HooBoy's Advice to Me -- Stock Help from HooVillians?

[SAdler]

Odd way and timing of asking this.

 

I still can't put into words what HooBoy has meant to me over the years. It may seem cliche but he was almost like a father to me dispensing advice from his years of observations and overseeing this world in which we all exist.

 

I do intend on writing something more substantial about him but even at this time the thoughts of his passing flood my mind and I am without words for what he truly meant to me.

 

What I will do is try to continue on in my life adding to it the knowledge and guidance he imparted upon me. We constantly discussed the fact that escorting has been a hobby and in part a source of enjoyment in my life. My monetary commitments are pretty well taken care of by my family and my tax cover job, so in essence all my earnings in this field are surplus.

 

His advice to me was always not to be frivolous and immature by spending money on things I don't need but to save it and even at some point invest. At this time I think it's best that in my life I carry on his memory through his advice.

 

So being this is HooVille, I would assume there are brokers or financial people in the midst. If any of you are local to Los Angeles (or New York since I'm always there) and wouldn't mind me booking YOUR time (for a change) I'd greatly appreciate any help or guidance you could impart upon me.

 

Thanks in advance...

[Guest Dan]

Scott,

 

From what I've heard from others, one way to save money, is to 1) live BELOW your means (which in your case means Bloomingdale's instead of Neiman's or Barney's!) and 2) DON'T EAT OUT! It seems that more than bad investing, people who have made a lot of money and failed to save adequately is that they went out to eat a lot.

 

Dan Dare

LA, CA

[Funseeker 22]

Dan,

Being a little judgemental aren`t we ?

Scott`s just asking for advice. I think ? :-)

[+ deej]

Oh, I didn't read Dan's post as judgemental at all.

 

It's actually pretty good practical advice, for saving money. Doesn't do much for stock/investment help, but eating out really IS considerably more expensive than eating at home.

 

I have a friend who's pretty annoying about it. We'll go out to a fine restaurant and have a really great meal, wine, dessert ... and then she'll say "I could've cooked this at home for about 9 bucks ... what are we paying?" ;-)

 

She backs down when I point out we wouldn't get the cute waiter with the great ass at her place. (And yes I say it VERY carefully.)

[JT Brooklyn]

Well.. unless you can get the 40% Discount some of our Gay Sisters in NYC get at Bloomies, who are in the Rag Trade.. I would bypass Bloomies also. But going by SAdler's Hot photo in his briefs, I don't think he spends that much time in Restaurants anyway! :+ :+ :+

[Guest Dan]

Thanks, Deej,

 

You're right. I wasn't judging Scott at all, but giving some practical advice...as well as being playful!

 

 

Dan

L.A., CA

[SAdler]

Heh heh. Let me refer you to my favorite waiters at Off Vine who have asked how it is I am able to consume one of every course and still walk out of their of my own recognaissance.

 

As for not shopping at Neimans and Saks and Barnies (oh my) ... well ... does eBay count as long as it's packaged new? I mean, lately Bloomingdales has been pretty on par with Barneys for some unbeknownst to god reason. heh heh

 

That was kind of the point of my posting though. The advice in total wasn't simply to invest, it was not to be a little scene queen and waste my income on frivolous purchases. I'm well aware I can cook (yes, I'm quite good at it -move over Martha-) a turkey burker with all the fixin's for an eighth of what it would cost to buy the meal.

 

Thanks guys

[+ deej]

Clothing can become a real cult.

 

One Christmas, I opened a package from my sister and it contained a lovely shirt emblazoned with the Abercrombie logo. I went to my suitcase and pulled out EXACTLY the same shirt without the logo, that I'd bought at K-Mart for a lot less than what she'd spent.

 

(She got a little grumpy, but I was LOL.)

 

Do you know the difference between Old Navy, The Gap, and Banana Republic? (I think those are the three.) A little old lady in Ohio sews in a different label, and they charge more at Banana Republic. It's the same merchandise otherwise.

 

Wear what looks good on you (which should be easy), but don't pay premium dollar for it when the same is available elsewhere for less.

 

Don't be a label queen.

[Luv2play]

I only have one word of advice. Pay off your credit cards each month, don't carry a balance, EVER. The interest costs will eat you up. x(

[Guest RandyRon]

Using a financial advisor is fine but you need to do your homework as well. Investing can take many twists and you need to be knowledgeable about the basics. Do you want to do individual stocks, funds, CDs, real estate, etc? Even with an advisor, you need to understand the risks and benefits of each type of investment. My advice is start taking reading a magazine like Money to get familiar with the jargon if nothing else.

[Guest CTguy]

Two pieces of financail advice - Own your own home, DON'T rent. Pay yourself first, every paycheck put a little away for yourself in Stocks, Bonds, Mutual Funds or whatever you feel comfortable investing in based on your own risk level. If your employer has a 401k Plan contribute the maximum amount, you will realize you won't miss the money.

[SAdler]

Ahhh you've discovered my secret of why I open up my availability at the end of the month. Curses. Foiled again!

[SAdler]

Ahhh you've discovered my secret of why I open up my availability at the end of the month. Curses. Foiled again!

[SAdler]

Yes and No. The concept behind your story is true but not accurate. GAP Inc. owns Banana Republic and Old Navy. This is true. But by NO means are they of the same quality.

 

Anyone who's walked in a pair of Old Navy pants and cant find the pocket seam anymore after a week can vouch for that But yes, GAP and Banana have practically identical lines with different labels and different prices

 

As for being a label queen. I'm not the type who has to be wearing this years in season but there are CERTAIN clothiers and designers that just fit me better. Unfortunately they happen to cost more. I love K-Mart, for electronic and toiletry goods etc. But their clothing is cut to fit EVERYBODY.

 

It's not just wear what you like, it's wear what makes you like you in what you're wearing

 

And in the words of my dear Bubby, "If you should have to wear a designer, don't let me catch you paying retail! These fekakta faygelahs and their fashion. Oy."

[+ Charlie]

I have followed one simple rule through my whole life: don't buy anything (except a house) if you can't pay cash for it. If you put anything on a credit card, pay the full balance before any interest is charged. It's wonderful discipline.

[bootdad]

>Clothing can become a real cult.

>

>One Christmas, I opened a package from my sister and it

>contained a lovely shirt emblazoned with the Abercrombie logo.

>I went to my suitcase and pulled out EXACTLY the same shirt

>without the logo, that I'd bought at K-Mart for a lot less

>than what she'd spent.

>

>(She got a little grumpy, but I was LOL.)

>

>Do you know the difference between Old Navy, The Gap, and

>Banana Republic? (I think those are the three.) A little old

>lady in Ohio sews in a different label, and they charge more

>at Banana Republic. It's the same merchandise otherwise.

>

>Wear what looks good on you (which should be easy), but don't

>pay premium dollar for it when the same is available elsewhere

>for less.

>

>Don't be a label queen.

 

Let me assure you there are no little old ladies in Ohio or anywhere else in America doing much commercial sewing these days. That work was exported to a vast array of 3rd world countries (we now politely for PC reasons) refer to them as emerging economies way back in the early 90's. The most recent trade journal I read highlighting shifts in the fashion industry claimed that more than half of all the clothing that will be shipped to retailers in North American and Europe will be manufactured in China before the end of this decade. Currently about 1 in 9 containers arriving at any US port destined for Wal-Mart originated in China. Ah - it is a very different world we live in now kids.

[joel304]

China's a third world country?

[Bilbo]

I notice that no-one is mentioning any specific stocks. Perhaps we shouldn't? In that case, someone flag this for the monitors. I've always been very pleased with my bank stock, BBT.

[Guest Dan]

>Two pieces of financail advice - Own your own home, DON'T

>rent. Pay yourself first, every paycheck put a little away

>for yourself in Stocks, Bonds, Mutual Funds or whatever you

>feel comfortable investing in based on your own risk level.

>If your employer has a 401k Plan contribute the maximum

>amount, you will realize you won't miss the money.

 

Great advice, but you forget that Scott lives here in L.A. If you're lucky, you can find a half way decent one bedroom condo in the city for $500,000. Tiny houses in West Hollywood start at $800,000 and if you're lucky, you might get TWO bedrooms. In the Valley, $700,000 gets might get you a starter house in Encino, but trust me, no one's going to be confusing it with Tara!

 

At least it's not like New York where you pay $500,000 for a studio and have those horrendous maintenance fees on top of your mortgage!

 

OUCH!

 

 

Dan Dare

http://male4malescorts.com/reviews/dandarela.html

[+ deej]

>Let me assure you there are no little old ladies in Ohio or

>anywhere else in America doing much commercial sewing these

>days.

 

Oh, I'm well aware of that. But it makes a better story my way. :9

[HotdadENYC]

>At least it's not like New York where you pay $500,000 for a

>studio and have those horrendous maintenance fees on top of

>your mortgage!

>

>OUCH!

>

 

Not to stray too far from the original thread, but .....

 

....For the record, the average selling price of a studio in New York City is around $200,000. Those are the typical closet size apartments, with a view of the brick wall of the adjoining building.

 

For studios in more glamourous buildings, with at least an enhanced view of an adjoining bathroom or bedroom in the next building, the price goes up, as high as another $100K.

 

Maintenance costs in NYC have actually remained pretty competitive, according to the National Coop Board. Its shopping in those trendy upper east side supermarkets that takes a bite out of your income.

 

I'm not a real estate expert, by any means. But I am president of our little coop, belong to the National Coop Board and just sold my little studio on the upper east side.

 

By comparison, rents in New York City are at an all time low. There is much too supply and too little demand. Two years ago, a studio sublet could fetch $1700 a month, easily. Now, at least four studio apartments in my neighborhood and two in my very own building are renting for $1000 - $1100.

 

The old adage about buy vs. rent gets called into question every so often, especially in our volatile real estate market.

 

Best Wishe$

 

hd NYC

[bootdad]

Only to the hundreds of millions folks living in rural China trying to find a factory job that pays more than 3 kernals of rice a day.

[bootdad]

>China's a third world country?

 

Only to the hundreds of millions folks living in rural China trying to find a factory job that pays more than 3 kernals of rice a day.

[eastbayguy]

Sadler,

 

I sent you a private message a while back regarding this thread. Did you receive it?

 

--EBG

[Richard]

Dear Scott,

 

There has been some very good advice here. Scott, you are a young man who will doubtless have a long and successful career in your chosen field. You are smart enough to use yours natural assets to reap significantly larger rewards than doing the retail thing at Banana Republic (but he looks very cute in the clothes I'll bet)

 

The question is what to do with money. First, since you are dealing with cash, you need to avoid attracting the curiosity of the IRS and believe it or not, Homeland Security. It is better to make many small deposits than occasional large ones. Pay cash for the smallish routine things that others might charge (a meal, groceries, a new pair of shoes). Once money is in the system, it will be subject to taxes, which is a necessary, but unavoidable fact of life.

 

By all means, if you can avoid it, never carry a balance on a credit card because it is money out the window. I had a period of it in my life and I want to kick my own ample ass for the amount of money that went out the window that way.

 

You have to show you can manage credit effectively and you need to protect your credit rating and keep your FICO score above 700 because you will want prime interest rates when you buy or lease a car or want to purchase your first condo/home. Be sure to pay all your bills on time.

 

Then, if you do not to actively follow the markets, which will make you crazy, get yourself to a good broker. You're really young, so you can weather the storms of up and down markets and still come out great. I use a group at Merrill Lynch, recommended by very successful friends. ML's fees aint low, but their research resources are excellent and they have taken very good care of me. Like lots of brokers, they had me complete an assessment to determine my risk tolerance and set up a number of mutual funds for retirement and direct ownership of stocks for my trading account. They can talk to you about growth, income, and growth & income goals based on your near, mid, and long-term plans. They should also talk taxes with you and the prospect of using a CPA next year once you have more visible, public assets. You should arrange to give them money to add to your accounts periodically.

 

Not to dwell on taxes, which consumes a lot of interest right now given the proximity of April 15, about the only kind of debt you shuld consider is deductible debt, which mostly means student loans and mortgage interest. When you can and when you know where you want to live, I really do recommend that you buy a place, whether it's a studio condo or a big house with a pool. You need to start someplace and although I fully expect real estate growth will not be as high as in the last few years, it won't collapse (and if it does, don't panic, don't move and try to ride it out). The capital gains exemption of up to $250,000 after living there for 2 years is tax free money. Some people start buying investment properties, which are often great for growth, but can be quite poor for income, but in the right market can be a very good thing. You don't get the $250,000 capital gains exemption, but you can keep swapping it for other more profitable properties. It's called a Starker Exchange.

 

My final tax comment is to look into any type of retirement fund which is tax deductible. I know it's decades away for you, but anything you can do to reduce your taxes legally is a good thing. Even a modest return will beat an investment made on post-tax money because that investment needs to beat your tax bracket. And there are times when you can call upon those funds even before retirement.

 

And, by all means, please do not become money obsessed. It will ruin you and your friendships. In general, I won't talk about money , salaries, etc. with friends because I think it's in poor taste, will lose you some friends who resent it and may make you wonder if the only friends you have are there because they want your money or never having to pick up a checkm etc. On the other hand, enjoy the comforts that can come with having some extra disposable income, just keep that happy balance.

 

Wow, this was a long post. Regular readers looking for escort exploits will be sorely disappointed.

 

Good luck.