ROUND 1 – MY FIRST $1K

Since launching my video on “The $1,000 Project” (formerly known as the Passive Income Project), I have been busy focusing on manifesting the first $1,000.

Initially, I was worried that this would take a while to happen, but as soon as I put into practice a positive headspace and attitude (thoughts, feelings and actions), I found myself in a creative brainstorming zone and was able to create $1,000 really quickly.

This is what I did…..

$550 – sold some clothes on eBay that I didn’t wear anymore

$220 – in coins and notes (from money left over from taking my lunch to work)

$230 – sold some furniture on Gumtree that I had in storage

Now that I have my first $1,000 ready, I am researching different options as to how I should invest this money. I will cover this in more detail in my video…which will be ready on the 3rd of August…so stay tuned!

In the meantime, 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 (whether that be having a garage sale, selling unwanted items on eBay or Gumtree, or even working extra shifts), 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!

xCC

All photography by Grace Alyssa Kyo

Educating Children

I am a big believer in leading by example…I practice what I preach, but since becoming a mother I have realised that I need to invest time actually explaining and educating my little monkey (Rocco) about the principals behind money and money management.

Recently, I was spending time with some children aged between 5 and 11, and my rubber arm was twisted into taking them down to the local lolly shop…(actually, busted, it was my idea…I have a shocking sweet tooth).

When our total lolly bill exceeded $30 and I realised that I didn’t have enough cash on me and that we would have to put a few items back on the shelf, one of the children diligently pointed out that we could just “go to the wall and get some more cash out….”
After blankly looking at her, wondering if this was some new and cool term that I wasn’t up to speed on, I suddenly realised that she meant the ATM….so in questioning her more, I discovered thatall 3 children thought the “wall” had an endless supply of cash and that we could keep withdrawing and buy whatever we wanted and whenever we wanted. (Ha, wouldn’t that be nice!).

Now I am all for nurturing and supporting the sweet inner child and their imagination but this approach and lack of understanding of money and cashflow was concerning…especially when we live in a world full of financial stress, which is often off the back of debt and readily available credit mixed in with the “I want it now” attitude.
But who can blame her, we live in a world where money is almost abstract with credit and debit cards, internet banking and endless online payment apps. The green $100 note may become an urban myth to this generation.

Like most parents, I want Rocco to understand the value of hard work, saving up for things, building excitement, gratitude and respect. Undoubtedly all our children will come across financial challenges as adults, so we need to give them the best skills for coping and making sound decisions and help shape their financial future.

Money brings freedom, choice, opportunity and sometimes even confidence, which are all luxuries. Who wouldn’t want that for their child and for their child to teach their own children. What kids learn about money will change their future, so lets help make it a great future for them.

In researching the best approaches with kids and money, here is a summary of what I found, liked and will be putting in place with Rocco…

  • Show them – let them see you use the ATM, let them hand over cash to the checkout person, let them see you pay bills online.
  • Talk to them – by no means do we want to stress our kids with our own financial concerns but rather empower and educate them…so when it comes to money, explain to them what you are doing and why, how you have the money in the first place or how you are going to save for what you want…like planning for a family holiday…something they can get excited about too.
  • Budget –we all know that children need boundaries and a budget is a great way of helping show financial boundaries and the simple concept of understanding where our hard earned money flows. It will help teach self control and discipline.
  • Give them a savings account – encourage them to deposit money, save and monitor their money. Even better, explain to them about investing for their future and the power of compounding future.

Financial literacy is an essential life skill that we cannot ignore…and is definitely one that I highly doubt are children will regret learning…just keep it informed, light and inspirational.

xCC

All photography by the very talented Grace Alyssa Kyo