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Let's dream a little today, what would you do with $50,000? That's a years worth of wages for some people. You could take a year off work and experience living with out a job for one year. Or you could use the money and travel until it runs out. Maybe you would use $50,000 as a deposit for a house.
How would you feel knowing that you have $50,000 cash to use however you choose?
I just started my thousand dollars saving challenge last year with the goal of reaching $50,000. At times it can seem completely unattainable and then I finish saving another thousand dollars and a ray of hope shines through. And that is what has happened today.
I have just finished saving my ninth thousand dollars, which brings me one step closer to achieving my dream.
With $9000 saved I have just $41,000 until I reach my goal. Lately I’ve been thinking about what I will do once I have completed my fifty challenges.
Ideally by the time I have completed my fifty challenges I would like to be financial free or close to it. While I realise I cannot retire on 50k, I am determined to continue to create or invest in assets that generate cash flow.
I have been re-reading and listening to Rich Dad Poor Dad – Robert Kiyosaki and Rich Woman – Kim Kiyosaki. And I like their ideas about money. I am truly sick of all the living below your means ideas that are so popular at the moment. Expand your means so you can live a life you enjoy, that’s what I wish to do.
With each challenge I aim to create a thousand dollars without sacrificing my current standard of living. I am planning my money so all my current lifestyle expenses are still covered and using money I won't miss (such as change from lunches) or creating opportunities that bring in extra money (such as selling items online).
Why I Post My Thousand Dollar Series
I want to share with you how small changes can create big dreams. 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 started this project last year after pulling myself out of some credit card debt, 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 think the reason that the thousand dollar goal is so appealing to me is that it’s both achievable and aspirational. It is a big enough goal to get a sense of achievement when completed but small enough that it is not daunting.
While I intend to purchase shares with my thousand dollar challenges, there are no rules to my thousand dollar challenges. If you prefer to use the thousand dollars to buy Christmas presents or a new computer go for it.
Or maybe you are interested in some other form of investment? What you do with your thousand dollars is completely up to you.
The Thousands So Far...
The first and second thousand dollars took 6 months each time. I kept at it though, then the first dividends were paid, making the next thousand slightly easier to obtain.
Since starting this thousand dollars savings challenge I have purchased approximately $6500 in shares, the rest was was invested into my business.
Some of the thousand dollars came easily while others seemed to take forever. I have stopped and started my thousand dollars challenge 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. It has been a rough couple of years for small business owners in the retail and hospitality industries.
My eighth thousand dollars took well over three months but I found motivation during the completion of it, so I feel it was still a win. I invested my eighth thousand into shares.
Small business is tough, this is why I believe it is so important for me to start creating assets outside of my first business.
My Goals For My Ninth Thousand Dollars Were
Re-establish my eBay shop. Completed. However it was pretty slow on sales for a number of reasons so I wasn’t able to contribute much from this venture.
Complete my ninth challenge in less than three months. Failed. I had a number of challenges to overcome this time. But the important thing is I finished what I started. And perhaps the next thousand will be just a little bit easier.
Find another way to create dollars for my thousand dollar challenges. Completed. I have invested some time and money into learning about affiliate marketing and I have listed new products in my shop.
Keeping motivated. Ongoing. I find that wanting to write the next thousand dollar savings challenge report to be a small motivator. I find my dream of working from home to be a pretty good motivator.
Being able to inspire others to follow their dreams and create their handmade businesses, is very inspiring to complete each of these challenges.
The more I achieve my financial goals the better I am able to help others. And ultimately I would love to help others create abundance in their lives and creative businesses.
My Ninth Thousand Dollars
Since my last thousand dollars was completed I have gone through a number of money challenges. My partner and I moved house, which was stressful, exhausting and costly.
I have invested some money into creating and improving my new blog and business. I am very excited to grow my handmade business and my blog.
Perhaps soon this investment will start producing dividends to contribute to my thousand dollar challenges. I am looking forward to adding blog and handmade business contribution lines to my thousand dollars savings reports.
I have been listening to Rich Woman – Kim Kiyosaki each morning on my way to work and getting really inspired to create new ways of bringing wealth into my family.
I invested in Making Sense of Affiliate Marketing; this course gave me the courage to apply to various affiliate programs that I really want to recommend to my readers, such as adobe creative cloud, etsy and the book depository.
I was hesitant of affiliate marketing at first because I didn’t want to promote businesses or products I didn’t use or like. I also felt like the products or services that I really liked would not accept me since my site was so new.
I am so glad that I gave it a shot, because now I am accepted into a number of affiliate programs I love and use. I am still over the moon that I get to work with brands I approve of.
I am now working my way through the course making sure to create value in every post to help my readers.
The Thousand Dollars Breakdown
$0 - Left over from last thousand
$20.60 – Lunch money change
$30 – Money found during house moving
$70 – Sold some Items online
$60 – Saved from my Fun Money
$53.36 - Dividends (1)
$30 - Dividends (2)
$74.46 - Car insurance refund
$875.09 - Tax Refund
Total = $1213.51
The extra income from dividend helps boost the contributions as expected. The tax return I received from doing my taxes really was the bulk of this thousand dollars.
If you are looking for ways to bring in some extra dollars and haven't done your taxes yet maybe you should. I know everyones finances are different and some people may even have a tax bill instead of a refund.
But it's always a good idea to get your taxes done and out of the way early so you know where you stand.
I can expect additional dividends over the next few weeks which will go straight towards the next thousand. I also expect change from this thousand dollar purchase as the tax refund brings us well over the thousand dollar mark.
With such a good start on my next thousand, I am confident that I will be able to complete my tenth thousand dollars before christmas.
My Goals For My Tenth Thousand Dollars
Complete within 3 months.
Create extra contributions from two new sources.
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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.
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.
What would you spend your thousands on? Leave a comment below.