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For newbs reading here, it's much worse than that...
Posted by  JanetK_CA of CA on 12/3/23 5:12pm Msg #647292
The numbers being played with above only refer to gross income, of course. I've no doubt all those who've posted in this thread so far know that $40 for a refi might not even cover variable and out of pocket expenses like paper, toner, fuel/electricity, let alone other costs of doing business (like insurance, maintenance, equipment, etc.)

So that level of work would not only run you ragged, it would drive you into debt (or deeper into debt) faster... The silver lining is that no one getting into this business these days has a snowball's chance of finding anywhere near that much work to begin with. And the slow market should make you ask if it really makes sense to work at a loss if there are no guarantees of getting sufficient work to survive even once acquiring some experience. It's something worth thinking about!

One last thought... At the standard mileage deduction rate for 2023 of $.655/mile, $40 for a refi would immediately have you in the red just for transportation if driving more than 30 miles each way. If you deduct paper/toner first (not to mention something for your time), the distance before you're in negative territory is much less.

[We should have the 2024 standard mileage deduction rate sometime this month. I just read that it might still go up because of increases in purchase prices, insurance, car maintenance, etc., in spite of fuel costs having come down considerably this year. I just got a taste of that myself on Friday when I found out the AC compressor in my car went out, with replacement at $1xxx. Operating my car with no AC is not an option for me! Wink]
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Messages in this Thread
 Cloud Signings $40 for a refi. -  Cheryl Elliott on 12/1/23 11:42am
 All the 6 figure newbs. n/m - Lee/AR on 12/1/23 12:16pm
 Re: All the 6 figure newbs. - SteveS/CA on 12/2/23 10:11am
 Re: Just need 2500 signings to make $100K in a year n/m -  Teresa/FL on 12/1/23 5:48pm
 Piece of cake ... That's ... What... - Linda_H/FL on 12/1/23 8:03pm
 Doubt there's any location with 7-8/day nearby n/m - Lee/AR on 12/1/23 9:04pm
 Re: Piece of cake ... That - SteveS/CA on 12/2/23 10:13am
 For newbs reading here, it's much worse than that... -  JanetK_CA on 12/3/23 5:12pm
 Re: For newbs reading here, it's much worse than that.... - SteveS/CA on 12/4/23 4:05pm
 Re: Right. Newbies don't consider the cost of doing business -  Teresa/FL on 12/5/23 3:47pm
 Bumped it to $50!...still no! n/m -  Cheryl Elliott on 12/1/23 8:42pm
 Re: Bumped it to $50!...still no! -  Mike Goodey on 12/2/23 2:41pm
 Re: Bumped it to $50!...still no! - Trithon on 12/3/23 1:50pm
 LOL! You nailed it! n/m -  JanetK_CA on 12/3/23 5:13pm
 Re: Cloud Signings $40 for a refi. -  Expeditor on 12/9/23 2:19pm

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