Q1 2019 in Swizec LLC land #open
It's the end of Q1 โ one of the hardworkingest periods of my life ever. Was it worth the sleepless nights and the stress? Time for an #open report
Swizec LLC, Jan 1st 2019 โ Mar 31st 2019
๐ค$105,160 total inflows
๐ธ$83,554 total outflows
โณ716 hours
Let's break it down ๐ค
Inflows ๐
๐จโโ๏ธ$47,000 consulting
๐จโ๐ป$21,460 dayjob contracting
๐ฐ$21,850 pulled from savings
๐พ$14,556 product sales
Savings make this inflows instead of revenue. I'll explain
Outflows ๐
๐ฐ$15,650 SEP IRA contribution
๐ฐ$1560 savings
๐งโโ๏ธ$20200 taxes
๐ฉโ๐ป$5887 freelancers
๐ป$1959 SaaS
๐ค$553 education
๐จโโ๏ธ$282 insurance
๐$1885 motorcycle
๐$223 ads
Again savings make it outflows, not costs
PS: $12,923 for staying alive&happy
PPS: $20,670 credit card debt bye bye
My day job is now a contracting gig. That happened in October. I still love them, they still love me. 4 days/week gives me more time to sidehustle and to everyone's surprise means I do better work at work. Less stress maybe?
๐
How on earth did I pull off both $47,000 in consulting AND $21,460 in day job contracting in just 3 months?
$32,000 of that consulting was for work done in 2018 ๐
My year in review post mentions an outsanding invoice. This was that. Phew
https://swizec.com/blog/how-i-sidehustled-dollar180k-and-why-it-almost-killed-my-business/
About those savings shenanigans ... pulling $21,850 from savings and putting $15,650 back into different savings ... not exactly a business move is it?
Except it is. Lemme explain
https://imgur.com/gallery/MdA04
Some of it would have to go to taxes eventually. This March.
Accountant ran the numbers and suggested I move some of that money into a SEP IRA fund instead. Lowers my taxes, but means I can't touch the money for ~30 years.
So I did that.
Better 65 year old Swizec have the money than Uncle Sam using it to drop bombs on innocent children, right? He sure ain't using it to solve homelessness or health care ...
The $5,800 difference between what I pulled and what went back into a SEP ... that covered what I was short for in taxes. Paid taxes on time with no delay for the first time ever ๐ช
Perhaps this year I'll even keep up with quarterly payments ๐
What was I gonna say next ... oh yeah: Was it worth it?
โณ352 hours day job
โฐ65 hours consulting
โฒ253 hours product stuff
hm
Removing work done last year, savings stuff, work that pays next quarter ...
... $34/hour ๐ค
That's ... not great? I honestly can't tell anymore but I'm sure BigTech pays better than that. ๐
But I got 3 months salary buffer so I got that going for me.
๐ Ok but in terms of what went well Q1 was a great success! ๐
-
started+finished a freelance project
-
(finally) launched ReactForDataViz.com
-
ran marathon
-
paid my taxes
-
paid off my credit card
-
2 workshops at Reactathon
-
1 new workshop built from scratch
And that one might present a whole new way forward beyond React + D3. โ๏ธ
As for what went wrong ... not much.
@willfanguy left me for a BigCorp job after 3 years of helping on the side. Needed to focus to crush it.
Dropped a bunch of balls during the ReactForDataViz.com launch. But I can pick those back up in April :)
Now all I gotta do is figure out what I'm doing with Q2 ๐คWas so focused on Q1 I forgot to make any plans for the future lol
Filed under: BusinessYear in review
