Below you’ll find all my finance details for February 2018.
I was in Bansko, Bulgaria until February 10th, and spent the rest of the month in Moscow.
I’ve been tracking everything I earn and spend since January 2011, just a few weeks after quitting my day job. Every month since, I’ve published one of these finance reports.
Sharing this info publicly keeps me accountable and hopefully gives you some insight into how I earn a living online.
Patrons get to see each new report before anyone else.
Summary
| Total Income | € 3,964 | $ 4,833 |
| Total Expenses | € 8,348 | $ 10,179 |
| Profit/Loss | € 4,384 | $ 5,346 |
Income
| Consulting / Project Management 1 | € 1,898 | $ 2,314 |
| 3M1K 2 | € 1,292 | $ 1,575 |
| Profit from sale of 4 TSLA shares 3 | € 417 | $ 508 |
| Profit from sale of Bitcoin 4 | € 197 | $ 240 |
| Google Adsense 5 | € 72 | $ 88 |
| GoSub affiliate payment 6 | € 39 | $ 48 |
| Book sales (via Amazon) 7 | € 22 | $ 27 |
| Cheap Flight Checklist 8 | € 15 | $ 18 |
| Patreon 9 | € 12 | $ 15 |
| Total Income | € 3,964 |
$ 4,833 |
| Last Month | € 7,647 | $ 9,518 |
That’s about how much I expected to pull in. Way down from January, but that was my best month ever for income so a drop was likely.
Expenses
Food & Drink
| Eating out | € 222 | $ 271 |
| Groceries | € 161 | $ 196 |
| 10 Total | € 383 |
$ 467 |
| Last Month | € 634 | $ 789 |
Housing & Utilities
| 19 nights at Moscow apartment 11 | € 672 | $ 819 |
| 3 nights at Sevilla apartment 12 | € 162 | $ 198 |
| 3 nights at Madrid apartment 13 | € 138 | $ 168 |
| 2 nights at Toledo apartment 14 | € 117 | $ 143 |
| Electricity bill at Bansko apartment 15 | € 71 | $ 87 |
| Total | € 1,160 | $ 1,414 |
| Last Month | € 400 | $ 498 |
Health Care
| IMG Global Health Insurance 16 | € 0 | $ 0 |
| Total | € 0 | $ 0 |
| Last Month | € 128 | $ 159 |
Travel & Transport
| Flights: Faroe Islands (FAE) to Gran Canaria (LPA) 17 | € 233 | $ 284 |
| Flights: Copenhagen (CPH) to Faroe Islands (FAE) (x2) 18 | € 175 | $ 213 |
| Flights: Amsterdam (AMS) to Copenhagen (CPH) 19 | € 76 | $ 93 |
| Flights: Dublin (DUB) to Amsterdam (AMS) 20 | € 47 | $ 57 |
| Shuttle: Bansko to Sofia Airport (x2) 21 | € 39 | $ 48 |
| Ubers in Moscow 22 | € 13 | $ 16 |
| Moscow metro | € 4 | $ 5 |
| Total | € 587 | $ 716 |
| Last Month | € 462 | $ 575 |
Business Expenses
| 6 months of high-performance coaching (payment 1 of 3) 23 | € 4,100 | $ 5,000 |
| Coaching call with Tynan 24 | € 492 | $ 600 |
| Outsourcing 25 | € 318 | $ 388 |
| Accountant (USA) | € 246 | $ 300 |
| Accountant (Ireland) | € 175 | $ 213 |
| Taxes (Ireland) 26 | € 133 | $ 162 |
| 3M1K Affiliate Payment 27 | € 123 | $ 150 |
| Facebook ads 28 | € 33 | $ 40 |
| Phone credit 29 | € 30 | $ 37 |
| PayPal fees 30 | € 27 | $ 33 |
| SmarterQueue 31 | € 19 | $ 23 |
| TransferWise fees 32 | € 13 | $ 16 |
| Virtual Post Mail 33 | € 8 | $ 10 |
| Gumroad fees | € 2 | $ 3 |
| Patreon fees 34 | € 2 | $ 2 |
| Amazon Web Services (storage) 35 | € 1 | $ 1 |
| ActiveCampaign mailing list software 36 | € 0 | $ 0 |
| Teamwork project management software 37 | € 0 | $ 0 |
| MemberMouse 38 | € 0 | $ 0 |
| Dreamhost web hosting 39 | € 0 | $ 0 |
| Elegant Themes subscription 40 | € 0 | $ 0 |
| Google Drive storage (1TB) 41 | € 0 | $ 0 |
| Total | € 5,723 |
$ 6,978 |
| Last Month | € 2,660 | $ 3,310 |
Gifts & Donations
| Flowers 42 | € 70 | $ 85 |
| Monthly Love & Courage podcast donation 43 | € 5 | $ 6 |
| Waking Up podcast donation 44 | € 3 | $ 4 |
| Total | € 78 | $ 95 |
| Last Month | € 106 | $ 132 |
Books 45
| The 4-Hour Workweek 46 ***** | € 12 | $ 15 |
| Darwin: The End Of God 47 **** | € 2 | $ 3 |
| Napoleon: Rise Of An Empire 48 **** | € 2 | $ 3 |
| Shakespeare: The Greatest Writer 49 *** | € 2 | $ 3 |
| The Coaching Habit 50 | € 0 | $ 0 |
| Maxims For Revolutionists 51 *** | € 0 | $ 0 |
| The Power Of Full Engagement 52 | € 0 | $ 0 |
| Total | € 19 | $ 24 |
| Last Month | € 26 | $ 33 |
Clothing
| Total | € 0 | $ 0 |
| Last Month | € 207 | $ 258 |
Miscellaneous Expenses
| Strong Viking Copenhagen (x2) 53 | € 184 | $ 224 |
| Lift passes for snowboarding in Bansko (2 days) | € 59 | $ 72 |
| Monthly banking fees (Hong Kong bank) 54 | € 58 | $ 71 |
| Snowboarding equipment rental in Bansko | € 28 | $ 34 |
| Toiletries | € 21 | $ 26 |
| Netflix subscription | € 11 | $ 13 |
| Coinbase fee 55 | € 11 | $ 13 |
| Stock market trade fees and commissions 56 | € 8 | $ 10 |
| Azimo transfer fee 57 | € 6 | $ 7 |
| Kitchen cleaning supplies | € 3 | $ 4 |
| Amazon Movie Rental: Zootopia *** | € 2 | $ 3 |
| Amazon Movie Rental: The Social Network *** | € 2 | $ 3 |
| ATM fee (Irish bank) | € 2 | $ 2 |
| Monthly banking fee (Dutch bank) | € 1 | $ 2 |
| Earplugs | € 1 | $ 1 |
| Total | € 398 | $ 486 |
| Last Month | € 558 | $ 694 |
Expense Summary
| Business Expenses | € 5,723 | $ 6,978 |
| Housing & Utilities | € 1,160 | $ 1,414 |
| Travel & Transport | € 587 | $ 716 |
| Miscellaneous Expenses | € 398 | $ 486 |
| Food & Drink | € 383 | $ 467 |
| Gifts & Donations | € 78 | $ 95 |
| Books | € 19 | $ 24 |
| Health Care | € 0 | $ 0 |
| Clothing | € 0 | $ 0 |
| Total Expenses | € 8,348 | $ 10,179 |
| Last Month | € 5,181 | $ 6,448 |
I was aiming to keep everything under $4000 for the month.
Oops.
Investing $5,600 in coaching changed things considerably.
Biggest Regret?
Nothing right now, but it’s early days with many of those investments and expenses up there.
Where That Leaves Me
I had €15,406 / $19,176 to my name at the end of January.
Taking into account all my February income and expenditure, and the most recent exchange rates – I have accounts in EUR, HKD and USD – my total bank and cash balances now work out to €11,040 / $13,462. 58
Outlook For March
Income should be about $4,500 from my consulting work and 3M1K payment plans. I’ll consider anything more a bonus.
It should be a relatively inexpensive month, hopefully down around the $3,000 mark. Myself and the missus will be doing a bit of a road trip around Spain for 10 days mid-month, but most of that is paid for already. Probably my biggest expense will be paying for a month of accommodation in Gran Canaria.
How I Track All This
Curious as to how I track everything I earn and spend? Check this video…
Feedback Welcome
Thoughts? Questions? Speak up in the comments below.
Archived Finance Reports
I’ve been posting these monthly finance reports since January, 2011. You can view all my old reports via this page.
Whaaaat $15000 for coaching to an unpublished entity… are you sure you aren’t money laundering? ;p
That seems like an insane amount on coaching – especially if that’s only the first installment. There had better be some really, REALLY valuable lessons. Can’t wait to see if you think the investment is worth it down the road. Thanks for always sharing these – I never comment but always read with interest. Might have to start keeping track of my own someday soon, fun to look back on.
I always enjoy reading these.
$5600 on coaching seems high,but if you get good results then it’ll more than pay for itself in the future. My sister has just left the corporate world and set up as a business development coach, she’s amazing (I would say that though!). She has an offer on personal coaching at the moment
https://m.facebook.com/story.php?story_fbid=965002300325688&id=915378415288077
I should have negotiated a referral fee from her!
You are definitely consistent on the income. Good job.