Whether you are just starting out, or have been an adult entertainer for a while, you must have an Exit Strategy. For those who are not familiar with this, it’s a plan that will allow you to leave the business with something to show for all your hard work when, for whatever reason, you cannot do it anymore. You are burnt out, or your life situation has changed, and it is time to leave the business. Your Exit Strategy will allow you to leave on your terms.
But it requires some planning, financial discipline and focus. Every single entertainer should understand that this line of work is temporary thing, it’s not a career you can have forever and retire at 65. What it should be is a way to reach your goals. You should enter into the business with a plan and the determination to overcome any obstacles that may keep you from reaching your goals. Maybe it’s getting through medical school, paying off debt, buying a house, or building up a nice nest egg.
Whatever it is, your plan is to know how much money you need to make, what the time line is, and devote yourself to reaching that goal. Decide how long you want to work, how much you can save each month, and design and organize your schedule so that you can set aside that amount every month. Part of that plan is to legitimize your business, keep good records, and file tax returns. Not only are you paying taxes and contributing to your social security account, you are establishing a good financial profile and good credit (try to buy a car or house without having filed tax returns or a good credit score).
I recently interviewed a new client who was grossing about $15,000 a month. She had a closet full of Prada purses, and designer shoes, a luxury car and rented waterfront condo, and not one dollar in a retirement plan or savings account. At 25 years old, she was living the high life, making very good money, but saved nothing, had no plan. I asked her, how long did she want to work? Did she have any goals? She said she wanted to buy her own home or condo, but had no idea how to do that. When we sat down and figured out her monthly living expenses, with some “extra” set aside to treat herself (just like every failed diet we have ever been on, if you don’t treat yourself occasionally, you will binge, and the diet ultimately fails), we found she could save over $5,000 a month. She is now putting money away to buy a condo and starting a retirement plan. She believes she can continue to work as an adult entertainer for another 5 years. If she sticks with her plan, she will not only have saved enough to buy a condo, but will have a 6-figure retirement account. She has a plan (work 5 years and save $5,000 a month), and a goal (buy a condo and put money in a retirement plan).
That plan may be adjusted as time goes by and her situation changes, but the point is she is using this time in her life to set money aside when she can, and developing good spending/saving habits. This is a plan anyone can tailor to their needs, whether you are making $5,000 or $15,000 a month. My grandfather used to say, “Make hay while the sun is shining.” Do what you do in the adult entertainment business while you can, because it won’t last forever.
Ask yourself, what do you want to do with the rest of your life? What are you good at? If you are an adult entertainer because you are not sure what to do, have no skills, or are unemployed, look upon this as an opportunity to make the money you need to meet your goals. If you don’t have a plan and goals, you will be left with few options when you leave the business. Having a plan will motivate you and empower you to work hard and save. Learn to resist the temporary rush of purchasing things that in the end do nothing to help you reach your goals. Will you be ready to “retire” when you can’t do it anymore?