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grassyfras

LawnSite Bronze Member
Hey everybody whats up. Ive been mowig lawns part time for some time now and I'm starting to get older(18). I'm going to take this thing full time one of these days but I have no idea how much money I need to live off on my own while still being able to keep a profitable business. I have no problems running the business but I dont have any "sink or swim" experince to know if I can do both, living off of my business and supporting the business at the same time. What should I look out for and any ideas on how much money i should have put away or anything else helpful like that. I want to have 3 divisions eventually landscaping, fert and squit, and mowing maintinance. Should I get mowing completly self sufficient before going out on my own? Please I need some guidance.
 

qualitylandscaping

LawnSite Bronze Member
I'm in the same position right now.. I do need to wait until I turn 18 before I can move out, but I figured this stuff out a few years ago..

Gross Income
- Subtract Sales Tax & Income Tax
- Subtract Field Expenses for the year (trailers, mowers, 2-cycle, hand tools)
- Subtract Office Expenses for the year (paper, stamps, computer)
- Subtract Operational Expenses (Insurance, Workmans Comp)

Basically estimate each of your expenses for the year and subtract them from the gross income.

You are left with net profit.

These are estimated figures, obviously..

Apartment- $800/month X 12 months = $9,600 year
Truck- $300/month X 12 months = $3,600 year
Groceries, utilities, etc

Add up all of your expected living expenses and if your estimated living expenses for the year are less than your net profit, you should be ok to move out. Just make sure you keep some money in the bank though!
 

TheKingNJ

LawnSite Senior Member
Why are you guys in such a rush to move out? I'm 19 I go to comuntiy college going to transfer out next srping and I even plan on living with my parents a year or two after I graduate from college. You can bank so much money if you have a very small cost a of living. I'd rather stick it out for a little bit and have a nice down payment on a house then have to stress about money, and live in an apartment for a while where you have a high coust of living and can't save much money.
 

qualitylandscaping

LawnSite Bronze Member
TheKingNJ,

I want to move out because I'm independent.. I don't want to live by "be home at midnight" or "take out the trash" or "clean your room".. I want to be in my own house where I make the rules.

There are four reasons I'm getting a house:

1) Because I want to..
2) Because I can afford to do it..
3) Because I need more room..
4) Because I want to be able to have girls over without my parents going nuts.. //parties//


I agree with you on the apartment living though.. Apartment living is the biggest money pit you could ever put yourself in. I just used it as an example..

Thats my $.02..
 

TheKingNJ

LawnSite Senior Member
Yeah I see where your coming from. My parents are pritty lenient with me. Not worried about me coming home any specific time, I don't have to take out the trash, but I sure as hell have to mow the lawn, and I really have no problem with space. One of my best friends is 26 with his own house so I got a place to party and crash when I don't wanna be home so I guess its more of the situation your in.
but i think %80 is
I AM EXTREMELY CHEAP!!
 
OP
grassyfras

grassyfras

LawnSite Bronze Member
I never said I wanted to move out now. I just wanted to know from some of the guys that made this leap already how rough or easy it will be for a while and what kind of financial position you were in?
 

FatherandSon

LawnSite Member
Quality Landscaping

You sound a lot like I did many, many years ago. Was 18 and tired of my father telling me, "as long as your under my roof you will abide by my rules." Yup even had to take out the garbage.

I showed him, joined the service and got out from under his roof. After a few weeks in Vietnam I realized his rules weren't really that bad. Would of loved to be back "under his roof".

So if you don't like his rules, and don't have the money, join the service they pay for everything and even pay you (a little). Besides you grow up very quickly...
 

ffemt1271

LawnSite Bronze Member
Location
Shreveport, La.
hey guys , before you go and rent an $800 a month apartment go out and look for a house. i have a 2000 sq ft (older wood frame house) in town (population 6000) and the note and utilities are only around 750$ a month. plus if you have a home office most of that is tax deductible.

when you move out of the APT. the 800$ a month is gone.
You can always sell the house and get your money back.
 

rookiemower

LawnSite Senior Member
Location
chicago suburbs
if you make more than $30,000 a year look into buying a home, apartments are a complete WASTE of money
 

environment

LawnSite Member
Location
morris county
complete waste
im trying to save up $30,000 to put down on a two family house
this way i can marry my girlfriend have a home
and have a tenant pay half my mortgage
not to mention the banks are much easier with approving loans when they know you will have another person (the tenant) paying into your bills each month

but i will be the first to say its a struggle at a young age
i just turned 21 and credit is slim

i worked for my fathers landscaping company since i was six and he refused to put me on the books

so havibng been in business on my own now only three weeks, i have no credit

i have a visa with a $500 limit

so i have a large task at hand

but i love huge challenges, they make life worth living

but why pay the same amount for a rent thta you can pay for a mortgage and then have money in equity at your disposal

i want to buy the two family
live there for a while and save

then take the equity, and buy two more multi families, live in one, and rent out the rest, and keep multiplying from there

my uncle did that

he now owns quite few houses
an apartment complex
and a mini mall
not to mention his own restaurant
and loan company

an entire blcok down the shore belongs to him with his name on the street signs


thats what i want

and i could landscape all of them
 
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