[quote]gregron wrote:
I would like to know where in the world making “six figures isnt shit”?[/quote]
I guess it depends on perspective. I’m also assuming we are talking closer to 100k than 1 million on the spectrum.
So short answer, any where desirable.
100k in many areas will buy a modest home/townhome, a couple used BMWs or maybe new Fords and minimal savings/investments. This is pretty run of the mill average shit.
[quote]HoustonGuy wrote:
[quote]gregron wrote:
I would like to know where in the world making “six figures isnt shit”?[/quote]
I guess it depends on perspective. I’m also assuming we are talking closer to 100k than 1 million on the spectrum.
So short answer, any where desirable.
100k in many areas will buy a modest home/townhome, a couple used BMWs or maybe new Fords and minimal savings/investments. This is pretty run of the mill average shit.
[/quote]
The average person is making far less than six figures a year.
The average bartender is also making NO WHERE NEAR that much.
You would have to be one bad ass bartender outside of simply knowing movie stars to pull in that sort of cash as a regularly yearly pay check.
[quote]Professor X wrote:
[quote]HoustonGuy wrote:
[quote]gregron wrote:
I would like to know where in the world making “six figures isnt shit”?[/quote]
I guess it depends on perspective. I’m also assuming we are talking closer to 100k than 1 million on the spectrum.
So short answer, any where desirable.
100k in many areas will buy a modest home/townhome, a couple used BMWs or maybe new Fords and minimal savings/investments. This is pretty run of the mill average shit.
[/quote]
The average person is making far less than six figures a year.
The average bartender is also making NO WHERE NEAR that much.
You would have to be one bad ass bartender outside of simply knowing movie stars to pull in that sort of cash as a regularly yearly pay check.[/quote]
Yes, you would have to bartend for movie stars or be one lucky dude to work at a friends club in Manhatten. If a bartender is earning 100k, he is no doubt a top earner nationwide, which makes 100k a small cap.
You can’t just walk in to Chili’s and start pulling in 10k monthly.
But to address Gregron’s question and your response, I still think it’s a matter of perspective.
Most people do not earn six figures, the average almost earns half. They also live paycheck to paycheck and think saving a few hundred bucks here and there is baller.
100k barely affords a suburban lifestyle in our city, known for it’s cheap cost of living. It keeps you in a cheaply constructed, mass produced home in a new planned community but it really isn’t shit. You can tie that money up quick with day to day life expenses, especially if you throw a family in the mix.
[quote]HoustonGuy wrote:
100k barely affords a suburban lifestyle in our city, known for it’s cheap cost of living. It keeps you in a cheaply constructed, mass produced home in a new planned community but it really isn’t shit. You can tie that money up quick with day to day life expenses, especially if you throw a family in the mix.
[/quote]
Agree completely. Six figures in Houston may allow you to LOOK like you make a little cash, but the reality is, you are just making it “comfortably”. However, I grew up in much poorer areas and six figures would still be a dream to most in the city. I seriously doubt the average person in this city is pulling in over 50-60K.
For a bartender to make that much here…he would have to be following some alcoholic Texans player around 24/7.
[quote]angry chicken wrote:
Six figures a year is possible bartending here. I recently got “regulated out” of the mortgage industry, so I’m working at a medium sized restaurant on the U St Corridor (which isn’t as lucrative as Georgetown, Dupont or K street) and I’m bringing home 500 - 700 a night on Fri/Sat and 300 - 400 on other nights. My restaurant capacity is only 99 customers and the focus is on providing a good vibe, quality experience with live Jazz/R&B every night Vs. a “club” who’s focus is on volume and high prices and being “seen there”. In other words, I’m ALMOST at “six figures” and I’m not in the “best neighborhood” or a high volume spot.
I’d say I’m an above average bartender with my “people skillz” LOL but it’s more “old school” at my place. Some of these new high end places are doing “fusion” cocktails, garnishing their drinks with pomegranate seeds and all kinds of cool shit that is in vogue these days. Half of them wont hire you unless you know “flair” bartending and can juggle your tin and a bottle fairly well. I have rows of glasses six inches above my head so we don’t do flair in my bar! LOL
So the short answer is YES. You can make six figures bartending in DC if you are in the top 15% or so. You certainly wont do that starting out and it really is WHO you know! But at the same time, you have to come correct with the drinks. Breaking into it can be difficult (there’s no way I’d have been hired here if I wasn’t good friends with the owner), but it’s not a bad gig in a pinch. It’s certainly “recession-proof”!
The cool thing about it is that I would hardly call it “work”! It’s like that Dire Straits song - “money for nothin’ and you chicks for free”! LOL It’s also cool to hang out with other restaurant owners and the “after hours” crowd is always entertaining. It’s a cool scene. SOOOO much less stress than mortgage - I feel like I’m on vacation.[/quote]
Cool, thanks for the info!
[quote]angry chicken wrote:
Six figures a year is possible bartending here. I recently got “regulated out” of the mortgage industry, so I’m working at a medium sized restaurant on the U St Corridor (which isn’t as lucrative as Georgetown, Dupont or K street) and I’m bringing home 500 - 700 a night on Fri/Sat and 300 - 400 on other nights. My restaurant capacity is only 99 customers and the focus is on providing a good vibe, quality experience with live Jazz/R&B every night Vs. a “club” who’s focus is on volume and high prices and being “seen there”. In other words, I’m ALMOST at “six figures” and I’m not in the “best neighborhood” or a high volume spot.
I’d say I’m an above average bartender with my “people skillz” LOL but it’s more “old school” at my place. Some of these new high end places are doing “fusion” cocktails, garnishing their drinks with pomegranate seeds and all kinds of cool shit that is in vogue these days. Half of them wont hire you unless you know “flair” bartending and can juggle your tin and a bottle fairly well. I have rows of glasses six inches above my head so we don’t do flair in my bar! LOL
So the short answer is YES. You can make six figures bartending in DC if you are in the top 15% or so. You certainly wont do that starting out and it really is WHO you know! But at the same time, you have to come correct with the drinks. Breaking into it can be difficult (there’s no way I’d have been hired here if I wasn’t good friends with the owner), but it’s not a bad gig in a pinch. It’s certainly “recession-proof”!
The cool thing about it is that I would hardly call it “work”! It’s like that Dire Straits song - “money for nothin’ and you chicks for free”! LOL It’s also cool to hang out with other restaurant owners and the “after hours” crowd is always entertaining. It’s a cool scene. SOOOO much less stress than mortgage - I feel like I’m on vacation.[/quote]
Actually sorry to hear this AC. Good luck.
[quote]Professor X wrote:
[quote]HoustonGuy wrote:
100k barely affords a suburban lifestyle in our city, known for it’s cheap cost of living. It keeps you in a cheaply constructed, mass produced home in a new planned community but it really isn’t shit. You can tie that money up quick with day to day life expenses, especially if you throw a family in the mix.
[/quote]
Agree completely. Six figures in Houston may allow you to LOOK like you make a little cash, but the reality is, you are just making it “comfortably”. However, I grew up in much poorer areas and six figures would still be a dream to most in the city. I seriously doubt the average person in this city is pulling in over 50-60K.
For a bartender to make that much here…he would have to be following some alcoholic Texans player around 24/7.[/quote]
Yep and Houston is cheap.
It is a matter of perspective. If someone from a podunk town or urban ghetto started earning 100k and maintained their previous lifestyle, they could invest their way to millions within a decade. And once they have a million liquitable dollars I would say they could say they are above shit because at that point their money would make more money and would absolutely “work for them” significantly.
But instead they would upgrade to a new but poorly constructed home and a used bmw or new ford immediatly and would just have to pay to play at a new, marginally nicer level. Same stresses, same lack of financial security and gain et cetera. They could pretend a little better though.
That being said, a bar tender would do well to schmooze the oil companies too. They are pretty generous and throw parties all the time.
Anyways, I am assuming 100k here. It was big money in the 80’s maybe. Today I think 250k would be like the 100k of old, and $250k + annually (not even including investments) does provide a comfy life for sure with the ability to let your money grow with time.
Big difference between that and owning a mediocre house, mediocre cars, mediocre savings account and basically just getting by.
My MO is to have a mediocre house, a mediocre car and a fabulous savings account.
Am I doing it wrong?
[quote]Christine wrote:
My MO is to have a mediocre house, a mediocre car and a fabulous savings account.
Am I doing it wrong?[/quote]
No. But, in keeping with the 100k assumption, you also agree that 100k annually isn’t shit or you wouldn’t be living modestly now to build a fabulous savings account.
It is smart to save and invest, especially if you understand the power of compound interest. It is stupid to raise your debt to meet a new level of cash flow as creditors also understand the power of compound interest and will make 100k annually shit in short order.
No debt except for home. Just refinanced to a 15 year at 3.75%. And the loan is small (comparatively). Could pay it off now were I so inclined.
No car loan.
No credit cards.
No desire for designer crap.
Rarely eat out.
Unamerican way to live.
[quote]Christine wrote:
No debt except for home. Just refinanced to a 15 year at 3.75%. And the loan is small (comparatively). Could pay it off now were I so inclined.
No car loan.
No credit cards.
No desire for designer crap.
Rarely eat out.
Unamerican way to live. [/quote]
In my humble opinion, I would pay it off now. It sounds like you would have no debt at all at this point and would therefore need a relatively small “rainy day” fund.
You would also be able to direct more money torwards investing now, giving yourself more “principle” over time (a necessary aspect of compound interest) to build more wealth sooner.
I don’t know what your house payment is but imagine if it was earning you 3.5% every month instead of costing you the same.
I don’t know what kind of loan you have either though, sometimes you can actually be penalized in one way or another for paying it off early.
[quote]Christine wrote:
No debt except for home. Just refinanced to a 15 year at 3.75%. And the loan is small (comparatively). Could pay it off now were I so inclined.
No car loan.
No credit cards.
No desire for designer crap.
Rarely eat out.
Unamerican way to live. [/quote]
While I applaud this, everyone isn’t so lucky. I am pretty sure the average guy coming out of dental, medical, or even law school is in significant debt.
I had my car paid off…and then it got mangled in a car accident soon afterwards…so back to more car payments.
[quote]Professor X wrote:
[quote]Christine wrote:
No debt except for home. Just refinanced to a 15 year at 3.75%. And the loan is small (comparatively). Could pay it off now were I so inclined.
No car loan.
No credit cards.
No desire for designer crap.
Rarely eat out.
Unamerican way to live. [/quote]
While I applaud this, everyone isn’t so lucky. I am pretty sure the average guy coming out of dental, medical, or even law school is in significant debt.
I had my car paid off…and then it got mangled in a car accident soon afterwards…so back to more car payments.[/quote]
This is true and some debt, such as education, is really an investment and worth it.
Accidents do happen unfortunately. how a person responds is important though. It would be smart to go out and buy a decent used car for less than 10k for example than to finance a new one over 20k, at least until true financial security has been achieved. The 10k difference would max out an IRA investment for 2 years, for example.
[quote]al1492 wrote:
[quote]Chip Duglass wrote:
In Vegas? Absolutely possible. Also, absolutely a place where 100k isn’t shit. [/quote]
Not Vegas, Washington, DC area[/quote]
You’ll make the money not in clubs, but where there are business men with expense accounts. Leather-lined, low-key, places.
Still need tits like girl in your avatar.
[quote]HoustonGuy wrote:
[quote]Christine wrote:
No debt except for home. Just refinanced to a 15 year at 3.75%. And the loan is small (comparatively). Could pay it off now were I so inclined.
No car loan.
No credit cards.
No desire for designer crap.
Rarely eat out.
Unamerican way to live. [/quote]
In my humble opinion, I would pay it off now. It sounds like you would have no debt at all at this point and would therefore need a relatively small “rainy day” fund.
You would also be able to direct more money torwards investing now, giving yourself more “principle” over time (a necessary aspect of compound interest) to build more wealth sooner.
I don’t know what your house payment is but imagine if it was earning you 3.5% every month instead of costing you the same.
I don’t know what kind of loan you have either though, sometimes you can actually be penalized in one way or another for paying it off early.[/quote]
Have a great financial adviser. Extra money goes towards investments. That is why I live like a miser. 
[quote]Christine wrote:
No debt except for home. Just refinanced to a 15 year at 3.75%. And the loan is small (comparatively). Could pay it off now were I so inclined.
No car loan.
No credit cards.
No desire for designer crap.
Rarely eat out.
Unamerican way to live. [/quote]
I thought the financially gifted and accountants of TN said that it was actually a bad thing not to have a credit card. That as long as you only spent money that you actually had you were building a consistent and positive credit history.
amidoingitwrong?
[quote]Professor X wrote:
[quote]Christine wrote:
No debt except for home. Just refinanced to a 15 year at 3.75%. And the loan is small (comparatively). Could pay it off now were I so inclined.
No car loan.
No credit cards.
No desire for designer crap.
Rarely eat out.
Unamerican way to live. [/quote]
While I applaud this, everyone isn’t so lucky. I am pretty sure the average guy coming out of dental, medical, or even law school is in significant debt.
I had my car paid off…and then it got mangled in a car accident soon afterwards…so back to more car payments.[/quote]
I am lucky. I was taught frugality and how to handle money from a young age.
When I was a teenager I lamented to my dad that everyone else has nicer clothes and nicer cars and such. His response was something to the effect that we could see what they owned, but have no idea what they owe.
[quote]Soulja874 wrote:
[quote]Christine wrote:
No debt except for home. Just refinanced to a 15 year at 3.75%. And the loan is small (comparatively). Could pay it off now were I so inclined.
No car loan.
No credit cards.
No desire for designer crap.
Rarely eat out.
Unamerican way to live. [/quote]
I thought the financially gifted and accountants of TN said that it was actually a bad thing not to have a credit card. That as long as you only spent money that you actually had you were building a consistent and positive credit history.
amidoingitwrong?[/quote]
Having a credit card can be a good thing if done right.
I got a secured credit card, developed history, and bought a house within a year using credit.
So, unless you bank enough to actually buy a house and or cars with cash, you need some sort of credit history.
Of course, I’m not an accountant or financially gifted.
[quote]Christine wrote:
[quote]HoustonGuy wrote:
[quote]Christine wrote:
No debt except for home. Just refinanced to a 15 year at 3.75%. And the loan is small (comparatively). Could pay it off now were I so inclined.
No car loan.
No credit cards.
No desire for designer crap.
Rarely eat out.
Unamerican way to live. [/quote]
In my humble opinion, I would pay it off now. It sounds like you would have no debt at all at this point and would therefore need a relatively small “rainy day” fund.
You would also be able to direct more money torwards investing now, giving yourself more “principle” over time (a necessary aspect of compound interest) to build more wealth sooner.
I don’t know what your house payment is but imagine if it was earning you 3.5% every month instead of costing you the same.
I don’t know what kind of loan you have either though, sometimes you can actually be penalized in one way or another for paying it off early.[/quote]
Have a great financial adviser. Extra money goes towards investments. That is why I live like a miser. [/quote]
He does sound legit and he knows your personal financial situation so good for your plan :).
Investing, in a weird way, is like weight training. There are many different methods and theories but if you never commit to one or the other you will spin your wheels all day.
Kudos to being smart.
FWIW, I’m an all in guy. Using your savings to pay off your house so you can invest more sooner is a risk for sure and insurance would have to be your best friend as you built your savings up again. I like the payoff that comes with risk myself and although getting out of debt to free up money to build actual wealth would be smart, it would not be prudent if it wiped out most of your savings since life is often more than assets and liabilities.
Common advice here but make sure you can account for every dollar of yours he invests. Fund names, company tickers and all the appropriate paper work that goes in to buying and selling on the market. He should make this info available at least once per year on the norm, kind of like a reciept for the money you are spending through him.
If you work at some of the really high end hotels, St. Regis, The Ritz Carlton, Trump Towers etc, in NYC you can absolutely bring in six figures easy. Most of their clientele are politicians, dignitaries, celebrities, Rich bastards in general, who tip extremely generously. So, If you’re a bartender/server you have the potential to bring in thousands of dollars a night from tips alone.
Working around the Wall St. area (financial district) as well garners some ridiculous tips.
Shit some of the Doormen who work at these places (high end hotels, Park Avenue condo’s and such) get high five figure salaries. Usually getting the lion share of their pay during the holiday season.
Didn’t Mark Cuban leave like a $50,000 tip at Club Liv in Miami when the Mav’s won the Championship?
It is very possible to make six figures Bar tending, but just like most things in life it’s who you know and location, location, location.