July 2016 Income/Expense Report
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The primary goal of these income reports is to give you an idea of how we manage our online endeavours, and to give you an indication of how much it costs to live and travel in the countries that we do. We figured they will also be a great motivator for us to keep striving towards bigger numbers in terms of income at the end of every month.
If you’re new to the blog, you’ll see that our main source of income is our content creation agency that we built-up from scratch back in late 2012. You can read more about how we make money online here.
Anyway, let’s get down to business…
The report below is a breakdown of our total income for the month of July 2016 as well as a rundown of our expenses and it also states the profit or loss figure after all is said and done.
If you’d like to see our past Income reports then head on over here to check them out!
|TOTAL BUSINESS EXPENSES||€4,088.75|
|Freshbooks Accounting subscription||€37.20|
|Google apps account||€12|
|Clicky Pro subscription||€9.10|
|TOTAL MONTLY BILLS||€1,495.95|
|TOTAL FOOD&DRINK EXPENSES||€695.75|
|TOTAL EVERYDAY EXPENSES||€695.70|
|TOTAL TRAVEL EXPENSES||€113.90|
|TOTAL MISC EXPENSES||€2,320.50|
|PROFIT/LOSS FOR THE MONTH||-€1,990.09|
Hello from the bright lights of Vegas. The last report came to you after we’d only landed a few days here and we were rushing around trying to get settled.
Thankfully, a month later, we’re all good and accustomed to life in Vegas, and the searing desert heat of 43+ degrees every day. (not complaining either)
This income report for July will cover the income we generated and the expenses we incurred while living here in Vegas.
We generated a total of €7,420.46 in income for the month.
This was about 1k less than in June
So far, there’s no sign of a huge increase or decrease in our income from month to month.
Things are static on that front, but more about that later…
We spent €9,410.55 last month.
Another big expensive month for us and as you can see from the report, “Project X” is back!
Keep on reading to finally find out what Project X is all about.
Here’s a few notes about some of the expenses throughout the month:
- Gym membership: €25 each per month! Crazy cheap!
- Protein Powder: €73
- Casino – €134 Lost a bit playing $5 Pai Gow poker in the Golden Nugget
- Amazon: €124 – mini tripod, a couple of physical books & a few pairs of jocks
- Gadgets: €100 – Amazon firestick
- Internet: €111 – Combination of 3G data for a phone and WiFi in our apartment
- UFC PPV: €50
We had a loss of –€1,990.09 at the end of the month.
For those of you who were following our reports back last summer, you’d have remember me talking about “Project X” in a few of the monthly reports.
We were investing money into a business that we eventually hoped to pursue, but we never revealed what the project was.
From this months report, you’ll see we spent €1,953 on Project X again.
It’s no secret that we’ve wanted to start our own digital agency at some point. Anyone that knows us well, knows that creating an SEO agency of some sort is something that we’ve wanted to do.
It’s an obvious extension to the content business that we’ve been running for the past 3 years.
Over the next two months, we’ll be investing another €4,000 – €5,000 into it.
What exactly are we spending the money on? You’ll have to keep following the reports month by month to find out.
This is all murky water to us. We don’t even have a business website for our content business, so creating an agency will be new territory for us.
We have a roadmap planned about where we want to take things and it will be a slow journey, but a profitable one (hopefully).
Over the past 1.5 years, we’ve wanted to invest in another business. We’ve talked to many people, and got offers of investing in this and that. Ultimately, we didn’t go with anything because either it didn’t fit with what we were looking for, or it didn’t interest us.
Rather than wait for something to fall into our laps, we set about investing in Project X back last summer.
We’ll be updating you here with how things progress over the coming months with this new business venture along with the income report.
Like in any business, (online or brick & mortar) there’s the possibility of failure and losing money.
We took a gamble with the content business and it’s paid off and has continued to be a success 3 years later.
So let’s wait and see!
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What are your thoughts?
Think there’s something we can improve on with these reports? We’d love to hear from you with any suggestions.
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