18 Year Old College Freshmen (Former Entrepreneur)
I've always been VERY independent with my money, and when I was living at home I rarely had to go to my parents for money (I've always found a way some how).
Income: Depends how creative I can get. When I was living at home I made $3 a walk walking the family dog (2 walks a day, 5 days a week).
I ran a fishing lure company from March 2013 until August 2014 which garnered national press and actively sponsored semi-pro anglers. The company had over 120 customers and was run off a Facebook page/profile. For 18 months I put every penny I made into the company and never took any profits out. The business started out doing around $350 a month and towards the end we were doing $1,800 a month (Netting around $1,000). At the end I had 3 offers to sell the company, but all the offers fell through and I decided to close up shop going into college.
I'm currently living at my college Mount St.Mary's University (about an hour from my house)- but I do not have a car and stay on campus.
I’ve been an entrepreneur my WHOLE Life (Sold crayons at 3, Lemonade at 5-9, Picked up dog poop 9-10, Fishing businesses/fishing freelance writing for 6 national magazines from 15-18. I’m ALWAYS trying to make money
Up until the middle of August I was living off my checking account from $1,800 in Graduation Money that I received May 24,2014 (Friends, Neighbors, Family). I would spend (carefully) and then build back up to $1,000. The whole summer my balance never dipped below $800. I received $1,300 at the beginning of the summer and $500 in the first week of August)
Rushed into Kindle publishing and spent over $1,000 to have almost 50 recipe books outsourced on Elance and published on Amazon (This took place from 8/12/14-8/22). I’ve only made $125 from those books
I made $1,080 from working at my Local TJ Max this past summer
COMBINED I made $3,080 over the summer (Graduation money/TJ Max)
Expenses: I’ve paid all my college expenses thus far (I spend around $6 a day). I paid around $130 for all of my textbooks.
I’m actively paying off my $995 Capital One 360 Line of Credit ($100 minimum monthly payments). This came from June 2014 where I was scammed out of $1,000 in product by a business associate (He was supposed to make/ship orders to help me out, he lived in FL, I live in MD- He never made ANYTHING- Leaving me with the bill to refund customers out of my own pocket and make everything).
No fixed, or variable expenses. I’m a HUGE reader and spend $20-50 a month on USED Business books off eBay)
Assets:
I had $585 in a stock portfolio (Built it up through graduation money/weekly paychecks from July to the middle of August)- Sold everything to pay for Kindle publishing (Content). I was putting in anywhere from $40-$173 per week).
Kindle Books: When I got into it I saw each Kindle book that I produced as a Cash-Flowing Asset, I went big under the assumption that more books = more daily cash flow. Right now 3 books are producing 80% of the revenue. I’m a HUGE Robert Kiyosaki fan!
I have A LOT of Fishing equipment (Rods, Reels, Lure making supplies) that I have considered selling off (Some of my reels can go for $130+)
Liabilities:
The $995 from the Capital One 360 Credit Line at a 11% interest rate. Finance charges applied monthly (around $8) with a $100 minimum monthly payment.
No other liabilities
Goals:
Save/make $1,995 so that I have $1,000 left after I pay off the line of credit (I want to pay it off in one lump sum if possible