My 20th $1000 was so slow to accumulate but came to its finale simultaneously with a nice little additional bounty of $2,000, which went towards my 20th, 21st and 22nd $1000. This meant that I finished the month of December with a total $3,000 to invest in one hit rather than 2 parcels (one $1000 parcel and one $2000 parcel). How did I do this? Well…get comfortable. I did online surveys, I sold some clothes on eBay and High End, I had some frugal weekends staying at home, I worked on the weekends, I did market research, I took my lunch to work, I cooked budget friendly meals for Rocco and I. $20 savings, here, $10 savings there and then $60 market research, $20 online surveys, it slowly added up to $1000.
Then I got to rent my house out at a premium. Fortunately it was only for a few days and was whilst Rocco and I were away, but this gave me another $2,000 which was a much appreciated boost to help me catch up. This is very rare, but a young mother was in a situation and needed a certain type of accommodation and wanted to bring her dog. My house is pet friendly so I was happy to help her out.
So excited to see $3,000 sitting in my dedicated $1000 Project Savings Account, I research a few different options and investments for my portfolio and instead of diversifying, I noticed that one of my ETFs was trading at a 12% discount. Whilst this may freak some investors out, this actually excites me and seeing the huge discount and potential long term capital growth opportunity matched within my passive income goals, I quickly ceased the moment and purchased more units in the geared ETF of Australian shares GEAR. This now brings my estimated passive income up to $4,565 p.a. which is 65% of my goal.
Definitely still way behind my goal of $7,000 by the beginning of March 2019, however I have a few tricks up my sleeve that I have been working on, and I cannot wait to share with you early next year. These are new things that I haven’t done before, so stay tuned!
Canna Campbell is the founder and director of SASS Financial Services, a boutique financial planning firm. She is Channel 9’s exclusive ‘money expert’, founder of financial media platform SugarMamma.TV and best selling author of The $1000 Project and Mindful Money.