The $1000 Project
How It Works
Each time I save money, make money or find money in my life, I will be putting it proactively 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 and are within my risk profile. 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 my $1000 Project is that the investment portfolio can eventually cover my living expenses or as close to it as possible. This is my definition of financial freedom.
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 emergency savings. Investing is definitely not for everyone, so I definitely recommend seeking professional financial advice from a Financial Planner before making any decisions. However, for me and my financial goals, I understand the risks involved, the importance of diversification and am making educated and informed decisions, which suits me perfectly.
Share Your Journey
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 #the1000dollarproject – 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!
Ideas For Your $1000 Parcel
Extra work – weekends or after hours
House sitting and looking after pets
Asking for cash instead of birthday presents