I am starting to realise that I have set myself quite an ambitious task for The $1,000 Project. I am almost half way through the term of this project (deadline is July 2016) and I need approximately $40,000 invested if I want to build a passive income of $2,000 p.a. assuming an average yield of 5% p.a.
After taking on some extra work, I managed to bank another $1,000 this week, which has already been invested into The SugarMamma investment portfolio. However even with $10,000 invested, I am 25% of the way and have to “manifest” $30,000 between January and July 2016.
Some serious brainstorming is going to be needed!
But I am still super determined and super motivated and to be honest, I am amazed that I have managed to come up with $10,000 so far without overstretching myself or having to make any major sacrifices. Everything that I have done, most people are capable to doing themselves if they really wanted to.
Let me know what you are doing to save your parcels of $1,000 by hash tagging #the1000project and tagging @sugarmamma.tv on your Instagram post.
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.