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Business update for July




Ok, I have the finalized numbers for June's business income, PLUS some really exciting news about July!


I tallied the business income for June and even though I knew it would be good, I was STILL surprised by the total! $1830 for my net! 15% goes to the Roth IRA, but I still have $1500 extra as my snowball. I have several pared down budgets I can use, depending on my business income each month, but so far I have been able to just use my previous budget (based on 30hr/wk at the clinic -- side business was the snowball). So all spending/sinking fund contributions have been maintained. My previous budget has my clinic income at $1900/mo. June's clinic income had holiday pay for Memorial Day + 3 weeks of 30hr/wk and only one of my new 12hr/wk so it was ~$1700! The $200 shortfall was made up for by an escrow overage payout from my rental house. So that ENTIRE $1500 business income was my July snowball -- whoohooo! That's goes a long way to funding my new Hills/Valley fund.


Which speaking of.....will be finished funding at the end of this month when I throw the August snowball. July's clinic income includes 3 paychecks, plus holiday pay for 4th of July + I already have 20 hours of extra shifts I've picked up that will be paid out. So it should equal my previous $1900 if not more. Which means that all the business income will be snowball again! And with already booked (and working) jobs for the nursing business in July I will make at least $1890 net (after IRA contribution). That's my previous clinic income. That's CRAZY!


It's a little unbelievable to see how this has all come to pass. I was working hard to get the cruise money saved up (after spending all my extra cash to buy my house at the beginning of the year). And then in just the last 3 quick months, WHILE transitioning to self-employment, I'm finished/ing off the initial house improvements, the cruise fund, a new trip for a family wedding, AND a new Hills/Valley fund of 4 mo of minimum needed business income. Depending on how August goes (I have 10 days of trips where I will not be working business jobs -- will get coverage for myself) for the business, I may need to pull some from that nicely filled H/V fund, but I'm hoping to not have to dip below the $2500 mark. So the plan is that starting in September I can throw snowballs onto the rental house again. It should be quite interesting to see how close I can manage to get to having both my remaining goals accomplished -- the rental house below $100K and the IRA maxed for the year. I have quite a ways to go on both.......

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I'm not snowballing the IRA but it is currently being funded by 15% of my business income and I have 15% of my clinic income going into the 401K there. So 15% of total gross income going into retirement. I won't max out the IRA at this rate, but I'm ok with that. Getting the rental house paid down so I can get rid of it is wayyy more important at this point.


The overall goal plan is to be able to sell the rental house by end of the year next year (end of 2016). Then, while applying my snowball to my primary house mortgage, take the positive cash flow on my rental condo and save it each year towards paying down the giant construction assessment that will be on a 14yr repayment plan at that point (UGH!) That should hopefully be done in 5 years or less (end of 2021). At that point I will be having positive cash flow of $700+/mo from the condo, which will then be directed along with the snowball to my primary house mortgage.....which should be paid off in 5 more years or less! (mid-2026)


So my very projected date to be out of BS6 is only 11 years away!

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