Since I got employed as a Digital Trainee, I’ve ensured a stable income of 30 000 NOK per month after taxes. That’s around 3 500 USD, totaling 41 000 USD per year (after a 30% income tax).
That is what I call my “baseline”. I know I will earn at least that much. Then I have two ventures as I’ve explained before, CryptoCoinsNews.com (CCN) and Hacked.com (including another small venture with a few IT-clients called Clouding Central).
Also read: Join me to my first goal of $1 000 000
From CCN, I earn approximately 2000 to 6000 USD per month. It depends on the number of advertisers we got. Some months we could be in the negative territory, but usually, there’s a profit of 50 000 USD per year.
I started Hacked.com in February 2017. We get more and more members, and I’m confident that within a limited time frame, Hacked.com will break even.
For 2017 I believe I will have a total profit of 1.5 million NOK, including my third IT venture and my primary salary. That’s about 175 000 USD. Then I will have to pay near 50% in taxes, so I will be left with 87 000 USD (I could organize my ventures differently to pay less in taxes, but I’ll get back to that in another post).
If I’ve been handling my money well, I hope I will have at least 50 000 USD left when expenses and purchases of the year have been deducted. That means I got 50 000 USD to either save, invest, or spend.
I’ve made a promise to myself that I will invest at least 10% of my income in order to reach my goal of $ 1 000 000. However, I believe I can triple it and invest 33% of my income instead. So I’m going to invest 29 000 USD per year which is $2 416 per month (based on the 87 000 USD I receive after taxes have been paid). That is a total of 249 400 NOK per year and 20 782 NOK per month. I will still have 21 000 USD left to either deposit into a savings account or to spend on my mortgage.
Also read: My First Investment Towards $1 000 000
In the post you can read from the link above, I wrote about my first investment which was in a corporate bond fund called Deutsche Invest I Eu Hi Yld Corp LC. I only invested 10 000 NOK since I was planning for a 10% investment ratio and I didn’t have the entire budget in front of me. But since I’ve increased that to 33% of my income, I’m transferring 20 782 NOK for May and an extra 10 782 for April.
And btw: the corporate bond fund I invested in is up 0.72% since I bought it last week. Huge success. Of course, it can’t be compared with the recent surge in cryptocurrencies, but a bond fund is a lot less risky than investing in a cryptocurrency like bitcoin. Exactly what I was looking for.
|Date Invested||Investment in NOK||Invested in||Name||Current Value in NOK|
|27.04.2017||10 000||Corporate Bond Fund||Deutsche Invest I Eu Hi Yld Corp LC||10 072|