Dividend Ten

Freelance & personal finance journal

Month in Review

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

    Thats a terrifying amount of taxes! I might have been more aggressive on the intangibles front but regardless the liabilities side of your balance sheet is in great shape!

    Might also be worth looking at your food expense as an investment in yourself! Who knows, you could even capitalize it…. Seriously though, physical and mental wellness is an intangible worth something in my experience.

    Excuse me while I go and check out just what you were getting up to in April!

    • Greg Gee

      ADI-

      Yeah, I am catching up with taxes right now so most of the paycheck I pay myself goes here. Most of all my income goes to others which makes it all the harder to amp up the savings. Kind of sucks! And yes, I do look at food as an important part of being healthy, which in my opinion is the best investment you can make in yourself. Thanks for your feedback!

  2. Hey Greg, nice site you’ve got here. I had no idea you could make so much on Fiverr! I should check that out. And I agree, divorce sucks; I’ve seen so many people get screwed over by it. Mind if I add you to my blogroll? Thanks for posting – I’ll definitely be back.

  3. Wow I’m also super impressed by that fiverr income, had no idea it was so lucrative. Going to check out your other article on the subject!

    • Greg Gee

      MrSLM-

      It’s a steady earner and flies under the radar in terms of side hustles if done right, IMHO.

      Thanks mate.

  4. A decent month indeed. Your portfolio value is increasing at a steady pace and sitting on all that cash can’t be too bad waiting for better buying opportunities. You are not alone as many of our fellow dividend bloggers have been selling part or all of their portfolios in recent weeks. Thanks for sharing these awesome results and way to take advantage of living at home. I did the same thing, well into my late, late 20s as I started my own biz back in 1998.

    • Greg Gee

      Hey Keith,

      Yes, it’s tough to find some good buys right now, but I actually just picked up a little more GE today on a small dip. Staying at home definitely helps. Would love to hear more about your business and thanks much for the feedback/ encouragement.

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