This is my financial overview of May 2020.
My finances did well this month. I made a lot of profit in the business and the markets did well.
Since my business income is related to my personal finance, I will start with that.
In May 2020, my taxable profit from the business was 12,600 euros. That’s way more than I need to make on average to have a 100k gross income. Year to date in May, my profit is slightly over 64,000 euros. That means I’m 5 months in and well on track to reach that 100k goal. In all fairness, I will probably overshoot it.
Personal Income and Expenses
My personal income this month was 3,780 euros, which is the base (net) salary I pay myself and a tax return from last year’s income tax.
My total expenses were 2,350 euros, leaving me with 1,430 euros saved (or 37.8% of my net income). Year-to-date, my savings rate is now 46.6%.
Overall, this was a very cheap month. The reason my saving rate was a bit low this month is that I paid my car taxes for 6 months. Prorated to a monthly amount that’s not too much, but within this month it does increase expenses quite a bit. Other than that, there were no crazy expenses.
Also, I’m currently limiting my personal income to 3,500 euros per month I pay myself from the business. With profits that are much higher, even reserving for taxes, my net income is about double what I pay my personal account. The remainder is saved up in the business. When I have sufficient liquid buffers in my business account, I will increase my salary and my saving rate will shoot up with it.
Investments and Net Worth
Both stocks and crypto went up this month. Together with my savings, that’s good for my net worth.
My stock portfolio at DeGiro gained over 700 euros. That’s not as crazy a rebound as last month, but green numbers are good!
I reduced my portfolio from four funds to just one. I now invest in VWRL only for simplicity.
Even with the current market correction, I still believe (my opinion!) that it is a good idea to invest in stocks. After all, it gives a possibility for capital growth. If you want to invest in stocks like me, please use the affiliate link above to sign-up for DeGiro. That helps me without costing you a dime!
Mintos has been a place of mixed feelings. Originally, I’ve put in 4,000 euros to test this platform, and I have not been adding any more money towards it.
As a starting entrepreneur I need investments that are liquid. So I have taken out almost all my money I had in Mintos. That money is reallocated to stocks. Although the concept of Mintos appeals to me, I’m not sure if I’ll go back to P2P lending after all of this is over.
Currently almost all my money is taken out of Mintos and reinvested into stocks. With the few euros still on the platform today I’m making about 10 cents in interest every month.
Grupeer looks like a scam lately. I would not advise to invest any money with them before we know more.
I have written off my entire investment (about 3,900 euros) in Grupeer last month. This month I participated in a lawsuit (equivalent to a class-action suit) against Grupeer to recover the remaining money.
My crypto portfolio was about flat this month, gaining slightly under 200 euros.
I am waiting a little bit to pull the trigger on the next few sell orders to further limit my exposure to crypto.
Net Worth Progression
May was quite a good month again with 3,820 visitors generating 9,101 pageviews.
Google sent me 2,971 people this month. That’s less than last month but definitely not bad. I might have to write a few additional pieces these days when I find time.
The best-read new article in April was the April 2020 Overview.
The three best-read old articles are the same as last month (thank you again Google!)
How did your month go?