I hope this is the right section to ask this question.
I did escorting years ago and I didn’t save any money nor did I have a plan. I’m not older and want to make sure I have a route out should I ever want to. I’ve always liked the freedom escorting brings but I accept I may not always feel like that.I’ve always been rubbish with money too but I want to be better. I’m curious to see what other people are planning. So my questions are:
-Do you have a plan for leaving?
-What do you hope to do when you leave?
-What steps are you actively taking to help yourself?
This is a great question. The first step of financial planning is building a plan for yourself, including goals, time lines, and risk you can accept over time. Then you can start saving and investing each week. I have no plans to quit escorting for many reasons including my mental health, but I've been investing for years which is a great sense of security for me.
I don't keep a strict budget, but I do save a set amount each week, which can vary depending on how many clients I see each day. My monthly expenses for my house, food stay the same, and I allow myself to go shopping for fun as long as I save too.
Bank accounts don't build wealth, so I invest most of my savings. I've been lucky to have many clients from the financial world, and they've taught me over the years how to invest, who to avoid and to keep fees low. I prefer mutual funds, and over time have built a portfolio mainly of UK, Europe, and US stocks. You have to be prepared for the value to rise and fall, but over years of time it consistently goes up. The longer you save for, the more risk you can take. I'm not sure if I can share the investment company I use here (it begins with a V), but PM me if you would like. I like them because of the low fees and simple, quality funds. I know some like crypto because it's been great this year, and I've done some crypto, but it is very speculative and value can disappear without earnings behind it. So be careful.
Once you have a plan, you can automate it so you don't cheat and waste your savings. The most important thing to remember is a little bit saved today means a lot more in the future, so do you really need that expensive new pair of shoes? When I want fun money, I just work a little more, or pre-COVID I would just do very high volume like a gangbang on some days. That gives me enough sense of accomplishment to treat myself, but even then I still save some of the extra income. Saving keeps me calm about money, and quickly becomes another habit.