You know that The Debt Free Guys are all about making money, but we are also about saving money too!
Saving Money in Dickinson
Some of David’s family lives in Dickinson, North Dakota dontcha know? What was once a quiet, small town is now booming because of the oil fracking just north of Dickinson. As David’s uncle shared, people who once barely earned $40,000 annually are now millionaires several times over.
In fact, David’s aunt and uncle helped with the building of a house of an attorney whose father owns a large percentage of leases of North Dakota’s oil wells. The house the attorney built is 7,999 square feet. Why not 8,000 square feet, you ask? Because North Dakota law requires any building 8,000 square feet or more to have a sprinkler system. The attorney didn’t want to pay extra for a sprinkler system. It’s nice to know some millionaires are still concerned about every penny.
The attorney did, however, see the need to install a tree house type structure in between the walls and stairwell of his house. This is for his kids to climb up and then slide down the winding slide to their playroom in the basement. There is, also, a wine cellar in the basement. It seems perfectly logical to us as adults to use the winding slide to get a bottle of wine.
More Money More Problems
It’s well known that this oil boom has created a surplus of jobs that have caused oil workers, predominately men, to migrate from all over the globe to North Dakota. North Dakota is the man camp capitol of the world.
Of course, this influx of prosperity and people has its down sides. Crime and traffic have increased. A bit of inflation has taken place, which hurts those who aren’t wealthy. What’s, also, increased are what one may call “exotic dancers”. David’s uncle told us how he “heard” that some dancers earn $3,000 a night (confirmed here). Being all about saving money, this caught our attention.
A woman who dances three nights a week for five hours a shift can earn up to $450,000 annually (3 nights/week for 50 weeks), much of it under the table. That’s $400,000 more annually than the average household that often includes dual incomes.
Dancing Money to Retirement Money
We’re not promoting this as a career choice. Our hope is that the women who do choose this career, even if temporarily, fully take advantage of their opportunity. If they invest $33,333 of their monthly earnings or $400,000 of their annual earnings, they could have $2,000,000 in five years just from savings alone. If they invest and earn a modest 7 percent, they’d have nearly $2,500,000 during that same time. For those who can flit a 10 year career, they’d have $4,000,000 from savings alone and nearly $6,000,000 at 7 percent interest.
Assuming most dancers are in this profession for five years in their twenties, if they never invest another dollar, their $2,500,000 could turn into nearly $20,000,000 in 30 years at the same 7 percent interest rate.
That’s the kind of retirement account most only dream of having. Of course, as with most people, regardless of career choice, the diligence is the hard part. Avoiding all the financial distractions that exist in every town and city across America is challenging. If the North Dakota women who choose to dance in G-strings are diligent with their earnings, savings and investments, they could position themselves for the financial security often only accomplished by those in the C-suites.
If you are looking for some great ideas for making and saving money on the side without having to get on a pole, give these 4 ways a try.