The $1000 Project

The $1000 Project

How It Works:

Each time I save money, make money or find money in my life, I will be putting it into a separate savings account and the moment there is $1,000, I am going to invest it by buying long-term passive income sources, which match my long-term financial goals for income and capital growth. As the income builds up, with continuously adding to the portfolio with more $1,000 parcels and reinvesting the income for compounding growth opportunities, my goal for the challenge is that the share portfolio can pay for a designer handbag each year.

You can follow along with this challenge and if you aren’t ready for investing, you can either use your $1,000 parcels for paying down debt or even building savings. For me, as I am ready to build my passive income, my preferred investment is Industrial Australian shares, which have a long-term history of paying dividends. Also, I will keep a diary of how I saved the money here and on my YouTube videos and then show you where I have invested the money. Now buying shares is definitely not for everyone, so I definitely do not recommend this to you, before seeking professional financial advice. However, for me and my financial goals, I understand the risks involved and am making educated decisions, which suits me perfectly.

 

Share Your $1000 Project Journey:

In the meantime, I would love it if you could keep me posted as to how you are saving your $1,000 parcels, and every time you are doing something that helps build your $1,000, Make sure you take a photo on your Instagram account and hashtag #the1000project – I will keep watching out for you and we can all share ideas as to how we are building our long-term passive income sources!

You can also watch the video here, explaining #the1000project https://youtu.be/Ru74ELTw8Fo

Here are some ideas that people are using to create their parcels of $1,000:

  • eBay
  • Gumtree/Craig’s List
  • Extra work – weekends or after hours
  • Market Research
  • Babysitting
  • House sitting and looking after pets
  • Dog walking
  • Tutoring
  • Garage sales
  • Pay rises
  • Tax refunds
  • Bonuses/Commissions
  • Small business
  • Asking for cash instead of birthday presents

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