Online Arbitrage Business Expenses & Profit Report for February

Online Arbitrage Business Expenses & Profit Report for February

and we’ll just talk about this I
literally do this so this is from my business credit card right here and we
flipped through you’ll see Amazon Marketplace payments Amazon Marketplace
payments look at the right side here literal literally the a lot of people
say oh I can’t find good products I find products that are like 10 bucks and yes
I can resell them on on Amazon for 30 bucks but I don’t have you know $10 to
keep dropping every single day you know a couple of times look at the look at
the price of the payments that I’m making over here we have $5 a dollar 10
$2 for a product and I guarantee you that was a $10 profit margin so I at
least made 10 buck bucks on this I at least made 10 bucks on this roughly at
least made 10 bucks on this this is probably one or two items at once maybe
even the $5 was like a couple items at once and you’ll see that I pay you know
a dollar a dollar eighty two dollars eighty one sixty two seventeen and this
is just one example here I’m gonna go through a bunch of them all these are at
least profit margins to ten bucks so we got a twenty nine thirty here a thirty
six ninety seven here here’s another page you know for twenty six dollars six
seven fifty four dollars 350 18 bucks eight – 206 180 so this is discover I
have so many of them that’s that’s exactly what my you know my business
card is and I do this all the freaking time as you’ll see here that’s like four
or five pages I’m not gonna go through them all all my on my business account I
do it a lot guys there’s so many products to buy in March 16 look how
many but I bought March 17th March 15th March 14th March 15th March 6th like I
do it all the time there’s so many products by so moving on I’m gonna show
you another one from my bet my business bank count cuz I source from both
sometimes this is the same one this is the same one what am i doing uh here we
go from my business bank account so that was my business credit card I use my
business bank account I find that I it’s easier to use my business credit card
but I don’t always like to run it up because I pay it like like twice a month
so sometimes and it is a business card so it’s not doesn’t have like a ten
grand limit like some of my other cards it only I think I’m only has like a
three grand limit or something like that it might be twenty five hundred it’s
really really low but anyways it’s not know what I’m talking about here so
sometimes I do use my business bank account and I just expense it out so
it’s easy to keep track of because all my expenses for my business credit card
are clearly expenses and all my expenses for my business bank account are clearly
expenses so I don’t have to go back through it just it’s really really easy
to keep track of that way this is my business bank
account you’ll see here you know for the payments right here Amazon Marketplace
Amazon Marketplace 399 225 359 2 bucks 359 895 12 cents chick-fil-a in there
that’s not that my time I think I might have taken someone out for lunch that
shouldn’t necessarily be on my business card but hopefully the IRS isn’t
watching maybe I took something out the business to launch I don’t remember but
Amazon Marketplace Amazon Marketplace Amazon Marketplace Amazon Marketplace
you’ll see here sometimes I sourced from Kohl’s and other places too but it’s I
do this all the time 259 129 these are all from online
arbitrage I source these products right from the computer like I’m sitting right
here now they come to my house i repackage them up and send them back
into FBA I might spend an hour – max max a day doing this which means sourcing
and packaging boxes and sending them out super super easy guys one more before I
don’t wanna waste your time I’m just gonna keep going through that’s a
GoDaddy charge for my website Amazon Marketplace payments jungle scout which
I recommend in the course so I use that to guys proof right here Amazon
Marketplace this I probably bought a bunch of them it was 80 90 for 60 cents
so for the people saying that you can’t find great products there’s a 60 cent
product right there there’s a 191 product a $2.00 product a 210 product a
149 product of 175 product $1 10 product so I’m not gonna keep going through I
could go through this all day with you guys I spent this is the the expense
report if you stayed this long and remember to use the coupon coupon code
Mary guys hop on this now there’s only ten of them left yeah if people claim
them you can still buy the course full price at 295 which is still a ridiculous
bargain ridiculous bargain yeah I can sell this of course I feel like for like
1500 bucks easy because you can make that 1500 bucks in the first month easy
but I’m not trying to sell you on I’m literally giving you value it’s up to
you if you might want to make that decision but so right here this is what
I I think I factored all this in let me just check so I wrote it down is 8 to 8
to 6 8 81 8 to 6 80 81 is what I pulled in total so that was two payments Amazon
probably pay me I think one of them if I remember correctly I did this last night
one was like 5 some from the other one was like 3 something I brought in 8
$268 and 81 cents from Amazon in January of 2018 these are some of the expenses
that I had but not my cost of goods that’s down here commissions and fees so
that was proud like the jungle Scout like he saw on that one which was I
think like 20 or 39 bucks for the extension that might been done with the
web app that was that was the web app the the extensions $99 one-time payment
so that’s completely different the web app now is probably for private label
products if you’re doing online arbitrage you don’t need the web app you
just need the Chrome extension so I think I probably paid 39 bucks for that
some of the other commissions if he’s really go daddy some Wieck stuff for my
website gmass stuff like that so contract labor was actually you know to
hire a VA to start training them because I paid the VA a lot marks to do that
while I was traveling I was traveling most of March and I also moved in March
I believe or might have in the end of February so I started to train my VA and
then I paid him a lot in March too once he got the hang of it so that’s
what the two hundred dollar contract labor charges office expenses I think I
bought like a new desk and I also bought a printer to print out all my you know
like the the labels that I print out stuff like that paper ink stuff like
that little office expenses I don’t remember what the insurance was that’s
probably like it’s not health insurance other in health it could be like my
dental which you can also write off but I’m not a tax professional don’t want to
give you tax advice consult with an accountant
always consult with an accountant so that’s what all that stuff is that’s all
the expenses and then I believe I pay them in chrome I wrote it down in
expenses I tallied all that stuff I just showed you on my bank accounts and all
these so down here in my my bank account and my Discover with my business credit
card all those expenses I wrote them down they are 20 105 bucks
even that’s weird 2100 was 25 bucks even was the expenses so that means that I
only so the net this is why the spreadsheets great because in all the
ducks so this is what I netted after all these expenses right so Amazon paid me
out eight thousand two hundred sixty-eight dollars and eighty one cents
I expense these things for you know other things that that were related to
my business which for a grand total eight hundred thirty one dollars and
eight cents so my net income off that before the cost of goods was 7403
7.73 cents in February of 2018 from online arbitrage specifically then I
spent two thousand one hundred five dollars on products total in the moment
in the month of February 2018 so I deduct that so let’s take the numbers
now and we’ll find out exactly what I made and what I have to pay taxes on
seventy four hundred thirty seven dollars 73 cents minus the cost of goods
down here is to 105 even for a grand total if you can see this five thousand
three hundred thirty two dollars and seventy three cents is what I made
so after cost of goods after the write-offs five thousand three hundred
and seventy 2.5 thousand three hundred thirty two dollars sorry and
seventy-three cents is what I made which means that if we take a conservative
approach and like I said everybody pays different amount of taxes we assume that
I pay 40% in taxes overall to like federal government obviously the IRS to
your state and your local because you have to pay three sets of taxes will
take a conservative estimate say that I that I have to pay forty percent so
conservative from my opinion I would love to pay more and you know you don’t
want to pay less because then you’re gonna owe so let’s take multiply that by
point six so I know exactly what sixty percent of that if I keep sixty percent
I pay forty percent taxes what I actually netted what my take-home money
was it’s three thousand one hundred ninety nine dollars and 64 cents roughly
so that’s what I took home that’s my take-home money so a lot of people see
this number right here income eight thousand two hundred sixty-eight dollars
in the 81 cents and they might spend eight thousand of that and think oh I
still made two hundred sixty-eight bucks but I spent it on a lambo now you didn’t
make that you didn’t make that because you have to expend some of these things
out you you you spent stuff on office equipment
you spent stuff on cost of goods you know you all that stuff is what you made
and then you have to pay taxes on what you netted so you didn’t even make seven
thousand four hundred thirty-seven dollars used to pay taxes on that so
really even though I am azam paid me out this is still great money guys cuz think
about if you’re making five grand a month a normal job you’re still gonna be
paying taxes on that you might only be getting your paychecks might only be
like fifteen hundred or something like that so I netted almost thirty-two
hundred bucks after all the taxes and everything
that’s why I took home so if you can’t live off of three thousand one hundred
bucks you know obviously your your expenses are too high but just keep in
mind it’s important to keep tabs in and
understand what’s coming in and what’s coming out what you gotta pay taxes on
and be prepared for it

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About the Author: Oren Garnes


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