July has been a bit overloaded with work from my Consulting with Tritium workstream. Juggling 3 clients at once for most of the month really did keep me busy. On the plus side, I was able to make some nice bucks from it, which I can enjoy now that the work is done and the clients are happy (hopefully). Looking forward to August, just relaxing a bit, going to the beach a lot and eating loads of ice cream.
Unfortunately, my DSL Trading workstream did take a huge hit in July and August will be all about taking a step back, re-thinking and re-defining. Let’s get to it.
So, let’s review what was going on in the Dan Schenk Life. Goals, Profits and Losses as usual below.
I hope you enjoy my entrepreneur recap for July. Let me know any questions or comments in the comments section below
Table of contents
- Personal Update
- My monthly goals
- 1. Trading Profits: £1500
- 2. Reduce debt facilities by at least 50%
- Workstream Overview
- Dan Schenk Life
- Profits and Losses
- Overall Portfolio Performance
- DSL Trading
- The Navigate Group
- Profits and Losses
- Consulting with Tritium Growth Partners
- Cash Flow Overview
- Outlook for August 2020
July, oh what have you brought into my life?
First of all, I was moving again. This time down to the south of Bali. I wanted to spend a little more time at the beach again, although that didn’t really work out that well in July as I was still incredibly busy with delivering projects for clients.
Then this little pup came into my life. And the fun began. I named her Gula, Indonesian for sugar. Cause, isn’t she sweet?
At least when she’s just not trying to bite my toe off or dig holes into the garden. Or pee in my office. Haha, with a little puppy, life never gets boring.
And that was pretty much July, the rest was mostly work, work, work and looking forward to August when I would finish two of my projects and would finally have time for lush adventures again (but more about that in the next update).
My monthly goals
On to my monthly goals as outlined in my previous Entrepreneur Recap. Another 50/50 situation this time. You can’t always tick off all of your goals, but got to keep trying, right?
1. Trading Profits: £1500
Oh dear, this didn’t work out … at all. The month started with some heavy losses, from which I wasn’t able to recover throughout the rest of the month. Unfortunately, this means, I’m falling back one milestone and keep refining my strategy on the Demo account. So close, yet still not enough to tick the proof of concept finally off.
2. Reduce debt facilities by at least 50%
At least I was able to tick this off. After banking some good profits in June, I put some of that towards reducing my debt facilities. And now I only have to pay off one more credit card and I’m officially debt-free. The lush life seems around the corner.
Here you find an overview of my ongoing workstreams, which are Dan Schenk Life, Investing, DSL 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 very website.
Unfortunately, I wasn’t able to top my all-time-high profits from June, however, still looking at a decent profit of over £5k. Keeps me going for now, and I will try to reach a new all-time-high monthly profit sometimes later this year again.
Total Profits (all workstreams, excluding any gains/losses from investments): £5,573.18
Dan Schenk Life
dan-schenk-life.com didn’t make any profits or incurred any costs as usual.
Also, I stopped posting anything new in the DSL Trading section, due to the set-back in my trading workstream.
It all seems to be pushed out a couple of more months now until I can re-light the fire again here, which is a bit frustrating to see, but that’s life. Good things take a while to develop before they’re ready.
Profits and Losses
You can see my full monthly portfolio review here. Top-level stats below.
July was a bit of a flat runner, after some months with crazy volatility. However, I was able to get some of my cash reserves back into the market and snapped up some highly discounted shares. Still, about 5% of my portfolio is lying in cash at the moment, so I will keep looking out for opportunities throughout August and beyond to get the rest of my cash back to work to ideally being able to finish the year on break-even or a small profit.
Overall Portfolio Performance
July 2020: –0.4%
YTD 2020: -12%
Alright, here we go. From having high expectations for July to finally make some nice bucks and further growing my small trading account to essentially burning through most of my account within the first couple of trading days.
What happened there?
In the end, it was a mix of taking on too much risk, a bit of bad luck and probably not having a fully refined trading strategy established yet.
This means, from August I will be back on the Demo account to test and refine my strategy to hopefully come back to Live soon and also continuing to report my progress in the DSL Trading section.
July started with heavy losses right in the first few trading days. Was I taking on too much risk? Surely. But how unlucky on top, that all my positions went against me the same time. If it was spread out more across the month, those losses might have been recoverable, but them hitting all at once, obviously decreased my account size back to where it was about 2 months ago. Consequently, my position sizing decreased to a level, where those losses just weren’t able to be recuperated in the same month.
Although I had a few nice green days in the middle of the month, working back from almost two grand in the red was a mission impossible.
In the end, I was finishing the month down £1821.53. Which means my overall profit since March, when I started trading again in a Live environment, is now only a little over £100 from being up almost £2,000 at the end of June. Frustrating.
Total Loss: -£1,821.53
The Navigate Group
The Navigate Group is now officially closed for business.
Unfortunately, we weren’t able to scale this and keeping it running for £4 a month in revenue doesn’t make much sense.
Some good learnings along the way though, so nothing’s wasted. I learned a great deal of how to develop on the WordPress platform, done some PHP, which I haven’t done before and refined my skills in CSS as well.
On top, experiencing the start-up world first hand was a good experience and it won’t be my last entrepreneurial venture either. Now on to new and exciting projects.
Profits and Losses
Total Revenue: £4.16
Total Costs: £21.00
Total Profits: -£16.84
Consulting with Tritium Growth Partners
Tritium has been on a real roll the past couple of weeks. Since I’ve taken over the client operations in June, our clients have kept me very busy indeed. But on the plus side, I’m able to reap some nice rewards as well.
In July the contract with one client came to an end, although we onboarded another one. For three weeks in July, I, therefore, had to manage 3 clients simultaneously, which was a big stretch in all honesty.
However, now looking at our profits for that month, makes me forget the struggles and I look confidently in the future towards new and exciting projects.
Cash Flow Overview
Cash Flow was a bit screwed last month. Not because of my expenses, they were pretty in line with expectations. But because my last invoice from Tritium Growth Partners didn’t hit my bank account yet. The accountants on the other side hanging a bit lose here. But that’s ok. As an entrepreneur, you just can’t expect to get your paycheck the same day every month how you are used to as an employee in a corporate environment. Therefore it’s always important to keep a good amount of free cash in your account, at least 3-6 months of living expenses. Now, I’m looking forward to a huge incoming cash sum in August. Let the chart burn.
I did get some reimbursements in my account in June though. Some health expenses from my health insurance and a deposit from my flat in Munich, which I recently dissolved.
- Health Insurance + Health Expenses: £53
- Living Expenses: £2,309
- Business Expenses: £24
- Tritium: £-
- Reimbursements: £413
Total Outgoing: £2,386
Total Incoming: £413
Net Cash Flow: -£1,973
Outlook for August 2020
Ok, August, I want to keep fairly calm. I have finished two major projects for Tritium clients end of July, so in August I just want to go to the beach and start focussing more on Dan Schenk Life again. On top developing some new features for my Investing and Trading workstreams. One goal remains regardless. See below.
Goals August 2020
- DSL Trading: Proof of Concept on Demo Account
I mentioned in the Trading workstream above, that I had to step back one milestone and now I’m back on the Demo account refining my strategy, which I will focus on in August. Ideally, by the end of it, I am able to go back to Live in September already, but I have to see how it goes. Refining and testing a strategy may take anywhere from a few weeks to several months. I hope I can tick this one off quickly.
I hope you enjoyed reading this Entrepreneur Recap for July 2020. 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!