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FORUMS Photography Talk by Genre General Photography Talk 
Thread started 18 Aug 2013 (Sunday) 16:14
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How much debt are you in because of photography?

 
Jarvis ­ Creative ­ Studios
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Aug 19, 2013 23:17 |  #46

Zero debt. Making payments on a house or car is one thing. Making payments on a Canon or Nikon is just idiotic. There's something out there that you can both afford and will take pictures. Use that until you can afford your big boy lenses.


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tonylong
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Aug 19, 2013 23:32 |  #47

Jarvis Creative Studios wrote in post #16223182 (external link)
Zero debt. Making payments on a house or car is one thing. Making payments on a Canon or Nikon is just idiotic. There's something out there that you can both afford and will take pictures. Use that until you can afford your big boy lenses.

Hmm, I'd repeat what I said in the prior post, but I won't waste my energy:)!


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Aug 19, 2013 23:35 |  #48

RepoGames just showed up, dang.


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Jarvis ­ Creative ­ Studios
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Aug 19, 2013 23:37 |  #49

tonylong wrote in post #16223202 (external link)
Hmm, I'd repeat what I said in the prior post, but I won't waste my energy:)!

Yes, I read what you replied after I posted this, so no need wasting energy :lol:. However, you made a good point, but I'm sticking to my opinion. At this point in my life, whatever I make from photography is what I put into photography, which is probably why my equipment is not super great, but it's capable of producing great images, which is all that matters.

Right now I'm about to get married, so saving money is kinda big to me. I understand not everyone is in this position, and some people can be a little more free with their finances, so what I said before was strictly an "IMO" statement, which we are all entitled to.


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Aug 19, 2013 23:48 |  #50

tonylong wrote in post #16223179 (external link)
I'd consider this a real overstatement. Look at the post following yours, a rational approach to using credit, or would you honestly consider it "plain stupid"?

To me it's not about being a business or being a hobby, but about being able to "use it, not abuse it". And people who are "in the business" go busted all the time!

I believe it is stupid because there are always unforeseen events that may cause you to have to reallocate your funds. If one of these were to occur (extreme example of losing your job), then you are stuck paying a CC bill on an item that was purely a hobby, when you should be using that credit to hold over until the next employment. Being patient enough to know you can completely pay for the lens in full would be the ideal situation.

The reason that I made an exemption of a business purchase, is that a lot of times a business requires tools/personnel/etc. that are required in order to keep the business running. Of course "people in the business" go down all the time, but that is because of poor accounting practices, or wasted/hidden expenses, or just a poor economy that takes away customers. Warren Buffett, the greastest investor in the world, does not believe people should use credit cards (he means plastic cards, not larger credit like home loans), because CC are so easy to abuse and forget.

I am not completely condemning credit cards, I use them myself. They are great for when you need food or other essential supplies before a paycheck arrives. What I find plain stupid is to use a CC for a purely hobbiest activity. Its just asking for trouble.


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tonylong
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Aug 19, 2013 23:48 |  #51

Jarvis Creative Studios wrote in post #16223207 (external link)
Yes, I read what you replied after I posted this, so no need wasting energy :lol:. However, you made a good point, but I'm sticking to my opinion. At this point in my life, whatever I make from photography is what I put into photography, which is probably why my equipment is not super great, but it's capable of producing great images, which is all that matters.

Right now I'm about to get married, so saving money is kinda big to me. I understand not everyone is in this position, and some people can be a little more free with their finances, so what I said before was strictly an "IMO" statement, which we are all entitled to.

Hey, I have no problem with expressing an opinion or viewpoint as long as it doesn't, well, resort to derogatory statements such as calling others' actions "stupid" or "idiotic" without a rational basis.

Now for you, as you've described, avoiding credit is a good and smart thing! The same goes for me at this point in my life. In fact, I haven't bought any "serious" photography stuff for, well, several years, in fact I've sold thousands of dollars worth of "stuff"! So if you or I decided to "charge" a bunch for a "cool" bit of gear, sure, say we are being "stupid" or "idiotic":)!

But "in the day", I'd walk into a well-stocked shop or an online resource and charge thousands of dollars, but that knowing that I would be able to pay it off in a reasonable amount of time, because, well, I had the income and resources to do it!


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Thomas ­ Campbell
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Aug 19, 2013 23:49 |  #52

Paulstw wrote in post #16219108 (external link)
Only asking because I'm about to fire a 70-200 2.8 IS II onto my credit card and its making feel a little ill lol.

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I make 100% of my family's income from photography. I don't have that, even though I use it a good bit. Save up and get the non-IS for $900. Then upgrade to the IS I when you can afford the $1400. Then when you can afford the new one, get that. You will lose a minimal amount of money in the mean time when you sell it. A LOT less than you will pay in interest if something happens and you can't pay it off at the end of the month.

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Aug 20, 2013 00:04 |  #53

None. After beeing fleeced by the first wife, (she maxed it out before doing a runner), I learned my lesson and have never had credit since, other than a mortgage...........not that I don't trust my 2nd wife :lol:

I bought my 7D and lenses via the sales from breeding cichlids, and hell bent on some L glass and the 5Dmk3, I've just shut down my fish room and the proceeds from the sales of 60 tanks and contents have me covered.


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Aug 20, 2013 00:11 |  #54

I ran (non-photography) businesses for 20 years. When I wanted/needed some equipment, I bought the best that I could afford. I wanted "good", because I always aimed to be the best in my field. But I didn't go "super-spendy" because, well, I didn't want to get over my head and I could still do very good work with what I could afford. I don't recall the details, but I don't remember charging a lot, but still, "the best I could afford" was my rule-of-thumb.

As a hobbyist photographer, when I was acquiring photo gear, what was my "rule of thumb"? Why, gosh, it was "the best I could afford"! When I could, sure, I'd pay cash, but if I needed to stretch things out a bit, and I could afford to, well, there are times when a "big-ticket" item calls for that approach! Was I "stupid" or "idiotic"? Well, if you want to express that as an "opinion", hmm, I'd say keep it to yourself!


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Evan
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Aug 20, 2013 01:19 as a reply to  @ tonylong's post |  #55

Being able to buy something on credit does not mean that you can afford it. With that mentality, you could get into some serious financial trouble..

Peace,

Evan out.


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Aug 20, 2013 01:26 |  #56

I am very debt averse and only buy items in cash. My mortgage is really my only loan.

In fact, photography started out as a hobby for me, but after I realized how damn expensive high end gear is, I began photographing professionally on the side, otherwise I'd feel really stupid for spending that kind of cash on camera equipment.


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Aug 20, 2013 01:33 |  #57

No debts. If I don't have the cash, I don't buy the stuff.


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Bill ­ Ragosta
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Aug 20, 2013 17:35 |  #58

I'm like most of the other posters here. I'm a fairly serious hobbyist I guess. I've sold a couple of prints and presently have some for sale here and there but I can't imagine going into debt for this. What I have presently is more than acceptable. Typically, if I need or want a new lens or body, I sell some of the photo gear that I've "outgrown" or I sell other items that I have around the house and haven't used in eons.

I do have a bit of an obsession with the 70D and the 70-300L though and may have to make some sales or move some money around here soon. ;)


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Aug 20, 2013 18:22 |  #59

You people are so sensible, I really need to grow up and stop using my credit card :(


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DanAnCan
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Aug 20, 2013 18:35 |  #60

I'm sure most people here aren't chiming in due to their own self-consciousness (or whatever)

I recently picked up an 85L, wasnt planning on it (i usually plan my purchases and pay in cash).

I threw it on my Mastercard, and i'll carry a balance next month, and pay it off plus the ~$20 interest.

Wasn't the wisest of choices, but meh, i'm not swimming in debt


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How much debt are you in because of photography?
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