After everything that has recently happened with First Choice Pay, I think it is a good time to discuss financial planning and being prepared for tough times. The webcam industry was rocked to the core in April with news that First Choice Pay and Payoneer were no longer offering payment services via their prepaid cards. While this was a terrible thing for many models, this isn’t the end of the party.
The models that are planning ahead will be the ones that are successful long-term, and there are a few ways to do so. First of all, speak with a financial planner. This will allow you to not only save money in case of emergency — like an interruption of your payment for any period of time — but you’ll also learn ways to write off work-related items against your taxes.
It’s important to have a monthly budget and stick to it. The latest version of Microsoft Excel has a budget template and I recommend using it.
I have spoken with a few models that wrote off new computers, lights and even toys. This is one of the advantages of working with a financial planner. The other big advantage is that you will have many other payment methods available to you in case chance there is a shift in the industry.
Another thing to do is not quite as fun, and that is, saving money. When you visit the financial planner, they will get you on a path that will allow you to have a nest egg. Of course, saving money isn’t fun, but it’s a necessity. You’ll have less stress and that’s definitely better than a new pair of shoes, any time. It’s important to have a monthly budget and stick to it. The latest version of Microsoft Excel has a budget template and I recommend using it.
There are a few ways to help yourself save money in addition to financial planning, like making simple lifestyle changes that won’t hurt you too much. For instance, buy work items in bulk whenever possible. This will help you save money on items that you would already be buying. Another thing to do is make a plan when it comes to making purchases. Wait on big purchases if you can. Impulsive purchases are often the difference between a positive and negative bank account balance.
It seems to be simple, but going out and partying is very expensive as well. You definitely need to go out and have fun, but you can do so while being budget conscious. I have been in bars where their drinks are upwards of $30. Getting drunk there is going to be expensive, so it’s best to go to other bars that are more economical. So, you can still have fun but do so while not breaking your budget.
You don’t have to go to the extreme level like the people on extreme couponer shows, but using coupons to help yourself save on items you would already be buying is a very good way to save money. Those savings can be put into the bank, and there is no change to your lifestyle at all. You can find coupons in any number of publications and online. Bargain shopping isn’t a scary or shameful thing.
Getting your financial affairs in order is very important for you because this industry changes incredibly fast and you can’t predict what’s going to happen. It’s also a great thing to have a plan for after camming. It has been a big problem for the adult industry for many years, and you can help yourself to not be a cautionary tale. If you have any topics you’d like to discuss or have any questions, please feel free to email me at shamilton@ffn.com.
