Q1 2008 Business/Life/Blog Update

The first quarter of this year went by super fast. It seems like just last week I was watching fireworks shoot off the Space Needle.

Alas, it’s now April, it’s stopped snowing, and time to look back at the past few months, as well as what the future holds.

First Quarter Numbers

Q1 Revenue: $23,144.25

Q1 Expenses: $25,673.63

Net Loss: -$2,529.38

March Numbers

March Revenue: $8,447.80

March Expenses: $8,504.40

Net Loss: -$56.60

What’s good, What’s bad

The good news is that after Jan, Feb and March were pretty much break even. The bad news is that the business still lost money.

It could have been a profitable quarter. Some of the expenses made were investments into various parts of my business that didn’t absolutely have to be made, but needed to be made. Does that make sense? Sure it does. Sometimes you have to spend money now, to make more later. Some of the money I spent this last quarter is already starting to payoff. April should be the biggest month my business had had in a long time, and with some recent successes in my Alpha project that revenue stream should continue to grow into the future.

Personal Update

My personal finances are actually in better shape than my business right now. I’m able to pay my bills, and send as much money as possible to my mother each month. I want to build up a 2K fund in savings. No more investing, but once I have that 2K savings account, all extra money (up to 1K/month) will go towards repaying my Mom debt.

Blog Update

So, I finally spent some time monetizing my little journal here. I’m pretty good at this type of stuff (monetization), and on an accrual basis, the blog brought in just over $1,000 in March. That money will for the most part show up this month, and just in time for the IRS as well as a few future business investments I need to make before the summertime. I don’t write much that’s worthy of stumbleupon or reddit or digg, but if you ever see something that is, I’d appreciate any stumbles or diggs you could throw the posts way. I really wouldn’t even be in the position I am now without this little blog ‘o mine….(single tear….)

Future Debt Attack Strategy

I should be getting onto a payment plan with the IRS in the next week or so. My other business debts I hope to settle with at some point. My mom debt I’ve been paying $400 a month on. I hope to up that to $1,000 a month as soon as possible.

I may be accepting a half-time job offer in the next week or so. This would change my business’ financial situation greatly. I would likely not have to take a salary from the business at all, as I could likely live off of the half-time job. Nothing is finalized yet, but taking no salary from my business would really allow me to cover IRS payments as well as start settling some of the smaller debts. We’ll see.

I'm 300K in debt. Gulp. I'm 24 and day traded away a fortune. Now I'm trying to crawl back to zero. Why not subscribe to my RSS feed and join me on this journey. You can also subscribe via e-mail. I appreciate tips and feedback! ~ DebtKid