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Topic: Cash Flow
Message: Posted by: NJJ (Nov 23, 2004 05:09PM)
How do other full time pros manage their cash flow? How do you make sure you have enough money through the quiet times?

I keep two database books, one for expenses/income I have incurred already and one for gigs I am yet to perform and upcoming expense. The second database shows me when my money will run out!
Message: Posted by: Bill Palmer (Nov 23, 2004 06:09PM)
Of the two, the only one that is really significant is the first one. Until you actually have the money in your bank account, it really doesn't exist.

I learned this the hard way. My system used to be like yours. Then I developed a second system that was much more certain.

You take all of your fixed expenses and decide how much you need to have to cover them. Then you set up your budget based on what you already have to cover it. You have to build a "cushion" that will carry you through the lean times. And I'm sure there are lean times down there, just as there are up here.

I have a friend in Germany who built up a steady flow of shows, including one that took place every spring. Last year, they didn't finish paying him. This year, they went bankrupt, owing him a sizeable chunk of change.

Now he has completely restructured his business.
Message: Posted by: Bob Sanders (Jan 29, 2005 11:54PM)
Magicians sell fantasy. They have to live with reality.

I like your approach to the question. Often the problem is cash flow and not the balance sheet. But until you know which is the number one problem, play it safe. Don't spend what you don't have.

It is not that difficult to determine what expense you would have with zero income. Put it down in black and white. (It's too early for red!) Now determine what it would require in pretaxed income to pay that plus the costs of getting that income. Do the best you can to book that by dark! (Tomorrow, you will wake up and realize that some of that won't make it to bank either.)

A measure used at our house is that our first 60 days a year will pay for the whole year of those costs. Then we have a little (too little) breathing room. Plan to spend only 25% of the net income over that for the first quarter. The same applies to the second quarter but there is a built in bonus. There are 60 more days in that quarter that don't pay for the fixed costs paid in the first quarter. (You already have that in the bank!)

Third quarter, there should be no question that there is money in the bank to finish the year. Forth quarter is our best quarter. Make through the cycle once, behave yourself and have next year's money in the bank and life gets much better. Be very careful about increasing fixed cost at all and don't ever put off paying all variable costs immediately.

We have one credit card. It is zeroed every month. We simply don't do much credit business. We pay cash for any unusual purchases like cars, house repairs, furniture, new horses, major appliances, etc. We enjoy traveling but have the cash first. It does not sound easy. Actually, once in place, it is not that hard to wait until you can pay cash. One of the nicest benefits is that you learn that because of the broader options available for cash purchases, that you really get much better deals than consumers who use credit. You will shock yourself at how many purchases put off until you get the cash, get totally eliminated by that time because you have realized how little you ever needed it at all. After Ivan, everything in the freezer was ruined. Now our freezer is empty and unplugged. We have three refrigerators in this house. We really didnít need the freezer! The power bill has gone down too! (We store less frozen garbage.)

The first year wonít be easy. From there on, forth quarter from the year before should be sitting in the bank to get you through whatever in the new year. (You may find that your best quarter is some other quarter. Thatís even better.) Donít slow down, but do enjoy yourself. Youíre in charge!

Good Luck!

Magic By Sander
Message: Posted by: MrHyde (Jan 31, 2005 05:11PM)

2 techniques employed by some
and useful if you have built credibility in your marketplace (as you have)

Offer a 10% discount if they pay full fee up front at time of booking.
this can result in the money sitting in your account months before the show
instead of possibly months after the show.

If you negotiate a cut price show (for whatever reason is valid for you)
as part of that deal insist on full payment upfront.

Make the client feel happy and safe with good paperwork
and a good reputation.

These two techniques can certainly help move the money along

Timothy Hyde
Message: Posted by: MagicalPirate (Feb 2, 2005 02:59PM)
Hi Timothy:

Glad to see Magic Coach is back in production.

Martin :pirate:
Message: Posted by: Tom Stevens (Feb 8, 2005 02:03AM)
The first XXX amount of income every week is put away, the third week of the month that XXX amount goes to special purchases. (white goods, electronics, furniture)

I only use the credit card that gives me award points. And I only use it for things I was going to use cash for anyway: bills, groceries. I pay off the amount that will incur interest every month. The annual fee is $49, and the rewards we get is about $200 or more per year. I've not had to pay any interest since starting this method 2 years ago. Before that I had an interest free card but paid about $20 of interest a year.
Message: Posted by: SteveReel (Feb 8, 2005 08:12AM)
I agree with Bob Sanders. It takes a long time, but once you get ahead of the curve, your life has much less stress. We use cash for everything. Transfer what we need to pay bills from the business to the personal account at the beginning of the month. Don't use a credit card at all, but a debit card for road expenses or Internet purchases.

Also, having some passive income is essential. We sell some of our music through distributors and Apple Itunes, etc. None of these checks are large, but they all add up. Think of writing books or releasing your own effects.

And a final note is learn to invest. Real estate is good in some areas. I've done some in the past, but it can be too time consuming. If anyone is interested in stocks though, check out "How to make Money In Stocks" by William J O'Neil. Last year we made more on the stock market than through our performances and once you learn what you are doing you only need to put in a few hours a week.

Also check the Motley Fool website http://www.fool.com. Great advice on the fool about everything from stocks to car loans, insurance etc.
Message: Posted by: NJJ (Feb 9, 2005 02:00AM)
Bill, the second one contains all of my fixed expenses and helps me predict what will happen if gigs don't pay off. The idea is that when I come to do the books that I don't have those surprises.

I HATE credit cards. Never had one, never will.
Message: Posted by: Lee Darrow (Feb 9, 2005 12:45PM)
Nicholas, how do you get a hotel room without a credit card? Most hotels will no longer take debit cards and insist on credit cards, so I would imagine that going on the road would be a challenge to you for that reason.

Also, carrying around large amounts of cash, Traveler's Checks, etc. puts you in much more jeopardy on the road than plastic seems to as plastic can be cancelled in a moment, but cash is gone forever and Traveler's checks also take some time to stop and are often easy to mess up when logging in the numbers you have spent.

Just curious about how you handle road expenses.

Lee Darrow, C.H.
Message: Posted by: SteveReel (Feb 9, 2005 02:47PM)
I've got a Visa debit card issued by my bank here in Florida. Never had a problem with anyone accepting it. Just put it through like a credit card.
Message: Posted by: NJJ (Feb 9, 2005 10:05PM)

Never had a problem here OR when paying for things overseas.

As far as the hotel is concerned I'm just as likely to have no money in my account as I am to have a maxed out credit limit.

Interesting fact, the average Australian spends 3.6% more then they make in income each year.
Message: Posted by: Tom Stevens (Feb 10, 2005 03:02AM)
I must admit, though that in lean times (like NOW) I do a lot more cold calling and advertising.

I sent 600 emails last week and have already gotten three jobs from it.

I've also offered free 20 minute shows to day care centres in exchange for them sending my promotional letter to the parents.

Of all the kindergartens I called only 20% accepted the offer, but hopefully it will make someone notice me.
Message: Posted by: Review King (Feb 10, 2005 03:09AM)
On 2005-02-10 04:02, Tom Stevens wrote:
I must admit, though that in lean times (like NOW) I do a lot more cold calling and advertising.

I sent 600 emails last week and have already gotten three jobs from it.

I've also offered free 20 minute shows to day care centres in exchange for them sending my promotional letter to the parents.

Of all the kindergartens I called only 20% accepted the offer, but hopefully it will make someone notice me.

be proud: you're doing the steps!!! Great job getting out there!!!!
Message: Posted by: Chrystal (Feb 10, 2005 10:10AM)
Hi Nicholas,

You may also consider a line of credit at the bank which will always give you necessarily cash flow during the lean times. The interest rate is usually prime and no where near credit card interest. Mine has fluctuated between 1% -4%. It gives me a better sense of security that I have the money always available on hand to pay for my morgage or other essentials should I need it during slow periods.

During the busy season I pay back the amount I used and am vigilant about it. I prefer the line of credit as although it is a bank loan you don't have to return to the bank and ask each time you need money, as it always exist in your portfolio and you only pay interest on the amount you've used. You could possibly think of discussing this with your bank and having a line of credit established for either your business or personal account.

Message: Posted by: NJJ (Feb 10, 2005 07:13PM)
Chrystal - overdrafts and lines of credit are really just like credit cards. Its spending money that I don't have.

I prefer to plan for the lean time.
Message: Posted by: Paddy (Feb 11, 2005 08:12AM)
Nicholas, I, like you plan for the bad times, however, sometimes trhings happen that we don't plan for and you have to spend money that you don't have. i.e. Last August 17th I had Congestive Heart Failure which resulted in a 4 way bypass plus being unable to perform for two months. If it wasn't for my friendly banker and their line of credit that they gave me I would have been in REAL trouble.

Thank whatever you believe in, that I got back to work and have paid off the debt to the bank already, still owe the hospital about a quarter of a million U.S. dollars but we are working with them on that, at least my business kept going and my wife took over some of the performances so we didn't need a hugh amount of money from the line of credit.

Message: Posted by: NJJ (Feb 11, 2005 06:12PM)
Wow! I'm glad I don't live the US!

We have a better (but not great) health system. If you have private health insurance you have much better coverage then in the states!

It is always nice to have the option of lines of credit if you need them. But I see them as almost like a type of welfare: excellent and vital for those who NEED them but otherwise best avoided if possible.

Its about knowing the difference between good and bad debt.
Message: Posted by: Chrystal (Feb 13, 2005 08:10PM)
Hi Nicholas,

While I understand your concern regarding credit cards as I too have an aversion to them. Like Steve Reel mentioned in his post. I really loved my Visa debit card as unlike a "real" credit card it's actually your own money you are withdrawing, yet you could use it like a cc. Making overseas purchases, booking flights, that sort of thing. If you didn't have the balance in your account it won't go through, simple as that. Unfortunately my newest bank does not have this option or I'd continue to have one.

The only thing that none of us are able to predict is a set of unforseen circumstances that may prevent one from working. An act of nature, a serious illness to you or someone in your immediate family or it may be your car which you use for work breaks down and needs to be fixed asap. The thing to do is not to spend it at will but to save for emergencies. like I mentioned. Lean times are totally different than emergencies. What if you are unable to work for several months? Insurance covers only so much. I prefer having the security that no matter what I have that $ available at all times.

I find the anology of equating a line of credit to welfare a bit harsh. It's your money afterall. Say you had a 10,000 line of credit, and you need 1000 this weekend to fix the engine on your car. You withdraw the necessary amount and your new balance would show up as 9000 on your bank statement. You then can make it to your show(s) and make perhaps 1200 and deposit the money in your account the - would then be cancelled, showing the new figure of 10,200.

Anyway I'm rambling, but everyone deals with finances differently. No matter how each of us handle expenses the most important thing is not to get heavily into debt and not spend our money before we have it unless it's an emergency.

Message: Posted by: NJJ (Feb 13, 2005 08:31PM)
Welfare is your money too!


I tend to define good debt as debt which, when paid off, leaves me with something that is equal in value or more valuable then the total payments made. E.g. I pay off a $10,000 car of three years and end up paying $13,000. By the time the car is paid off its probably only worth $7000. I'd rather buy a cheaper car and spend the three years saving up the money before buying a better car!

Of course, paying off unavoidable hospital bills (SOME bills can be avoided through good insurance, savings and looking after yourself) is an excellent investment. When you finally pay off the debt your left with an asset worth more then the money paid: Your life!

Think about what you said here about credit....

The only thing that none of us are able to predict is a set of unforseen circumstances that may prevent one from working. An act of nature, a serious illness to you or someone in your immediate family or it may be your car which you use for work breaks down and needs to be fixed asap. The thing to do is not to spend it at will but to save for emergencies. like I mentioned. Lean times are totally different than emergencies. What if you are unable to work for several months? Insurance covers only so much. I prefer having the security that no matter what I have that $ available at all times.

Now apply the same description to Welfare. The same could apply...

Can't work for several months? That's what welfare is for! And with a good system you have "the security that no matter what I have that $ available at all times."

One major difference is that western society tends to discourage people getting welfare but encourage getting credit cards!

I'd never say we should BAN credit but it should be avoided unless TOTALLY needed.
Message: Posted by: Tom Stevens (Feb 16, 2005 01:29AM)
I agree with you Nicholas: Credit can make things worse.
I only use the credit card when I have the cash in my savings account and I transfer it before I have to pay any interest.

I set aside a certain dollar amount every week that I consider is my salary.

Increased income usually means increased expenditures. It has not been easy to stick to my savings plan, but I somehow feel that it would not have made much difference if I had spent the money. When I think of how many times I've spent money on useless things I'm certain that having a little less to spend makes one think twice before buying something and you tend to look for bargains.

Having six kids though means that there is always some money coming in, so when I have no work at least we can eke by. And if we have an emergency we can dip into the savings. (It's amazing what my wife will consider an emergency, though.)
Message: Posted by: Al Kazam the Magic Man (Feb 16, 2005 03:47AM)
Having six kids though means that there is always some money coming in, so when I have no work at least we can eke by. And if we have an emergency we can dip into the savings. (It's amazing what my wife will consider an emergency, though.)

Way to go Tom! I like that line that because you have six kids money is always coming in. (from the kids endownment maybe?) I have only 5, and 3 of them help me with shows at different times. Thing now is that now they are older, I gotta share it around with them.

Message: Posted by: Chrystal (Feb 16, 2005 10:38AM)
Hi Again,

I am in total agreement regarding the best possible scenerio would be to have monies put aside, whenever I have extra it goes directly on my house. It does also depend on our lifestyles and whether or not others are dependent on our income and if we rent or own our own home. There's so many factors. For me with a morgage interest of 4.3% and line of credit at 1-4% it makes more sense to put any additional monies on my home. I also have 8 mouths to feed all solely dependent on my income..granted 7 are four legged. :O)

Several years ago I was sponsered by the Federal Government whom chose me to be one of 25 people to obtain a grant (means no payback) to help first time business owners. This grant allowed us to go to business college,covered living expenses (all monies made were in turn put back into our business) and have the support of financial advisors for the duration of the year. 6 years later I still attend their round table meetings. Some of the suggestions they made is those I still follow, line of credit for business for cash flow, leasing vehicles instead of purchasing as they are 100% deductible while only a lower percentage for a purchased vehicle is..(I did this for a couple years but finally purchased an old van to transport my many animals.) In this time frame I was able to purchase a house and have built up equity for my future. I bought one house and sold it for double 5 years later and reinvested in a larger home. Again, each of us have different needs and ways in which we conduct our business and people can only advise on what they know of our personal finances.

Best advice tho is stay away from credit cards!!
>>Glances wistfully at shoes but decides they are not a priority. :O)
Message: Posted by: Bob Sanders (Feb 21, 2005 01:28AM)

It is nice to find someone who agrees with me. I know it is difficult for someone who has never been in business for himself, but this is exactly how real businessmen live. I've been paying income tax since I was twelve. I've never inherited a dime. Self-employment is a reality. But it takes tremendous investment in self. If it were easy there would be plenty of more success stories.

The cycle is very simple. (Saving creates savings, savings create investment, investment creates income, and income creates savings...) People without the capacity to save should not play the game. They'll have to rely on government programs. It is not for everyone. But if it does fit, it is great.

I have had a lot of doctor and entertainer friends that even after they got to incomes of from $250,000 a year up into the millions could not save. I have also had friends who made less than $40,000 a year succeed because they could save. I have seen dancers, truck drivers and barbers save and succeed.

Savings is used for investment that creates the passive incomes. Those are the incomes that are produced from rents, royalties, dividends, interest, etc. Without building this part of the business, labor is about all most people ever have to live on. It's a decision that puts limits on futures. I think I bought my first million dollar whole life insurance policy when I was twenty-six. It is tremendous stuff. It allows me to walk into a bank with cash for collateral. Then we are only discussing interest rates, not credit ratings and they have seen me walk out! You will learn that people with cash for collateral pay much less than prime interest even at banks! Prime is the lowest rate paid by "good" bank customers, not great ones! Getting yourself to that stage smoothes out the bumps in the income.

Lee was concerned how we function in credit card society. We do have one credit card for reservations etc. However, it is always paid off in total every month so there are no charges to us ever. (Remember that the merchant, hotel, airline, etc. pay a hefty fee every time they accept credit cards. You will learn that many of the good ones give a 3.5-4% discount for a company check instead of a credit card! Cash is still real money! Credit cards are gimmicks. Donít let the misdirection get you.) If your bank or your vendor's bank does not routinely move all funds within a business day, one or both of you need a better bank. (Usually they are even cheaper than inferior banks. Not all banks are equal.)

Itís not as hard as it sounds, but it is harder than being a victim of unmanaged consumption. It is a decision and it is a lifestyle. If you can never do it for yourself, at least, raise your children to investigate the option. My children are 20 and 23. Both have trust funds they could live on. (I put them there for that purpose.) Both make good livings already and donít need them. (One is a college graduate and the other is going now.) One makes more than doctors make and the other makes more than professors make. Itís a choice!

Decide what you want out of life and what you have to offer. Be kind to yourself and plan ahead. Save and teach others to save. Savings is the only source of investment. Without investment, the labors of many are worthless.

Magic By Sander

PS --- The handwriting has long been on the wall for the failure of many US banks. Size is no help.
Message: Posted by: NJJ (Feb 21, 2005 02:14AM)
Read Rich Dad/Poor Dad. Horrible man with terrible business ethics but he understands how people think about cash!
Message: Posted by: Bob Sanders (Feb 21, 2005 03:00AM)
Nicholas J. Johnson,

I think I have read that.

What I did not add is that I raised my kids without their mom. Their mom was bipolar. My son went on the road with me at six-weeks old. It was not safe to leave him with his mom. I was doing over 200 stage shows a year. I loved it. This has been my first year without a kid at my elbow everyday since 1981. Dad's having problems with it!

Business ethics protect businesses from themselves. Business laws protect businesses from the public. Consumer laws (in a the absence of a free market) protect consumers from business.

We do agree in an area you could have never imagined. That is US versus the medical services available in the rest of the world. While I basically believe that if government does it, it doesn't need doing, governmental "tuning, retarding, diluting, controlling or what ever you wish to call it" in the USA has given us a third world system of healthcare. The USA ranks 14th in the world as an economy and that is fair enough. However, it lags modern medicine by nearly thirty years. Smart Americans go overseas for good medical care. What makes that hurt most is that my wife is a physician in the USA and has to practice third world medicine to keep it down to government standards. However, the US system is one of the most expensive in the world! Cost isn't value. It's just spent resources.

Stay liquid!

Magic By Sander
Message: Posted by: Tom Stevens (Feb 21, 2005 06:15AM)
Expenses do go up as kids get older, so I'm trying to save now while I can, as well as improve my earning capabilities.

I created a ten year plan to financial security, and 20 years to independence and so far I've been on track for the first 2 years. We've had a few setbacks, but I know that we could have easily spent all the money earned and not felt better or lived THAT much more comfortably.
I've read many of Kiyosaki's books, and I take what he says with a grain of salt. He does have something to sell: more books, board games, seminars etc, . I like anything written by or about Warren Buffet.
There are many ways to manage finances. Many products available. I just have to go with what I think is best for my circumstances. My circumstances are very unusual, so I have never felt comfortable about consulting a financial adviser, considering they either make a living syphoning off of their clients savings or charge huge fees for information that may or may not help. Property is not something I am prepared to tackle at the moment, so I've chosen the riskier "shares" option.

When shares go up, it's easy to start thinking about borrowing to invest. But it's much better to own shares without the extra worry of having to sell at a time when they are doing bad because you have to repay a loan.
Message: Posted by: Bob Sanders (Feb 21, 2005 04:29PM)
Way to go Tom!

Plan your work and work your plan!

Working toward something is always better than doing nothing. Life is full of surprises. But good luck is when preparation meets opportunity.

I have been a university finance professor. There is no secret and they'll sell the books to anybody. Nothing works until you do something! Among other things people don't understand is that you have to be able to afford to be a professor in the USA!

Congratulations on being an early planner and saver.

Magic By Sander
Message: Posted by: MagicalPirate (Feb 21, 2005 06:45PM)
Well Bob I hope she is on her meds. I've been married almost 16 years and we didn't know she was bipolar until about 4 years ago. Now she is on a vitamin regimen that we found in an alternative medicine book in the library. She takes natural litium instead of the prescription stuff. I can understand the not leaving the child at home alone. You never know what to expect.

Martin :pirate:
Message: Posted by: Bob Sanders (Feb 21, 2005 11:55PM)

Bipolar is not to be taken lightly. It is very controllable but the meds are the key. My wife lived and died in total denial. So there was no way to control the problem. The kids lost their mom when they were in the first and fourth grades. We were also married sixteen years.

Lucy is not their mom. Lucy and I were married only five years ago. Like too many others, I assumed that once my wife died I would never remarry. So I invested another decade without a wife. Mr. Mom was a very rewarding job! Perhaps I needed the break from marriage to ďrebootĒ. My kids definitely needed me. You can always fake that you care, but you cannot fake that you were there. I choose to be there. The only reason the option was available was because of an early commitment to saving for passive incomes.

Lucy has certainly made me glad I waited! We have so much in common. Lucy overcame polio to be a ballerina and model in Los Angeles and New York until she was thirty-nine. Then she went back to medical school to be a country doctor. She is. She was recognized by the Wall Street Journal for her service as a private practice physician who took on the medical monopolies and won. She makes house calls. She takes her dog to the office and you can bring yours. I have known her to write prescriptions for her patients to get a cat or dog. There are times when she feels that they are what the patient really needs.

There are other areas where we fit well too. Lucy is also a stage magician with her own act. (Photo below) She performs and lectures at magic conventions. We also work on stage together. We enjoy horses, travel and teaching college together too. We keep saying that we are going to retire to just teaching college. (Neither of us is doing that right now.) However, we still have so much else to do. We added a doctor this year to her clinic to give us more road time together. But over achievers work spare time to death. Weíre enjoying the magic. This year we added live unicorns to our stage show. Life is an adventure! You must be present to win! Save and invest in your self. It opens doors for everyone. People who donít make action plans to get somewhere, usually donít.

Take care of your self. You canít clap with one hand. Her cooperation in recognizing and treating bipolar disorder is critical to the health of the family. It can't help but affect some your options and decisions. We'll be pulling for you. We love success stories.

Magic By Sander
Message: Posted by: Chrystal (Feb 23, 2005 10:08AM)

You are living the life many people only dream of, and sounds as if your are a success in your own right. Granted you've also had a life previously that was obviously very tough and made the most of it. I found your story very inspirational and wish you the best. Thanks for sharing your story with us.

Message: Posted by: Bob Sanders (Feb 24, 2005 09:33PM)

Thank you. That is worth a lot coming from you. I meet heroes everyday! It does enrich my life.

One of the most wonderful things about the entertainment business and magic is that it gives us the opportunity to help others take a break, smile and refocus. Magic can be very forgiving of a magician in trouble with a problem to solve. Things still work out well. Perhaps that observation and refocus helps the audience to be a little more forgiving and more willing to work on solutions too. Itís not always easy to keep the main thing, the main thing. Sometimes it is difficult enough identifying the main thing. Magicians didnít invent misdirection. But we certainly should understand it!

Those of us, who know you, know why you are the first encourager to make contact with new members of The Magic Cafť. Nobody does it better. Success is a trust to be administered. It appears to me that you do it very well.

Magicians have to live with the reality that funding is an ongoing problem. There are plenty of adequate tools for doing that. Applying them is a choice. It is the adult thing to do if you want to be a magician. That too is a decision.


The Amazed Wiz
Message: Posted by: Tom Stevens (Feb 28, 2005 11:46PM)
Yes, Bob, you have also inspired me.

I have six children aged 2 to 10, and it is not easy to run your own business when there are so many unpredictable events occurring.

However my wife is a partner in the care of the children, so we manage somehow.

(sorry to get off topic, nicholas)
Message: Posted by: Chrystal (Mar 2, 2005 08:10AM)
Hi Again Bob,

Thanks for saying that and I appreciate it came from you. More importantly, thanks for all that you do.

Message: Posted by: malini (Mar 3, 2005 05:34AM)
On 2005-02-09 13:45, Lee Darrow wrote:
Nicholas, how do you get a hotel room without a credit card? Most hotels will no longer take debit cards and insist on credit cards, so I would imagine that going on the road would be a challenge to you for that reason.
Just curious about how you handle road expenses.

I detest using Credit Cards, and never need to use them when I'm based at home. But it's a completely different thing when you're traveling/performing around the world.

I was in the US late last year, and the year before. ALL the Hotels I stayed at *required* a credit card. Even if you weren't paying that way. In fact they all said the same thing on checking in; "We require a Credit Card for Incidentals", which is polite-speak for hand it over, or you're not staying.

Also when traveling there are a lot of things that need to be booked over the telephone, often on the other side of the world; lots of these places need credit cards, and most often will *only* accept credit cards as payment or reservation.

I hate using a credit card. And will only use one if there is absolutely no other way. I'll be performing across Europe this year, and I've already needed to use it.

Nicholas, Iíve done Australia and NZ without needing a Credit Card, but the rest of the world, dude... Theyíre all Credit Card crazzzy. And itís not going to get any better.

Message: Posted by: Bob Sanders (Mar 3, 2005 01:38PM)
There is one little cash flow trick I learned in the consulting business that helps in the magic business. That is for sponsored events, often furnishing lodging and transportation is covered by the sponsor. If you can negotiate for them to cover those costs directly instead of your being reimbursed, it will save your cash needs to some extent. Larger companies are very used to reserving plane tickets, hotel rooms and renting cars with the charges coming directly to the company. (I've found that the accommodations are often nicer than I would have provided for myself.) They get better deals!

Magic By Sander

OK it's exam time!

We started this thread three months ago. Have any of you changed your saving habits?

It's a case of getting started, getting started!

Magic By Sander
Message: Posted by: NJJ (Apr 22, 2005 12:48AM)
I save 15% of my income in a personal savings account and 10$ in a 'business' savings account. The 10% is for lean times as well as being for larger expenses I need to save up for.
Message: Posted by: Bob Sanders (Apr 23, 2005 09:09AM)
Congratulation Mr. Funny Bones! You're an inspiration. There is nothing like being in charge of being in charge. I like your "to do" list. It's taking care of business.

Magic By Sander