More serious: I'm not sure whether it is wise to go around and buy homes for your kids. Setup a fund if you can: definitely yes. But you can't know what their circumstances will be as where they end up living won't be their choice entirely.
More serious: I'm not sure whether it is wise to go around and buy homes for your kids. Setup a fund if you can: definitely yes. But you can't know what their circumstances will be as where they end up living won't be their choice entirely.
Yes, but a house can be just another investment vehicle. They could always sell it, or use it as collateral to get a loan for another place they want.
The thing is, Fran has managed to create a finely tuned/balanced, business (or well paid fun hobby), with their YouTube channel setup.
Couldn't agree more. You do what you have to do. From what I see and know of Fran's situation, she basically has 2 options. 1/ move to another area to reduce overhead, or 2/ substantially increase income. And with option 2, if she stays put, she will need to keep increasing income to stay pace with rapidly increasing costs, because the US economy is going into recession, things are going to be bad for a long time. The stress of that must be dreadful. I suffer with stress and anxiety and can't imagine being where she is without imploding. It's obviously affecting her ability to produce appealing content, she has made that comment herself, so that will be an ever increasing downward spiral.
We all wish we had a 10,000 sq ft private, personal workshop for as cheap as chips with no external pressure to worry about, but that is a
rare thing indeed and not something to hope happens with no strategy for that!
Also, owning a house in a small(er) town or suburb MUST be way safer than a city like Philly. But sadly Fran doesn't agree.
The finely tuned part is the problem here. It's so finely tuned financially that any small drop in Patreon income leads to panic and the videos we have seen recently. This is in addition to the usual renters problem of getting booted out. That's all fine of course if it's hidden from the audience, but it's not, the audience funds the entire operation practically 100% and she shares all the details of the problem publicly.
I think she has said the small extra boost recently will last until the end of the year, maybe early next year when she expects a natural dropoff to bring it under the red line again.
Nope, the kids love their school and their neighours and their house, as does Mrs EEVblog.
We are currently planing an extension upwards and a pool, at great expense to managment.
Of course we'd move if we were absolutely forced to, but they would never willingly choose that.
We have actually discussed buying a house nearby in the suburb as an investment, which could also be used as lab, and then in the future as a place for the kids to live once they have a family. I made the hypothetical argument that if that house was way bigger and better than our current house, they voted that they still wouldn't move.
Nope, the kids love their school and their neighours and their house, as does Mrs EEVblog.
We are currently planing an extension upwards and a pool, at great expense to managment.
Of course we'd move if we were absolutely forced to, but they would never willingly choose that.
We have actually discussed buying a house nearby in the suburb as an investment, which could also be used as lab, and then in the future as a place for the kids to live once they have a family. I made the hypothetical argument that if that house was way bigger and better than our current house, they voted that they still wouldn't move.
He's right though that it's still a choice. Maybe not a very good choice given the current factors in your situation
but if you were in Fran's position, relying on patrons and youtube income and trying to rent, hemorrhaging money to pay for your home and lab as the train is speeding toward the end of the track I suspect you might reconsider and uprooting everyone might not look so bad. People relocate their families all the time, often because they get another job somewhere else.
I think her income is going to drop substantially too, not increase. The economy is entering into a recession, the severity of which is not yet known but signs point to it being a nasty one.
I don't know what has happened to viewers so far but I haven't watched one of her videos in quite some time, there got to be too many of these videos complaining about the situation she has created and the results of doing the same thing over and over again instead of interesting technical content. I'm not going to chip in to enable someone to keep making the same mistakes.
So, yes, if they had consolidated things, ages ago, and kept better (much more efficient), means of achieving their goals. Such as using premises (rented or bought), in much more affordable locations. They would be in a much stronger position, financially. To either ride out the current financial situation, or cope with less income.
But I can still perceive, some of the reasons, as to why they are in the current situation. Originally, well before the gentrification of where they were renting/living/working, the rentals and costs, were quite possibly perfectly reasonable/efficient and sensible.
I wouldn't blame Fran, for the changes (gentrification), of where they were/are located, or the current financial climate.
Yes, I believe Fran when she says gentrification is ruining the spaces she needs in Philly. Soon there will be little option left. She's already been forced into renting 4 separate spaces at once as a result of gentrification in order to get the space she needs just to maintain what she is doing. Crazy.
I've got 4 spaces too - home, the lab, and two storage units. I already gave up renting a bigger space and moved back into my smaller lab to save cost. With hindsight I should have bought the biggest space possible a decade ago. I went through some ballpark calcs on this that it was a $400k mistake for not thinking long term:
Also, by worrying about this theoretical $400,000 'loss'. It might help you to make much bigger profits, in the future. Because you have gained more experience (climbed the learning curve), on what decisions are especially critical (financially speaking), and will know when to pause, get professional advise, and research something carefully. Before committing to buying or renting it, and so on.
11 years ago when I bought this place, all I knew was that:
a) I needed to move out of the garage
b) The interest on the place was about the same as rent on the place
I had no idea if the Youtube thing would go anywhere, hardly anyone in the country was a full time Youtuber back then, I was one of the first. But it seemed like a no-brainer to buy instead of rent. I figured I could also sell the office and go back to a real job with my tail between my legs.
Nope, the kids love their school and their neighours and their house, as does Mrs EEVblog.
It's quite difficult, making a decision, to go from a full-time job, to a business venture.
I don't know, to what extent it would have applied to you. But by moving from working at home, in the garage, to proper, office premises. You would be more likely to be able to concentrate on the job, and get things done. Without any of the possible distractions or temptations to fix/help around the house.
My suspicion, is if Fran could somehow, make a dramatic move. Physically, through one of the suggested, or similar ways. E.g. Buy a suitable property (or rent if Fran must), in a much more economically efficient (cheaper), area. They would find, that they fairly soon, get use to it.
I may be substantially going against the flow of opinions, in this thread.
But as I see it, I somewhat understand, Frans thinking, ways and reasoning.
The thing is, Fran has managed to create a finely tuned/balanced, business (or well paid fun hobby), with their YouTube channel setup. It allows them to spend the huge number of dedicated hours, producing the stuff (hardware, Videos and things).
In relative peace and quiet, with few or no, distractions. Where they can actually live in their workspace (which many people, would probably HATE to do, in practice).
Because these are properly rented, real purpose built or modified, factory/warehouse/industrial areas. It means they can setup fairly large equipment/machines (as necessary/required), with proper access, ventilation, safety, floor types, powerful electrical connections, etc.
If the situation changes (for business reasons from time to time). E.g. A (hypothetical) Guitar accessory, sales dramatically petering out. They can close down that particular (1 of 4), rented out buildings/areas. Then (when the contract runs out), just move out of that area, and close down that particular functionality/aspect (of their business or very serious money making hobby).
It's quite difficult, making a decision, to go from a full-time job, to a business venture.
I don't know, to what extent it would have applied to you. But by moving from working at home, in the garage, to proper, office premises. You would be more likely to be able to concentrate on the job, and get things done. Without any of the possible distractions or temptations to fix/help around the house.
Even if we had the space to build a lab in the backyard she has said she wouldn't let me. It would be too easy for me to just step outside to the lab instead of spending time with her and the kids.
With the lab in the nearby business park I have to at least travel there which takes some effort, it's separates work and home life.
Nope, the kids love their school and their neighours and their house, as does Mrs EEVblog.
That is worth a lot. I'd guess it doubles the value of your home.
True but personally I would use an investment fund (which I actually did) in order to spread the risks better and make sure to get some interest.
My suspicion, is if Fran could somehow, make a dramatic move. Physically, through one of the suggested, or similar ways. E.g. Buy a suitable property (or rent if Fran must), in a much more economically efficient (cheaper), area. They would find, that they fairly soon, get use to it.
I can assure oyu that Fran is not going to move. She'll progressively shut down the Youtube business before that happens.
She has already said the factory would be the first to go if finances get squeezed any more.
True but personally I would use an investment fund (which I actually did) in order to spread the risks better and make sure to get some interest.
I can assure oyu that Fran is not going to move. She'll progressively shut down the Youtube business before that happens.
She has already said the factory would be the first to go if finances get squeezed any more.