February was a month with a lot of income and relatively low expenses. I was able to focus my money where I wanted to give myself freedom to invest more and beat down my quickly shrinking student loans.
Student Loan Update
Last month I outlined a new student loan strategy. It is working well so far. I paid off 10% of my student loan balance in February leaving me with $5,629 to go. I am putting 100% of my online net income into the student loans until they are paid. Combine that, my upcoming bonus at work, and my $700 per month contribution, we are looking at a 2-3 month payoff time horizon.
This is going to be a big relief. It will save me a required $92 minimum payment per month, but in reality I will have $700 in new cash flow that I was used to living without. To avoid lifestyle inflation, I plan to use my direct deposit to invest and save the money rather than spend it.
Side Business Income
Narrow Bridge Media is all grown up. It has a bank account, its own PayPal, and its own business checks. I paid myself from the LLC for the first time ever today. I am using QuickBooks for tracking and reporting purposes.
Narrow Bridge Media – All blogs and online activities
- Private Ad Placements – $1,029.59 (net of PayPal fees)
- AdSense – $18.50
- Affiliate Income – $0 (only reported when I am paid)
Denver Flash Mob – Sponsorships and consulting
I have yet to take $1 from Denver Flash Mob for myself, but because Uncle Sam thinks I made money from it, I am going to share it with you as well. I have two events coming up in the next few months. I have a contract signed for one private event and an email agreement for a second private event.
As I work to build up a DJ business in 2012, I have found that networking is incredibly important. I have an upcoming gig on St. Patrick's Day with a local DJ crew that looks like it will lead to more regular paying events in the future. Hopefully I will have some March income to report.
Here you will see my student loan strategy starting to pay off. You can also see what I transferred to my investment account and the trip I planned to New Orleans in my credit card balance.