END OF YEAR #'S; few thoughts for the newbies

[SquareOne]

(01-07-2020 )Magard Wrote:  .... Most people don’t actually look at costs. All they see are big numbers and start thinking there rich and costs out weigh profits when a major expense hits.

This is all too true. Seems like exponentially in the self employed world. Like mentioned before, majority of my family has a commercial fishing background, so with that comes many friends who do the same. Very lucrative industry if managed properly. However, I can easily name a handful of my personal friends who are constantly in 'struggle-mode,' but actually make damn good money. Their issue??--- They look at the GROSS numbers and feel like the can spend money like water based off what they see. The 3-5k+ gross numbers a week are great.....buutttt not if your spending over 1/2 - 3/4 in labor and expenses. Let's also not forget about Uncle Sam's cut (which is usually never a topic in the story for many of these guys!)