Monthly Finance Update #21 - Thriving Willow

January Update, 2021.

34% savings rate
Big income DROP! Crap.
Extra 18.000 dkk (2420€) invested

Income after tax: 6.000 dkk 805 €

Invested amount: 2.000 dkk 270 €

Extra amount invested (from savings): 18.000 dkk 2420 €

Savings rate: 34 %

Total invested in Indexes: 166.050 dkk 22.330 €

Portfolio change since last month: +3,6 %

What has happened this month?

January has been very different as planned. The school I work at hasn’t been open and we have no students because of COVID-19. Buutt I have therefore had time to focus on starting up my company and making my first outreach is to the first companies.

My income is much lower than normal this month as the hours I would’ve had at the school drop to 0, which is not optimal when you’re on your way to FIRE.
But this is an investment to start up a new income, which isn’t based on a small percentage increase per year, but much more scalable income in the long run.

Not much you can do about the school being closed. Bit of a bummer but I’ve decided to focus on February positively. Might turn out for the better having this extra time to boost the income!

Which has also made me think that I am privileged to be able to take this chance and GO FOR IT! now that the tiny house has so low living costs. Taking a risk but let’s hope it turns out well!

Having the time to freely plan when your work is something I can feel already is a bonus when working for yourself.

There are also many technical things you have to learn when starting a company which is great to do now as I have the time and not have a normal work life.

I can also already see there are many bonuses to starting a company when it comes to investing in the project and working out tax-effective moves you can make that really accelerate a start-up business.

Investments

Investments increase 3,6 % this month which is great always good to see green numbers.

Many are speculating in whether there is a new bubble coming any time soon. I’m taking a different approach and investing every month as usual and not spending any time worrying.

Statistics show that monthly investments beats trying to time it.

As income is very low this month the 18,000 Danish kroner is from savings which have come from moving and organising accounts and money in various places.

Also, the Tiny House Financially Free Facebook group is also seeing a big increase in interest which may have to do with people rethinking their priorities in life after Covid who knows? But it’s definitely great to see a bigger interest in the tiny house lifestyle.

All the best from a little chilly tiny house but still going strong and loving the tiny house lifestyle.