My good idea for the new year.

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Originally Posted by TheScrapTeen618

I might try to start keeping track of expenses once I start making better cash when it warms up. But yeah, my work ethic is pretty good. The way I look at it is that if you want something , you've got to go out and get it. I have always had the opportunities to have things handed to me, but I feel that it's not right. If you work for something you appreciate it more, and learn to value a dollar. Kids these days don't look at things like I do, and expect every thing just to be given to them. I am more than proud to say that I paid for my first vehicle with money that I worked my butt off for.

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Your heads in the right place, you have a goal, don't let anything get in your way.

Good Job on the theater department score! I think if you went to the head of janitorial/maintenance and told them that you were starting a scrap hauling and recycling business, and that you would be happy to clean out the accumulation in the basement, they'd take you up on it.

With your next load, go to vista print (Unless you have a vocational printing department at your school) and order some free business cards, and some magnets for your truck.

Since your truck is paid for, and you have some roommates that pay quite a bunch of your expenses ;) I recommend you continue to reinvest in your business, and you'll be amazed at how it continues to flourish! Looking legit on the street will have people stopping you as you curb shop to offer you goodies!

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With your next load, go to vista print (Unless you have a vocational printing department at your school) and order some free business cards,

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http://www.scrapmetalforum.com/scrap...ess-cards.html

Sorry everyone for not replying sooner! Been real busy with projects at the house, and scrapping, and living the life of a teenager. But I had a good day about 3 days ago. 1800 pounds of steel from a local grocery store who got a new commercial freezer. It was all steel panels, probably some where around 4 ft by 10 ft . No pics , because it was raining really hard while I was loading it all up . Which I did by myself , because the one day my buddy decides to not go, I find the mother load. lol

Hope those panels were not S.S. other wise, very good job.

You probably don't have to write things down, just hold on to your cash out receipt and all the info should be right there. Also, it's a good idea to track the mileage on your truck, the cost of gas, and any other repairs in the event you or your parents plan to file taxes on what you do. Keep up with studies, learn from the older heads, and happy scrapping. Let's hope you don't have a smoking or drinking habit because all your work will just be a waste.

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Originally Posted by TheRecycler

You probably don't have to write things down, just hold on to your cash out receipt and all the info should be right there. Also, it's a good idea to track the mileage on your truck, the cost of gas, and any other repairs in the event you or your parents plan to file taxes on what you do. Keep up with studies, learn from the older heads, and happy scrapping. Let's hope you don't have a smoking or drinking habit because all your work will just be a waste.

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I dont understand how I could claim taxes on my scrap money ... little more detail? lol And I write it in a note book to make it easier to add up, but i do keep the receipts which state the amount of money i make on each load. And Ive really got into the drinking or smoking marijuana , i may occasionally do both (maybe 1 time a month) , but i have better things to do than to waste my money on drugs. i do sadly smoke ciggarettes though, bought a E-cig a few days ago, and has been helping me not smoke as much.

Scrap money is considered income, that's where you need all those expense receipts to offset the income on paper, if you offset it right you won't pay taxes on it.

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Originally Posted by TheScrapTeen618

I dont understand how I could claim taxes on my scrap money ... little more detail? lol And I write it in a note book to make it easier to add up, but i do keep the receipts which state the amount of money i make on each load. And Ive really got into the drinking or smoking marijuana , i may occasionally do both (maybe 1 time a month) , but i have better things to do than to waste my money on drugs. i do sadly smoke ciggarettes though, bought a E-cig a few days ago, and has been helping me not smoke as much.

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Young Fella, you have a good idea, but it could go for nothing if you don't make some smart adjustments now. Think about this for example, the cigarette companies make thousands per hour, why would you have their hands in your pocket before you even make any money? Besides loosing money you could invest in your future or your business, you rather give it to an existing billionaire. Slowly but surely your health will fail and you are only 17. To be a scrapper is to be an entrapreneur, you must also be your own accountant. If you fail to adequately plan, you plan to most certainly fail. Put down cigarettes, beers, and smokes. Invest in yourself. For example, you are not married and have no children, you have something good going, it's a great time to get a head start on life. In 10 years you will be ahead of most college graduates and with really smart planning, folks can be working you soon. All you have to do is make some small adjustments.

Its certainly a very good idea to keep records of all income and even expenses..not in the start of the year..but till the end.
thanks for the brilliant Idea !!