David Hendley on mon 18 jul 05
Well Tony, you asked for my advice. I'm not going to waste such a
golden opportunity.
>> Of course, it is always best to pay cash. That however is not the reality
>> for most people. Our 4 kids live in Toronto where the average house price
>> is over 300,000. they have to save a 20% down payment- $60,000.
>>Would you suggest that I tell them to take other jobs
>> till they can pay for the houses cash?
Answer:
Tell them they need to rent, not buy, a cheap (did I say cheap) apartment.
Forgive me if I lump your kids in with most 20-somethings, but these days
they all seem to think they should start out with a house as nice as their
parent's. With no obligations, Canada's fine health care system, and
youthful
energy, they could easily save half of everything they earn, and would be in
a great position in 10 years.
There are many paths, here is mine:
It took me 25 years work to finally have a great house. I never had a house
as nice as my parents, or even one with 2 bathrooms until I was 44.
In college, I lived in the walled-in "sleeping porch" of an old house for
$38
a month, including utilities, which would be about like a $250 a month place
today (a sleeping porch is not a good idea if you are in Canada).
I spent 6 years living with a wife and 2 children in a one (that's one)
bedroom
house (the free house that came with the land).
All those early years I was able to bank significant amounts of money.
The bank paid me more money. I finally had enough to make a big
down payment on a house in the city. I invested a lot of work and more
money in redoing the house. It sold for a big profit, enough to pay for
100% of the materials to build a new house myself.
And a gorgeous house it is.
The funny thing is, the most tremendous side benefit is that all of us, even
my now-grown children, look back fondly on living in that cramped farm
house.The satisfaction of success on your own terms is beyond measure.
My children, as well, had a firm grounding at a young age as to what it
takes to follow a financially sound path.
And, there is no reason to "stay in clay" if clay is your ultimate goal. You
can find a somewhat related artistic field and can sacrifice some immediate
pleasure for a future of untold security doing what you want to do.
Building a house taught me a lot about craftsmanship.
I am a better potter for having built a house.
I am not, as Tony implied in his previous Clayart post, opposed to
taking out loans. My original advice to avoid bankers was made in reference
to potters and business plans.
I know most everyone will take out a loan to buy a house, most will
have a car payment, and many will have college loans.
But, taking out a loan to buy a big kiln, hire helpers, or buy a fancy new
truck for your pottery business is a mistake. A long-time potter such as
Tony might be able to handle it, but, before you know it, most potters
would be cranking out blue chicken cookers and chip-and-dip sets
in a desperate effort to keep up cash flow. It is a death blow to creativity
and artistic risk-taking.
BTW, I also have a B.A, in psychology and a M.A. in ceramics, and I am
"worth" about $8 an hour in today's job market.
David Hendley
I don't know nothin' but the blues, cobalt that is.
david@farmpots.com
http://www.farmpots.com
---- Original Message -----
>A while back I reported another Black Hawk down. A young potter formerly of
> Clayart Julie Milazzo had written me to say she couldn't keep at pottery
> since she was working too hard and not making enough to keep going. She
> sent
> our her resumes BA in Psych minor in ceramics and found that all she was
> qualified for was the service industry at wages below $8 an hour. She is
> happliy back at pottery because she can make more money there and she
> loves her work.
> Of course, it is always best to pay cash. That however is not the reality
> for most people. Our 4 kids live in Toronto where the average house price
> is over 300,000. they have to save a 20% down payment- $60,000. that would
> buy you 6 houses in northern Saskatchewan. they are career oriented at
> this
> stage in their lives. Would you suggest that I tell them to take other
> jobs till they can pay for the houses cash?
> My advice to the Sheridan students- work in anything that has to do with
> clay. Use it or loose it. Make things, get dressed up, call on stores, use
> your computer to find stores. Get involved in a cooperative studio and
> gallery. Stay in clay!!! The alternative will suck the life blood out of
> you.
URL Krueger on mon 18 jul 05
On Monday 18 July 2005 09:51 am, David Hendley wrote:
> but, before you know it, most potters
> would be cranking out blue chicken cookers and
> chip-and-dip sets in a desperate effort to keep up cash
> flow
Ah, Hah ! Ah, Hah !!
If potters don't want to make blue chicken cookers and
chip-and-dip sets that sounds like an excellent market
niche for me to get into; no competition.
I'll make kazillions !
Now should I put a Rolls or a Bentley on my credit card?
Hmmmm?
--
--
Earl K...
Bothell WA, USA
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