September 2016 Recap

I like to think of myself as my own little conglomerate (with little being the operative word).

Hence I like to take a look back each month at my income & balance sheet, as below:

September 2016 Income Statement

Period Ending 9/31/16
Revenue
Total Revenue $11,921.64
Cost of Revenue -$545.00
Gross Profit $11,376,64
Operating Expenses
Food -$880
Shelter -$0.00
Child Support -$1,985
Student Loan -$0
Car -$0
Medical/ Insurance -$869
Taxes -$6,800.00
Operating Income or Loss -$10,534
Net Income $842.64

Total Revenue

  • Freelance Income: $9,845.  Still lower than usual, but an improvement over last month.
  • Interest: $111.17 from my  1% high interest savings account at Capital One
  • Fiverr Side Hustle: $1,750 –  This was a pretty solid month for Fiverr.
  • Dividends – $215.47 in dividend income.
  • Gross Profit: $11,921.64

Cost of Revenue

  • Payroll: $42 I have my personal consulting business structured as an LLC taxed as an S-Corp. This provides a number of tax benefits, but also there are some things you need to take care of – like running payroll for yourself. I have just started using Gusto and I love it since they make the process of running payroll and paying contractors easy. Affiliate note: you will receive a $100 bonus by signing up through this link: Gusto $100 offer
  • Proposal Software: I’m currently paying a steep $89/ mo to a cloud-based proposal software company. It’s pretty high, but in my mind worth it, because it makes snazzy as heck proposals – one of which I won for $10k so in my mind it’s an investment that more than pays for itself, even though it’s a cloud solution I use rather infrequently.
  • Rejected check charge: $9.
  • Subcontractors: I spent $405 on subcontractors during this time. These guys are great because I can just mark up the difference between what I pay them and what I get paid, which helps me to leverage my time. The key, however, is finding good quality talent at a decent price, which is a tough thing to do.

Operating Expenses

Food: $880 – Spent way too much on food. Been eating organics and stuff which is good, but going to resolve to keep this down next month.

Shelter: $0 Score. Yes, I actually don’t pay rent. I moved home for a while to try to get my finances back on track. I’m looking for opportunities to move out next year, but for now am enjoying the nice savings.

Car: $0  Yes, I earn 6 figures and don’t own a car. I do what I can to keep my expenses under control.

Child Support: $1985  This is my biggest expense by far. Marriage and divorce is the worst financial move you can make. Maybe I’ll write about this more sometime.

Student Loan; $0 I just kept this line item on since I paid the entire thing off last month, it feels good to say $0.

Medical/ Insurance: $869. Late on a premium which made this high this month.

Taxes: $6800. Yeah, so I am trying to catch up on paying taxes since I didn’t pay much for the first few months. So for the next few months, this is going to be really high.

Net Income

$842.64

Taxes and child support are killing me here. Most of all the money I make goes to others. Managed to eek out a small bit of savings here.

August 2016 Balance Sheet

A balance sheet is a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.

Period Ending 9/31/16
Current Assets
Cash and Cash Equivalents $114.586.35 -0.3%
Long Term Investments $107,607 +2.8%
Intangible Assets $1.00
Total Current Assets $222,193.35 +0.8%
Current Liabilites
Student Loan $0.00
Debt $0.00
Total Current Liabilities $0.00
Net Tangible Assets $222,193.35

Cash and Cash Equivalents: $114,586.35 I currently hold half in cash

Long Term Investments: $107,607  This is the value of my stock portfolio. I don’t really own any other investments at this time. I actually sold out of my TEVA position at $50, which has subsequently fallen to $45, so may buy in if the price continues to drop.

Intangible Assets: $1 I added a dollar here for my great smile. I’m sure that has to be worth something.

Current Liabilities: $0. This is the one thing my balance sheet has in common with Visa or Facebook. No debt. This is the first month I can actually say this for many years which is cool.

Final Thoughts

 

Overall a decent month. Income up slightly from my low point last month; however high expenses – especially with taxes – kept my savings rate far too low. I’m sitting on a bit of cash still, and looking to deploy as soon as I can come up with more good ideas. Will look to lower my food expenses next month.

Thanks for stopping by!

8 Comments

  1. ADI October 5, 2016
    • Greg Gee October 5, 2016
  2. Andre - Gogoassets October 6, 2016
    • Greg Gee October 6, 2016
  3. MrSLM October 7, 2016
    • Greg Gee October 7, 2016
  4. DivHut October 7, 2016
    • Greg Gee October 7, 2016

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