CNBC asked a handful of porn people (I didnt say stars on purpose, only Ron Jeremy is a star) anyway they asked how they would “invest” 10,000 dollars
Weeding out the one that didn’t know the difference between investing and donating (animal rescue isn’t an investment). Most picked things you would expect, ie names they recognized like Apple or Tesla, one mentioned biotech and a few mentioned real estate.
What was clear to me was that they don’t invest, and probably wont. While real estate is traditionally a good investment and Apple and Tesla are fairly safe the truth is they shouldn’t be doing any of those things until they have maxed out a Roth IRA.
I dunno, I dont wanna seem elitist or anything but maybe porn people should get some financial advice from someplace….That career dont last forever. Porn is one of the few jobs where you start at the top and work your way down, generally speaking.
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Dont Take Financial Advice from porn Chicks http://t.co/7QL9dw0stQ
April Bennett liked this on Facebook.
I feel bad for them sometimes, but I probably shouldn’t if they don’t want to try to be financially responsible. Back in the hey day of gonzo some girls were pulling 100k to 200k a year and most of them left the industry penniless. Very few in relation to the number of girls passing through ,have saved and done something with their money. I admire the ones that did because it is hard to resist the temptation of 7 nights a week parties, $5000 outfits, drugs, and so on.
I always think that girls should only enter porn if they wish to make it a long term career option, have a financial plan, and are willing to live in the world identifying them as a sex performer. Girls in it for a quick buck, short term, or burn out quickly, end up in a bad place when they leave. Unfortunately, that is 90% or more of the girls. I for one, advocate 21 being the minimum age for porn because it increases the likelihood they might make a better choice, have a plan, and not enter the industry for the wrong reasons. 18 year old are just chewed up and spit out and generally come into porn for the parties, lifestyle, and quick cash and end up in shambles.
If you look at the women who have made it a long term career and likely have their finances in reasonable shape, are generally the ones much older. 18 looks great for the horny guys who buy the product, but a 21 year old can be made to look 18 and they can market them as 18 for all it matters. I really dislike the concept that girls who know nothing enter porn at 18 and get slapped around, spit on, treated like whores, party and spend every penny they make, then get spit out the other side. yes, I know this will happen with lots of 21 year olds too, but it lowers the percentage and would make the industry healthier.
Hah! I laughed out loud when I read the animal rescue part. Anyway, the lack of financial literacy in this business among performers is really an issue. Most of the girls have no idea what to do with their money, and as you know many of them end up broke, owing a ton of money in backed taxes, and having to shoot way past their prime when they end up in their 30s and 40s and are broke. All of a sudden their looks are fading, the guys willing to throw money at them just for being pretty are no longer interested, and you end up with a very sad situation.
Unfortunately I would wager that if a free class were put together to teach girls what to do with their money, it would be very poorly attended. The models, and many studios, in our business are painfully short sighted. They always need to find things out for themselves the hard way and rarely take good advice. Financial literacy isn’t sexy or exciting and sadly most performers will never take the time to learn about money.
LOL! The women in this industry were ALREADY in a bad place when they entered it. once they enter it the industry basically destroys them altogether. The chance of these women being able to leave this industry and work in a different profession is slim to none. not just because most lack the skills to do anything else but the biggest reason is because they worked in this industry. it doesn’t matter whether they filmed one scene or 3000 it is out there for the whole world to see FOREVER. you can’t hide it.
also, I am REALLY sick and tired of hearing how naïve these female 18-21 year olds are. no intelligent mentally stable woman ( and that’s what they are WOMEN) would even consider joining this industry or working as a “sex worker” PERIOD. That’s why their are none to be found…
These 18-21 year old women are NOT naïve they are mentally unstable. 99.9% of these women come from an abusive background.. they never got the help/treatment they should have.. they have low self esteem..no self respect.. they hate themselves. They don’t care about anything or anyone especially themselves.(they don’t even realize it cause they are messed up) they just KNOW they are desperately in need of attention… that’s why they are attracted to this line of work…
of course no woman in this industry will admit this stuff for various reasons.
ps.. LOL again.. a 21 year old can be made to look 18? REALLY? these scumbags in this industry are making these women up to look like 12 year olds. WHY? because the industry today is catering to pedophiles and women haters.. among other forms of the lowest scum on earth..
Finally..
There are 3 types of women in this industry..(in the looks department)
1) the ones who are covered in tattoos and look like lesbians
2) the ones with rock boobs and freak show implants who look like they are men transitioning into a woman.
3) the ones who look like they are 12 years old…
make THIS industry healthier? LMFAO!!!! 🙂
porn performer and dummies. like birds of a feather they flock together! LOL
“Porn is one of the few jobs where you start at the top and work your way down, generally speaking.”
Good one! LOL!
most invest in leasing a Honda Accord, a new pair of Prada Sunglasses, an absolutely to die for handbag, and a rather large quantiry of meth for their boyfriend.
Mitch had a survey once at AIM that was for a class she was taking,,,it asked who much do you make in a year,,,everything, porn, stripping, escorting, the mold they made out of your private parts, gifts, donations, whatever,,,,at the time one of the ToP girls, who is still around today, was huge back at that time, an did ALL of the above things I mentioned wrote that she made $250,000.oo
I don’t want to ruin the “party”, but i bet you that if CNBC made the same question to 10 “regular” US girls the answers would have been worse than those given by the performers. Honestly, i see only the animal rescue and another answer which i don’t remember showing silliness or/and ignorance, all the others range from real estate, to quoted companies to biotechnology to pet grooming…i don’t see how those are stupid answers. Surely, in none of those performers is insured or have Roth IRA, they might sound like wrong answers, but i don’t know if they do or don’t have insurance and ira plus it sounds to me like the question was put about generic investment and not related to their career necessarily. Again, 8 out of 10 seem to me legit answers and i don’t see any connection between those answers and adult performers stupidity. There are so many people i would never take financial advice from and none of them work in porn.
@jilted
you are right, many “invest” into amenities = they throw their money away and don’t think about their future; but so do other millions of youngsters all around the US and none of them work in porn. Two days queue in front of an Apple shop any time that a new iphone comes out they can’t be all pornstars.
This of course doesn’t mean that girls entering the industry shouldn’t be “educated” about the financial risks after their retirement. To the contrary. And you know that i’m a big supporter of that. But adult performers, money wise, are the mirror of our society where parenting has been confused with befriending your children.
Responses ran the gambit from spur of the moment pie in the sky to realisticly additions to well considered investment strategies. Lack of pay rent, pay off car responses makes me wonder if the 10k investment question included caveat that those investing wouldn’t need 10k to sustain, maintain or improve their current standard of living.
Best investment advice I ever got was split investment 75% liquid 25% retirement, when liquid covers 3 mo living split 50/50 then 25/75 when liquid covers six months of normal living expenses. As a typical 22 yo I entertained advisor with emphatic eye roll ….since taking his rebuttal challenge of saving $5 a week to cover ’emergencies’ I have not a single argument against that wisdom.
Robert Williford liked this on Facebook.
dear common sense
You really have an agenda there. We all have our opinions but you are swinging so far to the other side you must work for Lubben.
Sabrina, do you know how many countles times I saw girls walk into AIM wearing $300 sunglasses, $220 jeans, jewelery, an $800 hand bag, and then call a friend to use their credit card to pay for the $120 test? Happened constantly. I remeber one girl in paritcular tried to “sell” me her leased BMW because in two years of the three lease she was about 30,000 miles over the limit at 14cents a mile. She would drive the car back and forth between LA and Seatlle Washington regularly, in addition to letting other girls borrow it all the time. ONLY IN PORN
I actually explained to this girl,,If she had purchased a brand new Mustang like mine, which was a pretty cool car, she could have saved as much money on her lease payments to have over 97,000 dollars in and IRA acccount when she was 55,,,jsut from the car savings alone in three years, let alone everything else she was wasting her money on. I advised her to declare bankruptcy, and she actually said she could just change her name legally and get out of all the debt,,,TRUE STORY.
OK. This story gave me a chuckle. And, writing on this blog, I’ve taken my fair share of cheap shots at porn chicks, including porn gals like Asia and Kayden who offered investing advice that would make a real financial planner shudder. At the same time, I don’t think I’d read Barron’s for advice on the best lube for anal sex, how to make a girl squirt, or the best way to convince my gal that the full-blown Brazilian I’ve been trying to convince her to get won’t itch.
Truth be told, most people don’t invest and don’t know squat about investing.
45% of Americans have nothing saved for retirement.
Among 55 to 64 year olds, the average retirement balance is $12,000. If you use the percentage recommended by financial planners for the safe withdrawal of your savings in retirement (4% a year), a $12,000 portfolio will generate $480 a year – or $40 a month – towards your retirement expenses. Among those 65 and older about to enter retirement, the average balance is $100,000, which will generate about $4,000 a year in retirement.
Live on that.
As Mike knows, I was a personal finance and consumer reporter for more than 20 years. Here are my three favorite personal finance stories.
I’m interviewing a husband and wife for a story on savings. I ask them if they’re worried about retirement. The husband says to me: I’ve never really been a saver but we don’t worry about it, because my wife has a 401K through work.
I ask: How much is in the 401K?
He says: I don’t understand the question.
He did not realize that a 401K was not a pension but only had as much as his wife contributed plus a match from the company.
One of my favorite business writers, and the author of A Piece Of The Action, one of the best books on personal finance industry ever written, is Joe Nocera at the NY Times. A few years ago, he published a piece in the Times about turning 60 and confronting his retirement savings account. And, here he admitted that a guy who had been doling out financial advice for years was basically running on empty when it came to his own retirement account. He called it: My Faith Based Retirement. http://tinyurl.com/c5ocdw4. He had lots of good excuses for having raided his retirement account over the years – a divorce, buying a new apartment after the divorce, remodeling said apartment, putting kids through college. End result was the same: He had basically nothing saved for retirement.
Meanwhile, I will never forget sitting in an airport in 2001 as the NASDAQ was crashing following the tech boom. Across from me were two young, very well-dressed, newly minted MBA’s in their early 30’s. They told me they worked for one of the big consultancies and were flying home from an engagement. We watched the market crashing in real time on CNN on the airport TV monitors.
One of these future capitalist leaders says: Oh, my God. I wonder what this is doing to my portfolio.
The other genius says, quite smugly: Doesn’t matter to me. I don’t own stocks. I just buy mutual funds.
Not sure he realized that mutual funds are made up of ……. stocks. (Before someone takes me to task, yeah, I know you can buy bond funds, real estate funds, gold funds, but this was the tech boom we’re talking about here, when everyone was buying Internet stocks).
When it comes to personal finance and investing, for most folks, like the porn chicks, ignorance is bliss.
“Dont Take Financial Advice from porn Chicks” is such an odd straw man to take down. Who is it that is seeking to invest their money based on a poll of anyone in a CNBC article let alone porn people. Are most random people going to tell you about Roth IRA when you ask them about finance? They didn’t even give some epically dumb answer they just didn’t give the best answer.