Planning your finances will not only reduce your anxiety when the bookings waiver and phones go silent but also help you for life post-industry, because this industry has an expiry date for many sex workers and adult entertainers.
There are many ways you can change your spending habits and save now for that rainy day and better still, prepare for life post-industry so you can live a fulfilling lifestyle with your dream home, dream car and afford those holidays and personal grooming liberties we tend to take for granted when we are earning quite a good income from selling our Digital Content and our Ass to our clients.
1. Saving For A Rainy Day
Securing your financial stability starts with having a seperate bank account for your emergency savings as a sole trader whether you are a sex worker, stripper or adult entertainer. We recommend you set up an automatic withdrawal from your everyday account to save money. We also recommend that your secondary account is with a different banking institution and less accessible than your online booking for everyday spend which will reduce your urge to touch your savings. You can start with a minimum saving of $50 dollars per week, while that does not sound like much, that is $2600 saved every year which is a great way to guarantee your financial freedom.
2. How Much Money Should You Save?
At Sweet Release, we recommend you have at least 3-4 months of living expenses in your account. Living expenses includes rent, bills and food (and of course those other luxury items like spray tans, gym memberships and hair salon appointments). We recommend to our clients that it is always good to know much your outgoings are each month and then multiply this by the number of months you want to save for, that way you can start saving slowly over time as this emergency fund may only be needed once every couple of years, or hopefully not at all - which means you have more saved for your adult industry exit strategy, when you are ready to retire.
3. Monitor Your Adult Industry Income.
It is very important to know and understand how much you are earning especially when times get tough and you need to reduce your spending patterns for those rainy days and quieter days (sometimes months, like we experienced during the pandemic) so you can be comfortably prepared. So, If you know that you are going to earn $1,000 this week and suddenly it is Sunday and you have nothing left, then you would be best advised to know where this money is going and reconsider your spending. At Sweet Release, we offer financial management packages that can handle this for you, we also send out a quarterly report with the information that is relevant to you. Sweet Release will track your spending and reconcile your accounts, all in preparation for the annual tax returns.
4. How Can Sweet Release Agency Help You?
If you are a Sole Trader (Sex Worker, Stripper, Adult Entertainer, Massage Service Provider and more) and you are experiencing financial hardship, there is quite a lot of paperwork that you may need assistance completing.
This includes:
Assets & Liabilities Report
Profit & Loss Report
If you are a current bookkeeping client of ours, we will assist you with your application at no charge. If you are not a bookkeeping client, we would still like to help you as best we can and will offer this service to you at a low fee of $150. We will deduct the $150 from your tax return preparation and lodgement fee as a percentage of the workings can be applied to this. For our non-clients, we will be required to on-board you as a client to our practice and calculate your income and expenses from bank statements/transaction documents.
Please reach out to Sweet Release, we are here to help you. Together let's reach climax!