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Why I Do My Thousand Dollar Series
I started this project last year after pulling myself out of some credit card debit, a brief conversation with a customer and reading The richest man in Babylon - George S. Clason.
While serving said customer, I asked the usual conversation starter "been busy today?" which lead to this customer saying that he's never busy because he retired at 35 thanks to his granddads thousand dollar shares advice. The granddads advice was simple, save a thousand dollars and buy shares, receive dividends and repeat.
It got me thinking, it was so simple that even I could give it a go.
I share these challenges with you in hopes of inspiring you to become your own money boss by achieving your goals a thousand dollars at a time. I think the reason that the thousand dollar goal is so appealing is that its both achievable and aspiring. It is a big enough goal to get a sense of achievement when completed but small enough that it is not daunting.
The Thousands So Far...
The first and second thousand dollars took 6 months each time. I kept at it though, then the first set of dividends were paid, making the next thousand slightly easier to obtain.
Over the past twelve months I have purchased approximately $6500 in shares. Some of the thousand dollars came easily others seemed to take for ever. I have stopped and started the thousand dollar project several times.
I didn't write a post about my sixth and seventh thousand dollars as they both went into keeping my day job business running.
My Eighth Thousand Dollars
My eighth thousand dollars has taken about 3 months to complete. I lost motivation big time after I had to put my hard earned sixth and seventh into my day job business.
I started to question was all this extra work and sacrifice even worth it. I was burnt out from working too hard for very little money at my day job and I needed a break. So I shut my eBay shop for two months and tried to figure out just what the heck I wanted to do.
Then I logged into my shares account and realised that my shares had grown in value by approximately $500 since they were purchased. There was my motivation.
I realised that my savings had increased in value just under $42 a month by being invested in shares. Had my $6500 been in a savings account with my bank, the bank would have given me $68.25 in the 12 months my savings were in shares which is about $5.68 a month.
The Thousand Dollar Breakdown
$149.95 - Left over from last thousand
$217.55 - Slow savings
$342 - eBay Sales
$75.05 - Lunch money saved
$75.45 - Reimbursed Insurance money
$140 - Fun money
Total Dollars - $1000.
I intend to purchase more shares with this thousand dollars. Looking forward to the next lot of dividends.
Goals For My Ninth Challenge
- Re-establish my eBay shop
- Complete my ninth in less than three months
- Find another way to create dollars for my thousand dollars project
- Find a way to keep motivated. Check share growth once a week? Create a vision board?
Books That Inspired My Thousand Dollar Challenge
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If you are interested in starting a handmade side hustle a good place to start would be opening an Etsy shop. While I encourage people to get their own site, Etsy is a great place to start and test the waters with your products.
When you are ready to really build your handmade business I recommend getting your own site. Buy your domain as early as possible to secure your brand name.
However if you are serious about creating your handmade business you should read my post about starting your blog + Biz with shopify. I highly encourage you to establish your own website and build up your brand as early as possible.