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My Thousand Dollar Savings Challenge
I was always great at saving money. The problem was that I had no idea what to do with it after I saved it. Family and friends encouraged me to spend it on big purchase items. But I felt like I was not getting anywhere financially. I wanted to build wealth like I had read about.
I started this project last year after pulling myself out of some credit card debit and a brief conversation with a customer.
While serving a customer and 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, saving a thousand dollars and buy shares, receive dividends and repeat.
The first and second thousand dollars took 6 months each time. Mostly because I was concentrating my efforts on saving as much money in cash so that my partner and I could get a loan and buy a house.
Then when buying a house wasn't going to happen in the near future I decided to use some savings for my third and fourth thousand dollar challenges.
This next thousand dollars was completed through a number of different channels. I tried to think creatively with this thousand dollars.
My Fifth Thousand Breakdown
$185 - Left over from last challenge
$140 - Slow savings
$80.95 - Dividends
$200 - Christmas gift
$400 - eBay Sales
$157 - Medical rebates
$25 - Spare change / loose coinsTotal Dollars - $1187.59
Shares Purchased cost - $1030.19
Dollars Remaining - $157.40
Goals For My Sixth Thousand
- Keep growing my eBay sales contribution.
- Decide if I will continue buying shares
- Find another way to create dollars for my thousand dollar challenges