PPP125: Breaking Down the September 2018 Income Report

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Personal Profitability Podcast

Eric Rosenberg - Editor at Personal Profitability

131 episodes

3 months ago

Welcome to the Personal Profitability Podcast! Personal profitability has four main pillars that allow you to reach your goals through thoughtful personal finance. If you follow along and give it your all, you can live a very rich life, even if you don’t have millions in the bank. I strongly believe that everyone can benefit through these ideas, and I implement them in my life every single day. As you join me at Narrow Bridge Finance and progress in your own personal profitability project, you will see our bank accounts slowly being to rise, your debt get smaller and smaller, and your income steadily rise. In this podcast we'll learn how to spend mindfully, earn more, grow our wealth, and live a better life through personal finance success.

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PPP125: Breaking Down the September 2018 Income Report

Personal Profitability Podcast

13 minutes 19 seconds

7 years ago

PPP125: Breaking Down the September 2018 Income Report

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 Empower (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.