The new year started for me without many crazy things going on. Most of the time I was working for clients and in the time between I tried to get my trading workstream up to speed.
Cash-Flow is in the green, my portfolio is positive, too and more profits are rolling in. I’m largely on track for my first two goals, which I am concentrating on in Q1. So far so good.
I did make friends with an elderly doggy, Tommy, and am now embarking on a new journey in Canggu. Yes, I’m finally relocating to the busy, central hub of Bali. Exciting times ahead.
So, I do hope you enjoy my entrepreneur recap for January 2021 and let me know any questions or comments in the comments section below. If you are an entrepreneur yourself and can relate to any of my stories, why not get in touch with me? I’d love to exchange knowledge, stories and experiences.
Table of contents
- Personal Update
- Goals – Q1 2021
- Workstream Overview
- Dan Schenk Life
- Profits and Losses
- Overall Portfolio Performance
- DSL Trading
- Consulting with Tritium Growth Partners
- Cash-Flow Update
- Outlook for February 2021
There wasn’t too much exciting stuff going on in January.
Mostly, I was busy working my ass off for our clients – but that was kind of expected. The plan is after all to really smash things out in the first quarter of the year, so that the remainder of the year, I can focus on other ventures.
So, the biggest change in January was that I moved again into yet another place, although only for one Month. Because in February I’m finally jumping into the deep-end and moving to Canggu, where the crazy people live. Let’s see how that turns out.
But, back to the new house, which you an see below. Guess who awaited me there – a house dog. Tommy, an elderly companion, but a true gentleman. My dear Gula is obviously also still with me, so in the End I had two doggys to take care of. Luckily, Tommy didn’t need much, except food and sleep, ha. Truth is, he’s sleeping next to my office desk right now.
Other than that, the new year started with work, work, work. I’m already looking forward to Q2, when I plan to mix things up significantly.
Goals – Q1 2021
Let’s review my goals for 2021, as outlined in my entrepreneur recap for 2020.
For 2021 I set myself the following four goals:
- Take a break from E-commerce and focus 100% on DSL
- Open the entrepreneur house in Bali
- Launch the DSL trading academy
- Increase net worth to £80k (+100% YoY)
In January, I mainly worked on the first goal, which breaks down into the following sub-goals.
Overall net worth: £50k
Achieved so far £43k and on track for approximately £52k by End of Q1. So all on track so far. Let’s hope there’s no major market crash coming until then.
3 months of net profitable trading (Proof of Concept in Live)
Not on track for this so far, but there’s still 2 months left, so I’m positive.
Currently about £100 in the red, so I should be able to turn things around in February. See more info in the DSL Trading workstream below.
I planned to also start working on my second goal, but didn’t have the chance to do so in January. So this will definitely be on the list for February. Here’s the breakdown of activities planned regarding the second goal.
- Sign-up to new Gym to meet new people
- Sign-up to co-working space to meet new people
- Make list of potential candidates for entrepreneur house
Here you find a quick overview of my ongoing workstreams, which are Dan Schenk Life, Investing, Day Trading, The Navigate Group and Consulting with Tritium Growth Partners. Under Dan Schenk Life I’m grouping all sorts of income-generating streams and not just developments on this website.
Starting the new year with some decent profits, although nothing close to my highs from 2020. Let’s see if I can top my so far all-time monthly high of £7,330 sometimes this year.
Total Profits January 2021 (all workstreams, excluding any gains/losses from investments): £4,192
Dan Schenk Life
dan-schenk-life.com isn’t in focus in Q1, so I’m just keeping things steady for now. In Q2 and beyond I will hopefully have more time to focus on this workstream.
Other than that, my hosting provider has increased their pricing. Dammit UK2. Shouldn’t have gone with a THG company for my web hosting ha.
Profits and Losses
Total Costs: £24.60
Total Profits: -£24.60
You can read my full investment portfolio review for January 2021 here.
The new year of 2021 started well for my portfolio, although all benchmarks started the year in the red. On top, I was quite busy getting out of some of my positions and also entering new ones. I’m going into this year with a huge cash position, which I’m just waiting to get back into the market once the opportunity arises.
Other than that, I’m mostly following my value investing strategy, which already brought me solid returns in 2020, why change a winning system now?
Overall Portfolio Performance
January 2021: 2.6%
DSL Trading wasn’t cutting it in January.
In the beginning of the month I was still following my UK Short strategy, but decided after about a week, that this isn’t going to work out for me.
So I made the decision to go back to trading Indices. I did a trial run with Indices about 1.5 years ago, before I ventured onto the US market, which also didn’t work out for me.
So, why go back now?
The thing that lured me back to Indices is that I can use a more analytical approach to trading, maybe even algorithmical.
Interesting fact, even after the initial stance at it in January, if the losses I still made with the UK Short strategy are excluded, trading only the Indices I would’ve come out with a small profit of about £30.
So the plan is to work through some strategies I have in mind in February and try to support that with some trading algorithms. I’ll update more about that when the time is right.
Total Profits: -£100.32
Consulting with Tritium Growth Partners
This workstream was taking up most of my time in January, but also reaped the greatest reward.
We were working full-steam with one of our clients on multiple topics from operational e-commerce support to building new, fancy IT solutions to internationalisation and providing marketing services.
There’s a lot more to come with this client as well – just the workload is a bit too high right now – at least for my taste. So I got to find a way to streamline our operations here or possibly cut down on scope and activities.
Total Profits: £4,280
On the Cash-Flow side, I was doing surprisingly well in January, especially on the expenses.
My monthly expense target is currently set at £2,500, but I only spent £1,433. That gives me a nice buffer for the two remaining months in Q1.
Health Insurance + Health Expenses: £53
Living Expenses: £1,094
Travel / Leisure / Gifts: £-
Trading Account: £-
Business Expenses: £25
Total Outgoing: £1,433
Tritium Growth Partners: £3,740
Total Incoming: £3,740
Net Cash Flow: £2,307
Outlook for February 2021
In February I will still focus on my first two goals as outlined above.
Goal 1 – Take a break from E-commerce and focus 100% on DSL
Focussing on bringing in Cash over Tritium and spending not more than £2.5k per month, to further build my cash cushion and net worth.
This is to prepare me for the remainder of the year when I plan to focus more on Goals 2 and 4.
Goal 2 – Open the entrepreneur house in Bali
It is a good thing I’m moving to buzzing Canggu in February, which means there are a lot of potential candidates for the entrepreneur house.
First thing I’m going to do is sign up to a new gym over there, then potentially to a co-working space as well – just not sure which one.
Then I’ll reach out to potential candidates and see if, where and when we can start opening the entrepreneur house. Exciting times ahead.
I hope you enjoyed reading my Entrepreneur Recap. If you did, you can read other recaps and more content in my entrepreneur lifestyle section.
If you are an entrepreneur out there and you are reading this, please contact me over social or drop me a comment in the comments section below, because I would love to catch-up. I’m also planning to interview other entrepreneurs on this channel, so let me know if you would be interested in that.
And as always, if you have any questions, drop me a comment in the comments section below.
Take it easy!