March 19th, 2021 | Q1 2021
Calculated what I made and what I spent so far in Q1 2021. Made around $12k from Cyberleads, but spent over $9k. Very disappointed. I thought I was frugal and didn't spend much. And the worst part of it is that it legitimately wasn't my fault. I hardly spent anything on myself. 80% of my expenses were on accountants, rents and taxes. And for my AirBnb for April and May in Palermo. January was my worst month. I had to prepay many things for the first half of the year. Luckily, I got paid my deposit back for the place I was renting in Milan, and also got some returns from my previous employer. If you take those into account, in the end, my monthly expenses were $5.5k, under the $2k monthly mark, which was my goal! I know, it's not fair to calculate my expenses like that. I'm not always going to have deposits returned, and payments from my previous employer. Those things were a one-off. And, I have a bad feeling that I'll be prepaying for things. Maybe I have to zoom out a little, and see later on throughout the year what my real burn rate is. In the meantime, I'm waiting for a cash-flow analysis from my accountant. That will help a lot. Entrepreneur life is not easy. As for now, I don't that feel the move to make is live in a shit hole or switch accountants to save $200-$500 per month. At this stage, perfecting my burn rate would be a low leverage activity. On the other hand, taking that energy and focus and putting it into scaling my business while keeping those expenses constant, seems to be the higher leverage activity.
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