Hey Profiteers, welcome to the September 2018 income report! If you follow the Personal Profitability blog, you probably know that I publish an income report every month. Normally, we post a video to YouTube as well, but this month we're going to do something special and run this as part of the Personal Profitability podcast!
What We’re Chatting About This Week
This September, I hit my highest income, ever! This includes when I had my day job AND my side hustle. Of course, that side hustle is now my full-time business (mostly online freelancing). Are you ready for this number? The grand total is…$18,128! That's mindblowing!
We're going to dive in further and break down the profits and losses in this income report. If you're watching my YouTube video, I'll show a screenshot of my QuickBooks account. If you want to check out QuickBooks for your accounting needs, please check out my affiliate link to learn more.
Income for September 2018
My affiliate income was $208.70, which includes income from Personal Captial (affiliate link) and an email advertising service.
I also made $50 from a quick consulting call, $3,600 from a live event sponsorship, and $625 in speaking fees from a few talks I did. Finally, the biggest chunk of my income comes from writing- a whopping $13,644! That all adds up to the $18,128 I brought in this month!
Expenses for September 2018
For advertising and promotion, I spend about $7 every month. Credit card payment fees added up to $28, and computer and internet expenses totaled $846.79 (accounting software, subscription services, website hosting, electronics, etc). The web hosting company I recommend and use is Siteground. Next up, I actually got a refund of $189 on a conference fee I prepaid for, but got a refund since I spoke at the conference.
Employee payroll doesn't show up on my regular income reports, but this is what I pay myself every month. This month, I paid myself $2,233.72. I do this because as an S-Corp, if I get a paycheck, I pay both sides of the self-employment tax. Profits I earn above my paycheck are taxed at a lower rate as pass-through income. This saves me money on taxes. For meals and entertainment while away on business I spent about $133, and $207 on outsourced labor. On postage and delivery I spent $13.
Next up, I paid $940 in payroll taxes (I don't include this number in my income reports). Telecom expenses (anything related to internet and cell phone use) added up to about $96. This breaks down into $44.99 for internet and $50.71 for cell phone service. If you want to learn how I saved 50% on my cell phone bill, check out my article about Google Fi here. Travel expenses including Uber, airport parking, and flights totaled $169.
The total for my expenses comes out to $4,483.97. But about half of that amount is my own paycheck. So really my expenses were only about $2,200, $940 of which were taxes.
Total Net Income for September 2018
My net income for September is $13,643.73, a record month for me! I'm thrilled that I've been able to build up my business to this point after just a few years. I never imagined I'd hit that $10,000/month goal, let alone almost double that amount at $18,128.
Going forward, my plan is to continue expanding the public speaking part of my business into the next year. And that's about it! If you have any questions, please feel free to send me an email or sign up for my FREE Perso...