So this $1000 has been painfully slow to build up. I am still waiting to be paid from some weekend jobs, but whilst waiting I haven’t been sitting around doing nothing, but using this time to sell, hustle and build.
This $1000 parcel has come from a wide variety of activities and really shows that every dollar counts. I did online surveys for $15, I took my lunch to work or came home during the day and made it, I had a super quiet weekend, hanging out with Rocco and saved $85 from my weekend budget money. I also sold my old mobile phone and got $160 (I have insurance so I figured if I lose my phone I can get a new one), and I also sold some bits around the house (old dog bed $20, old iron sofa $20)…it slowly added up.
I decided to invest this $1000 into more Whitefield shares. Whitefield is a listed investment company, where they invest my money (along with others) into a diversified portfolio of Australian Industrial shares. This helps give me peace of mind knowing that I am reducing my high level of volatility through diversification. Please note the general advice disclaimer, as I am not personally recommending this stock for you, but rather telling you that this stocks works for my high growth risk profile, my appetite for high market volatility and my long term time frame.
The estimated yield on WHF is around 5% p.a. which raises my estimated passive income to $3,850. Which means that I am 55% of the way towards building my $7000 passive income goal. Hopefully I get paid soon so that I can catch up!
Canna Campbell is the founder and director of SASS Financial Services, a boutique financial planning firm. She is a Channel 9 Financial Commentator, founder of financial media platform SugarMamma.TV and best selling author of The $1000 Project and Mindful Money.