mr-stingy LLP’s 2015-2016 Income Report

If you want to make money online, don’t start a blog.

Blogs take time to grow and scale. Some say you need two to three years before you start seeing anything significant. If you want Internet money, you’re better off starting an online business selling stuff. Because if you’re like most bloggers, you won’t be making any serious money at all.

By my estimates, I’ve spent at least 2,600 hours of my life on mr-stingy, and I’ve made just RM 3,212 (USD  730) in Revenue. That’s RM 1.24/hour — about a quarter of the minimum wage in Malaysia. Way to go Aaron.

Of course, I didn’t start mr-stingy to make money. It was to spread ideas, and create art that I was proud of. I’ve not focused on monetizing and my main website is still ad-free.

So I’m not upset or ashamed that I’m such a poor online businessman.

I’m just an online businessman who likes to share. And I thought that some of you who have small businesses, are entrepreneurs, or even bloggers would find this post useful. Or at the very least, entertaining enough to laugh about.

Anyway, here’s mr-stingy LLP’s income report for 2015 and 2016.


WTF is mr-stingy PLT/LLP?

mr-stingy PLT (Perkongsian Liabiliti Terhad in Bahasa) is the Limited Liability Partnership (LLP) through which I run all my business activities. If you’re not sure why I set up an LLP to run my business, this post has the details.

Officially, mr-stingy LLP is set up to run and manage all related business activities.

Of course, I’m still the guy behind the scenes — doing everything on my own. But a crucial difference is that mr-stingy LLP is a separate legal entity from me. So all the data I’m reporting here is official company data, not personal income. I love the idea of separating your business entity from yourself — it just draws the line and makes things easier.


Highlights from 2015-2016

  • Period: 1st July 2015 – 31st December 2016
    Moving forward, I’ll report performance on a yearly basis (2017, 2018, …). But since this is the first financial report, it covers half of 2015 too.
  • Traffic Growth: 8,731 pageviews (July 2015) to 29,328 pageviews (Dec 2016).
  • All-time High: 59,176 pageviews (Oct 2016). pageview statistics as of Feb 2017
Everything needs time to grow…


I’m happy with how we’ve grown over the past 18 months. is now read about 30,000 times a month by >16,000 readers (measured via WordPress).

Moving forward, I’ll continue focusing on the intersections between time, money and relationships. And also more on career and life-lessons content — which have always been popular.

Thank you guys for all your support — and please keep sharing my stuff if you like it?


Revenue Highlights

Total Revenue: RM 3,212

Breakdown of Revenue:

  • Advertising: RM 567
  • Affiliate marketing: RM 345
  • Referral fees: RM 300
  • Paid writing: RM 2,000


1. Advertising income is a new revenue stream for me. While itself displays no advertisements, when you guys read my articles via Facebook Instant Articles — Facebook shows advertisements there. I expect this revenue stream to grow in 2017.

For those of you who are curious: How much do typical websites make via advertising? A very rough estimate is 1 USD for every 1,000 pageviews. So if you’re pulling 10,000 pageviews a month — that should equate to about 10 USD of advertising per month.

2. Affiliate marketing revenue came through two sources: credit card referrals via iMoney and insurance referrals via (the defunct) I expect this to reduce in 2017 as I don’t have affiliate agreements with them anymore. But I’m always open to other affiliate marketing opportunities. Maybank and Fundsupermart — you listening?

What affiliate marketing niches are lucrative for Internet hustlers? Consider the unholy trinity of romance, money and health. As James Altucher says, three things people will always pay for are “to Get Paid, Get Laid and Lose Weight.”

3. Referral fees came via insurance and LLP consulting referrals. When I connect you guys to my friends for services — sometimes they give me a small commission. 🙂

4. Paid writing revenue was via a couple of writing jobs I did for another website. It’s actually the most straightforward way to get paid by writing. I don’t really do this (unless of course the price is attractive enough), so this will likely drop to 0.

Want to sell your writing services online but don’t know where to start? This article might be helpful.

Overall, revenue for 2015-2016 was pathetic compared to the amount of effort and time I put in. If I was doing it for the money, I’d have made a lot more cooking french fries at McDonald’s.


McChicken burger
I ate a McChicken yesterday and it felt more fun than writing a blog post 🙁


But since we’re already knee-deep in looking at how poor a business model is, let’s take it further: let’s examine the costs next.


Cost Highlights

Total Expenses: RM 8,098.10

Breakdown of Expenses:

  • Cost of Goods Sold (COGS): RM 0
  • PO Box Rental: RM 53
  • Mobile Phone: RM 849.11
  • Mobile Phone Repairs: RM 118.18
  • Web Hosting: RM 107.68
  • Car Insurance: RM 2,180.06
  • Car Depreciation Expense: RM 3,600.11
  • Car Road Tax: RM 283.00
  • Office Supplies: RM 26.50
  • Incorporation Expenses: RM 578
  • Advertising & Promotion: RM 302.46


1. COGS is 0 because I don’t incur any direct costs for any of my revenue. Feel free to challenge my DIY accounting, but I must warn you that my girlfriend is a Chartered Certified Accountant. 😉

2. PO Box rental is RM 53 per year at my local post office. It’s the cheapest PO Box I can find here in Malaysia.

Why on earth do I rent a PO Box? Strictly speaking, the CAN-SPAM Act 2003 requires every marketing email to include a valid postal address. And since I’m scared of bullets showing up in my home mailbox, you’ll see my PO Box address instead at the bottom of my marketing emails.

3. Web Hosting expense is artificially low here. I’m actually paying about 10 USD per month for Bluehost Pro Shared Hosting. But the majority of the cost was paid upfront before I started mr-stingy LLP — so it’s not accounted for here.

As traffic continues to grow and since I want to load faster, I’m actually considering moving to affordable Cloud Hosting (either via Bluehost or Cloudways). I’ll let you geeks know if I do this.

If you’re interested in starting your own professional .com website/blog online, consider signing up with Bluehost using my affiliate link — from only USD 3.95 per month.

4. Car-related expenses were by far the biggest expense for my business. Remember when I wrote this almost-famous article about buying a second-hand car? Technically speaking, it’s mr-stingy LLP (the company) who bought the car. Serves you right mr-stingy — now you get to bear the full costs of owning that car too.

5. Incorporation Expenses were the costs incurred to set up the company. Pro tip: an LLP costs about RM 500+ to set up and RM 200 yearly to maintain. In contrast, a Sdn. Bhd. Corporation costs about RM 1,500 to set up and RM 2,500 yearly to maintain.

6. Finally, I spent a little on Advertising and Promotion. What on? I paid Facebook to do a sponsored post once. But mainly it’s from buying books to giveaway to you lucky people.


Subtle Art of Not Giving a Fuck Book
From last year’s giveaway. Stay tuned for more this year!


Profit/Loss Highlights

Net Loss: RM 4,876.21

Ouch! Don’t you just hate losing money?

But since we’re already chest-deep in analyzing the ugly numbers, why not take it another step further?

Since I’ve been accused of being an exhibitionist before, here are my detailed financial statements for 2015-2016. These are the same documents I submitted to SSM when doing my LLP Annual Declaration. I’m not sure what you’re gonna do with them, but I thought it’d be fun to share anyway:

mr-stingy PLT Income Statement from 2015-2016

mr-stingy PLT Balance Sheet Dec 2016

What software do I use to manage my small business accounting? (I might be old, but No — I don’t record transactions using pen and paper.) I actually use an amazingly-smart piece of software called Wave Accounting. It’s directly connected to my Malaysian bank account so any bank transactions automatically get recorded. (For you Malaysians reading this — the big banks like Maybank, CIMB, RHB and HongLeong can all be hooked up to Wave.)

To get the two financial statements above, all I had to do was make sure all transactions were properly recorded — then click a button to instantly generate the reports.

Did I forget to mention that Wave is free?

God bless the Internet.


Screenshot of Wave Accounting
It’s even pretty!


What’s Next for mr-stingy?

18 months in and deep in the red. Luckily I don’t brand myself with one of those cheesy “Online Marketing Expert” or “Passive Income Guru” titles. Poof! There goes all the credibility.

Of course, sometimes making a loss in a business isn’t the worst thing ever. From a tax perspective — businesses can carry forward losses indefinitely to offset future profits. Hint: that’s one of the benefits of running everything via a company.

“But seriously Aaron, what’s next? And don’t you want to at least make some money online?”

Well yes. And the easiest revenue stream for me would be to write for other people. But writing is painful for me when I don’t care about the topic. This inevitably happens when you get paid to do things — sometimes you have to do things you don’t like.

I often get requests to do sponsored blog posts too — but I get the feeling that you guys wouldn’t enjoy me promoting specific products and services for money. And that you’d rather read about ideas, stories and life lessons. So I’ve always said No.

Besides, I’m currently too busy writing about things I’m passionate about and planning my first book.

“What!? Did you say you’re writing a book!?”

Yes. And if you’d like to support me — please buy it so I can actually make some money online and won’t starve to death.


– – –


p.s. Let me know if you have any questions about DIY accounting, blogging or even McDonald’s. Would be happy to answer.

p.p.s. Please, please, please buy my book when it comes out. I’ll keep you updated here on the progress! 🙂

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  • Hey Mr Stingy, nice post, got to know your post thru Suyin invest YouTube channel. I just got my LLP setup and got a question, what are the type of “business expenses” you are able to claim, if you don’t have any employee. Is mileage, petrol claimable? The public ruling and e-pt guide are so confusing.

    • Hi Steven,

      It’s quite a tough question because I don’t think there are black & white rules around this. There are principles, however as we know principles can be interpreted in different ways. Perhaps the easiest way is to speak to a tax advisor if you’re unsure. (Though this might come with some costs.)

  • Love this post very much. It inspire me to open my own business. I am a landing page designer. I love to design website and landing page for entrepreneur as well. Looking forward for your next blog

  • Hi Mr Stingy,

    thanks & appreciate your sharing

    may i know why did you purchase the car under the LLP ?
    & not under personal name ?
    i’m running a biz & plan to purchase a car but havent decided under personal or company name, would be great if you can share the pros & cons ?

    • Hi Susan,

      Always happy to help.

      Cars depreciate in value, and if you purchase it under a business, you get to count that depreciation as an “expense” (If we’re being technical, in an LLP it’s known as “capital allowance” or something). Hence it’s more tax-advantageous to buy large capital items under a business.

      When you buy it in your own name, you don’t get to offset your personal income taxes with depreciation. A little bit technical, but I hope this helps!

  • hi Mr-Stingy, Bravo for your web page. Very informative and practical and not to mention helpful. i am on my way to set up my LLP (awaiting name registration approval) and here on will follow the steps you mentioned.
    keep up your good work and we will be here to read and read and learn and learn. Yes i have click a like on your FB and will definitely be in your mailing list. God bless.

  • Hi, I heard from banker that it is hard for the bank to approve loan for LLP company. Is that true? Any advice as I plan to set up LLP company for small property management and in the future, might use the company to buy commercial property. Thanks

    • Hi Joyce,

      I think most banks are just starting to get comfortable with LLPs, so from my perspective it’s gonna be harder than say a Sdn. Bhd. But I haven’t tried it out myself, so who knows — it might be still possible. All the best!

  • Hi, very well written article. Would like to find out on the following:
    1) How do partners declare the allowances or remuneration received from LLP if they are not the employees of LLP? They are currently employed under other company.
    2) Do partners need to declare the profit received from LLP, which are tax-exempted?


    • Hi TS,

      1. As partners, perhaps you can give them some kind of partner allowances or fees?
      2. It’s not taxable, so I’m not sure how the partners would be able to declare it in their forms. Can’t recall a place to declare non-taxable income…

      I’m not 100% sure on the above — might be better to check with a tax consultant.

  • Hi, thanks for sharing the setting up of a LLP. Can I ask if the LLP sufferred the loss during that financial year, can the losses be apportioned between the partners and carried forward to be deducted in the partner’s individual income tax?

    Looking forward to your reply. Thank you.


    • Hey Pink,

      The losses can be carried forward for the LLP business. But I don’t think they can be apportioned between the partners for individual income tax. LLP tax and partners income tax are completely separate entities.

  • Hey Aaron! Your blog is an inspiration to me! I have been planning the road-map for my blog in 5 years ahead, one of them being whether to put Google Adsense or not. Now you convince me more on giving values to the community, not just for the sake of money. It is rare to find a Malaysian with such a lean and informative blog. Hope one day I will be one of them too!

    This year I felt guilty of unable to meet my expectation in deliver my planned contents as schedule, because I am busy with my wedding dinner this year. You know la, when thinking of Chinese Wedding Dinner, the stress is real.

    Anyway, thanks for sharing the Wave App! I definitely need it. I might want to try your idea of drawing a line between my personal finance and blog too! The info you shared about the custom PO box really makes me jaw drop, as I am planning to use a fake address. Luckily I am still very new to the Internet World and haven’t got any subscriber yet. Pheww..

    I always enjoy reading your blog contents, especially finance related. By the way, 2 years already, where is your book? Haha! Keep up the great job and keep hustling!

    • Thank you so much for your kind words Marcus. Wishing you the best ahead with your writing and your own venture!

      Uhmmm… regarding my book — I decided to push it back a bit. Just felt that I still need more experience before I finally write a book of my own. But hopefully I’ll be able to start work on it soon!

  • Man, I cannot remember having crossed a blog this transparent. Very much helpful tips.

  • You have a brilliant blog. Definitely one of the essential resources for LLPs in Malaysia – I’ve personally incorporated an LLP as well, with reference to your blog and have now gone on to set up a business bank account! (That’s a huge step for people like me, who have never started up a business before)

    Just want to ask though, how are you able to record things like “incorporation expenses” and computer hardware in the LLP’s P&L?

    Because for me, the incorporation expenses were from my personal credit card – the LLP bank account was not set up yet at the time obviously. And when purchasing things like computer hardware, I think normal small businesses like you and I would just go to Lowyat or any IT shop in a mall and purchase the hardware using cash/credit card without having any invoices issued to the LLP’s name (or maybe you did?).

    So how would those be recorded as company expenses? Do you reimburse yourself from the LLP account with the normal receipts?

    Would love your advice! Thank you and keep up the good work!

    • Thanks for your kind words Terrence,

      I’m not a qualified accountant, but yeah — I just reimburse myself from LLP account with normal receipts. They’re not specifically directed to my LLP name.

      All the best ahead for your LLP!

  • Great sharing. The article explain very well and not too complicated to follow.

    Can you share how LLP income tax? All I see is some % can deduct for partnership. Can’t find any process for LLP.

  • Hi, can you recommend a few (tax agent) who can help me file my PLT income tax? I am really clueless on this matter.

  • Hi,
    I’ve been reading your site religiously and I followed the steps of establishing a PLT company. It’s almost 1 year old already! Now, have you done your income tax? I’ve researched through LHDN website and found that it can only be done manually.

    Please let me know this is not true and please share step by step on how to file PLT income tax.

    Another great idea would be to register car under PLT. I did this and I had to go to JPJ Putrajaya 4 times. JPJ Wangsa Maju was good though

    • Hey Dean,

      Thanks for your support! I’m only in the midst of filing my own PLT income tax, so I don’t have a good answer for you right now. I’ll update with a blog post once I do it?

      Thanks also for your update on buying a car under JPJ. Glad to hear Wangsa Maju was great!

  • Can’t wait for your book. And your “exhibitionism” has helped so many people, so screw them naysayers.

      • I left my former workplace and at the exact time I planned too. The circumstances were different though…I moved back to my hometown to be with my family. Funny how the changes I sought suddenly became too drastic and the adjustments have been most challenging, albeit so good for personal growth. I’m doing really ok 🙂

        Heard you on BFM that day. Am sure they will interview you again once the book is out. #nopressureatall :p

        • Thanks Hannah!

          I’m happy to hear that for you. Hope that every day gets better and better. Yeah, no pressure at all, but I want my voice to sound better next time!

  • Thanks for sharing and appreciate. I really enjoy your writing. Hope to hear more articles from you.

    Something for you to consider to write in future… internet affect our family relationship? (i.e 99% dialogue via sms, whatsapp etc without voice or calls such festival greeting. Imagine a family having lunch or dinner when every one has a handphone / tablet in their hands)

  • your articles are as real as it gets! love reading them. Also looking forward to getting my hands on the book – hopefully it will boost the annual red figures into black 🙂

  • This honest, open and very transparent post no how your business is doing is very refreshing; i commend you for that. All the best, looking forward to your book. hope you have an e-copy as well.

  • Hey everyone has to bring food to the table. I wouldn’t mind if my favourite local financial blogger needs to do some advertising or promoting of a product. Especially if it is something business related or something an average Joe like me could use it to track my finances. (It is a financial blog no matter what you name it to be, that is where the money is). Try bringing in some apps, links to other blogs, and products that would benefit the readers. I am pretty sure a lot of new startups in Malaysia are trying to gain exposure. That way you get your advertising fee and readers get to be more financially savvy after using them.

    Besides, making money is not such an evil activity as you portray it to be. If it is a product that will give everyone more convenience I would say it is a loss on the readers’ end for not being exposed to such privileged information. Making a loss after a year of operation would deter anyone from making any further progress down the same road. You have my utmost support if this blog has a few ads and promotes a few products now and then.

    Keep up the good work! I will definitely buy your book when it is published.

    P.s. I do hope that you upload articles more frequently. Can’t wait for your next post! 🙂

    • Thanks Jeff,

      Appreciate your kind comments and your suggestions. It wasn’t my intention to portray making money as an evil activity though — I was just poking fun at myself for being a poor businessman (I really don’t mind the losses for now — it’s pretty cool that as a business you get to carry them forward). And if you poke around a bit, I’m actually very happy to recommend products I believe in as an affiliate. What I have stayed away from is paid reviews — I still can’t get my mind around how I could be objective about reviewing something as I’m getting paid to do it. Hmmmmm….

      Anyways, I’m still a bit of an idealist (and a poor one too), so you’ll likely not see advertisements here for a long time. (Ugly la). But I’ll definitely try to keep publishing more articles, and finish that book. Thanks again for your support!

  • Hey Aaron. Great article. I didn’t know Wave now connects with out local banks. Woohoo! Circa 2011-2012 this still wasn’t possible.

  • Just found your blog this afternoon and couldn’t stop reading the articles, this is about the 8th one.

    Your life story is fascinating and inspiring, I feel like i’m the same gen as you being 32 and having worked in mncs since the beginning. Recently realized age is catching up, and perhaps time to do something I care about instead of selling my soul. It’s something I read about constantly these days. I like the statement you made in earlier post about how you rather die doing meaningful work than die waiting for retirement. You’re indeed privileged to be able to make this choice of leaping into the space.

    • Hi may,

      Thanks for the support! Yeah, I recognize that not everyone is privileged enough to make big leaps of faith. That being said, I really hope you’ll find what you’re looking for — and when the time comes — dive into it too. 🙂

      All the best!

  • Thanks for sharing. I really enjoy ur blog. Hope to hear more articles from you 🙂

  • Thanks for the good read. It is refreshing that you are not doing this for the money. I myself dun make much, but in that respect, I do feel unburdened by the notion of the capitalism way of life.

    That being said, I would love to read your book and gladly buy it. I am an avid business book reader, but have not read much stuff on finance sadly.

    Do promote and I am looking forward to seeing your good work!

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