My main focus in photography is ATV and 4x4 motorsports. I shoot at a lot of big events and always feel out gunned when I see another photog with 10x the equipmnet that I have. A few weeks ago I was shooting an event RPM Fest in LaPorte Indiana. While shooting the mud drags I noticed a nother photog with a D3 and 200-400vr he also had Nikon 24-70 2.8 and 70-200VR 2.8 glass in his bag. All of which are on my wish list. After talking to him for a few minutes about his equipment I started not to feel so bad about my D300 and Sigma 70-200. Every single peice of equipment that I have has been 100% straight out payed for with nothing ever been purchased with a credit card. I just have to wait and save the money for any new gear purchases that I make. I shot with a D40 and 70-300VR for two years before I made enough money in photography to purchase my D300. This guy had around $12,000 in gear ALL of it he bought at one time using a credit card. He said he would have it all payed for in about 4 years! So in the end he has more like $20,000 in gear that is worth 12,000.
Certain gear will help you get better shots, but talent is far more important. I would not suggest borrowing to purchase camera equipment especially using a credit card! The camera equipement will depreciate way too quickly for any sort of a sound investment. Well, the bodies anyway. As long as your equipement is working for you, use it and don't worry about what the next person is using. His is a lot heavier to move around!
Yeah, but you're forgetting whoever dies with the most toys wins Doesn't matter if it's paid for or not (heck, even better if it's not )
Truth is though, the gear doesn't make the photographer. The most important camera accessory is the one behind the camera. You have some top-notch shots on your site, so I don't think the gear is holding you back at all.
Plus, it's better to have things paid for in full. Wish I would have learned that a few years ago before I purchased a REALLY expensive new 34 foot boat! I'd love to sell it, but I owe way too much and now it's keeping me from doing some of the things I want to do. Paid in full is a great policy to live by!
Don't worry about it. I paid for my equipment with cash, and none on the card. I refuse to put any of my stuff on the card at all, I'll work with what I have.
Jul 08, 2009 at 07:04 PM
Andre Labonte Offline • • • • • • Upload & Sell: Off
Better to have your equipment paid for than to owe money, especially on a credit card. Owing money ties you down and takes away your flexibility. Beside, the equipment is only 1/2 the equation.
I've paid for my equipment when I could afford it. That's because I'm using it for my own use.
However, here's something to think about. If you're using it for business, it's worth looking at putting gear on credit or other finance (please note, this is not financial advise). AndI would guess there are better methods of finance than credit cards, though not always possible.
Buying equipment on 'credit' for business means you can claim back the interest payments and write the equipments costs off.
Having the equipment you need is important. Doing it sensibly can have financial benifits as you can purchase the equipment you need to make money.
There a re two parts to a photography business. The photography.... and the business. Photographers are notorious for forgetting the second part.
Photographers should establish a business plan to go forward. How you market, where you sell to, what equipment you need, are all important factors.
However, if it's for personal use, you don't want to be buying 200-400mm lenses.
Get the best shots you can, with the gear you currently have. Someone else will always have something you don't have, NBD. Treat yourself sometime, rent one of your dream lenses and see how well you shoot with it. BTW, the gear listed in my profile is all paid for, cash, most bought used, not new.
If you are a registered business, then you should think about talking to an accountant who can figure out how to best use leverage (credit) to your benefit. Sometimes, it's worth it to not "make money" on paper using perfectly legal (non-Enron-like) accounting "tricks".
$12k of gear on a credit card sounds pretty silly to me, especially for a working pro. There are much more cost effective ways of owning that kit.
I wouldn't worry about feeling out gunned either. As Andre sensibly pointed out, gear is only half the equation, so if you are happy with the gear you own now and aren't missing any shots because you don't have the correct lens for the job, then great.
Definately don't worry about being out gunned. However, it's also very important to have the right gear for the job.
It's better to buy $12,000 on bank finance for something that will produce an income, than to spend $12,000 of your own money on equipment that will make you nothing.
My associate and I have been working on our business plan going forward. We think of it as work that constantly needs to be done, rather than done once and forgotten.
As a side point, there are some good books on this topic. John Harrington I think, has one out. Well worth a look.
Would you rather have no camera and no income or have a camera, 12k on the credit card and some income?
What's it to you anyway how people buy their equipment? If you make money with your equipment you should make whatever is needed and suits your company to get it working. If cash suits your company cashflow, cash it is. If a loan/credit card suits you better, that's what you do.
By the way, 12k on a credit card is not as bad as it sounds, that 12k as a capital expense will save him plenty on tax , so it offsets the card interest.
I don't know about the US, but here you can often buy stuff with a 12-24 month payment time without the price being more than 5-10% higher. So, if you have to save money for two years to get your stuff, you could instead save the money for two years while owning the stuff.
I guess the economical risks are much higher over there, depending on lower taxes and expensive insurances (that people might not take). I've "bought" all of my new equipment before I could afford it, and I don't regret it one second.
Edit: Do you buy cars and houses with cash too? I don't think that even exists here. You take a loan. And I don't see the difference from taking a loan on your camera equipment.
It all comes down to how much you are willing to spend to get "that" shot. Pros are paid to get "that" shot, so they drag the big guns around--an editor doesn't care how much gear they have to carry. There was a photo making the rounds of a golf photographer schlepping 40 or 50 lbs of gear around during a tournament. I tired just looking at him.
Well, again, if you are running a business, you should consult with an accountant to see if buying things on credit (even if line of credit) is worth it to your bottom line. You may be surprised to find that it may be due to tax advantages.
Examples are:
You may want to a lease a vehicle for business purposes as well, as it's better for you come tax time. Also, if you are running an office out of your house/condo/whatever, then you should be able to charge various expenses to your photography business.
Doesn't matter if it's paid for or not (heck, even better if it's not ) 
