How It Works:
Each time I save money, make money or find money in my life, I will be putting it into a separate savings account and the moment there is $1,000, I am going to invest it by buying long-term passive income sources, which match my long-term financial goals for income and capital growth. As the income builds up, with continuously adding to the portfolio with more $1,000 parcels and reinvesting the income for compounding growth opportunities, my goal for the challenge is that the share portfolio can pay for a designer handbag each year.
You can follow along with this challenge and if you aren’t ready for investing, you can either use your $1,000 parcels for paying down debt or even building savings. For me, as I am ready to build my passive income, my preferred investment is Industrial Australian shares, which have a long-term history of paying dividends. Also, I will keep a diary of how I saved the money here and on my YouTube videos and then show you where I have invested the money. Now buying shares is definitely not for everyone, so I definitely do not recommend this to you, before seeking professional financial advice. However, for me and my financial goals, I understand the risks involved and am making educated decisions, which suits me perfectly.
Share Your $1000 Project Journey:
In the meantime, I would love it if you could 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, 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!
You can also watch the video here, explaining #the1000project https://youtu.be/Ru74ELTw8Fo
Here are some ideas that people are using to create their parcels of $1,000:
- Gumtree/Craig’s List
- Extra work – weekends or after hours
- Market Research
- House sitting and looking after pets
- Dog walking
- Garage sales
- Pay rises
- Tax refunds
- Small business
- Asking for cash instead of birthday presents