Month: December 2023

I saw an ad on TV for a new upcoming series called “Cities of Success,” hosted by Carl Quintanilla.   My understanding is that they would profile a different city each week whose economy is doing well.

Season One, Episode One aired on Wednesday, December 6^th featuring one hour in Nashville, Tennessee aka “The Music City!”  I figured it would include interesting information about different cities both financially and as a vacation destination. 

It turns out that the Nashville economy is booming with cranes everywhere!  Nashville is home to 2 million people and 52,000 businesses.  Dozens of publicly traded companies (such as Sony, Amazon, Mitsubishi Motors, and Oracle) have offices there and more are moving in.  In 2006, Nissan moved their corporate headquarters from Los Angeles to Nashville.  In 2018, investment firm Alliance Bernstein moved theirs from New York City to Nashville. 

Nashville is known as the center of the global country music scene.  It has the largest concentration of music-related jobs in the USA!  Companies like Nissan, Oracle, and Amazon are spending millions to build campuses with many jobs to feed Nashville’s tremendous growth.  Nashville has gone from the Mecca of Country Music to becoming a powerhouse in culture, innovation, and business!

Music is a magnet for tourism where, according to CNBC and the Nashville Chamber of Commerce, visitors are spending $27 million per day!  Two music superstars, Taylor Swift (as a 14-year-old) and Garth Brooks, launched their careers, both discovered while playing at the tiny “Bluebird Café” in downtown Nashville.  Nashville’s music industry brings in a whopping $10.3 billion dollars of revenue per year! 

This got me thinking about New York City and our State’s struggling economy. While we have 2 newer arenas in the UBS and Barclays Centers, so many small clubs such as CBGB’s, Studio 54, Copacabana, and Rockaway are long gone. 

In the past four years, the money in the music industry has skyrocketed like never before!  In my opinion, the reason for this is that investors, including private equity firms, have poured billions into the music market.  This started when interest rates were very low, and firms were looking for alternative investments.  Now, music royalties are considered a safe type of commodity, meaning an investment with a predictable return and low risk, somewhat like real estate.

Since 2020, music artists have sold all or a majority stake of their catalog rights for mega dollars.  As per BuzzFeed, see below:

            Musician                              Year Sold                              Price

Bruce Springsteen                          2021                                       $550 million

Bob Dylan                                         2020                                       $300+million

Sting                                                   2022                                       $300 million

Phil Collins plus Genesis               2022                                       $300 million

David Bowie                                     2022                                      $250 million

Dr. Dre                                               2023                                       $225 million

Justin Bieber                                    2023                                       $200+million

Motley Crue                                     2021                                       $150 million

Music has never been monetized to this level in history.  Nobody epitomizes this more than Taylor Swift, whose “Eras Tour” has just surpassed $1 billion in revenue.  Taylor Swift as an economy would have a higher output than the gross national product (GNP) of 50 of the world’s roughly 195 countries! 

Perhaps New York should start to open or reopen more music venues!

It’s that time of year, it goes by so quickly!  Before getting into the numbers, I wanted to mention something now referred to as “Tipping Fatigue,” which could also be known as “Guilt Tipping!” 

I feel like this type of “Fatigue” is real as I have already suffered from “Zoom Fatigue.”  It gets to a point where it’s ENOUGH Already!  I first started feeling “Tipping Fatigue” last year during the holidays.

This new digital economy has changed many things so quickly and tipping is one of them.  Thinking about this, tipping used to be both a subtle and private transaction.  For example, handing a “Fin or 10 spot” to the guy or gal who brought up your luggage or telling a cab driver to “keep the change!” 

At restaurants back in the day, the server would run your credit card and leave the bill for you to complete, sign and leave in the bill holder.  Usually, there would be a tip jar, so you could opt to leave a cash tip with nobody watching.  Now, at times, the server stands there and waits with the digital wallet and scanner and watches what you tip them.  At coffee shops, they often watch to see what you tip them, sometimes before they have even prepared your order.  I call this “Tipping Pressure!”  I wonder if customers are frequenting places that do this less often to avoid potentially uncomfortable “Tipping Pressure” situations. 

Now to the guide.  Like pizza, tipping is a personal preference.  Usually, one tips people that make your life easier during the year!

The following is a benchmark or starting point for tipping, and if you live in Manhattan, bump up these numbers by at least 25% across the board, then adjust based on your service level or experience.

1. Your House or Apartment:  Reception/Doorperson $20-$100 and up, Handyman $20-$100, Super: $50-$100 & up, Manager: $50-$100,

Porter: $20-$50

• Home Service Providers: Housekeeper: 1 day’s pay, Sanitation/Trash Collector: $20-$30, Nanny: 1 day’s pay plus a gift from the child! Mailperson: $20-$40 & up
• Monthly Garage Workers: Manager/Supervisor: $50-$100 & up, Rank & File Workers: $25-$100
• Weekly or Monthly Personal Service Providers:  Hairstylist: Price of 1 session, Manicurist: 1 session pay, Personal Trainer: 1 session pay & up,

Massage Therapist/Healer: 1 session pay & up, Pet Groomer: 1 regular service pay & up. 

It’s not easy trying to figure out all these tips, so I hope this guide is helpful! 

Another rule of thumb is the 20/30/50 rule!  For example, if you are a regular at a particular restaurant and/or have a special relationship with a service provider, consider tipping them an extra 20% for good service, 30% for great service, and/or 50% for exceptional service!  They will notice and continue being outstanding!  Cash, gift cards, and even Venmo/Zelle, etc. with a note are now acceptable!

If you are ALL TAPPED or Tipped Out, consider regifting or a warmly written thank you for your service card.  It is acceptable to buy them a pre-cooked meal, dessert such as cookies or a bottle of alcohol can suffice in a pinch. 

Whatever you decide, I wish you and your family the Happiest of Holidays!

Where did all the time go?  There’s no question time flies as it’s December already.  I really notice how fast time flies every time I see my teenage nephews, who seem to be inches taller every few months or perhaps, I’m shrinking.

What does December mean?  It’s Holiday time.  Hanukkah started on Thursday and by the time you read this, Christmas will be less than 2.5 weeks away.  We have covered holiday shopping tips, as holiday time seems to flush out emotions that have accumulated during the year.  Holidays can be stressful with year end goals, exams, holiday shopping responsibilities and choosing which holiday parties to attend.

Unless you have a career where you wear a suit or female business attire daily, holiday parties are condensed into these next 2-3 weeks of dressing up regularly, which ratchets up your dry-cleaning bills during the time when “Financial Stress” hurts the most!

As per Lending Tree, the average American took on $1,249 of holiday debt in 2021 and $1,549 of holiday debt in 2022, a 24% increase.  Dry cleaning plays a part in holiday spending, as it all adds up as you will see below!

As per getonedesk.com, the dry-cleaning industry generates $5 billion in revenues per year across the United States.  This industry is expected to grow by 4% per year.

If you have been to the dry cleaners recently, (many have closed during COVID-19) you might have noticed significant price increases compared to pre-COVID-19.    For example, I have seen pricing for dry cleaning men’s shirts between $6- $8 and from $14-$18 for a 2-piece suit.  The average cost (it’s on a case-by-case basis) to clean a woman’s dress is in the $20-$25-dollar range. 

I decided to take it one step further and called Micky’s Dry Cleaning at 67-20 Rockaway Beach Boulevard.  They have favorable pricing, as men’s shirts cost $6.25 to dry clean ($3.95 to wash and press) and dresses start at $13.50, although they recommend taking the dress into them for a more accurate price quote.

That being said, see my top 6 money-saving tips below:

1. Take off your work clothes and hang them up immediately upon returning home from work:  Let clothes “air out” for a few hours before putting them back on a hangar in a closet.
2. For men, wear a washable t-shirt: To prevent perspiration stains, wear tee shirts under dress shirts and jackets.
3. For semi-wrinkled clothes:  Either use Downy wrinkle releaser or hang garments in your bathroom while showering.  Close the door and let sit for 10 minutes.
4. Search and clip coupons:  Choose a dry cleaner located close to your home.  Try Groupon.com for dry-cleaning specials.
5. Opt to Wash & Press Instead of Dry Clean:  If you follow tips 1-3 and there are no visible stains, opt to wash and press men’s shirts instead of dry cleaning.  Be careful with this as some shirts MUST be dry cleaned.  Be sure to read the label carefully.
6. Travel Tip, when on a business trip:  When packing, leave shirts/suits/dresses in the dry-cleaning plastic.  This will reduce most if not all the wrinkles from movement in flight, etc.