Let's Talk Money 💸 : I used my retirement account to supplement my income for the past five years.
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: Branding for Passionate Small Businesses
How long have you been in business? 5.5 years
Age: 48
Location: Rochester, NY
Debt: about 15K personal debt
Saving: not anymore
Degrees: Associates Degree in Advertising Design
Do you have a partner, family, or anyone else that helps you financially?Â
My mom and my in-laws help a bit. My significant other is unemployed/self-employed/not bringing any income in.
If you do have someone that helps you financially, what does that look like for you?Â
My mom sends me $350 to help with bills and my in-laws give us generous cash gifts on holidays and, because of tax savings for them, share a large gift once a year.
Do you have anyone you need to care for? Children, pets, family members, etc. If so, how many?Â
My significant other and my cat.
Are you full-time or part-time in your business? Do you have another job along with this one?Â
Full-time, but looking for part-time regular work as well.
What was your revenue last year (before taxes & expenses)? Â
about $16,000
How much did you bring home after taxes & expenses last year (profit)?
Maybe $12,000
What's your average monthly revenue (before taxes & expenses)? How much of that do you actually pay yourself?Â
Except for expenses, everything above is transferred to my personal account for salary.
How many employees/contractors do you have including yourself? What do they do?
Just me.
How much do you pay your contractors or employees?Â
NA
What are your services and their average price?Â
I have three branding packages ranging from $1,350 - $2,150. Plus I take on general design jobs and design a bimonthly magazine as well.
How many clients do you take on during a month?Â
I have it set up to start with a new branding client every two weeks, but on average I have one per month.
How many hours are you working per week?
30
How often do you take time off during the year? Does this affect your income?Â
I rarely take a real vacation away from work. I make myself unavailable a few times a year to focus on my business. I do allow myself to step away for a day when I'm not feeling motivated or have something else I'd like to do.
In the last month, what type of expenses did you have and what did they cost?Â
My expenses run about $2500/month.
Anything else you'd like to add?
I used my retirement account to supplement my income for the past five years.
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