How many SP's actually save money?

[angel519]

I am only in the business a few short mothes but realize the importance of saving and aim to save 3/4 of what I make each week. Let's face it, Im not going to be this hot or young forever and most sp's should have the same mentality. Also every SP should be thinking of legit business ventures to be either starting or investing in with the capital they earn doing this. Have quite a few friends in the industry all have different ambitions whether it be going to university or opening businesses.

I see a lot of different theories here on the laws and taxes surrounding this issue of the money earned by this profession. Does anyone know the title the professional who can provide me with this kind of consulting. This thread has me intrigued.

 

[pro123]

Actually, one of the sp approached me before asking how to buy her condo. I guess some of them really know how to save.

 

[EJ543]

Some interesting posts here..

I agree with 2 posts - one by Unshavencuban..I recognize many well known SP's hanging out in the club district where I sometimes work...they are always hanging around loser types of guys(some of them I know quite well through the work) who are into drugs, pretending to be a 'big-shot' gangster, no money but getting a huge loan to drive a BMW etc etc..and it is true..some of them can't even spell their own names!

Also, a post by Kacy...does revenue canada have access to bank account details?..I thought that this was covered under the data privacy act or something? and I didn't know that your social insurance number etc had to be declared when opening a bank account. I have a savings account and earn some interest but how many of you actually declare this interest on your tax return? there are lots of people with lots of money in their bank accounts - why should they be audited?

The Income Tax Act trumps everything except solicitor client privilege, and you have to prove that is applicable.

 

[EJ543]

Never go into business with friends or family. If you can, go it alone. Otherwise in most case your in for a world of hurt. If you must, alway have an agreement set up on how to disolve the business if it breaks up. Have everything in writing such as duties, contributions, distributions etc. etc.

 

[Rockslinger]

Never go into business with friends or family.

Wiser words have never been spoken.

 

[splooge]

I'm currently helping a dancer/sp become an auto-wholesaler. seems like a good fit for her, it's a very low-overhead business and she's great with sales and being organized. she's hoping to have a legit daylight occupation and dance/sp to a lesser degree to keep her mind 'fresh'. as she describes it: 100's of guys, 6 days a week can wear you down! imo, i don't know how they manage...

 

[Rockslinger]

100's of guys, 6 days a week ...

Sounds like business is good. What a terrible problem to have.