Realistically...how Much Do You Make?

[KellyTheChef]

Taking into account business expenses, taxes, etc. How much do you make?

Here's what I do, but I know that others have different veiws...(my lead is asking me questions about this and I don't want her to only see what *I* do!)

10% tithe to my church
10% set aside for taxes (never owed...just didn't want our return to be reduced, so I "gave" it back to us at tax time! )
30% for me to use...business supplies, PC clothing, products, whatever (I think this is VERY high...this is really what I want to hear from all of you about)
50% to our family budget

When she was asking me about this, I told her I thought 10-20% back into the business would be sufficient. Please give me input!!

 

[quiverfull7]

Looks like you are right on to me... great job!

 

[jrstephens]

10% tithes

25% to taxes (I no longer hold back out of each check. I have $500 that I put back last year and did not have to use it. I keep in savings account for my taxes now.I am thinking of putting it in a CD to earn more interest.)

The rest I use for myself and my family.

I do not set aside a certain amount to put back in my business. I order when I have extra money in my PC account.

I normally keep about $50 in my PC account and transfer the rest into my savings/checking account that I use to save for special trips and things for us.

 

[friday]

What a great question... I need to spend time and actually look at what I have been doing...


Ok. Approximately 10% on paperwork, supplies, etc.
About 5% on training materials
20% into taxes savings account
The rest goes to household finances- bills- debt reduction.
I pay all the bills in the house EXCEPT mortgage and car payment.

 

[Chef Kearns]

I don't have it broken down at all. We have been blessed to only need my husband's salary to make ends meet so I don't contribute to the household expenses. After tithes I put what I need to back into the business. Then when I need other stuff; furniture, gift for my husband, kids' camps in the summer, gymnastics for 4 year old, condo on the beach for a week, etc. I just use my PC money. I guess I should budget better. I don't do percentages. Sorry, if I'm no help (I think that's why my recruiting stinks...I have no concept of using the $$ for actual bills).

 

[DebbieSAChef]

Me too

I don't have it broken down at all. We have been blessed to only need my husband's salary to make ends meet so I don't contribute to the household expenses. After tithes I put what I need to back into the business. Then when I need other stuff; furniture, gift for my husband, kids' camps in the summer, gymnastics for 4 year old, condo on the beach for a week, etc. I just use my PC money. I guess I should budget better. I don't do percentages. Sorry, if I'm no help (I think that's why my recruiting stinks...I have no concept of using the $$ for actual bills).

I feel the same way Sandra, this is my hobby and thank the Lord my income through PC is not needed to pay bills, or anything major. Like you I use my extra money for church, gifts for my hubby, gifts for friends, field trips for the kids, things for me, and of course putting it back in my biz!
I am really excited about this recruiting opportunity to make more cash. I hope I can at least get one more recruit to get to FD. I could use that money to pay for a little shoe box idea I have for a poor community on the east side.
Debbie

 

[beepampered]

I made $6000 in my first full year of PC. That was averaging a show a week - so $500 a month. It was not that predictable with some months making $1200 and others making $15.

I track everything in Quicken and it says I spent $3000 on PC. Ouch! That includes a new laptop computer (which wasn't essential but my hubby and I were fighting over computer time) and practise recipes. That means that those expenses cover some food for my family. Doesn't sound too good as far as profit but hopefully the tax deductions made up for the money.

Oh, I took my family on a cruise, earned more hotel nights, got TONS of good kitchen products, gave some good PC gifts, made new friends and my hubby spent more time with the kids....

 

[sailortena]

With my business, I had a loss of $785 last year on my taxes. I anticipate the same or even more this year. I pretty much break even after supplies, prizes, costs of mailing things, long distance charges and mileage/wear and tear on the car, etc.This is one major reason why I am just sticking to the parties I have on the books, will maybe gung-ho for sellathon and then just do the minimum to stay active until my director gets more than 5 active people on her team. Then I'm done.I have a full-time job, do this, and also work as a weigher for weight watchers. I'm tired.My new year's resolution: One job, spend more time with husband.

 

[mommyhugz1978]

10% Tithing
10% Taxes ( I actually gave money back to myself last year)
20% Business exp. ( I dont' know if that is an accurate amount however I put some back into for supplies, PC clothing etc....

50% is put into a savings account for family vacations etc..... Christmas money, things of that nature!!

 

[heat123]

I made $6000 in my first full year of PC. That was averaging a show a week - so $500 a month. It was not that predictable with some months making $1200 and others making $15.

I track everything in Quicken and it says I spent $3000 on PC. Ouch! That includes a new laptop computer (which wasn't essential but my hubby and I were fighting over computer time) and practise recipes. That means that those expenses cover some food for my family. Doesn't sound too good as far as profit but hopefully the tax deductions made up for the money.

Oh, I took my family on a cruise, earned more hotel nights, got TONS of good kitchen products, gave some good PC gifts, made new friends and my hubby spent more time with the kids....

Sounds like what I spend my PC $$ on ! Although I didn't track mine but we made almost the same. I wonder how much of mine went back into my biz???

 

[yummy4tummy]

I average a -$75a month. Does that help? LOL

 

[KellyTheChef]

I know that on our tax return, it looks like I am making next to nothing. That's cuz I am very diligent about saving all receipts, and deducting them, (recipe ingredients for testing recipes up to two times each for every season, a portion of our phone bill, portion of our internet bill, mileage to/from ANYTHING related to PC, mileage to/from stores for business related expenses...if I have a receipt, I claim milage, etc.) as well as the "normal" deductions that you would think of.

I certainly "make" more than it looks like on taxes!

I guess I am really trying to narrow down how much you MUST put back into your busniness (business supplies, catalogs, postage, etc.) so I can have an honest answer for recruit leads!

 

[KellyTheChef]

I average a -$75a month. Does that help? LOL

$75 that you put back into your business? How many shows do you do?

 

[ljeffries]

I figure in my head 25% back into the business - but that includes the extras that I buy.

 

[yummy4tummy]

$75 that you put back into your business? How many shows do you do?

Not nearly as many as I would like to. Unfortunately, I am my best customer right now but that's okay. I also am bad about gifting things so my show totals earn me next to nothing. My Bad? LOL

 

[yummy4tummy]

and no that's not only $75 that I put back into my business...it is a negative $75...my commission + extra= -75.

 

[sfdavis918]

I know I'm not answering your question, but I'm so glad that you asked it. I went and looked at my Quicken and realized that I am putting 65% back into my business! That is waaaayyyyyy too much!!!:yuck: I knew I was spending and giving away too much, and have already started pulling the reigns back in, but this just seals the deal!

That being said, I am going to shoot for 30% each month for the rest of the year. I still think that is a bit high, but a good number to work with.

 

[heat123]

I know I'm not answering your question, but I'm so glad that you asked it. I went and looked at my Quicken and realized that I am putting 65% back into my business! That is waaaayyyyyy too much!!!:yuck: I knew I was spending and giving away too much, and have already started pulling the reigns back in, but this just seals the deal!

That being said, I am going to shoot for 30% each month for the rest of the year. I still think that is a bit high, but a good number to work with.

30 is alot better than 65!

 

[ltkacz]

Apparently I'm cheapBecause I probably only put about 20% back into my business - if that. The rest is mine - it's how I dug us out of a whole of debt and back on the road to saving a lot of money.

 

[baychef]

I know that on our tax return, it looks like I am making next to nothing. That's cuz I am very diligent about saving all receipts, and deducting them, (recipe ingredients for testing recipes up to two times each for every season, a portion of our phone bill, portion of our internet bill, mileage to/from ANYTHING related to PC, mileage to/from stores for business related expenses...if I have a receipt, I claim milage, etc.) as well as the "normal" deductions that you would think of.

I certainly "make" more than it looks like on taxes!

I guess I am really trying to narrow down how much you MUST put back into your busniness (business supplies, catalogs, postage, etc.) so I can have an honest answer for recruit leads!

Also, I had always claimed my "other income" such as free products earned, trips, etc. as income...until I was told that those"income" itmes are used for my business. I use the products at my parties, I talk about my trips and all of those other perks. All I know is that when my show schedule is not active, I am having a hard time making ends meet (I am not destitute, but single, helping my parents financially and my son is a $enior in High School and I want to live in a house, etc.) Without PC, I would not be able to write off many things. I too am a receipt hound and try to keep very accurate records. On paper, it doesn't look like I earn much, but in reality, I do just fine. I am honest with new recruits and explain to them how to capitalize on their business expenses. They like the idea of being able to write off an internet connection, groceries for recipes, etc.

 

[pchefinski]

This - this is one of the reasons why I decided to stick to my plan of going 1 yr inactive and re-signing in February. The new PC $ bonus for starter consultants is the one thing that's going to give my husband peace about me restarting. Last time, I put "too much" money back into my business (I wasn't making that much so 10-20% wasn't enough to reinvest and actually get me catalogs much less anything else!) and my husband was kind of jaded that I spent myself so much but really got no payoff for it. But with the PC $ bonus for starting again, I can bust my butt to start my business with a huge BANG and I'll have some starter credit through the company to buy paperwork & catalogs. I won't have to spend my commission on that for a little bit and it'll give me some time to build up a little commission so I'm not spending it all right off. I'm really excited -- I was kind of bummed about the change from product to PC $ with the new program, but now it's a HUGE STRESS RELIEVER! and it makes me feel like I can really do this without giving up everything I make.. I'm excited! (Sorry, I hijacked the thread) My plan for using my commission when I restart is: 10% tithe, 10-15% reinvest to business, 10-15% taxes, remainder for bills, family fun, savings. Should I set aside more like 20% for taxes? (I have no idea about that kind of thing)

 

[KellyTheChef]

Amanda~

I have only put aside 10% for taxes so far...and we did NOT notice a decrease in our refund this year. So, the money I had set aside was just used for something else!

I think my Director puts aside 12% since she makes more than I do.

I would be interested in how much others set aside for taxes.

Well....as well as answering how much you need to reinvest for business supplies!! (you know...my original question!!) LOL

 

[KellyTheChef]

BTW- what I said was TOTALLY kidding! I am usually on the hi-jack bandwagon...even on my own posts!!

 

[pchefinski]

LOL I do that all the time too! I swear people think I talk nonstop.. Which is kinda true.. I mean, the only adult interaction I get is with a 3 year old who...............