June 2016 Finance Report

Well hello there o’ legendary email subscriber. This is my June finance report, prepared and delivered to you from the fine city of Berlin.

As usual, I’ll share with you all the details of my finances below, along with a few notes that I think you’ll find interesting.

Diving in…

June Income

June 2016 Income

3M1K 1€ 2,123$ 2,365
Freelance web development€ 762$ 849
Loose change 2€ 109$ 121
Book sales (via Amazon)€ 36$ 40
Total Income€ 3,030
$ 3,375
Last Month€ 6,487$ 7,243

I was aiming to pull in at least €3k in June, so happy enough overall. I was hoping to collect a bit more from freelance work but got a bit scattered and didn’t put in the hours. Thankfully, 3M1K picked up the slack.

June Expenses

June 2016 Expenses

Food & Drink

Eating out€ 184$ 205
Groceries€ 167$ 186
Total€ 351
$ 391
Last Month€ 390$ 435

Housing & Utilities

10 nights in Berlin AirBnb 3€ 382$ 426
Cleaning fee for Amsterdam apartment€ 30$ 33
Rent for Amsterdam apartment 4€ 10$ 11
Total€ 422
$ 470
Last Month€ 1,160$ 1,295


Total€ 0
$ 0
Last Month€ 0$ 0

Health Care

Health insurance (monthly payment)€ 101$ 113
Total€ 101
$ 113
Last Month€ 101$ 113

Travel & Transport

Lyfts in New Orleans 5€ 30$ 33
Bus: Amsterdam to Berlin€ 29$ 32
Streetcar trips in New Orleans€ 4$ 4
Total € 63
$ 70
Last Month€ 192$ 214

Business Expenses

Outsourcing 6€ 634$ 706
Taxes€ 371$ 413
Accountant: AGC Associates 7€ 328$ 365
Wyoming LLC Setup 8€ 263$ 293
Stripe fees (for 3M1K payments)€ 104$ 116
3M1K refund 9€ 95$ 106
Notary 10€ 58$ 65
Phone credit 11€ 56$ 62
PayPal fees (mostly for 3M1K payments)€ 42$ 47
ActiveCampaign 12€ 41$ 46
Teamwork project management software 13€ 26$ 29
TransferWise fees 14€ 25$ 28
UpdraftPlus Migrator 15€ 23$ 26
MemberMouse 16€ 18$ 20
iPhone charger€ 14$ 16
T-Mobile SIM card 17€ 14$ 16
Printing/scanning/photocopying€ 6$ 7
Virtual Post Mail 18€ 4$ 4
Google Drive storage (100GB)€ 2$ 2
Amazon Web Services (more storage)€ 1$ 1
Total€ 2,125
$ 2,367
Last Month€ 1,828$ 2,041

Gifts & Donations

Gifts for friends€ 53$ 58
Camp fire party donation 19€ 5$ 6
Newark airport charity box 20€ 3$ 3
Total€ 60
$ 67
Last Month€ 127$ 142

Books 21

Total€ 0
$ 0
Last Month€ 6$ 7


Tuxedo rental 22€ 168$ 187
Espirit blue jeans€ 40$ 45
Guess blue shorts€ 31$ 35
Guess black v-neck t-shirt€ 13$ 14
Espirit green v-neck t-shirt€ 13$ 14
Total€ 265
$ 295
Last Month€ 8$ 9

Miscellaneous Expenses

Big black suitcase 23€ 75$ 84
Electric shaver 24€ 11$ 12
Toiletries€ 8$ 9
Netflix subscription€ 8$ 9
Amazon movie rental: Deadpool ****€ 4$ 4
Kitchen cleaning stuff€ 1$ 1
Monthly banking fee (Dutch bank)€ 1$ 1
Total€ 108
$ 120
Last Month€ 142$ 159

Expense Summary

Business Expenses€ 2,125$ 2,367
Housing & Utilities€ 422$ 470
Food & Drink€ 351$ 391
Clothing€ 265$ 295
Miscellaneous Expenses€ 108$ 120
Health Care€ 101$ 113
Travel & Transport€ 63$ 70
Gifts & Donations€ 60$ 67
Books€ 0$ 0
Taxes€ 0$ 0
Total Expenses€ 3,495
$ 3,893
Last Month€ 3,954$ 4,415

My goal was to keep expenses under €3,000, so didn’t quite make it. Business expenses were what did me in; I failed to anticipate several there.

Biggest Regret?

I outsourced some client work during the month and the contractor didn’t do a great job so I had to hustle and get it done myself, spending more than a dozen hours at it. Those are hours I could have used to work on other freelance projects and earn another several hundred yoyos, so that stung a bit.

Lesson learned: check in with a contractor after their first 2 hours of work to make sure they’re on track, rather than leaving them alone for a week and assuming it’s all going according to plan.

Where That Leaves Me

I had €9,579/$10,695 to my name at the end of May. After applying the most recent exchange rates (I have accounts in EUR, HKD and USD), those totals shifted a little to €9,582/$10,673.

Taking into account all my June income and expenditure, my total bank and cash balances now work out to €9,798/$10,914. 25

Outlook For July

Expenses should be down a good bit. Business expenses won’t be nearly as high and my accommodation is mostly paid for already. I’ll aim to keep everything under €2k, which might be a bit of a stretch but I think it’s doable.

Income is tougher to predict. I plan to get back to regular freelance work but I’m unlikely to see the fruits of that until August. 3M1K always has the potential to generate a lot of revenue, but unless I get a bunch of new leads into the sales funnel, I doubt I’ll even earn €1k there. If I manage to pull in €2k the entire month, I’ll be doing pretty well.

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.


  1. This is my premium course that teaches people how to start an online freelancing business.
  2. I was collecting all my loose change in a jar for ~13 months and finally cashed it in. It’s like free money :-)
  3. Looks like I have an apartment lined up from August in Berlin so I’ll be AirBnb-ing it in the meantime.
  4. Rent on my Amsterdam apartment is €1,160 and I paid a €1,150 deposit last year. The landlord agreed to have the deposit cover my last month’s rent. So I just had to pay the €10 balance.
  5. First time I’ve ever used either Lyft or Uber. Loved it!
  6. I have an assistant helping me with 3M1K and I also hire some other freelancers every now and then to help me out with client projects.
  7. Think I’m paying my accountant too much? You’re not alone. I addressed this in a previous report.
  8. I registered an LLC in the US so I can base my business over there and save big on admin and taxes. The guys over at Flag Theory set everything up for me in less than a week, great service. They’re experts on offshore business setup, so give them a shout if you need any help with that or have any questions.
  9. A member of my premium course decided not to pursue freelancing and requested a refund.
  10. Needed to get a document notarized to verify my account with Virtual Post Mail (see below).
  11. Higher than usual this month as I bought credit for a new SIM card in the USA as well.
  12. Software for my mailing list.
  13. I use this to manage my freelance and personal projects. Handy for communicating with clients and contractors and keeping everything organized.
  14. TransferWise is changing the game for me in terms of sending/receiving money abroad. PayPal used to be my go-to for that purpose, but their fees and exchange rates are ridiculous. TransferWise uses real exchange rates and a flat fee of €2 for every transfer.
  15. Software for my web dev business.
  16. Membership software for the 3M1K website.
  17. Had to buy this in New Orleans as the SIM card I bought there last year expired after six months of non-use.
  18. Trying out 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.
  19. I went to a perhaps-not-totally-legal camp fire party somewhere near Amsterdam and the organizer collected donations to help with police fines and such.
  20. Offloaded my loose change before leaving the US.
  21. You can see all my book recommendations and what I’m currently reading over on Goodreads. I buy many books via Amazon affiliate credit so you won’t always see my book purchases listed here.
  22. For the wedding I attended in New Orleans
  23. I decided to quit being a backpacker and go with a wheeled suitcase instead for my upcoming travels so I don’t have to revert to owning only two pairs of shoes.
  24. The shaver I brought with me to the US wouldn’t work with the lower voltage so I bought a cheap one at Walgreens.
  25. Note that these totals are never quite right. For example, there’s money in my business account that’s earmarked for VAT so it’s not really mine. But I couldn’t be arsed figuring it all out perfectly and the above figures are close enough so let’s roll with them.


  1. Brendan

    Why don’t you torrent and save $4.00?!!

    • Niall Doherty

      Because I like to pay for the things I value 🙂 Plus, I’d rather pay $4 and get a quality version of the movie right away than mess around for 10 minutes trying to find a good torrent.

      • Brendan

        Fair enough. Netflix is too much of a hassle for me.

  2. Faouzi

    I think in Berline you will do much better,now that you had left Amsterdam which is expensive .

  3. jmacc

    Why did you do a Wyoming LLC? What else did you look at?

    • Niall Doherty

      Low tax, easy admin, can set up remotely.

      I also looked at keeping my business in Ireland, or moving it to the Netherlands/Estonia/Hong Kong/Delaware/Panama. Wyoming seemed to be the best option, all things considered.

  4. Alexander Boerma

    What software do you use to track all this spending?

    • Niall Doherty

      I use an app called MoneyWiz on my iPhone. Tracks income, expenses, and you can use multiple currencies.

  5. Erick

    Thanks for sharing this Niall, great as usual. I hope to learn more about your travel and your business.

    ¿What do you think about being a digital nomad? I know it’s possible but the profits usually are low.

    Regards from Santiago, Chile.

    • Niall Doherty

      Hey Erick. Thanks for the comment. I’m not sure how to answer your question. You could say the same thing about being an athlete, or a writer, or a filmmaker, or any number of things. Plus, being a digital nomad isn’t necessarily related to business. There are plenty of poor digital nomads out there but there are also plenty of people who earn a good living while traveling frequently.


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