Podcast Summary
Exploring Side Hustles: Airbnb and Stripping: Side hustles, like Airbnb or stripping, can generate substantial income with minimal startup costs. Stereotypes often misrepresent the reality of these jobs.
Monetizing what you already have can be an effective and easy side hustle, as shared by the podcast host, Nicole Lappin. She uses Airbnb as an example, but other side hustles, like stripping, as discussed with Amanda Tamayo, can also provide significant income with minimal startup costs. Amanda started stripping to pay for college and ended up graduating debt-free. She emphasizes that strippers are not the stereotyped figures people assume them to be and that they're just trying to live their lives. The conversation also touched upon the surprising ways Amanda became involved in a scheme involving the IRS. Overall, the discussion highlights the potential of side hustles and the importance of challenging stereotypes.
From stripping to thriving: A woman who started as a stripper to support her family now earns $1,000-$1,500 per night, highlighting the potential financial rewards of this profession, while acknowledging its unpredictability.
Despite starting her career as a stripper to provide for her family, this speaker has become the family's main provider and enjoys her work, making an average of $1,000 to $1,500 per night after tipping out house fees and other staff. The income varies widely depending on the client and the time of year. The speaker's family history of stripping is a source of humor in her life. She pays tribute to the essential roles of the house mom and DJ, tipping them accordingly. The speaker's goal is to make $1,500 per night, but she acknowledges that the actual amount can range from a loss to a significant gain.
Life in a Strip Club: Camaraderie and Big Tips: In a strip club, dancers, DJ, and staff build a unique culture of tipping and support. Some dancers can make over $20,000 in a shift, mostly from credit card tips, while the club keeps a percentage.
Working in a strip club involves a unique culture of tipping and camaraderie between the dancers, DJ, and staff. House moms, often former strippers, take care of the dancers, while house lawn communicates with them. A typical shift lasts 4-5 hours, and the amount of money made can vary greatly, with some dancers making over $20,000 in a single shift from generous customers. These large tips are often paid with credit cards, with Amex being the preferred choice due to high limits and easy processing. The club keeps a percentage of these tips as payment for their services. The speaker shared an experience of making over $20,000 in a shift from a cryptocurrency investor, but such occurrences are not common. Overall, the strip club environment is characterized by a mutual understanding of taking care of each other and creating a memorable experience for customers.
Managing Finances in the Stripping Industry: Strippers face unique financial challenges, including high fees for cashing out tips, taxes, and ATM fees. Some dancers form LLCs to write off expenses, while others pay quarterly taxes as independent contractors.
Working as a stripper involves significant expenses beyond the usual costs associated with earning a salary. These expenses include high fees for cashing out tips, ATM fees at the club, and taxes. These costs can add up to a significant percentage of earnings, making it essential for dancers to carefully manage their finances and consider tax implications. Some dancers choose to form an LLC to write off expenses related to their work, while others operate as independent contractors and pay quarterly taxes. Despite the challenges, many dancers find success in their careers, with some earning six figures or more annually. However, navigating the financial complexities can be a learning process, and some may encounter resistance from accountants or face misunderstanding from the public regarding their profession.
Encouraging honest tax reporting in the entertainment industry: Dancers and other entertainers should pay their taxes honestly, but reporting others without proper information is not the solution. Focus on personal financial situations instead.
It's important for individuals, including those in the entertainment industry like strippers, to pay their taxes honestly. Ethan Kaiser, a man who went viral on TikTok for encouraging others to report strippers to the IRS, was criticized for his lack of knowledge about the industry and the challenges dancers face. The speaker, a dancer herself, responded by sharing her experiences and emphasizing the importance of paying taxes to maintain a good standing in life. She also cautioned against reporting others to the IRS without proper information and encouraged people to focus on their own financial situations instead of harassing others. While the speaker experienced some backlash, she remains committed to setting the record straight and advocating for honesty and fairness in tax reporting.
Managing Finances in the Cash-Heavy Industry: Carefully manage cash deposits to avoid bank suspicions, consider using money orders for bills, and maintain multiple bank accounts to spread funds.
Working in the cash-heavy industry comes with unique financial challenges, such as dealing with large amounts of cash, cashing out tips, and depositing money into the bank. The speaker in this discussion shares her experience of dealing with these challenges, including the need to deposit cash in smaller amounts to avoid raising suspicions from banks, and the potential for banks to terminate business relationships due to large cash deposits. She also mentions the use of money orders to pay bills in cash and the importance of having multiple bank accounts to spread out funds. Despite these challenges, she was able to use the money she earned to make a significant purchase, such as a dream house, by withdrawing funds from multiple bank accounts and combining them into a single check for the down payment. Overall, the discussion highlights the importance of careful financial management when dealing with large amounts of cash.
Importance of Financial Foundation for Dancers and Entrepreneurs: Maintain multiple bank accounts, save money, provide proof of income, network, seek advice, consider an LLC, and utilize LinkedIn jobs for hiring
Having multiple bank accounts and maintaining proof of income are important steps for dancers or anyone else looking to buy a home or start a business. The speaker shares her experience of learning from wealthy businessmen and the importance of saving money and having a solid financial foundation. She also mentions the challenges of providing proof of income for those who don't receive traditional paychecks. Another key takeaway is the value of networking and seeking advice from successful individuals and industry experts. Lastly, the speaker recommends considering the formation of an LLC for future business ventures. Additionally, LinkedIn jobs can be a valuable resource for hiring top talent who may not be actively searching for a new job but could be a great fit for your team.
Monetize your possessions on Airbnb, offset travel costs: Explore Airbnb hosting for hidden income opportunities, not all celebrities tip generously, some do like Usher and Drake.
There are hidden opportunities to make money from your possessions, specifically by hosting on Airbnb. This side hustle allows you to monetize what you already own and even offset travel costs. Additionally, some celebrities, despite their wealth, may not be generous tippers. However, there are exceptions, like Usher and Drake, who have been known to tip generously. Overall, exploring new ways to earn income and recognizing that not all celebrities share the same tipping habits can lead to financial gains. If you're considering hosting on Airbnb or working in the hospitality industry, keep these insights in mind.
Redefining the Perception of Stripping: Some view stripping as derogatory, others empowering. Personal experiences and societal stigmas influence perception. Dancers find joy and financial support in their work.
The perception of stripping and the experiences of those in the industry can vary greatly. While some may view it as derogatory or negative, others see it as empowering and confidence-boosting. Personal experiences can influence this perception, with some individuals reporting generous tips from celebrities like Drake and Amber Rose, while others encountering judgment and misconceptions. Regardless, many dancers find joy and financial support in their work, challenging societal stigmas and redefining what it means to monetize one's body or sexuality.
From short-term job to long-term career in stripping: Invest in yourself, budget and save, pay taxes quarterly, and make smart financial decisions, whether in the sex industry or not.
While some people may view stripping as a short-term job for frivolous spending, it can also be a long-term career with financial benefits if managed wisely. The speaker shares her personal experience of meeting genuine people and using her psychology degree to help them, as well as knowing individuals who have built successful businesses and real estate portfolios through dancing. She emphasizes the importance of budgeting and saving, and advises paying taxes quarterly to avoid a large year-end payment. Overall, she encourages listeners to invest in themselves and make smart financial decisions, whether they're in the sex industry or not.