Six Figures Bartending

Off Topic
41

[quote]SkyzykS wrote:

[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]

This is how I always thought you built good credit but maybe there’s just different ways to skin a cat.

42

[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]

Credit cards are stupid if you don’t pay the balance on time or if you spend more than you have.

If you only have $100 and charge $1000 to a card, you are in debt for 10x more money than you have, plus interest, for example. Stupid.

If you have $100 and you spend it on your card, then pay your balance off immediatly however, you can build credit and stay within your means.

And if you get a cash rewards card and have $100 but spend $100 on your card and pay it off on time (avoiding interest) you will get maybe 3% back and actually got $100 for $97 dollars.

The problem is most people won’t be disciplined enough to use the card intelligently and will just charge shit they couldn’t afford before, still can’t afford and then have to pay interest on.

But they won’t because they can’t and then the world’s economy crashes, banks fail, home loans are forclosed on, and the people who could never afford the shit they borrowed to buy in the first place cry bloody murder, elect a president who plays robin hood and steals from financially responsible people to give money to financially irresponsible people so they can start the process all over again.

Except now there is less money circulating in the economy because the real cash, actual revenue, was stolen from the wealthy and from corporations in the form of increased tax and thrown in to the black hole of bad loans and poor decisions and we experience a “double dip recession” an amount of times that remains to be seen as the now highly taxed corporations have less capital to create jobs with that people can earn money from to pay their loans which would simply and ultimately end the madness world wide.

43

Have you ever read dave ramsey’s stuff by chance? Your points are almost spot on with his total money makeover book.

That book helped me out of all my debt in 2 years.

/hijack

44

[quote]Christine wrote:

[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]

Very true. Of course after an amount of time of successful money management and investing, it is possible to cruise around in a brand new Range Rover traded in for each new model, designer clothes, eat at all the fancy restaruants and take bitches home to highrise with out worry because the money you have invested is paying returns above what you are spending (You still have to live within your means though).

It just depends on which side of the interest line you are on. Is it working for you or stealing from you?

45

[quote]Paste42 wrote:

Have you ever read dave ramsey’s stuff by chance? Your points are almost spot on with his total money makeover book.

That book helped me out of all my debt in 2 years.

/hijack[/quote]
No. I’ve heard him on the radio though.

Dave Ramsey did an excellent job marketing common sense. Any joe blow with a BS Business Degree can tell you Dave Ramsey’s formula.

He is a highly paid, self-employed Finance 101 Professor.

46

[quote]HoustonGuy wrote:

[quote]Paste42 wrote:

Have you ever read dave ramsey’s stuff by chance? Your points are almost spot on with his total money makeover book.

That book helped me out of all my debt in 2 years.

/hijack[/quote]
No. I’ve heard him on the radio though.

Dave Ramsey did an excellent job marketing common sense. Any joe blow with a BS Business Degree can tell you Dave Ramsey’s formula.

He is a highly paid, self-employed Finance 101 Professor.[/quote]

It’s a good read for beginners for sure. Anywho, thought I’d ask.

47

[quote]Paste42 wrote:

[quote]HoustonGuy wrote:

[quote]Paste42 wrote:

Have you ever read dave ramsey’s stuff by chance? Your points are almost spot on with his total money makeover book.

That book helped me out of all my debt in 2 years.

/hijack[/quote]
No. I’ve heard him on the radio though.

Dave Ramsey did an excellent job marketing common sense. Any joe blow with a BS Business Degree can tell you Dave Ramsey’s formula.

He is a highly paid, self-employed Finance 101 Professor.[/quote]

It’s a good read for beginners for sure. Anywho, thought I’d ask.[/quote]

Not bashing him. He gives very sound, factual advice. I disagree with his stance on insurance though. Multi millionaires don’t need it per se (would be stupid not to have it though) but his clients, average earners, sure do.

One bad car wreck, a month in the hospital and all the corresponding medical issues included and his client earning an average income is in debt for the rest of his life if he didn’t have insurance. Plus he potentially can’t work to earn an average income any more.

But Dave ramsey was smart to publish his sophmore year finance notes. I wish I would have thought of that to tell you the truth.

48

[quote]HoustonGuy wrote:

[quote]Christine wrote:

[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]

Very true. Of course after an amount of time of successful money management and investing, it is possible to cruise around in a brand new Range Rover traded in for each new model, designer clothes, eat at all the fancy restaruants and take bitches home to highrise with out worry because the money you have invested is paying returns above what you are spending (You still have to live within your means though).

It just depends on which side of the interest line you are on. Is it working for you or stealing from you?
[/quote]

I totally understand where you are coming from, but I really don’t want a lot of stuff. (although I do have a bit of a shoe addiction) The green eye monster doesn’t emerge when I see someone with expensive items. (save shoes, of course)

If I fell into a vat of millions, I’d probably end up giving most of it away to charities.

49

[quote]Christine wrote:

[quote]HoustonGuy wrote:

[quote]Christine wrote:

[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]

Very true. Of course after an amount of time of successful money management and investing, it is possible to cruise around in a brand new Range Rover traded in for each new model, designer clothes, eat at all the fancy restaruants and take bitches home to highrise with out worry because the money you have invested is paying returns above what you are spending (You still have to live within your means though).

It just depends on which side of the interest line you are on. Is it working for you or stealing from you?
[/quote]

I totally understand where you are coming from, but I really don’t want a lot of stuff. (although I do have a bit of a shoe addiction) The green eye monster doesn’t emerge when I see someone with expensive items. (save shoes, of course)

If I fell into a vat of millions, I’d probably end up giving most of it away to charities. [/quote]

It’s all perspective.

50

[quote]HoustonGuy wrote:

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.

[/quote]

Yes. Bulking with steak and protein supplements may put you in the poor house.

51

[quote]HoustonGuy wrote:

[quote]Paste42 wrote:

[quote]HoustonGuy wrote:

[quote]Paste42 wrote:

Have you ever read dave ramsey’s stuff by chance? Your points are almost spot on with his total money makeover book.

That book helped me out of all my debt in 2 years.

/hijack[/quote]
No. I’ve heard him on the radio though.

Dave Ramsey did an excellent job marketing common sense. Any joe blow with a BS Business Degree can tell you Dave Ramsey’s formula.

He is a highly paid, self-employed Finance 101 Professor.[/quote]

It’s a good read for beginners for sure. Anywho, thought I’d ask.[/quote]

Not bashing him. He gives very sound, factual advice. I disagree with his stance on insurance though. Multi millionaires don’t need it per se (would be stupid not to have it though) but his clients, average earners, sure do.

One bad car wreck, a month in the hospital and all the corresponding medical issues included and his client earning an average income is in debt for the rest of his life if he didn’t have insurance. Plus he potentially can’t work to earn an average income any more.

But Dave ramsey was smart to publish his sophmore year finance notes. I wish I would have thought of that to tell you the truth.

[/quote]
I haven’t read through any of his books other than total money makeover where he doesn’t discuss insurance at all if I remember correctly. Every financial guru has general principles that can be adapted to your lifestyle. At least that what you would think, some people need a step by step plan.

Edit: I don’t know where I was going with that but meh…

52

[quote]SteelyD wrote:

[quote]HoustonGuy wrote:

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.

[/quote]

Yes. Bulking with steak and protein supplements may put you in the poor house.[/quote]
It is possible! Unless of course you balance your books during a cutting phase to pad the bulking grocery bills…

53

[quote]HoustonGuy wrote:

[quote]Christine wrote:

[quote]HoustonGuy wrote:

[quote]Christine wrote:

[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]

Very true. Of course after an amount of time of successful money management and investing, it is possible to cruise around in a brand new Range Rover traded in for each new model, designer clothes, eat at all the fancy restaruants and take bitches home to highrise with out worry because the money you have invested is paying returns above what you are spending (You still have to live within your means though).

It just depends on which side of the interest line you are on. Is it working for you or stealing from you?
[/quote]

I totally understand where you are coming from, but I really don’t want a lot of stuff. (although I do have a bit of a shoe addiction) The green eye monster doesn’t emerge when I see someone with expensive items. (save shoes, of course)

If I fell into a vat of millions, I’d probably end up giving most of it away to charities. [/quote]

It’s all perspective.
[/quote]

It is and I am not knocking anyone who wants a bunch of material items. Sure, money can make life easier, but while I have no desire to be poor, I also have no desire to be rich.

54

[quote]DJHT wrote:

[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]

It’s a blessing in disguise really. The whole mortgage industry has gone to hell in a handbasket with regulation after regulation after restriction and guidelines becoming more conservative each month. Then in March they capped the commission you could earn per loan, so I was probably going to decide to get out anyway. So by not allowing me to become licensed (due to my felony) they probably did me a favor. It pisses me off more than anything else because I’m actually a very good loan officer. I can count the number of loans I’ve written that have gone to foreclosure on one hand. But it’s no use complaining - I was denied after several appeals, so it’s “illegal” for me to originate loans anymore.

It was a good run though. I made A LOT of money and I am comfortable, so I’m bartending now so that I don’t use up my savings/investments. Like I said, it’s kinda feels like I’m on vacation! I’m not sure what I’m going to invest in next - probably a small electrical contracting company or something along those lines. But right now I’m just having fun.

Thanks for the concern.

55

[quote]angry chicken wrote:

[quote]DJHT wrote:

[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]

It’s a blessing in disguise really. The whole mortgage industry has gone to hell in a handbasket with regulation after regulation after restriction and guidelines becoming more conservative each month. Then in March they capped the commission you could earn per loan, so I was probably going to decide to get out anyway. So by not allowing me to become licensed (due to my felony) they probably did me a favor. It pisses me off more than anything else because I’m actually a very good loan officer. I can count the number of loans I’ve written that have gone to foreclosure on one hand. But it’s no use complaining - I was denied after several appeals, so it’s “illegal” for me to originate loans anymore.

It was a good run though. I made A LOT of money and I am comfortable, so I’m bartending now so that I don’t use up my savings/investments. Like I said, it’s kinda feels like I’m on vacation! I’m not sure what I’m going to invest in next - probably a small electrical contracting company or something along those lines. But right now I’m just having fun.

Thanks for the concern.[/quote]

Whatever you do you will succeed you didnt get this far without learning a trick or two.

Just hate to see good people go through shit.

DJ

56

[quote]Christine wrote:

[quote]HoustonGuy wrote:

[quote]Christine wrote:

[quote]HoustonGuy wrote:

[quote]Christine wrote:

[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]

Very true. Of course after an amount of time of successful money management and investing, it is possible to cruise around in a brand new Range Rover traded in for each new model, designer clothes, eat at all the fancy restaruants and take bitches home to highrise with out worry because the money you have invested is paying returns above what you are spending (You still have to live within your means though).

It just depends on which side of the interest line you are on. Is it working for you or stealing from you?
[/quote]

I totally understand where you are coming from, but I really don’t want a lot of stuff. (although I do have a bit of a shoe addiction) The green eye monster doesn’t emerge when I see someone with expensive items. (save shoes, of course)

If I fell into a vat of millions, I’d probably end up giving most of it away to charities. [/quote]

It’s all perspective.
[/quote]

It is and I am not knocking anyone who wants a bunch of material items. Sure, money can make life easier, but while I have no desire to be poor, I also have no desire to be rich.[/quote] That’s cool. I think the happiest people are those who can be in the moment and love it.

There will always be a carrot dangling in front of people chasing material things no doubt. Some would call the chase drive, others vanity I suppose.

I personally like some expensive things and could care less about others. My personal theory is to give myself as many options as I can.

I want to have the money to buy everything, even if I don’t want anything, in case I change my mind.

I guess the phrase “It’s better to have too much than not enough” is more efficient.

57

[quote]HoustonGuy wrote:
That’s cool. I think the happiest people are those who can be in the moment and love it.

[/quote]

All of life is a series of moments…

58

[quote]TheBodyGuard wrote:

[quote]HoustonGuy wrote:
That’s cool. I think the happiest people are those who can be in the moment and love it.

[/quote]

All of life is a series of moments…[/quote]
Yes and if you get too wrapped up in trying to control them, they lose their magic.

59

[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]

For a bartender to make that much here…he would have to be following some alcoholic Texans player around 24/7.[/quote]

LOL

60

[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]

But you would alr been ahead of the game than other ppl in this debt crisis with a good debt and ZERO bad debts