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6 Month Reselling Totals

July 6th, 2017 at 08:06 pm

So, I started into reselling as a side hustle on Jan 1 to save money for our daughter's upcoming college expenses (she starts college in August) Here are my 6 month totals.

Jan 1 - June 30, 2017

Total Gross Sales = $18,697
Total Costs/Expenses = $8,256
Total Net Profit (before taxes) = $10,441

I'm setting aside 25% ($2,610) in my mind to cover income taxes. I have no idea if this is anywhere near accurate as I've never done this before but figured it was a safe estimate... so my grand net total after estimated taxes is $7,831 for the first 6 months of my reselling part-time business.

Now, let me just say that this took a lot of time and effort to earn this money. It wasn't easy but I enjoyed it and I am quite happy with the results. From my research, the 4th quarter is always the most profitable with holiday sales thrown in the mix, so I'm looking forward to what the next 6 months will bring.

Our DD's estimated college expenses for one year is $25K which includes room/board as she'll be living on campus. If I can keep this up and earn about $15-$20K a year reselling, the rest can be made up with our regular savings (I put aside $500 from our regular income each month).

My goal is that our children will leave college with no debt whatsoever and that is why I am hustling hard Smile

Posted in GOALS | 7 Comments »

7 Responses to “6 Month Reselling Totals”

  1. PatientSaver Says:
    July 6th, 2017 at 08:12 pm 1499371963
    1499371963

    What are you reselling? Shouldn't you be doing estimated quarterly tax payments to avoid a possible IRS penalty? I think you have to factor in various deductions so 25% would probably be more than adequate.

  2. all4money Says:
    July 6th, 2017 at 08:19 pm 1499372396
    1499372396

    @PatientSaver

    I'm selling clothing and home goods on various platforms, i.e. craigslist, facebook, ebay, poshmark, and mercari.

    I am withholding extra at my "regular" job to hopefully compensate for any extra taxes that will bump me up into the IRS penalty calculations. Again, since this is my first year doing this, I really don't have a clue if it's enough or if it's too much in all honesty.

  3. creditcardfree Says:
    July 6th, 2017 at 08:41 pm 1499373714
    1499373714

    I bet that takes a lot of work finding the goods to sell. But great job working to avoid high student loans.

  4. Out of the Dark Says:
    July 7th, 2017 at 12:15 am 1499386524
    1499386524

    A very small price to pay would be a CPA. Have her/him review your "books", provide some tax/business management advice and suggest software to assist in "automating" the entire process. Any outlay of funds would be well worth it in my opinion.

  5. Pnwmom Says:
    July 7th, 2017 at 03:33 am 1499398380
    1499398380

    I didn't hear from you via email, so I thought I would give you some ideas here for your visit. Washington Park had a ton of things to do (children's museum, zoo, rose gardens, forrestry center, Hoyt arboretum and the Japanese gardens) it gets crowded on the weekend, so go on the week days if you can, or go early on the weekend. Check out the Portland Saturday Market (crafts and artisans) and food trucks too. The PSU farmers market is awesome and huge. Riverfront is fun too and you can also do bridge walks. Powells Books is a must if you have readers in your family...it's a portland icon. OMSI across the river is a fun place too. Lots of great restaurants around and also great beer and coffee. Beware that there are homeless folks around...sometimes a lot....traffic can be a real pain, especially during rush hour. A couple of great day trips....the Columbia river gorge and the city of Hood river....one of our favorite places to hang out on the weekend. The Oregon coast is not far, but be aware, the beaches in Oregon are not like the gulf or even Southern California . They are beautiful, but in a different way. would suggest googling everything so you have a good idea how much things cost etc.....I think you will be surprised, there are a lot of great things to see and do here...this is just a sampling ...we have been having great weather too!oh! Also, no sales tax and no pumping your own gas ...let me know if you have further questions!

  6. all4money Says:
    July 7th, 2017 at 03:47 am 1499399248
    1499399248

    @pnwmom OMG! Thank you so much! I meant to email you but then kept forgetting to. You are the best. I will definitely check those places out!

  7. rob62521 Says:
    July 9th, 2017 at 05:44 pm 1499622246
    1499622246

    Wow, you have really been busy. Good job!

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