Saturday, September 23, 2017

Something about "compound interest"....

I receive a daily "newsletter" from San Diego compiled and edited by former newspapermen (and women) who had worked for the San Diego Union-Tribune newspaper.

I was a staff photographer there in the 1960s and belonged to the editorial staff as opposed to pressmen and plate makers.

I like to submit an item now and then and the "Editor" Jack Reber graciously includes them in the newsletters.

Here is a recent one I submitted:

  CHUCK BOYD writes:

I had mentioned a while back that in 1964 I took a photo of QUIET plowed into a field near Miramar. The paper was not interested so I offered it to LIFE magazine.

Back in the sixties, LIFE was a biggie and the photo staff all had fired off photos, hoping to be part of this national treasure. 

We usually received polite rejection slips.
          
This time they CALLED me to say they wanted it for the Miscellany Page at the back of the magazine. A full page in LIFE!
          
It ran in 1964 (yes, I have a copy or two) and I received not only a photo credit for me - and the newspaper - but also a check for $300. Wow.
          
I was telling someone about this and he said: "I wonder what that would be worth in today's dollars?" I Googled that query and got this back...
          
According to the Bureau of Labor Statistics, the dollar experienced an average inflation rate of 3.98% per year. Prices in 2017 are 689.6% higher than prices in 1964.
          
In other words, $300 in the year 1964 is equivalent to $2,368.90 in 2017, a difference of $2,068.90 over 53 years.
          
Too bad I didn't invest that $300.




Today there was a follow-up comment by a fellow photographer:


ERNIE COWAN writes:

Regarding payment for Chuck Boyd's "Quiet" image:

Sadly, today the photographer would earn very little for a similar shot. The advent of digital photography and good cameras has made everyone a "photographer." 

Two examples:
          
I lead photo tours and it amazes me that just about everyone who participates has a business card
Identifying them as some kind of photographer. Most have no real clue about taking pictures. 

Also, I was recently contacted by a resort asking to buy some of my images to promote their property. 

I quoted standard rates, and the person at the other end laughed, saying "I could find dozens of similar images on Facebook for $15 each."



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