Miata Adventures

Miata Edoga asked:


Everyone’s going out for drinks after class. There’s a bar down the street that has fantastic appetizers, and the cocktails aren’t too expensive, and it will be really good to connect with other people in the class, so never mind the fact that, with a couple of $7 drinks and an $8 plate of food and a 20% tip, that social hour ends up costing you $25. And you have class a couple of times per week, so that adds up to an additional $200 per month that you could really do with avoiding, but everyone else is doing it, and you don’t want to be the one to confess that finances are tight, and be a downer on the evening, so you go along and have a good time, but all the while feeling just slightly anxious because you know that most of this is going to end up on a credit card at the end of the month, and those bills are getting high sufficient as it is…

Does any of this sound familiar? I know this used to a steady occurrence when I first moved to Los Angeles to pursue my acting career. I would go out with friends after class, or rehearsal, and have a fantastic time, but there would always be that nagging voice at the back of my head telling me that I couldn’t afford this. So the question is: how does one stabilize the need for a social life with the realities of a tight budget? We have three different suggestions here.



1. Don’t attempt to keep up with the Joneses. We are in some ways fortunate, as artists, that we don’t have the pressure of some of our corporate counterparts in this area. For us, this area is more about dress and eating out than driving the newest Mercedes or living in the correct part of town. But it is still a factor. The need to “look good” is nearly beaten into us from an early age, so avoiding falling into this trap can be tough. Try shopping at a discount store instead of going to name-brand shops, or having coffee with friends instead of drinks (a $1.50 coffee is much easier on the wallet than a $6 beer). You will often find, particularly when it comes to socializing, that people are really happy not to be spending money, as they are all busy in keeping up with you as well, even if they cannot necessarily afford it either…



2. Forecast your fun. Forecasting is the process of projecting what your spending will be in any area of your life. The way to decide this is to complete a Chart of Expenses (email us at info@abundancebound if you would like one), from which you will be capable to see precisely what you are spending, on average, across the financial board. You can then decide exactly what areas you are overspending in, and where you can spend a bit more if essential. The key to this process is not denial, notwithstanding: not not remove categories as frivolous without serious consideration, because there is nothing like “forbidden fruit” for enticing you back. So never go into a month saying “I am not going to go out at all” – you are simply setting yourself up for failure. Instead, allocate a sure amount for “Eating Out”, or “Drinks”, or whatever other category you want, and then, when the end of the month comes around and you are near the end of your allocated funds, propose Denny’s instead of the local bar for those after class drinks.



3. Work together to save money. Given that most people are in the same boat as you when it comes to money, be the first one to broach the subject of saving money with your friends. There is such a taboo in this country about discussing one’s finances that most people go through life never saying more than the compulsory “I’m fine…” (generally a lie) or “I’m broke…” (but with no genuine attempt to solve the issues causing that situation). Break with tradition and work with others on ways to both save and make more money. You will be amazed at the ideas that come out of brainstorming these things with like minded individuals, so give it a go! At the very least, it will take the pressure off the next time you say “Make mine a water…”

So besides, I hope these pointers give you some ideas about how to have fun but still make sound financial decisions at the same time. Again, it is never about saying “I won

‘t go out until I’ve made $X.” That may work for some people, but I have yet to meet them. Instead, map out your spending, and put your money towards things that you will delight in. Instead of feeling guilty about buying a Ice blended latte every day, and then stressed about the $30 on drinks going out with friends, drink steady coffee instead. $1.50 a day instead of $3.50 is $14 per week you have saved, which is $28 every two weeks, which covers an evening out with friends every other week. Speak to people, and work out things together, and then stick to your plan. Your bank account and stress levels will thank you for it.



Casino Fun Collectibles

Miata Edoga asked:


 

What To Do With Your Tax Rebate?

 

“Economic Stimulus” is something at the forefront of everyone’s mind these days, particularly in the entertainment industry. With the Dollar at an nearly record low, gas prices soaring, the general economy spluttering, a costly WGA strike just in back of us and a possible SAG strike looming, things are looking a little cheerless.

 

Luckily, a little relief is at hand. As of May, those that have filed their income tax returns will be starting to get bonus checks in the mail; $600 for an individual, $1,200 for a family (check www.irs.gov for details on eligibility and timing). So the question on everybody’s mind is: “What do I do with my new found money?”

 

If you inquire the government, you spend it. All of it. After all, that is the point of an “economic stimulus” package: you give people money, which they go out and spend, which generates cashflow to numerous business that would otherwise go with out, which means more money they spend in turn on supplies, and staff, and taxes… you get the picture. Notwithstanding, unless you strongly feel it is your patriotic duty to blow through your upcoming $600 at Macy’s (or Target, depending on where you like to shop), we would encourage you to consider using this windfall as your very own, personal “economic stimulus” package…

 

So, if we accept that we are not going to do what GW and friends want us to do with our money (you insurgent, you), what to do with it? We would propose putting it into three distinct areas in your personal financial life.

 

1. Debt Relief – $200. If $600 is the quantity you end up with, then $200 of it should go to the credit cards. This should be on top of whatever quantity you are paying them besides, as it means the extra money will go straight to the knocking down the precept. Not only will this decrease your interest payment next time, but will feel fantastic as well – something that is all to uncommon when it comes to money, but is none-the-less crucial to work our way out of tight financial situations.

 

2. Wealth Account – $200. This is one of the cores of the Artists’ Prosperity System, and is fundamental to any wealth building process. All a “Wealth Account” is is a high interest savings account which you use to accumulate money in until you are ready to invest with it. We think highly of ING for this (www.ingdirect.com), and they always bid highly competitive rates, but there are certainly plenty of other institutions that are just as good – they can easily be researched online. What I want to stress with this account, before we move on, is that it needs to be liquid (ie you can get your money in and out of it easily), and that it is not a savings account, or an emergency account, or a travel account (all of which can be fantastic, but are separate from your wealth account). You only take many out of your wealth account to purchase assets, namely things that either generate money for your or increase in value. Nothing else. Ever. Period. Have I made my point.

 

3. Treat Yourself – $200. OK, so blow through some of the money, and feel fantastic about doing it! When else have you been given money to go out and spend? And it is for the good of the country! A genuine win win! So get out there and purchase a new shirt, or that pair of shoes you have been coveting, or a couple of games for the Wii, totally guilt free. Reward is an fundamental part of building wealth, because it makes the discipline necessary in other financial areas significantly easier to bear. So treat yourself. You have, after all, just paid an additional $200 towards your debt, and started a high interest account (into which you will be putting money regularly, accurate?), so now is the time to spoil yourself a little.

 

And that is it. Sweet and simple. Three areas into which to put your “free money” – and any other money that comes your way if you pick to. Some of you may, of course, want to put more into debt and your new wealth account than into a splurge for yourself, and that is fine. Just don’t take it out all together. As I said earlier, one of the keys to growing money is feeling good about it, so you really do need to reward yourself for having taken action on improving your finances. There are a number of places to go next but, if you really allocate your money into the three areas listed above, you have laid a fantastic foundation for yourself, and taken a powerful step down the road of financial security and prosperity.

 

 



Coffee Drinkers Hut

Kraig Johanssen asked:


Convertibles are in this summer. For those who have retractable top automobiles, this is the season to have fun with those automobiles. But for those who do not have yet the automobile, here is a direct to some of the bests in the market.

Some cars, however, are tough to buy because they are on limited production. Examples of these are the new Pontiac Solstice and Saturn Sky.

But wait! Some of those can be rented for a road trip. So could still have the chance to drive those convertibles.

The Solstice (base price $22,115) and Sky ($25,325) are both almost identical underneath. Because it comes with a longer list of standard equipment, the Sky is a bit more expensive. Base versions are sprint by a 177-horsepower, 2.4-liter four-cylinder engine and have an option of a five-speed manual or automatic.

Both have a performance variant: the Solstice GXP ($27,115) and Sky Reddish Line ($29,025). These variants are sprint by a 260-horsepower, turbocharged 2.0-liter four-cylinder.

Both cars have fuel economy that ranges from 20 to 22 mpg city to 26 to 31 on the highway.

In The Meantime, the Mazda MX-5 Miata hardtop is among the newest with a starting price of $24,945 (freight included), on the market. It has a metal top that retracts into the trunk. This feature turns this small two-seater coupe into a convertible.

With quality Mazda Miata parts, the Miata was first introduced with in 1989 in its ragtop version and revived the little two-seat roadster type. Last year, it was totally facelifted. And for this year, Mazda releases its first hardtop version.

Aside from the fun that tough top gives during summer, when it is closed, the car is totally protected from the weather and most road noise. It also makes the car more safe.

Nonetheless, the Miata still comes with a ragtop in four trim levels. These include the base five-speed manual transmission model with a $21,030 starting price.

It is powered by a 2.0-liter four-cylinder engine at 166 horsepower (163 with the optional six-speed automatic gearbox). Its fuel economy ranges from 22 to 25 miles per gallon in the city and 30 on the highway.

A soft top is standard with the Sky, Solstice and Miata.

Honda also has something to bid, the S2000. It is similar to the size of the Solstice and the Sky. This two-seat roadster costs higher than the Miata and even the high-powered versions of the Sky and Solstice.

With a generally aspirated 237-horsepower and a 2.2-liter inline four-cylinder engine, the S2000 costs $34,845 and can sprint either with a six-speed manual or four-speed automatic transmission. Because of its price, this car is not a hot seller. But Honda fanatics can still have this.

The BMW Mini Cooper convertible is also one of the suggested summer cars. It is available in two versions, namely: the base model ($22,600) and the turbocharged S version ($26,050). The ragtop version of the contemporary Mini, it has four seats but a tight one at the back. Standard with a five-speed manual gearbox and a six-speed manual transmission, the Cooper’s base engine is a 115-horsepower four-cylinder. The automobile is also available with a six-speed automatic. From the performance and manual models, fuel efficiency ranges from 23 city/32 highway to 27/35.

Ford offers the Mustang convertible in three versions for 2007: the base V-6 model ($24,820), the V-8 GT (starting at $31,265) and the Shelby Cobra GT 500 ($46,500), which is supercharged and high-performing. Its EPA ratings range from 15 to 19 city and 21 to 28 highway.

The Volkswagen New Beetle convertible, the ragtop version of the contemporary Beetle, is another suggested automobile. With a beginning price of $22,880, it comes with a 150-horsepower, 2.5-liter inline five-cylinder engine. It is available with either a five-speed manual or six-speed automatic with EPA ratings of 22 city/30 highway for both transmissions.

Other automobiles that would make your summer fun are the all-new four-passenger VW Eos, Chrysler PT Cruiser and 2007 midsize Sebring, 2007 Pontiac G6, BMW Z4 two-seat roadster and 3-series convertible for 2007, line ups of Mercedes-Benz and Audi, and the Jaguar XK and XKR.

Whatever automobile you pick, make certain you will accomplish the summer fun driving with the help of the car’s performance capacity.



Casino Fun Collectibles

Miata Edoga asked:


There is a lot of dire news at the moment. Not only are we still fighting two awful wars, but the economic world as we have know it for the last seventy years is collapsing from under our feet. The inventory market just took its biggest one day dive since the fantastic depression, and the fantastic bailout plan is hitting obstacles at every turn (I won’t get into that here, but for my take on that, please visit our blog at http://www.abundancebound.blogspot.com). So, given all this negative news, how are we supposed to do all the positive things essential to move our financial security, and hence our artistic careers, forward?

 

The reply is our focus. Consider this for a minute: what are you spending your time thinking about and focussing on? Chances are you will find it all too easy to spend every second of every day thinking about the surroundings, and the economy, and the Presidential race, and what your next audition will be, and where your rent is going to come from, and how will you find the money for your children’s tuition, and so on, and so on…

 

Apart From it isn’t healthy. Yes, there is a lot to be concerned about in the world nowadays, but what you need to inquire yourself is, how do you feel when you’ve spent an hour (or two or three) worrying about it all? Do you feel up-defeat, and eager, and ready to get out there? Or do you feel miserable, and inactive, and wanting to curl up in front of evil soap operas (if there are any other kind) for remainder of the day? Conversely, how do you feel when you’ve just worked out, and have finished a fantastic book, are are doing really well in class? Ready to take on the world, is the reply. 

 

So what has changed? The world is the same, all that is different is what section of it we are focussing on, and that is the reply: what has changed is our focus and, from that, our mental state.

 

Now, I am not saying to avoid the outside world: we are section of society, and have an obligation (in my opinion) to be a considerate part of that. Notwithstanding, we don’t have to spend all day every day thinking about what is going improper with the world. The Law of Attraction teaches us that we get more of what we think about. So, if we are dwelling on poverty and distress, do we really expect to have bliss and wealth coming into our lives? 

 

The trick to this is what motivational expert Brian Tracy calls The Law of Substitution. He says that the conscious mind can only really grasp one conception at a time, so that, when a negative emotion or notion enters your mind, you can replace it instantly with something positive. Do this consistently, and you are well on the way to achieving a usually positive outlook on life. So, next time you begin to feel down about yourself, or your career, attempt saying “That conception is trying to trick me and make me sad…” and then focussing on what you want your career to look like. When finances are getting you down, look instead at what opportunities exist in this current climate, and recall what Warren Buffet says – “Be stunned when others are greedy, and greedy when others are terrified”. Why is he a good example? When everyone else is panicking and pulling out of the markets, he just bought a $6 billion part of Goldman-Sachs… speak about focussing on the upside, even if it is 5 to 10 years in the making.

 

All this is to say pick your focus, don’t just happen upon it. Consciously lead your attention onto things that support and benefit you the majority of the time, and watch as your the world around you aligns with your new thoughts…

 

 

 

 



Coffee Drinkers Hut

Miata Edoga asked:


Anyone who has been around our community for any duration of time will have heard us speak about the value of having a long term vision of what your perfect life would look like. The justification for this is that we, as people, need to be drawn towards what we craving as opposed to running away from what we don’t. In other words, we need to put the law of attraction to work for us, and to do this we need to focus on what we want rather than what we don’t want.

The other fundamental thing about a colossal, long term vision is that it will keep us moving forward through the inevitable obstacles that will seem in our way. Visualize traveling across a plain strewn with massive boulders: if what you are heading for isn’t much bigger than the boulders, you will quickly renounce because it is no longer in sight. Visualize, however, that your destination is a mountain instead of a hillock: how much easier is it now to keep heading in the accurate direction? It all comes down to having a strong, long term vision, and then working out what you need to do to get there: this is something that should be taught, in my opinion, in acting schools year one, because it is so necessary to artistic success.

When it comes to investing, the same thing applies. From 1977 to 1990 Peter Lynch, arguably one of the greatest investors of all time, increased the value of the mutual fund he was in charge of (the Loyalty Magellan Fund) from $20 Million to $14 Billion, recording an average 29% annual growth, and providing one of the most lucrative investment automobiles of the century. Yet, when he looked back at his numbers, he saw the most disturbing and weird thing: the majority of investors in his fund actually lost money.

How is this possible? For people that rode this wave, the value of their money was doubling every 2 ½ years: investors should have been gratified, and yet most people who bought Loyalty stock lost money on the bargain. Why? Because, as Lynch himself found out, people would leap in and purchase after good quarters – when the inventory price was up a bit – and then sell when the quarterly reports did not look so rosy. They were, in actuality, buying high and selling low, something that any high school student with a modicum of financial education could tell you was a evil idea.

So what was the motivating factor in back of that type of panic buying and selling? Dread. The same thing that keeps us locked into situations long after they have become untenable, or at jobs because “better the devil you know”, will kill any possibility of success, either financial or in our acting career. People would look at the short term results and either get eager and purchase, or get troubled and sell. This type of approach to anything, let alone investing, will crush you. As Lynch himself says:

“…stocks are relatively predictable over twenty years. As to whether they’re going to be higher or lower in two to three years, you might as well flip a coin to determine.”

The same remark might well be made about our artist development, or our job prospects: we might be up some years, and down others, but as long as we have the correct mentality – and by that I mean long term thinking – we will see stable progress. It used to drive me nuts in LA when I would hear people say “I’m going to give this acting thing a attempt for a few months, see how it works out”. I wanted to slap them and say “It takes years to build an acting career, not months, so why not take yourself back to wherever it is you came from, and desist giving remainder of us a evil rep!” You would never desist painting because you didn’t sell a part, nor would you quit acting school because you didn’t have an audition for a couple of weeks. What keeps us going through these situations is our long term vision of what our artistic goals are: the same thing will keep us going towards our financial goals as well.



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