Wow. I am in complete disbelief at the increase in NW this month. Just a few years ago, this was more than my annual salary. Feels amazing to finally cross the half a million mark.
The bulk of the NW increase is from a huge influx in revenue from clients this month for my small business. Almost as if somebody flicked a switch at the start of the month and business resumed again like COVID-19 never happened.
I’ve been working extremely hard lately – probably at least 80 hours or so per week, 6 days a week (I always try take Sunday off to recharge the batteries). Working from home and skipping the 2 hour daily commute definitely helps fit in more hours in the day. However for some strange reason, working on your own business doesn’t feel like typical “work”. If I worked in my office day job for 80 hours per week, I would burn myself out like crazy. But because I have creative control and direction of my own business, it almost feels like I’m playing a video game (which I love to do) and the monthly profits are a high score that I’m constantly trying to beat. I guess the reason is because the income from your own business is completely variable and dependent on how much effort you put in. As to a typical corporate office day job, you can only ever make so much. Whether it’s a maximum of 160 hours per month, or the daily rate for your level capping out at $X/day.
I’ve also finally hired someone to run operations for my business, freeing up my time so I can focus on the bigger picture stuff. I never realised how much of a control freak I was until I started running my own business and needed to offload lower level tasks to someone else. Perhaps that’s why I never made it to the Management level in my career. I think my strengths are much more focused on strategy and sales, and then executing that strategy through sheer grit, grind and hustle. I’m not someone who can take a step back and try manage other people while they do the actual work; I need to be the one doing it myself.
Anyway enough ranting, off to the regular monthly graphs.
Thanks for reading, and see you next month. Stay safe out there.
2 thoughts on “April 2020 Net Worth $526,385 (+$82,209)”
Great to see that your business is doing well, that’s a huge amount of revenue to be pulling in each month! I was going to ask how much of the increase was due to investment returns but looking at that breakdown it’s almost all going to be from your business! What’s the plan for investing it, or are you looking to buy a PPoR?
Thanks very much for the kind words. Yes, the vast majority of the NW increase this month is from the business. One thing I didn’t prepare for was the “lumpiness” of income from having your own business. Last month it made a loss of -$10k, while this month it made close to +$70k. Crazy times haha.
Plans for the cash is to buy a PPoR in the near future. Will be great to stop renting after all these years. I then want to start debt recycling asap to build up my poor ETF/LIC portfolio, which I’ve been ignoring for quite a while now.