How much would you quote a potential client to do this wedding?

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Kirby Ball said:
Not really. I'm going to have to disagree.

My goal is to have a "0" credit rating and that's a good thing. I used to believe in all that crap about having a good credit rating, then what I realized was if you managed your money correctly the only money the average person should have to borrow is for their house.

For example, our business is a "part-time" business but we currently have a 13k nest egg built up because we are planning ahead. I don't care how "cheap" it is to get a loan, you're still paying something to use someone else's money. Anyone who thinks they're getting a great deal on purchasing on things on a 12-18 month same as cash plan are fooling themselves as the seller has already padded the selling price to make money off of you while "you think you're getting a deal."

Become debt free and you'll never want to owe someone money again. We only owe on our house and we'll have it knocked out in much less than the 10 year note we currently have.
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It's ok Kirb - you can disagree - this is a free country. From my own research, it's harder to get a loan (if needed) or other things that they use your credit report for (if needed) if you have no credit. Bad credit is easy, they jack up the interest and require more stuff. No credit, they have no idea how to give you what you want as there is no history. In most cases, the interest here (or whatever they need your credit rating for) is even higher as they have nothing to base you on. I agree that you should use cash for everything - but there are times that credit does help and not hurt. In our lifetimes, we probably won't see cash go completely away but I'm willing to bet that actual cash in hands will be not as frequent in the future. Just my opinion.
 
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Crazy talk....Dave Ramsey kool-aid! ;) Who put you onto him?


Kirby Ball said:
Not really. I'm going to have to disagree.

My goal is to have a "0" credit rating and that's a good thing. I used to believe in all that crap about having a good credit rating, then what I realized was if you managed your money correctly the only money the average person should have to borrow is for their house.

For example, our business is a "part-time" business but we currently have a 13k nest egg built up because we are planning ahead. I don't care how "cheap" it is to get a loan, you're still paying something to use someone else's money. Anyone who thinks they're getting a great deal on purchasing on things on a 12-18 month same as cash plan are fooling themselves as the seller has already padded the selling price to make money off of you while "you think you're getting a deal."

Become debt free and you'll never want to owe someone money again. We only owe on our house and we'll have it knocked out in much less than the 10 year note we currently have.
Click to expand...
 
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Kirby Ball said:
Not really. I'm going to have to disagree.

My goal is to have a "0" credit rating and that's a good thing. I used to believe in all that crap about having a good credit rating, then what I realized was if you managed your money correctly the only money the average person should have to borrow is for their house.

For example, our business is a "part-time" business but we currently have a 13k nest egg built up because we are planning ahead. I don't care how "cheap" it is to get a loan, you're still paying something to use someone else's money. Anyone who thinks they're getting a great deal on purchasing on things on a 12-18 month same as cash plan are fooling themselves as the seller has already padded the selling price to make money off of you while "you think you're getting a deal."

Become debt free and you'll never want to owe someone money again. We only owe on our house and we'll have it knocked out in much less than the 10 year note we currently have.
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Very encouraging Kirby. Kudos to you! We are working toward a similar situation here.
 
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This has turned in to a great discussion :)

I have credit and lots of it. When I was younger I learned a sharp lesson I was 21 and $25,000 in debt making $3.75/Hr at my job and about $150/gig. It took me quite a while but I bailed myself out. In my late 20s and early 30's through a couple of bad investments and a car accident that I was badly injured in I found myself in debt again and again bailed myself out.

After that one I did alot of reading and used a more common sense approach to credit. My assetts by far outweigh my debt now. I could actually pay off my debt but it's working for me instead of me working for it.

One huge change I made a few years back is I no longer carry loss and damage insurance on my equipment. The first 2 years it was a gamble but I started putting the amount I would pay for insurance each month in to my business account as though I was paying a payment on insurance so now I earn interest on the money I used to give the insurance company. I've only had one incident where I may have laid a claim that was last October and when it did happen I had the money to replace the stolen items. It came to less than my deductable used to be ;) Once a year I roll that money in to a GIC and if I need it it's there
 
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well they always say Jeff

the more money your in Debt, the richer you are!
 
Jeff Romard said:
This has turned in to a great discussion :)

I have credit and lots of it. When I was younger I learned a sharp lesson I was 21 and $25,000 in debt making $3.75/Hr at my job and about $150/gig. It took me quite a while but I bailed myself out. In my late 20s and early 30's through a couple of bad investments and a car accident that I was badly injured in I found myself in debt again and again bailed myself out.

After that one I did alot of reading and used a more common sense approach to credit. My assetts by far outweigh my debt now. I could actually pay off my debt but it's working for me instead of me working for it.

One huge change I made a few years back is I no longer carry loss and damage insurance on my equipment. The first 2 years it was a gamble but I started putting the amount I would pay for insurance each month in to my business account as though I was paying a payment on insurance so now I earn interest on the money I used to give the insurance company. I've only had one incident where I may have laid a claim that was last October and when it did happen I had the money to replace the stolen items. It came to less than my deductable used to be ;) Once a year I roll that money in to a GIC and if I need it it's there
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I too no longer carry loss and damage ... just liability. As I've got a 3 year bumper in the business account currently, I roll that savings into my IRA each year. Now, I get tax and interest savings!

My goal is to eventually get to a 'ZERO' credit score. There is absolutely nothing wrong with that and what one reads about the need for a score is propoganda material.
 
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Kirby Ball said:
Anyone who thinks they're getting a great deal on purchasing on things on a 12-18 month same as cash plan are fooling themselves as the seller has already padded the selling price to make money off of you while "you think you're getting a deal."
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That is pure bunk! I bought two Moving Heads and a Strobe Light in October at a Chauvet Show down the street from me. I paid less than the going rate prices for the purchase and got 12 months same as cash. Where am I paying more? I only buy when things are on sale plus when there is a No Interest Offer going on. I also have never seen two prices being listed anywhere, one for Credit and one for Cash, so I don't understand your reasoning.
 
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ahoustondj said:
That is pure bunk! I bought two Moving Heads and a Strobe Light in October at a Chauvet Show down the street from me. I paid less than the going rate prices for the purchase and got 12 months same as cash. Where am I paying more? I only buy when things are on sale plus when there is a No Interest Offer going on. I also have never seen two prices being listed anywhere, one for Credit and one for Cash, so I don't understand your reasoning.
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Canute -- if you do 12-24 month, you probably will not be able to write the whole amount off on your taxes (I'm presuming you pay taxes here, although I'm not sure about that).

So, now you have a paper trail as well.

You have to depreciate, where as I can buy something straight out, and write off a quarter million per year straight off the books.

Be careful...
 
SoftJock Rick said:
Canute -- if you do 12-24 month, you probably will not be able to write the whole amount off on your taxes (I'm presuming you pay taxes here, although I'm not sure about that).

So, now you have a paper trail as well.

You have to depreciate, where as I can buy something straight out, and write off a quarter million per year straight off the books.

Be careful...
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I am glad that I don't have you for my Accountant!:rolleyes:
 
MIX...having a credit card and knowing when to use it responsibly is a first step to credit worthiness. You need to establish credit and pay the payments on time and more than just the minimum payment. A track record of buying on credit and then paying the bill off quickly shows financial responsibility. Lord knows that DJ business can be cyclical; certain months of the year are less prone to bookings. However, if your are going to target weddings the year will most often be cyclical, so you need that weekly bar gig/lounge to carry you through the month. And, if you rely on wedding business then you need to keep Saturday free...or have a substitute DJ to fill in for you at that bar gig. Credit Reports are used to determine if you can be trusted to pay back a loan that has a lengthy term and often the loan rate you will pay. If you have the luxury of a nest egg from which you can "self-loan" you will definitely save on Interest Credit Card charges. You need to determine what type of gig you are going to pursue: weddings and anniversaries, parties, lounge/bar gigs. Don't concentrate so much on the type of music you play, but more on the services you provide (many have touched on that subject already). If you do weddings then let them know what is included in your fee for weddings. Get a website and put that information on a separate page, Weddings, for example. Have another page for the types of music that you play or have at your disposal. If you do Parties or Dance Floor Lighting, get pictures and put them on your website. Have a base rate for Wedding Receptions, Ceremony, and Party. Figure out how much money you need to have to cover your monthly expenses; music, liability insurance, web hosting, internet, professional dues (ADJA, NAME, etc.), and savings to name just a few recurring expenses. Charge more for weddings because of the extra time you take for meetings, drafting Programs, travel time to venue, parking, etc. Let the client know that your wedding fee is for either 3-hr. or 4-hr. depending on what is common in your area. It could be that 3-hr wedding receptions are the norm. Figure out an overtime rate for when a client want's to book more than your standard Wedding period. Do the same for parties. Set an hourly rate with a minimum time period for party. Make Lighting an add-on that is not included in any of your "standard" fees. And, if you do get a website, consider posting packages. Hope my "blurb" helps with your dilemma on what to charge.
 
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Max is my dog... ;)


[video=facebook;10200523825848193]https://www.facebook.com/photo.php?v=10200523825848193&set=t.636379072&type =3&theater[/video]
 
ahoustondj said:
That is pure bunk! I bought two Moving Heads and a Strobe Light in October at a Chauvet Show down the street from me. I paid less than the going rate prices for the purchase and got 12 months same as cash. Where am I paying more? I only buy when things are on sale plus when there is a No Interest Offer going on. I also have never seen two prices being listed anywhere, one for Credit and one for Cash, so I don't understand your reasoning.
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Statistics show that you will spend more on credit than you will if it's in cash. With cash, the "pain" registers whereas with credit, it does not. Credit encourages and creates excessive spending habits and should be used, sparingly.
 
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rickryan.com said:
Statistics show that you will spend more on credit than you will if it's in cash. With cash, the "pain" registers whereas with credit, it does not. Credit encourages and creates excessive spending habits and should be used, sparingly.
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100% Correct. :) I have vowed to owe no debt to anyone after the house is paid off. It's amazing how motivated one can get to save for a purchase.
 
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ahoustondj said:
That is pure bunk! I bought two Moving Heads and a Strobe Light in October at a Chauvet Show down the street from me. I paid less than the going rate prices for the purchase and got 12 months same as cash. Where am I paying more? I only buy when things are on sale plus when there is a No Interest Offer going on. I also have never seen two prices being listed anywhere, one for Credit and one for Cash, so I don't understand your reasoning.
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If you need to finance 2 moving heads and a strobe light, that means you can't afford them in the first place.
 
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rickryan.com said:
Statistics show that you will spend more on credit than you will if it's in cash. With cash, the "pain" registers whereas with credit, it does not. Credit encourages and creates excessive spending habits and should be used, sparingly.
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That has nothing to do with my refute of Kirby's Statement. No, I take this business what I do very seriously and it has treated me very well for over 35 years. When I buy gear i try and choose items that will get me the most mileage. For example for $140.00 the ADJ Profile RGB can serve as Stage Light, Wash, Broad Wall Uplight, White light etc.

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Audio One said:
If you need to finance 2 moving heads and a strobe light, that means you can't afford them in the first place.
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Have you lost your mind? I could have purchased them with Cash but why not use over $1K (Actually it was more then the three lights I purchased) in someone else's money for free.
 
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