February 2018 Finance Report

Everything I earned and spent in Bulgaria and Moscow

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.

Income

January 2018 income chart

Summary

Total Income € 3,964 $ 4,833
Total Expenses € 8,348 $ 10,179
Profit/Loss € 4,384 $ 5,346
February 2018 finance graph

Note: there are a bunch of affiliate links on this page. That means if you click through to another website and buy something from there, I will probably get a commission, but you won’t be charged anything extra (actually you’ll often get a discount). These kickbacks help justify all the time I spend putting these monthly reports together.

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.

3M1K
Coinbase
Elegant Themes

Expenses

January 2018 expenses chart

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
AirBnB

Health Care

IMG Global Health Insurance 16 € 0 $ 0
Total € 0 $ 0
Last Month € 128 $ 159
IMG Insurance

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
The Cheap Flight Checklist
Rentalcars.com

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 34 € 2 $ 3
Patreon fees 35 € 2 $ 2
Amazon Web Services (storage) 36 € 1 $ 1
ActiveCampaign mailing list software 37 € 0 $ 0
Teamwork project management software 38 € 0 $ 0
MemberMouse 39 € 0 $ 0
Dreamhost web hosting 40 € 0 $ 0
Elegant Themes subscription 41 € 0 $ 0
Google Drive storage (1TB) 42 € 0 $ 0
Total € 5,723
$ 6,978
Last Month € 2,660 $ 3,310
ActiveCampaign
Teamwork
TransferWise
VPM
Dreamhost
Flag Theory

Gifts & Donations

Flowers 43 € 70 $ 85
Monthly Love & Courage podcast donation 44 € 5 $ 6
Waking Up podcast donation 45 € 3 $ 4
Total € 78 $ 95
Last Month € 106 $ 132
Love and Courage podcast

Books 46

The 4-Hour Workweek 47 ***** € 12 $ 15
Darwin: The End Of God 48 **** € 2 $ 3
Napoleon: Rise Of An Empire 49 **** € 2 $ 3
Shakespeare: The Greatest Writer 50 *** € 2 $ 3
The Coaching Habit 51 € 0 $ 0
Maxims For Revolutionists 52 *** € 0 $ 0
The Power Of Full Engagement 53 € 0 $ 0
Total € 19 $ 24
Last Month € 26 $ 33

Clothing

Total € 0 $ 0
Last Month € 207 $ 258

Miscellaneous Expenses

Strong Viking Copenhagen (x2) 54 € 184 $ 224
Lift passes for snowboarding in Bansko (2 days) € 59 $ 72
Monthly banking fees (Hong Kong bank) 55 € 58 $ 71
Snowboarding equipment rental in Bansko € 28 $ 34
Toiletries € 21 $ 26
Netflix subscription € 11 $ 13
Coinbase fee 56 € 11 $ 13
Stock market trade fees and commissions 57 € 8 $ 10
Azimo transfer fee 58 € 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.

The 4-Hour Workweek
The Power of Full Engagement
The Coaching Habit
Napoleon: Rise of an Empire
Charles Darwin: The End of God

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. 59

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.

Footnotes

  1. This is what my freelance web dev business has evolved into. It’s how I’ve earned most of my income for the past seven years. You can see some samples of my work here.
  2. This is my course that teaches people how to start an online freelance business. I closed the doors at the end of January but still have some income from it due to payment plans.
  3. I’d been holding four Tesla shares since 2016 and finally decided to cash them in.
  4. I bought Bitcoin a few months ago and decided to sell it in February.
  5. This is revenue from the ads that Google puts on my YouTube videos. Comes through every quarter.
  6. GoSub is a course that teaches people how to become remote subtitlers for companies like Netflix. The affiliate payment came via this interview  on my site.
  7. I currently have two books for sale on Amazon:

  8. This is a short guide I created with a friend to help people save money and time when booking flights online. We split the profits.
  9. See my profile here. I rarely promote this, but have seven patrons on there kindly supporting my work by sending me a few bucks each month.
  10. Under €400 is what I usually aim for, so back to normal this month.
  11. Found the place on Airbnb. Use this link to sign up and you’ll get $36 off your first Airbnb booking.
  12. This is for a trip to Spain in March. Found the place on Airbnb. Use this link to sign up and you’ll get $36 off your first Airbnb booking.
  13. Also for a trip in March. Found the place on Airbnb. Use this link to sign up and you’ll get $36 off your first Airbnb booking.
  14. Also for a trip in March. Found the place on Airbnb. Use this link to sign up and you’ll get $36 off your first Airbnb booking.
  15. This had to be paid upon departure. Not bad for a month where we had the heating on almost non-stop.
  16. I paid for 12 months up front in May of last year, but listing it here each month so you don’t have to ask :-) Works out to $109/month and covers me everywhere in the world.
  17. This will be via Copenhagen (CPH) at the end of August.
  18. This will be for a week-long trip to the Faroe Islands in August with my girlfriend.
  19. A mid-August flight, after spending a month in Amsterdam.
  20. Flight booked for mid-July.
  21. This was for February 10th, leaving Bansko.
  22. Use my link to sign up for Uber and you’ll get a few $$ off your first ride.
  23. Yup, I’m spending that much on coaching. Next payment in May. I’ll let you know how it goes. And no linkage because my coach doesn’t have a website or any online presence at all really.
  24. I tried out four different coaches before deciding on one. This call with Tynan was a trial, and it was good, but I decided to work with another coach long-term.
  25. I have an assistant helping me with 3M1K and I also hire some other freelancers every now and then to help me out with various projects.
  26. These taxes related to the company I set up in Ireland in 2015. I left it dormant after moving my setup to the USA in 2016, but still some costs associated with it. Will be shutting it down soon.
  27. Whenever someone refers a student to my course, I pay them $150 as a thank you.
  28. To promote my 7 Years As A Digital Nomad video.
  29. Spent quite a bit on 4G SIM cards in Bansko because our wifi connection in the apartment there wasn’t great.
  30. Mostly on 3M1K and client payments.
  31. I use this to schedule and recycle social media posts.
  32. I use TransferWise quite a lot now to send and receive money. From clients, to contractors, etc. Works out way cheaper than PayPal.
  33. This service allows me to receive old-fashioned mail in the USA without having a physical address there. They scan any mail received and email it to me, and can also forward along any important documents to another address I specify.
  34. I use Gumroad to process payments for The Cargo Ship Diaries, the Cheap Flight Checklist and The Rabble Rouser’s Guide To Travel.
  35. This is the cut they take from the money my patrons send to me each month. You can see my Patreon profile here.
  36. I use this for hosting podcast episodes, among other things.
  37. I paid a year up-front for this back in January, $459 total.
  38. I use this to manage my freelance and personal projects. Handy for communicating with clients and contractors and keeping everything organized. I paid for a year up-front in January, $264 total.
  39. This powers my 3M1K.com membership site. I paid for a year up-front in January, $215 total.
  40. I use Dreamhost for all my domain registrations and web hosting. Use my link and you’ll get $25 off shared hosting over there and I’ll even help you get set up :-)
  41. I use this for updates to the Divi WordPress theme that powers this website and 3M1K.com. I paid for a year last March, cost $69.
  42. Remote storage so i can keep a bunch of stuff backed up in the cloud. I paid for a year in advance last July, worked out to $100.
  43. I gets fierce romantic sometimes.
  44. Recurring donation to show support for one of my favorite Irish people and his new podcast. We need more people like Ruairi getting their voices heard.
  45. Via Patreon, I donate $1 per episode of this podcast because I reckon it does a lot of good in the world and we need more like it.
  46. You can see all my book recommendations and what I’m currently reading over on Goodreads.
  47. Had been about eight years since I read it. Makes everything sound a bit easier than I’ve found it to be, but an excellent read nonetheless.
  48. I like these short bios by Alexander Kennedy.
  49. Another by Kennedy
  50. Another by Kennedy, but this one wasn’t so good.
  51. Had this sent to me by a friend last year and just started reading it. So far, so good.
  52. Short read. Some gems, some nonsense. It’s free on Kindle.
  53. My coach sent me this one. About halfway through. Good so far.
  54. Myself and my lady will be doing this in August. I did one near Amsterdam in 2016 and it was epic.
  55. I opened a bank account in HK back in 2013 and only realized after I left that I could do almost nothing via their online banking. I have a few hundred dollars stuck in the account and they recently started charging me a monthly fee. The amount here is for the past several months.
  56. I use Coinbase to buy/manage some cryptocurrency. Use this link to sign up and we’ll both get $10 of free bitcoin if you buy/sell $100 or more.
  57. Fees for selling my Tesla stock.
  58. Third time I used this service to transfer money to a Russian bank account so I could get fast access to cash here (e.g. for renting an apartment). TransferWise is similar but doesn’t allow me to transfer money to Russia.
  59. Note that these totals are never quite right and don’t really align with my profit/loss numbers each month. That’s because of the different currencies and money constantly moving around between my accounts, plus I have some investments that can make or lose money in any given month. But I couldn’t be arsed figuring it all out perfectly and the above figures are close enough so let’s roll with them.

4 Comments

  1. Nancy L

    You are definitely consistent on the income. Good job.

    Reply
  2. Tom Clark

    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!

    Reply
  3. janet

    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.

    Reply
  4. Tim Wheelock

    Whaaaat $15000 for coaching to an unpublished entity… are you sure you aren’t money laundering? ;p

    Reply

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