Do you make money out of the hobby and how much?

[Paul B]

I have two patents for this hobby, one was a seahorse feeder that I used to sell 25 years ago.
I sold thousands of them and they were sold mainly by a marine wholesaler that we all know.

I have long since stopped making and selling those and the patent ran out.
My other invention sells well and I gave away the business. I still own the patent so I get royalties.

I also wrote a book shown under my posts. It sells pretty good but I do not get a nickel from it as all proceeds are donated to Multiple Sclerosis research in my wife's name.

As for my tank itself, I never sold anything from it as I prefer to give anything away rather than selling it.

 

[najer]

I used to make about £400 - 600 a month just selling frags of Rasta zoas, I had all of them melt over a couple of months, never got to the bottom of that.
I have a bad habit of just giving stuff to friends but I do still trade stuff in at my lfs for store credit to help with running costs.

 

[Sisterlimonpot]

I tend to keep this a hobby, and anytime I have something that would be beneficial to another hobbyist, I just give it away.

 

[Ef4life]

I think I average out selling around $50 a month right now. Some months when I have a bunch of frags I’ve sold 2-300, other months 0.

but that money earned isn’t ever profit. I’ve bought 3 new lights this year, hundreds on new corals, supplies like test kits, salt, dosing liquids. I spend probably 30-40 a month in food.

for the month of August I sold $120 in coral, but I bought $60 in coral. Then yesterday I bought $100 worth of frag plugs and frag holders. So I’m at a net loss of $40 for August. And that’s not including the other stuff like food etc.

 

[BZOFIQ]

Full disclosure:

This thread is sponsored & monitored by your local IRS office.

j/k

 

[burningmime]

Full disclosure:

This thread is sponsored & monitored by your local IRS office.

j/k

Anyone who does make enough money from this for the IRS to be interested is actually probably in a good position to open a home business and get tons of write-offs.

 

[mike550]

I've been in this hobby about a year, and it's hard enough to keep my tank in good condition!

I "think" I would enjoy growing corals and fragging. But to earlier comments I don't want to deal with direct customer sales. Maybe growing some to then sell to local LFS could be good. Still trying to figure out the best ways / places to buy corals in the Chicago area. @sawdonkey

 

[intricate_reefer]

I sell a good bit. If I could just stop buying new coral I could begin to get myself out of the deep hole.

 

[Gumbies R Us]

Maybe one day I'll sell frags on the side haha

 

[Rtaylor]

Full disclosure:

This thread is sponsored & monitored by your local IRS office.

j/k

Good idea, everyone becomes an LLC, then you can expense all your ongoing costs, depreciate all your equipment, and home space, and write off your losses each year…..pretty sure the IRS would lose money on this one

 

[BZOFIQ]

Good idea, everyone becomes an LLC, then you can expense all your ongoing costs, depreciate all your equipment, and home space, and write off your losses each year…..pretty sure the IRS would lose money on this one

You can but you can only have losses for so long before they come a knockin' and start lookin'

 

[Rtaylor]

You can but you can only have losses for so long before they come a knockin' and start lookin'

True, but you get a bigger refund/lower tax bill for a couple years at least

 

[BZOFIQ]

True, but you get a bigger refund/lower tax bill for a couple years at least

Indeed if done right.