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#436079 - 08/16/17 10:18 AM
Re: How many gigs just to pay for equipment?
[Re: guitpic1]
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Senior Member
Registered: 01/02/04
Posts: 7285
Loc: Lexington, Ky, USA
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As far as performing equipment goes, I try to pay for a new piece with one recording (sound score) job. They are 30 hour marathons that pay at lease $150.00 per hour.
If I can't pay for equipment in a job or two (I usually book an extra job when I get the equipment "Jones"), I don't need it.
I don't have much of a studio...)use a large one in Louisville), I'm not constantly updating. All I need is enough to output client roughs.
In the future, it will be, sell or trade an existing piece for something new, or do without. With over 300 stringed instruments, 45 amplifiers and over 50 keys, I "ain't sufferin".
Russ (equipment junkie) Lay
R.
Edited by captain Russ (08/16/17 10:21 AM)
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#436086 - 08/16/17 12:13 PM
Re: How many gigs just to pay for equipment?
[Re: guitpic1]
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Senior Member
Registered: 12/08/02
Posts: 15559
Loc: Forest Hill, MD USA
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You need a better bookkeeper. In realistic terms, if you were paid $100 an hour and purchased that $3,800 keyboard, 38 jobs wouldn't even come remotely close. The payments come out of your net profit - not your gross income. From each of those $100 jobs, you must deduct the cost of transportation, car insurance, liability insurance, repairs and maintenance on the car/van, meals if you eat out that day because of the job's time constraints, amortization and depreciation cost of your original gear, office operating expenses, advertising expenses, telephone expenses associated with the business, heating and air conditions costs associated with the home office, retirement plan, etc... So, out of that $100 you took in for that single job, if you really do things right, your net income is probably in the realm of about $35 on average. There's a damned good reason I didn't upgrade from my PSR-3000 for more than a decade - it didn't make good, economical sense. The keyboard sounded great, I sounded great to my audiences, and I didn't need to suck a big chunk of money out of my bottom line, which all looks great until the day you fill out that Schedule C. Then, reality sets in. You suddenly realize that because you changed arranger keyboards and other associated gear like you changed underwear, you blew your entire year's net profit out the window and don't have a damned thing to show for working your ass off for 365 days. Now, if you just perform for a hobby, you would be better off going fishing and playing music during your spare time at home, thereby eliminating the expense of being in business for yourself. Fishing is more fun, especially when you have a great day on the water, than performing in front of an audience and not making any money. When I was a bit younger and a lot healthier, I always managed to find a few days to go fishing each month. Usually got in about a half dozen trips to the Chesapeake's lower reaches, and one offshore trip for tuna and marlin. I can still fish for the big guys from the decks of the sailboat, but it's a bit more difficult and cumbersome because of the rigging. If you get to this part of the world, I'll be more than happy to take you out on the sailboat to catch some striped bass and bluefish in the lower Chesapeake. However, in the sailboat, it takes me about 3 to 5 days to get to the best fishing area, which is 180 miles south of where I keep the boat. Gary
Attachments
Edited by travlin'easy (08/16/17 12:20 PM)
_________________________
PSR-S950, TC Helicon Harmony-M, Digitech VR, Samson Q7, Sennheiser E855, Custom Console, and lots of other silly stuff!
K+E=W (Knowledge Plus Experience = Wisdom.)
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#436118 - 08/16/17 08:06 PM
Re: How many gigs just to pay for equipment?
[Re: guitpic1]
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Senior Member
Registered: 06/25/99
Posts: 16735
Loc: Benton, LA, USA
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I have changed keyboards a lot, as most know. The timing of when to buy and when to sell is crucial. A LOT of people don't know how to buy gear from sources such as Frank. I have often played a keyboard for a year or so and sold it for as much or very close to as much as I paid for it. I've even sold keyboards that I really liked because the time was right. Because of forums such as this and PSR Tutorial the word is getting out, but I still know of a lot of people who gladly pay full MAP price for their gear. And I'm glad they do. If you keep it too long you may not be able to get a good price for it. You also have to be aware of when new models are about to come out because that can quickly drop the value of an item. I almost got caught once a couple years ago in that trap. I had sold my PA3X to buy Ketron SD7. I had to buy another PA3x quickly because I couldn't rely on my Ketron. A week later the 4X came out and I couldn't return the 3X for what I gave for it just a week or so earlier. I got lucky and was able to sell it to a friend in Mexico. I did lose money on the SD7 because AJ would not take it back after I tried to use it for several months without success. But I was able to sell it too, losing only a couple of hundred dollars because they were in short supply. I'm sure the buyer was happy once they finally got it updated properly. If you are playing at home and it crashes, no problem; you just turn it off and back on and wait a few minutes for it to reboot. You can not do that on the job. It has to work every time, every night. Well this turned into a ramble, but the point is that there is always more than one way to look at a situation. I enjoy using the latest, greatest tools of my trade and can nearly always find a way to justify it to myself, and I really don't care if it pleases anyone else, other than my sweet thing of course. She understands. Mostly. The PA4X is sneaking up on its third year and sweet thing has been around for 37, so it's all good! Think I'll keep 'em both.
_________________________
DonM
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#436120 - 08/16/17 08:36 PM
Re: How many gigs just to pay for equipment?
[Re: guitpic1]
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Senior Member
Registered: 12/08/02
Posts: 15559
Loc: Forest Hill, MD USA
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Ha! She has kept you for 37 years, Don. I know these things because I'm very old, and Carol has allowed me to stick around for 55 years, she knows where the guns are kept and she can shoot better than most guys. Scary, ain't it! Gary
_________________________
PSR-S950, TC Helicon Harmony-M, Digitech VR, Samson Q7, Sennheiser E855, Custom Console, and lots of other silly stuff!
K+E=W (Knowledge Plus Experience = Wisdom.)
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#436197 - 08/18/17 05:27 AM
Re: How many gigs just to pay for equipment?
[Re: guitpic1]
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Senior Member
Registered: 09/21/02
Posts: 5508
Loc: Port Charlotte,FL,USA
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I agree that from a purely business standpoint, John,I,and a few others could have spent less on new gear and still retained our gigs. However, certain other facets are at work here behind the scenes; namely, the pure joy of making a new board your own, for example. I know there have been many of you that have depended on steady gigs to provide for your family, and, some have not been willing to sacrifice any income to any gear that would not be justified by not bringing in extra income or assuring that the show would go on without a hitch. Having said that, there are many that do not feel they have to hold such a tight reign and can indulge themselves in a little joy and feel good about themselves with the latest toy. This is where John, myself, and many others sit.
Life is short and ,for Gods sake, you better make the most of it. Nuff said, right Donny?
_________________________
pa4X 76 ,SX900, Audya 76,Yamaha S970 , vArranger, Hammond SK1, Ketron SD40, Centerpoint Space Station, Bose compact
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#436206 - 08/18/17 07:32 AM
Re: How many gigs just to pay for equipment?
[Re: guitpic1]
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Senior Member
Registered: 12/08/02
Posts: 15559
Loc: Forest Hill, MD USA
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Deane, I am looking at this from the standpoint that there is no other source of income, and purely from a business standpoint. I have been in business for myself and doing my own books and taxes since 1975. When I had a CPA doing my taxes she said the same thing that I did. Now, some folks sincerely believe that they NEED to change keyboards for just the fun aspect, and there is nothing wrong with that. However, from strictly a business aspect, it doesn't work. The number prove that every time. Good luck, Gary
_________________________
PSR-S950, TC Helicon Harmony-M, Digitech VR, Samson Q7, Sennheiser E855, Custom Console, and lots of other silly stuff!
K+E=W (Knowledge Plus Experience = Wisdom.)
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#436207 - 08/18/17 07:35 AM
Re: How many gigs just to pay for equipment?
[Re: travlin'easy]
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Senior Member
Registered: 09/21/00
Posts: 43703
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#436241 - 08/18/17 12:39 PM
Re: How many gigs just to pay for equipment?
[Re: guitpic1]
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Senior Member
Registered: 12/08/02
Posts: 15559
Loc: Forest Hill, MD USA
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Yep! Dats da way I looked at it. Chas, I, like you, cringe when I see the language slaughtered by a handful of individuals on the forums. As to Donny's ridiculous statement " My thought is who cares about the money?....your happiness when playing is PRICELESS!! always remember someone else will always spend what ever you have left after you gone..... enjoy life every day as if it was you last......the minute your born your dying!!"Get real, Donny. "Who cares about the money..." When someone pisses away every dime they had, not thinking about the future, that's usually about the time something catastrophic happens in their lives and they don't have a pot to piss in or a window to throw it out of. The very next thing they do is lean on their friends and relatives for money they should have been saving and investing throughout their working lives, but didn't have the foresight to do so. When the friends and relatives cash stream runs out, what the Hell, they usually switch streams and rely on the feds to support their silly habits. Most of the musicians I know who had that attitude do not have anything other than minimal Social Security to look forward to if, and when they retire. They pissed away every dime they made, living a happy go lucky lifestyle, and when they died, nearly all left a mountain of debt to their surviving spouses and children. My fondest wish when I was still working was to have a year where I paid $1-million in income tax for a single year's income. Unfortunately, that never materialized, though I would have loved to live that dream. The big difference between me and most of the musicians I know personally is that I looked at musical entertainment as a business. I ran the musical entertainment business just like I would have run any other business - strictly up front and legit, claimed every dime and took every legal deduction. I did my own bookkeeping and taxes, mainly because I figured I had a vested interest in learning as much as I could about this aspect of business and wanted to know where every penny went that was being invested in that business and what every expenditure would produce. That's the same thing every successful businessman does. I planned for my inevitable retirement from the very first day of my working, adult life. Since my retirement last year, I have been doing my best to enjoy what little life I have remaining. However, I, and my wife, intend to leave a lot for the children when we're dead and buried. And, over the years, I have instilled this lifestyle into my children, both of which have retirement accounts, both work related and individual. Granted, you should to enjoy what you do for a living, especially if you are self employed. If not, it's gonna be a long, hard road to ride till you reach the end, which is never far away. So if someone purchases a new keyboard just for the happiness aspect, that's just fine for them - I really don't give a damned and sincerely hope the new board makes them very happy. But, from a business standpoint, it's not a capital investment - it becomes a toy. There is a difference! Sure, you can deduct it on your schedule "C", but unless you depreciated it out as a capital investment, you also must subtract from that deduction the amount you got when you either traded it in, or sold, the old keyboard. As for " The minute you're born, you are dying." That's true for everything in the universe - including the sun. However, it's what YOU do during the interim that makes the difference. I, personally, never lived for today. I lived for tomorrow and all the tomorrows I had and hoped that I had a positive impact on every person I met in life. Sure, you could be dead tomorrow, and I'm real close to that point, but there will always be tomorrows in my life until I draw that last gasping breath. Sorry for the rant, guys and gals, Gary
_________________________
PSR-S950, TC Helicon Harmony-M, Digitech VR, Samson Q7, Sennheiser E855, Custom Console, and lots of other silly stuff!
K+E=W (Knowledge Plus Experience = Wisdom.)
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#436243 - 08/18/17 01:18 PM
Re: How many gigs just to pay for equipment?
[Re: travlin'easy]
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Senior Member
Registered: 09/29/05
Posts: 6703
Loc: Roswell,GA/USA
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Chas, I, like you, cringe when I see the language slaughtered by a handful of individuals on the forums.
DISCLAIMER: Although I agree with Gary's statement above, I must say that I give a pass to our forum friends for whom English is not their primary or 'first' language. As one of the (very large) majority of monolingual Americans, I commend those people for having mastered the language to the point of being able to post coherently, especially on subjects as complex as music. Those of us that were born, raised, and educated here have few excuses other than laziness. Would it really hurt you to use a punctiation mark once in awhile (or proofread it before you post it). It would certainly make your posts less 'cringeworthy' (is that a word ). On the other matter, ignoring financial responsibility in the pursuit of 'now' pleasure, will most assuredly yield the lifestyle you DESERVE in your retirement years. Sadly, your spouse/loved one probably DOESN'T deserve it. JMO. chas
_________________________
"Faith means not wanting to know what is true." [Nietzsche]
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#436246 - 08/18/17 01:46 PM
Re: How many gigs just to pay for equipment?
[Re: guitpic1]
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Senior Member
Registered: 09/21/00
Posts: 43703
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#436247 - 08/18/17 01:51 PM
Re: How many gigs just to pay for equipment?
[Re: guitpic1]
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Senior Member
Registered: 09/21/02
Posts: 5508
Loc: Port Charlotte,FL,USA
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For argument's sake, however, why does it have to be either strictly business principals or total fiscal irresponsibility? Many, including myself, have the means to enjoy indulging their whims, and take care of their responsibilities now and in the future.
_________________________
pa4X 76 ,SX900, Audya 76,Yamaha S970 , vArranger, Hammond SK1, Ketron SD40, Centerpoint Space Station, Bose compact
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#436249 - 08/18/17 02:18 PM
Re: How many gigs just to pay for equipment?
[Re: Bernie9]
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Senior Member
Registered: 09/29/05
Posts: 6703
Loc: Roswell,GA/USA
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For argument's sake, however, why does it have to be either strictly business principals or total fiscal irresponsibility? Many, including myself, have the means to enjoy indulging their whims, and take care of their responsibilities now and in the future. True Bernie, but you're in that position because you PREPARED for it (or you hit the lottery, married well, or got a really big inheritance). For me it was lucky (I'm hesitant to use the word 'wise') investments and a stable, reasonably high-paying career. chas
_________________________
"Faith means not wanting to know what is true." [Nietzsche]
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#436251 - 08/18/17 03:30 PM
Re: How many gigs just to pay for equipment?
[Re: cgiles]
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Senior Member
Registered: 06/04/02
Posts: 4912
Loc: West Palm Beach, FL 33417
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True Bernie, but you're in that position because you PREPARED for it (or you hit the lottery, married well, or got a really big inheritance). For me it was lucky (I'm hesitant to use the word 'wise') investments and a stable, reasonably high-paying career
It was no problem preparing $ for my seniors years. I was part of the depression; and my parents never changed their style of living. I hated living like that, but now I have come to appreciate their training. No lottery, married poor, no inheritance.
Buying a new keyboard improves my playing and singing. I get a chance to make corrections and improve what I had been I passing up. (Incentive)
One happy, positive camper, John C.
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#436257 - 08/19/17 01:41 AM
Re: How many gigs just to pay for equipment?
[Re: guitpic1]
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Senior Member
Registered: 09/21/02
Posts: 5508
Loc: Port Charlotte,FL,USA
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It doesn't necessarily mean you have an inexhaustible pot full of money to be able to buy the music gear you want. It is also a matter of where you choose to spend any disposable funds. I don't live large, but comfortable, and like John, I know how to be thrifty. I also love playing more than sailing, for example, hence I have what I want for my enjoyment. To each his own.
_________________________
pa4X 76 ,SX900, Audya 76,Yamaha S970 , vArranger, Hammond SK1, Ketron SD40, Centerpoint Space Station, Bose compact
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