Let's Talk Money 💸 : A recently divorced designer has a take-home pay of roughly $79K
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.
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Let's get into this week’s entry:Â
What do you specialize in: Brand + Website Design
How long have you been in business? 10 years
Age: 37
Location: Denver
Debt: About $73k on mortgage
Saving: $100K
Degrees:Â BA in Broadcasting Communications
Do you have a partner, family, or anyone else that helps you financially?Â
Very recently divorced
If you do have someone that helps you financially, what does that look like for you?Â
Received half of all assets from divorce. Ex makes about 3x as much as me, so will be receiving spousal support for the next 4 years. My parents also helped by loaning me the money to buy my new home.
Do you have anyone you need to care for? Children, pets, family members, etc. If so, how many?Â
1 child and 1 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 & expenses)? Â
$105k
How much did you bring home after taxes & expenses last year (profit)?
$79k
What's your average monthly revenue (before taxes & expenses)? How much of that do you actually pay yourself?Â
~$6,500 this year. Paying myself $5k/month
How many employees/contractors do you have including yourself? What do they do?
Just myself. Last year I had a contractor that I hired for about 20 hours/month.
How much do you pay your contractors or employees?Â
Used to pay my contractor $40/hr.
What are your services and their average price?Â
Brand foundations $2,200 Custom Website $6,000 Mini Website $2,000
How many clients do you take on during a month?Â
I typically have 3-4 active clients going at a time with a few maintenance projects to fill in the blanks.
How many hours are you working per week?
30-40
How often do you take time off during the year? Does this affect your income?Â
I've taken the last two weeks off every year and maybe 1-2 other times that I've actually scheduled time off for vacations. Never has affected my income.
In the last month, what type of expenses did you have and what did they cost?Â
Business expenses (accounting, meals, phone, stock photos): $120
Mortgage: $1,300
HOA: $382
Groceries: $400
Insurance (car, life, health): $480
Gas: $100 Utilities: $150
Therapy: $140
Yoga studio: $88
Child care: $375
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