Let's Talk Money 💸 : A 36 year old designer profited $110,000 last year.
Welcome to Let's Talk Money, a newsletter dedicated to showing creative entrepreneurs what's actually happening behind the scenes of their peer's businesses.
As a reminder, this newsletter will only stay alive for as long as I receive entries. I won't ask your name, business name, or email when you submit so if you want to share what's happening behind the scenes fill this out.Â
Let's get into this week’s entry:Â
What do you specialize in: Brand & Web Design
Age: 36
Location: Maine
Debt: $158,00 remaining on my home mortgage
Saving: $200,000 across several accounts, including retirement
Degrees: AA Computer Technology, BFA Graphic Design
Do you have a partner, family, or anyone else that helps you financially?Â
My husband has a salaried position that brings in about $60K a year
If you do have someone that helps you financially, what does that look like for you?Â
We've always had separate bank accounts, but we divide up the bills. He covers all vehicle, pet, and healthcare expenses and I take care of household items like mortgage and utilities. It's not even close to a 50/50 split, but more proportional to our individual income which it works for us.
Do you have anyone you need to care for? Children, pets, family members, etc. If so, how many?Â
We have two amazing little girls, a fluffy goldendoodle, and a wild orange cat.
Are you full-time or part-time in your business? Do you have another job along with this one?Â
Full-time
What was your revenue last year (before taxes)? Â
$139,000
How much did you bring home after taxes & expenses last year (profit)?
$110,000
What's your average monthly profit? How much of that do you actually pay yourself?Â
I average about $10K a month, give or take
How many employees/contractors do you have including yourself? What do they do?
Just me. I tried bringing on a contractor, but it stressed me out!`
How much do you pay your contractors or employees?Â
N/A
What are your services and their average price?Â
Average client spends about $7,000 with me. Adding in VIP days ($1500) helped boost my numbers and I have some long term clients I'll do small jobs for that pad things out.
How many clients do you take on during a month?Â
2-3
How many hours are you working per week?
50
How often do you take time off during the year? Does this affect your income?Â
Usually a week at the holidays and a week during the summer. Not nearly enough. I've sworn I was taking December off for the past 4 years - still hasn't happened. Growing my savings makes me feel secure.
In the last month, what type of expenses did you have and what did they cost?Â
Mortgage: $1440
Groceries: $800
Utilities: $600
Healthcare: $1000
Subscriptions: $80
Gas: $120
Retirement: $500
Cellphone: $100
Anything else you'd like to add?Â
We've been able to grow our savings by living well below our means AND through a massive amount of privilege (we are white, able bodied, cisgendered, come from generational wealth). My husband and I both had a big chunk of our educated paid for by our parents, along with generous gifts to help us get on our feet early on in our careers. We don't take anything for granted - and I acknowledge that we've been set up for success by systems that are already in place around us.
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