank. Here's the clincher...it was never really hard for me to earn money as an artist until maybe the last 2 years (in part because I just got so fed up with the pattern: getting gigs, then getting fired from survival jobs who didn't want me to leave to take the gig, then savings drying up trying to find work between gigs, using credit card...finally I just chose stability of survival job with hopes of working from home on music. THAT takes time and dedication vs. being the dancing bear in someone else's show). I do agree the Music Industry is tough but the toughest for me are greedy, greedy, greedy producers and lawyers who have and will do the old maul me and leave bleeding on the side of road. I don't even want to get started on that nightmare...hence me taking a totally different approach this time around.
Well, if your friend is in NY, there are some really helpful money programs and Unions (which you don't necessarily have to be a part of).
I'm actually off to one of those programs right now...running late from typing on post but it is worth getting the clarity.
Until next time...BE HEALTHY, WEALTHY, AND WISE!
If everything is paid for I'd take the European gig...getting paid to see what you probably want to when you retire....C'mon..anyone else here who wouldn't love to be paid to travel the world??
Side gig...if you can't recover it after being away for a while its probably marginal anyway as far as stability goes.
Side gig...if you can't recover it after being away for a while its probably marginal anyway as far as stability goes.
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George the original one
- Posts: 5406
- Joined: Wed Jul 28, 2010 3:28 am
- Location: Wettest corner of Orygun
> Everything is paid for room, board, food, gas,
> electric, heat, hotwater, etc.
So your salary would be $3500/mo above living expenses? That's a pretty good deal! Make sure airfare and travel is paid for. Figure out in advance how much of room & board & expenses are taxable because that could drastically affect how much salary is actually going into your pocket.
But, yeah, that's the sort of deal you want to take when it shows up!
> electric, heat, hotwater, etc.
So your salary would be $3500/mo above living expenses? That's a pretty good deal! Make sure airfare and travel is paid for. Figure out in advance how much of room & board & expenses are taxable because that could drastically affect how much salary is actually going into your pocket.
But, yeah, that's the sort of deal you want to take when it shows up!
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frugaladventurer
- Posts: 118
- Joined: Sat Sep 15, 2012 11:05 pm
Hey Nicky -
Well, that's exciting to get the offer. I guess you have to analyze it from a few different angles:
1) You say you could save 22k. With your debt paid off, that looks like about 9 months living expenses once you get back. Realistically, how long do you expect it would take to get your income back up once you are home?
2) You say you would have more "creative" time on the road. Is that really true for you? Have you been productive in your songwriting on previous tours? The few times I have (briefly) toured playing percussion for a songwriter friend, I was amazed at how LITTLE free time there was. Still, if you feel you write a lot when on the road, and have already had success with one song in Europe, this trip might have the added financial plus of resulting in some serious salable songs.
3) Are you excited about the tour? Is it a project you're going to love being part of every night?
4) What will the impact of your touring be on your relationships at home? Didn't you mention an SO?
Well, that's exciting to get the offer. I guess you have to analyze it from a few different angles:
1) You say you could save 22k. With your debt paid off, that looks like about 9 months living expenses once you get back. Realistically, how long do you expect it would take to get your income back up once you are home?
2) You say you would have more "creative" time on the road. Is that really true for you? Have you been productive in your songwriting on previous tours? The few times I have (briefly) toured playing percussion for a songwriter friend, I was amazed at how LITTLE free time there was. Still, if you feel you write a lot when on the road, and have already had success with one song in Europe, this trip might have the added financial plus of resulting in some serious salable songs.
3) Are you excited about the tour? Is it a project you're going to love being part of every night?
4) What will the impact of your touring be on your relationships at home? Didn't you mention an SO?
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frugaladventurer
- Posts: 118
- Joined: Sat Sep 15, 2012 11:05 pm
Also - compare it to where you would be in a year if you stayed here - how much do you think you could save? Say you expect it to take 6 months after you return from tour to get income back up, so you spend half of that 22k. In 1 1/2 years here, could you save significantly more than 11k? And can you make some other progress on your career?