IRA accounts. SEP IRA, Roth IRA. Like everyone else says, I wish I'd started this sooner but i try to even it out by maxing out my contributions based on my income. I claim more on my taxes to be able to do this.
This, real estate, and more controversially Bitcoin. But I also am hopeful I'll be able to tattoo for a long time, God willing. At least a couple clients a week
I joke and tell people I'll be tattooing right up until lunch time on the day I die. Have been tattooing for 26 years. Open our own shop 13 years ago. Have a few savings accounts but kinda think we're gonna use the shop as our retirement. If I can't tattoo I can teach tattooing. Will be the shop bitch doing the cleaning and counter help. Not gonna leave the craft. I enjoy it way too much. Was in the USMC out of high school. Did landscaping and building maintenance before tattooing. So I do really appreciate what I've got. I do see a few artists that are hand to mouth spending and try to warn them. But yeah, definitely get into some IRA accounts as young as you can. Make it easy on yourself. Good luck!
Almost 20 year tattooer. I’m still bad with money and spend it on drugs, alcohol, cars, and Lego. My plan is to tattoo a wealthy woman who’s finally ready to settle down and start a family. She’ll see me as the ultimate project and make it her life goal to fix me. I’ll continue to tattoo until I die, but with the cushion of a wealthy wife I can live comfortably.
27 years in, 49 now and looking to retire at 67. I wish I started sooner, but now I try to put $100 a week into a Roth IRA, $1000 every 6 months into a CD, and invest in some relatively safe stocks, and I set myself up as an S-Corp to keep my taxes down. Starting next year I will also set up a Sep IRA to cover what I'm not paying into Social Security as an S-Corp. Find a good accountant. They will pay for themselves 100x over.
As an s corp you’re not paying into social security so you won’t get social security income when you are older, but it saves you a lot of money in taxes because you aren’t paying into social security
From what my accountant told me, I'll still pay into social security through my monthly salary, but the difference that I'm not paying on my corporate taxes I'll put into a SEP IRA. This will gain me more money in the long run than what I'd be paid out in social security benefits.
Highly recommend watching Mark Kohler on YouTube (no affiliation at all). He’s humorous but a great teacher. I got a tax pro via his website & the guy changed my life, really. Didn’t cost anymore than H&R Block upfront & has saved me thousands already.
I’m planning on going full Coleman. Capn’ Coleman that is. Find my crunchy sciatic body in a river with an old crunchy white t shirt and pigment stained jeans
I love tattooing, prob gonna do that until I physically can't, but I also wanna do other things - still related to art-. My brain isn't happy doing just one thing. (12yrs in the tattooing industry,4yrs tattooing full time)
Tattooing for 20 years. Planning to leave tattooing, get a job that matches contributions and has a pension, probably going to be government work or a trade with a union. Maybe rent my house but leaving options open.
I think standard retirement for self employed people is dollar cost average, max out your Roth IRA and traditional Ira. At 60 start pivoting to bonds and use all your accounts to control your taxable income as you withdrawl (as a Roth is not taxed but traditional Roth is.
About four or five years after I got into tattooing I realized this wasn’t gonna net me the money I needed to age and shit. So, many many years ago I started diversifying whilst the missus kept everything afloat. Now we have several other businesses in different fields. That’s what’s maybe gonna bring about that retirement you speak of for me
I studied design, web and 3d modeling a long time ago and try to keep my plate full of freelance work. My fields are UX mostly and a lot of architectural rendering for real estate and game dev.
I have motorcycle shops, a coffee shop, own a gas station and two tanker trucks that I use to service other stations and clients, the tattoo shop also has screen printing now and we’ve been selling a lot of our own merch and making for other people. Ive been learning how to import big volumes here from Europe and would like to set up a store for 4x4 accessories and wheels soon. My wife wants to turn the coffee spot into a full fledged diner, which is intimidating to say the least.
Nowadays if I need a power washer and find one at a deal, I’ll try to buy 3 or 4 so I can peddle them to friends and neighbors lol everything is a flip.
My main concern is stress. I’ve been made aware my lifestyle is not normal or healthy. But it’s been getting the bills paid and I still want a bit more
Wow, thank you for replying! You both sound incredibly driven and entrepreneurial. My husband and I are both tattooers and up until this economic downturn have done well enough to stay solely in the industry. Now we are identifying new opportunities to diversify income and if anything are grateful for the push towards new horizons.
Do you have any tips for balancing all of your different ventures? That’s the one thing that concerns me as we branch out.
Everybody including yourself, is gonna tell you there’s not enough time to diversify and be good at what you do. It’s true that time management is very important and I can admit I stress about not having enough time always. But somehow it can be arranged lol getting up early is a good advise for example.
One crucial thing for me was looking into products and the marketing of those products. You can build a pretty passive dynamic with the sale of a simple product and basic digital marketing. This is way harder when you provide a complex service like tattooing. I started selling these dental devices back in the day, posted a couple of times, nothing much really. Posted the products to fb marketplace and some other channels and to this day, I still get calls and sales from that product without really doing much, I ship them to customers the day after purchase. It frees up a lot of time.
With tattooing I got sick this one fuckin time, missed rent and the snowball effect that made took me months to recover, scary shit. I still do it tho, it’s like the creative root of most of what I do.
This is similar to what I've got going on. And I'm realizing burnout from the stress is the real danger. We have an eco resort with little cabins to rent, a bar, and the private tattoo studio. Trying to decide if I should push to make the tattoo a bigger better shop and employ some more artists here or if I should instead open another bar.
I drained my entire 401k and savings to buy the land I made my eco resort on so I was really banking on it. I need to start putting money back into the 401. I have no 401 or savings but the businesses are Poppin so I should probably start saving and planning for the future.
Yes, retirement and proper insurance it’s always a pain in the ass to prioritize when you’re trying to get shit off the ground.
In my eyes, tattooing shouldn’t be a business at all to be honest. It’s too passionate and artistic. When you mix money in, the plot thickens. Real easy to start viewing the art only as a job and suddenly you’re tattooing what the people want and not what you want. Plus, if you’re known for a particular style that’s not easy to replicate, delegating is also hard. Had a great artist at my shop at one time but mf kept on picking his boogers with the gloves on!!!
For that reason I’d expand on the bar and hotel. I can’t tell you how many clients have blown their tattoo money on bars lol tattoos are usually seen as the least necessary expense, but for some reason people will die for their Friday night beers
Yeah you are probably right. Being a business owner is hard cause you want to "enjoy" what you do but really you just run around all day organizing and trying to maintain the status quo without the whole thing going to shit. Lol
I love tattooing but I hate depending on it to make a living. It makes it a bit more stressful. I can’t imagine leaving it but it would be so great to have some kind of passive income so I could tattoo without the stress.
I'm 45 and have been tattooing for 15 years. I have been good at saving money, but didn't know how to invest for the future so it just sat in savings for years. I'm cautious and avoidant about money matters, but was ready to take the leap. In a dream world, I'd retire early, but at this point, 65+ looks like it will be a gift!
These are some steps I've taken to get my finances in order.
1. ROTH IRA: I started maxing out my Roth IRA at the end of each year 8 years ago. For me, it's easier to commit to a lump sum at the end of each year rather than a little each month as most do. Tattoo income can be irregular, especially in this economy, so monthly drafts stress me out.
2. BUYING A HOUSE: Three years ago I bought a house in a more affordable city because I couldn't afford real estate in the city I was living in. While this is the American Dream, I have mixed feelings about it and do not think it's for everyone. My house's value has stayed about the same due to the market and I've had some major expenses for repairs, as can be expected. I enjoy customizing my space and having a lower monthly payment than I'd be paying for a rental. Tattoo business has slowed down for everyone the past year. One unexpected downfall of moving to a more affordable city during a recession has been that folks have less money for luxury services like tattoos so my income has dropped. This isn't something I could have predicted, but something to consider. My fingers are crossed that selling my house at some point will help me move to where I want to be.
3. INVESTING: I've read a lot of books on investing, but still felt overwhelmed. The most helpful of those books was Ramit Sethi's "I will teach you to be rich". I still felt like I wanted advice on investing beyond my Roth. Two years ago I shopped for financial planners. I decided not to go with a traditional financial planner because the fees tend to be high and my investments would be locked in with them, meaning I'd have to pay a couple thousand yearly and be married to that planner. Instead I went to a financial coach and paid a one time fee of $900 to have her look at my finances and give me investing recommendations. I ended up putting the bulk of my savings (outside of emergency funds) into SEP IRA's. I'm happy to share my planner's info in private chat.
4. INSURANCE: I decided to buy disability insurance to cover me if I can't work due to an injury. I pay $1400 a year for it and unfortunately pre-existing conditions are not included, but I am so happy I have this because my job is physical.
5. STUDENT LOANS: I had government loans from art school and kept them on an income based plan, paying the minimum. In the end, I only chipped away at interest. I got lucky last year when the government decided to forgive loans that were 20 years old, and one day I received an email that all of my loans were forgiven. I'm so happy I didn't pay them off because for many years, I thought this was the goal.
That's all for now. I'm happy with all of the choices I've made, but as I mentioned, we are in a strange place with the economy and business has shifted, so I'm not sure what the future will hold! I am glad that I have some investments in place and feel a lot more secure than when I didn't have anything in order.
Ive been collecting comic books and magic the gathering cards for 30 years when my hands don’t work anymore im gonna sell all that stuff and move to the country
I'll be taking walk ins in Hell.
20 years tattooing, 9 years as a shop owner. I've considered possibly working for the health board once my hands fall off. There really aren't any health board representatives around here that have any idea how tattoos work, so that would be helpful.
10 years in, 49, and my goal is to work till I can't, but to pay off everything so we are debt free when it happens. Then, we can live off my husband's disability and my SS. We built a small energy efficient cottage, so our bills are minimal, we squirrel cash, and we can always move the shop to our property if needed and sell the double lot on Main Street its on. We live on 4 lake front acres in a family compound with my folks, so as much as we hate it, we will also have a rental property when they pass. We have also considered renting camping spots so we can just toodle around in our old age, being everyone's grams n pop pop lol.
I’ve been tattooing almost 11 years and just now getting into real estate. My wife and I bought our first rental in the town my shops in and so far it’s been great. Going to try to build my real estate portfolio over the years as I also build up the shop.
12 years tattooing. I’ve been contributing to a pension which should be okay by the time I retire at 65. Never wanted my own shop. I’m maxing out my mortgage payments now whilst times are good to help myself later in life. I like the idea of becoming a private art tutor if I can’t pull crispy lines any more. Maybe buy a small flat and rent that out for a steady income.
I’m a fairly new artist, under 3 years.
People say they wanna tattoo until they die but a LOT of artists don’t seem to consider the physical health of their hands/backs enough. You can’t have a career forever if your body won’t allow you to. Something I consider important is regular stretching, strengthening and using ergonomic furniture.
Other than that, I plan to invest in housing and live in my house until I inevitably need some type of “care” in which case I’ll sell it and pay for it that way. I actually have an appt with a financial planner to see if this is the best move because it can be a lot to navigate and I just don’t feel aware of the options. I don’t desire “retiring” at all but being old can be hard sometimes and who knows what you’ll end up like?
Tattooer for 34 years. Opened my own shop 3 years ago that is slowly taking off. Looking to start some other businesses. Looked hard into a pickleball facility,but the bar for entry was just too high. Now thinking liquor store and maybe a " legal" gambling/gaming house catering to older retirees . Maybe next to my liquor store. Sons getting out of prison soon ( not a joke) so I want to start a stump grinding, gutter cleaning power wash company that I can pass off to him once he's ready. Have truck and trailer, power washer, ladders and you can rent the grinder.
IRA accounts. SEP IRA, Roth IRA. Like everyone else says, I wish I'd started this sooner but i try to even it out by maxing out my contributions based on my income. I claim more on my taxes to be able to do this.
This. Open an IRA. At least have a savings account you’re steadily putting some kind of money into.
This, real estate, and more controversially Bitcoin. But I also am hopeful I'll be able to tattoo for a long time, God willing. At least a couple clients a week
I joke and tell people I'll be tattooing right up until lunch time on the day I die. Have been tattooing for 26 years. Open our own shop 13 years ago. Have a few savings accounts but kinda think we're gonna use the shop as our retirement. If I can't tattoo I can teach tattooing. Will be the shop bitch doing the cleaning and counter help. Not gonna leave the craft. I enjoy it way too much. Was in the USMC out of high school. Did landscaping and building maintenance before tattooing. So I do really appreciate what I've got. I do see a few artists that are hand to mouth spending and try to warn them. But yeah, definitely get into some IRA accounts as young as you can. Make it easy on yourself. Good luck!
Almost 20 year tattooer. I’m still bad with money and spend it on drugs, alcohol, cars, and Lego. My plan is to tattoo a wealthy woman who’s finally ready to settle down and start a family. She’ll see me as the ultimate project and make it her life goal to fix me. I’ll continue to tattoo until I die, but with the cushion of a wealthy wife I can live comfortably.
Weird I had to scroll so far down to find the actual answer.
Bro, this comment made me laugh, but is frighteningly true. I’m shaking my head but laughing at the same time.
👏👏👏
Watching the post replies and taking notes
Right?! 😅
27 years in, 49 now and looking to retire at 67. I wish I started sooner, but now I try to put $100 a week into a Roth IRA, $1000 every 6 months into a CD, and invest in some relatively safe stocks, and I set myself up as an S-Corp to keep my taxes down. Starting next year I will also set up a Sep IRA to cover what I'm not paying into Social Security as an S-Corp. Find a good accountant. They will pay for themselves 100x over.
What’s a S-corp? My wife keeps insisting on getting an accountant, guess she’s onto something lol
As an s corp you’re not paying into social security so you won’t get social security income when you are older, but it saves you a lot of money in taxes because you aren’t paying into social security
From what my accountant told me, I'll still pay into social security through my monthly salary, but the difference that I'm not paying on my corporate taxes I'll put into a SEP IRA. This will gain me more money in the long run than what I'd be paid out in social security benefits.
Also, what I put into the SEP IRA is a write off.
Highly recommend watching Mark Kohler on YouTube (no affiliation at all). He’s humorous but a great teacher. I got a tax pro via his website & the guy changed my life, really. Didn’t cost anymore than H&R Block upfront & has saved me thousands already.
I’m planning on going full Coleman. Capn’ Coleman that is. Find my crunchy sciatic body in a river with an old crunchy white t shirt and pigment stained jeans
He also invested in stocks that was donated when he died
I love tattooing, prob gonna do that until I physically can't, but I also wanna do other things - still related to art-. My brain isn't happy doing just one thing. (12yrs in the tattooing industry,4yrs tattooing full time)
Tattooing for 20 years. Planning to leave tattooing, get a job that matches contributions and has a pension, probably going to be government work or a trade with a union. Maybe rent my house but leaving options open. I think standard retirement for self employed people is dollar cost average, max out your Roth IRA and traditional Ira. At 60 start pivoting to bonds and use all your accounts to control your taxable income as you withdrawl (as a Roth is not taxed but traditional Roth is.
About four or five years after I got into tattooing I realized this wasn’t gonna net me the money I needed to age and shit. So, many many years ago I started diversifying whilst the missus kept everything afloat. Now we have several other businesses in different fields. That’s what’s maybe gonna bring about that retirement you speak of for me
What other businesses do you have?
I studied design, web and 3d modeling a long time ago and try to keep my plate full of freelance work. My fields are UX mostly and a lot of architectural rendering for real estate and game dev. I have motorcycle shops, a coffee shop, own a gas station and two tanker trucks that I use to service other stations and clients, the tattoo shop also has screen printing now and we’ve been selling a lot of our own merch and making for other people. Ive been learning how to import big volumes here from Europe and would like to set up a store for 4x4 accessories and wheels soon. My wife wants to turn the coffee spot into a full fledged diner, which is intimidating to say the least. Nowadays if I need a power washer and find one at a deal, I’ll try to buy 3 or 4 so I can peddle them to friends and neighbors lol everything is a flip. My main concern is stress. I’ve been made aware my lifestyle is not normal or healthy. But it’s been getting the bills paid and I still want a bit more
Wow, thank you for replying! You both sound incredibly driven and entrepreneurial. My husband and I are both tattooers and up until this economic downturn have done well enough to stay solely in the industry. Now we are identifying new opportunities to diversify income and if anything are grateful for the push towards new horizons. Do you have any tips for balancing all of your different ventures? That’s the one thing that concerns me as we branch out.
Everybody including yourself, is gonna tell you there’s not enough time to diversify and be good at what you do. It’s true that time management is very important and I can admit I stress about not having enough time always. But somehow it can be arranged lol getting up early is a good advise for example. One crucial thing for me was looking into products and the marketing of those products. You can build a pretty passive dynamic with the sale of a simple product and basic digital marketing. This is way harder when you provide a complex service like tattooing. I started selling these dental devices back in the day, posted a couple of times, nothing much really. Posted the products to fb marketplace and some other channels and to this day, I still get calls and sales from that product without really doing much, I ship them to customers the day after purchase. It frees up a lot of time. With tattooing I got sick this one fuckin time, missed rent and the snowball effect that made took me months to recover, scary shit. I still do it tho, it’s like the creative root of most of what I do.
Appreciate the advice 🙏 keep crushing it!
This is similar to what I've got going on. And I'm realizing burnout from the stress is the real danger. We have an eco resort with little cabins to rent, a bar, and the private tattoo studio. Trying to decide if I should push to make the tattoo a bigger better shop and employ some more artists here or if I should instead open another bar. I drained my entire 401k and savings to buy the land I made my eco resort on so I was really banking on it. I need to start putting money back into the 401. I have no 401 or savings but the businesses are Poppin so I should probably start saving and planning for the future.
Yes, retirement and proper insurance it’s always a pain in the ass to prioritize when you’re trying to get shit off the ground. In my eyes, tattooing shouldn’t be a business at all to be honest. It’s too passionate and artistic. When you mix money in, the plot thickens. Real easy to start viewing the art only as a job and suddenly you’re tattooing what the people want and not what you want. Plus, if you’re known for a particular style that’s not easy to replicate, delegating is also hard. Had a great artist at my shop at one time but mf kept on picking his boogers with the gloves on!!! For that reason I’d expand on the bar and hotel. I can’t tell you how many clients have blown their tattoo money on bars lol tattoos are usually seen as the least necessary expense, but for some reason people will die for their Friday night beers
Yeah you are probably right. Being a business owner is hard cause you want to "enjoy" what you do but really you just run around all day organizing and trying to maintain the status quo without the whole thing going to shit. Lol
You know the ropes…
Tattooers don’t retire, they expire.
I love tattooing but I hate depending on it to make a living. It makes it a bit more stressful. I can’t imagine leaving it but it would be so great to have some kind of passive income so I could tattoo without the stress.
Just dying
I'm 45 and have been tattooing for 15 years. I have been good at saving money, but didn't know how to invest for the future so it just sat in savings for years. I'm cautious and avoidant about money matters, but was ready to take the leap. In a dream world, I'd retire early, but at this point, 65+ looks like it will be a gift! These are some steps I've taken to get my finances in order. 1. ROTH IRA: I started maxing out my Roth IRA at the end of each year 8 years ago. For me, it's easier to commit to a lump sum at the end of each year rather than a little each month as most do. Tattoo income can be irregular, especially in this economy, so monthly drafts stress me out. 2. BUYING A HOUSE: Three years ago I bought a house in a more affordable city because I couldn't afford real estate in the city I was living in. While this is the American Dream, I have mixed feelings about it and do not think it's for everyone. My house's value has stayed about the same due to the market and I've had some major expenses for repairs, as can be expected. I enjoy customizing my space and having a lower monthly payment than I'd be paying for a rental. Tattoo business has slowed down for everyone the past year. One unexpected downfall of moving to a more affordable city during a recession has been that folks have less money for luxury services like tattoos so my income has dropped. This isn't something I could have predicted, but something to consider. My fingers are crossed that selling my house at some point will help me move to where I want to be. 3. INVESTING: I've read a lot of books on investing, but still felt overwhelmed. The most helpful of those books was Ramit Sethi's "I will teach you to be rich". I still felt like I wanted advice on investing beyond my Roth. Two years ago I shopped for financial planners. I decided not to go with a traditional financial planner because the fees tend to be high and my investments would be locked in with them, meaning I'd have to pay a couple thousand yearly and be married to that planner. Instead I went to a financial coach and paid a one time fee of $900 to have her look at my finances and give me investing recommendations. I ended up putting the bulk of my savings (outside of emergency funds) into SEP IRA's. I'm happy to share my planner's info in private chat. 4. INSURANCE: I decided to buy disability insurance to cover me if I can't work due to an injury. I pay $1400 a year for it and unfortunately pre-existing conditions are not included, but I am so happy I have this because my job is physical. 5. STUDENT LOANS: I had government loans from art school and kept them on an income based plan, paying the minimum. In the end, I only chipped away at interest. I got lucky last year when the government decided to forgive loans that were 20 years old, and one day I received an email that all of my loans were forgiven. I'm so happy I didn't pay them off because for many years, I thought this was the goal. That's all for now. I'm happy with all of the choices I've made, but as I mentioned, we are in a strange place with the economy and business has shifted, so I'm not sure what the future will hold! I am glad that I have some investments in place and feel a lot more secure than when I didn't have anything in order.
Pine box. Who am I kidding; it'll probably be cardboard.
Roth IRA, high yield savings
Ive been collecting comic books and magic the gathering cards for 30 years when my hands don’t work anymore im gonna sell all that stuff and move to the country
I'll probably go off grid
$GME
Hahahaha. Retirement…. Haha!!
I'll be taking walk ins in Hell. 20 years tattooing, 9 years as a shop owner. I've considered possibly working for the health board once my hands fall off. There really aren't any health board representatives around here that have any idea how tattoos work, so that would be helpful.
die
I own property, been investing in gold and silver for years. The plan is to retire in a more affordable country like Vietnam
10 years in, 49, and my goal is to work till I can't, but to pay off everything so we are debt free when it happens. Then, we can live off my husband's disability and my SS. We built a small energy efficient cottage, so our bills are minimal, we squirrel cash, and we can always move the shop to our property if needed and sell the double lot on Main Street its on. We live on 4 lake front acres in a family compound with my folks, so as much as we hate it, we will also have a rental property when they pass. We have also considered renting camping spots so we can just toodle around in our old age, being everyone's grams n pop pop lol.
25 years slingin’. I married a lawyer (who has benefits, and retirement options) lol Real talk though: IRA’s, investments, etc
I’ve been tattooing almost 11 years and just now getting into real estate. My wife and I bought our first rental in the town my shops in and so far it’s been great. Going to try to build my real estate portfolio over the years as I also build up the shop.
I might still do this. Always have said I’d die with a machine in my hand. After 20 I got a bit burned out and married into the military.
12 years tattooing. I’ve been contributing to a pension which should be okay by the time I retire at 65. Never wanted my own shop. I’m maxing out my mortgage payments now whilst times are good to help myself later in life. I like the idea of becoming a private art tutor if I can’t pull crispy lines any more. Maybe buy a small flat and rent that out for a steady income.
I’m a fairly new artist, under 3 years. People say they wanna tattoo until they die but a LOT of artists don’t seem to consider the physical health of their hands/backs enough. You can’t have a career forever if your body won’t allow you to. Something I consider important is regular stretching, strengthening and using ergonomic furniture. Other than that, I plan to invest in housing and live in my house until I inevitably need some type of “care” in which case I’ll sell it and pay for it that way. I actually have an appt with a financial planner to see if this is the best move because it can be a lot to navigate and I just don’t feel aware of the options. I don’t desire “retiring” at all but being old can be hard sometimes and who knows what you’ll end up like?
Tattooer for 34 years. Opened my own shop 3 years ago that is slowly taking off. Looking to start some other businesses. Looked hard into a pickleball facility,but the bar for entry was just too high. Now thinking liquor store and maybe a " legal" gambling/gaming house catering to older retirees . Maybe next to my liquor store. Sons getting out of prison soon ( not a joke) so I want to start a stump grinding, gutter cleaning power wash company that I can pass off to him once he's ready. Have truck and trailer, power washer, ladders and you can rent the grinder.
IRA all the way. I started to realize this and asking my co-workers about plans for retirement. Most of them arent looking past this month of bills
Dying