I find it interesting that some are focused on others being "millionaire" status. Being of millionaire status is relative in so many ways and is not always as meaningful. Most common and probably the easiest example: Being a millionaire in NY or CA is not the same as being one in AZ or MS. The Costs of Living are almost at opposite ends of the spectrum in regards to how far that Million $$ will or will not go. 🧐
As soon as I entered TH-cam this video was at the top!!!! Thanks for making these two videos and puts things in perspective for certain. Your videos are very informative and I love shopping at your website!!!! Thanks for giving me access to some really amazing watches that I love to wear!!!!
Marc, I would love to see a video on how TH-cam stardom has impacted your business 🙂 (assuming it's generally been positive). Really appreciate the variety and honesty with your videos by the way.
Inventory is an asset until it becomes stale. Then you have to liquidate that stale inventory. The margin shirks or sometimes sells for a loss. Obsolescence of inventory can really damage the profitability of a company as company cash gets tied up. You want product that people want. If companies have to be very careful about orders and new product lines.
What a great follow up. One key takeaway for this community should be the comments about stock as an asset not a cost. Its a good example of a general misunderstanding that shows up whenever a watchy youtuber tries to find the price of a luxury watch in it's costs. Look at all that machinery they say, all those buildings, all the equipment in that huge factory - it must all cost a fortune. All assets, the cost is depreciation.
The fixed costs are covered at some point, let's say the N watch sold. The only cost you will always have to cover its the variable one that is the cost of the product per se. That means that those 14 dollars would be part of the margin at the N+1 watch sold (the breakeven). Saludos amigos of the watch comunity.
Interesting video. Someone once paid me with three counterfeit $100 bills once on Facebook marketplace. I met them in person. I didn't realize they were fake until weeks later. I had already spent one without realizing it lol.
One thing I may have missed if it got mentioned I would say needed to be baked in would be Customer Support. If it wasn't said, it was likely already in one of the other categories already mentioned.
I am surprise the storage cost is not a bigger part of your expense. Also, if you sell the watch below the cost, would you able to claim depreciation in your tax filing?
He started off by saying inventory is an asset not an expense, which is true. But it got confusing later when it felt like he was saying cost of goods sold is an asset. Cost of goods sold, at the point of sale, is when the inventory asset is converted into an expense. So the cost of goods sold is a write off regardless of how much he sells the watch for. While depreciation as an economic concept impacts the selling value of inventory (and sometimes the book value, when expected recoveries are less than carrying cost), depreciation as a tax and accounting concept would apply to things like storage racks, building (if he owned but didn’t rent), video equipment, furniture, etc. However, IRS often allows for up front write offs under rules like bonus depreciation and Section 179.
0:30 This situation is so easily resolved. Whenever I notice not seeing expected videos from someone I'm subscribed to, I immediately go to the content creators page, look through the latest posts and watch the ones that didn't make it to me. Unfortunately with TH-cam, we as viewers need to be more proactive than we should be. 😮😳🤔😒
Wow. that's a great question. I looked it up: The coin honoring the latest deceased president, George H. W. Bush, was issued in 2020. The first president to appear on the $1 coin was Dwight Eisenhower. The Treasury Department is planning to replace Andrew Jackson on the $20 note with abolitionist and social activist Harriett Tubman by 2030. Keep in mind, nobody regularly uses that coin they are referring to with Bush on it, Americans hate $1 coins.
@@islandwatch I did not know that Bush is on your coins, that really surprised me. I seen an Avenger (I think) at RAF Duxford, they have a USAAF museum there (8th Air Army - I think) and they have Bush's name on it. But I do not think he flew in it. All the best.
Taxes suck everywhere in the US but NY makes it especially brutal. Same w/ a bunch of other states that lean a certain way politically. No state is perfect but the lengths to which some go to reach into your pockets is ridiculous.
@@AndrewIsbellAndrew, the title doesn’t refer to annual income. I don’t blame you for being curious, but that’s private information for most people. Reporting it online would be foolish, at best.
No, I wouldn't. Even if I did, it wouldn't mean anything without the bigger picture, meaning my personal expenses. But, nonetheless, I try not to be clickbaity. Even this title, as "clickbait" as it sounds, isn't bringing traffic.
Waiting for one of those moron youtube channels who make what people earn videos on Marc.... "What Marc from Long Island Watches really makes? We have ALL the FACTS!" 🤣
![[LIVE] : ONE ลุมพินี 79 | คู่เอก "ก้องชัย vs อาเมียร์"](http://i.ytimg.com/vi/WfPSA1A0NHc/mqdefault.jpg)
Love the Bel Canto on the right wrist!
I noticed that too!! Marc's Bel Canto + Tiffany Blue shirt > Patek Philippe Tiffany Blue Nautilus!!! Way more style!!! 😂🔥😂
I loved the white g shock more 😁
thanks!
I want one of if those $100 seikos.
I'll bid $101.
@@ElCid_86$101.69
LOL
Going for 105$
Marc wants more of those $54 Seikos
$154 cash? Damn, I didn't know Marc was ballin like that.
I find it interesting that some are focused on others being "millionaire" status.
Being of millionaire status is relative in so many ways and is not always as meaningful.
Most common and probably the easiest example:
Being a millionaire in NY or CA is not the same as being one in AZ or MS. The Costs of Living are almost at opposite ends of the spectrum in regards to how far that Million $$ will or will not go. 🧐
So true.
Enjoyed the video.
Basic business economics in a nutshell - an art that seems to have been lost in the education system the last few decades. 😒
Quite true, unfortunately.
As soon as I entered TH-cam this video was at the top!!!! Thanks for making these two videos and puts things in perspective for certain. Your videos are very informative and I love shopping at your website!!!! Thanks for giving me access to some really amazing watches that I love to wear!!!!
I like this kind of educational business content :)
Marc, I would love to see a video on how TH-cam stardom has impacted your business 🙂 (assuming it's generally been positive). Really appreciate the variety and honesty with your videos by the way.
Clear as mud, but not your fault. As always, I appreciate your transparency and your communication.
Inventory is an asset until it becomes stale. Then you have to liquidate that stale inventory. The margin shirks or sometimes sells for a loss. Obsolescence of inventory can really damage the profitability of a company as company cash gets tied up. You want product that people want. If companies have to be very careful about orders and new product lines.
What a great follow up. One key takeaway for this community should be the comments about stock as an asset not a cost. Its a good example of a general misunderstanding that shows up whenever a watchy youtuber tries to find the price of a luxury watch in it's costs. Look at all that machinery they say, all those buildings, all the equipment in that huge factory - it must all cost a fortune. All assets, the cost is depreciation.
Well said!
Great job, Marc
thank you.
Frankel you old soul, love the videos, such great content.
Thank you!
Good luck!
Thank you Marc
The fixed costs are covered at some point, let's say the N watch sold. The only cost you will always have to cover its the variable one that is the cost of the product per se. That means that those 14 dollars would be part of the margin at the N+1 watch sold (the breakeven). Saludos amigos of the watch comunity.
Interesting video. Someone once paid me with three counterfeit $100 bills once on Facebook marketplace. I met them in person. I didn't realize they were fake until weeks later. I had already spent one without realizing it lol.
Thanks Marc.
thanks for watching.
Imo hitting the like button is more relevant than ever, new vids might not show up in my notifications but in my feeds,just what I've noticed
Marc, The Man
Howdie!
I would think you at least a millionaire or even a multimillionare by this point.
Hope so! He deserves it
I'm doing OK!
Marc. Doesn’t it suck that you really can’t raise prices to counter inflation?
Despite this video of finances for dummies you didn't answer the question of how much you make.
One thing I may have missed if it got mentioned I would say needed to be baked in would be Customer Support. If it wasn't said, it was likely already in one of the other categories already mentioned.
Maybe it’s in wages.
CS would be in wages for sure.
I bet you make a load on spring bars. I got one that flew bye bye. I need help finding the right one for replacement.
LOLOL. We do make a load, but we aren't selling them by the millions.
I am surprise the storage cost is not a bigger part of your expense. Also, if you sell the watch below the cost, would you able to claim depreciation in your tax filing?
He started off by saying inventory is an asset not an expense, which is true. But it got confusing later when it felt like he was saying cost of goods sold is an asset. Cost of goods sold, at the point of sale, is when the inventory asset is converted into an expense. So the cost of goods sold is a write off regardless of how much he sells the watch for. While depreciation as an economic concept impacts the selling value of inventory (and sometimes the book value, when expected recoveries are less than carrying cost), depreciation as a tax and accounting concept would apply to things like storage racks, building (if he owned but didn’t rent), video equipment, furniture, etc. However, IRS often allows for up front write offs under rules like bonus depreciation and Section 179.
0:30 This situation is so easily resolved. Whenever I notice not seeing expected videos from someone I'm subscribed to, I immediately go to the content creators page, look through the latest posts and watch the ones that didn't make it to me.
Unfortunately with TH-cam, we as viewers need to be more proactive than we should be. 😮😳🤔😒
I'm right, this video is one of my bottom all-time performers.
Isnt inventory taxed at year end if not sold?
Nope. Not at all. Profit from inventory is taxed in the year it's sold. Otherwise, it's just an asset sitting there. Or until you write it off.
Man, you really made it clear that doing business in NY for a small firm is difficult.
I don't think it's just NY, it's anywhere.
In order to lower tour fixed costs, you should run your business out of Asia and live there. Your profits should be a lot higher
All cost of doing business
Its nobody's business how much money you make
Now this video has 6 mistakes. That's called growing the business!
Part 3, coming up.
I expect part 3 for you to explain how much is your salary from this 64$, how much are taxes and how much it gets in your pocket after all these.....
Sir what is the most recent president on your currency?
Im guessing Franklin
Wow. that's a great question. I looked it up:
The coin honoring the latest deceased president, George H. W. Bush, was issued in 2020. The first president to appear on the $1 coin was Dwight Eisenhower. The Treasury Department is planning to replace Andrew Jackson on the $20 note with abolitionist and social activist Harriett Tubman by 2030.
Keep in mind, nobody regularly uses that coin they are referring to with Bush on it, Americans hate $1 coins.
@@islandwatch I did not know that Bush is on your coins, that really surprised me.
I seen an Avenger (I think) at RAF Duxford, they have a USAAF museum there (8th Air Army - I think) and they have Bush's name on it. But I do not think he flew in it.
All the best.
Taxes suck everywhere in the US but NY makes it especially brutal. Same w/ a bunch of other states that lean a certain way politically. No state is perfect but the lengths to which some go to reach into your pockets is ridiculous.
Yes,dumbocratic states
Did he ever say the actual number of how much money he makes per year in revenue or profit?
@TNTahir Because it's the title of the video
@@AndrewIsbellAndrew, the title doesn’t refer to annual income. I don’t blame you for being curious, but that’s private information for most people. Reporting it online would be foolish, at best.
Ive never seen anyone be this transparent as he was in these two videos to be an educator. @@AndrewIsbell
No, I wouldn't. Even if I did, it wouldn't mean anything without the bigger picture, meaning my personal expenses. But, nonetheless, I try not to be clickbaity. Even this title, as "clickbait" as it sounds, isn't bringing traffic.
Waiting for one of those moron youtube channels who make what people earn videos on Marc....
"What Marc from Long Island Watches really makes? We have ALL the FACTS!" 🤣
I welcome it. I'd love to see what people think.
Skinny margins.
When youre an e commerce I don't know why you'd want to be in a high tax state like New York .😊
It’s a nice area to live in
@@aldo9923not that nice.
Family, raised here, etc. . . all the usual.