And just like that, Round 2 of The $1,000 Project finishes. For the last 13 months The $1,000 Project has been the forefront of my mind. Constantly thinking and looking for ways to manifest $1,000 at a time, saving, earning, investing, reinvesting.
And now it has finished…..well Round 2 certainly has. And I finished on a stronger note, with $36,000 saved and invested over the last 13 months. Some $1,000 parcels were so easy, some were painfully slow. But I stuck to the rules which I created for myself and honoured them. My estimated passive income was over $3,650 upon the last $1,000 being invested.
My goal was to have a passive income of $4,000 per year but I am pretty darn close. And to be really honest, I think I could have done more. However the irony of why I didn’t do as well as I could is because a lot of my weekend were spent writing the $1,000 Project book for my publisher, Penguin. Which is funny because one of my suggestions to people who are doing The $1,000 Project is to write a book to earn some extra money.
Whilst I did put some of my advance from the book towards The $1,000 Project it didn’t quite cover the total time spend working on the book. So hopefully next time when I do Round 3, I won’t have the pressure of the book taking up my weekend time where I could be earning extra money.
So the final $1,000 was saved via a combination of dividends, lunch at home, selling some clothes and things around the house. But one interesting saving actually came from Rocco. With Halloween approaching (I love Halloween with Rocco) I was browsing online for a new great costume for him…naturally thinking I would buy him a new outfit. However when it came to talking about this with Rocco, he actually chose to wear one of his old outfits from a few year ago which he still absolutely loved and was able to alter with a few adjustments to the costume. He took his cute pumpkin outfit and turned it into a scar outfit. This cost nothing and demonstrated his appreciation of what he already has.
There I was, willing to spend/waste money on an outfit, where my own 4 year old son reminded me to work with what we already have and how creative he was. That consciousness and mindfulness with money is something we are all capable of doing.
So with this total savings $1,000 I purchased some more of the GEAR ETF which is within my risk profile and preferred asset allocation. Below you can see my actual portfolio but please realise that this is GENERAL ADVICE. Just because I do something for myself does not mean that I recommend that you copy me. I am a High Growth investor, I love market volatility and my goals are long term based, (10 years plus). I also research everything that I do before I do anything.
The passive income from the project ($3,650 AUD) is going to an orphanage, Pa van der Steur in Jakarta, Indonesia. This money will help create more space so that they can take on more children, giving underprivileged children a much better chance at life. You can read about the Pa van der Steur orphanage here. And if you feel inspired, please feel free to make a donation with me.
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.