"Love My Way, It's a New Road"

I’m Broke

Today I am broke.  OK, I’m being melodramatic.  I still have about 30 days of money, but the end is fast approaching.  Now, the question becomes, will I get a nice chunk of change that will keep me going for about 3-4 months before I run out.  The invoice is out for payment, but we have the holidays.  Time will tell.  Hmm, I’ll check on it.

OK, I just sent the email to check on it.  30 days would put it right at Christmas.  The question becomes does the company want it in their 2018 budget or 2019….

Am I panicked?  Surprisingly, not really.  I have some accounts receivable for January that will buy me yet another 30 days, but the tax man cometh and I’m not ready.

Speaking of the tax man….I ran afoul of the IRS in a whole new way this year having to do with my retirement plan and that’s a $500 penalty plus another $75 for my retirement provider to prepare the necessary paperwork.  And I have to hope I get my mea culpa to the IRS before they knock on my door.  If they knock before I mea culpa, then it’s going to be a lot more than $500.  Just tack that on to my tax bill for 2017 and 2018, if you please.

In addition, there is the state department of revenue who is fining me for not filing a mid-year return on time.  That’s due to me and my accountant having some bad blood resulting in bad communication.  He fired the bookkeeper on my account (I think) after I came in crying.  He realized that she had not been handling my account correctly.  He and I have made up.  I thought I wrote a post on this, but I’m not seeing it.  I do like the CPA.  I get the sense that he feels sorry for my pathetic situation, but hey, I dug this hole, so I need to just start figuring out how to fill it.  That Dept of Revenue situation cost me the $100 plus $200 for him to write a letter pleading for forgiveness.  They denied forgiveness.  Of course, I can’t win with anything government related.  Running a company is tougher than I ever knew!!

Here’s the shit that folks really don’t know about running your own company:

  • Licensing — you have to pay your fees to just have the corporation.  Then add on any professional licenses.  That leads to…
  • Taxes – man, there are taxes everywhere you turn around.  I have payroll taxes, state taxes, now this retirement filing I need to do, personal and company taxes, 1099’s that have to be sent out to vendors, I’m sure I’m forgetting stuff.
  • Overhead – it’s really easy for it all to add up.  Health insurance (I’m lucky to have a decent plan), Godaddy grabs $$ for the website, email and more.  Annual software costs because everything is cloud-based.  Plus marketing stuff like ConstantContact, my phone, CRM, the list drones on and on…

No wonder my budget came in at about $40K and I still don’t have everything on it.  With that kind of overhead, I have to be a Great White Shark chomping on every opportunity that comes my way.

It sucks to be broke and at the holidays, but there is really nothing I can do.  Should I sell some jewelry I don’t like?  That will bring me about $5,000.  I hesitate because what if I need that $$ later on?  Should I go sell some plasma?  The Dave Ramsey FB groups I follow have tons of people who do that.  Nope, I’m not that frantic and besides, I need more than plasma brings.

One thing I have been doing is taking lots of business development actions.  Even though the holidays are fast approaching and my kids are coming to town next week.  I am focused on finding my next clients.  I just have to focus on taking action.  I was listening to Gretchen Rubin’s podcast today and she was quoting someone else, “Action is the best step to fight anxiety” or something like that.  She’s right.  I have to keep taking action.  Lots of action and hopefully that wards off lots of anxiety.

Now, I am off to a new book club group.  I haven’t finished the book (which I got for free from the library thank you very much) and I don’t care. It’s at a coffee shop rather than people’s homes and that suits me much better.  Let me go scrape up some change so I can get a cookie…..LOL.

raymond-hui-450725-unsplash

Photo by Raymond Hui on Unsplash

Comments on: "I’m Broke" (4)

  1. If I tell you that I have roughly $500 to finish the month (which includes all of the gifting and stuff), do you feel less alone? I mean, I just checked my account. Rent is paid, at least there’s that, so is electricity and TV/phones, and I have some food in the fridge that should see me to the end of the next two weeks or so, but… I just don’t know how I’ll do it.
    And I’m not counting all the Christmas “parties” at restaurants where I’m expected to pay for my food. I don’t know how I’ll do it, not talking about the various doctors and stuff… But well, I’ll just do. I’ll find ways.
    I just pray the judge rules quickly and finds that the ex needs to give more child support now that he found work far away and the kids stay with me full time. If that’s the case, it means I would get a big lump of cash that he owes as backpay. And my employer is still working out the exact pay I should have been reeciving from the beginning of employment and I should get some money there too.
    I shouldn’t have to pay more taxes than I already have, and that’s a relief too.

    But you know what? I’m not going to let it keep me from sleeping. I need the rest. And I know that there are going to be some solutions. Soon hopefully. I’ll try and work on it over the weekend, as soon as I have rested enough. Like get all the money from the ex that he owes me for kids medical expenses.

    Yes, I’ll survive. And so will you!
    (and I’m thinking good thing I bought most of the Xmas gifts over the summer while we were away. I mean, at least I have something, and that’s good already, my family knows how tight things are for me and don’t expect presents from me, so it’ll be a nice surprise already!)

    Sending you hugs and resilience.
    We’ve survived much worse. We can do this! 😀
    XO

    Liked by 1 person

  2. […] yesterday and gulped.  It’s enough for maybe 30 days if I am mindful.  This happened right before Christmas.  I had some money come in and its kept me afloat for all this time.  I have to say that I am […]

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