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Today I am sharing my tenth thousand dollars savings challenge. When I lasted posted my ninth thousand dollars I set myself a goal of reaching my tenth before Christmas.
I had hoped that I would achieve my goal but I had no idea I would achieve it so fast!
Just a week after completing my ninth challenge I was able to complete my tenth. I am going to share how I found my thousand dollars and at the end of this post I will tell you how I spent my ninth and tenth thousand dollars.
In the past few months, 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 invest 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.
This month I invested my thousand dollars a little differently. Keep reading to see how I spent my ninth and tenth thousand dollars.
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.
My ninth thousand dollars took a little over three months to create. I enjoy the process of creating each thousand dollars. I love that I am always working towards a new thousand dollars.
It is a very rewarding habit to build into your financial lifestyle. If you just start and focus on the current thousand, complete and repeat you will see your efforts grow and compound.
Small business is tough, this is why I believe it is so important for me to start creating assets outside of my first business.
What My Thousands Have Taught MeIt’s amazing what this project has taught me, not only about money, saving and investing.
I have never truly appreciated how completing small tasks consistently can result in big achievements. I had previously just looked at the big task and tried to do it all at once. This method usually resulted in me getting frustrated and abandoning it part way through.
For instance when I first started on my blogging journey, researching the infinite amount of tasks you need to do to create an amazingly successful blog, I suffered great anxiety and overwhelm.
There was too much to do and to many places to start and I was so far behind and I had only just started. I was ready to quit and I had only just begun.
Thankfully my thousand dollar challenges have taught me to focus, just complete this step and then move on to the next step.
While I may take longer than I expected or I fumble and wobble a bit with each step I am determined to keep putting one foot in front of the other.
The Thousand Dollars Breakdown
$213.51 - Left over from previous thousand
$8.10 – Lunch money change
$26.47 - Dividends (3)
$87.40 - Dividends (4)
$1000.00 - Rental bond refunded
Total = $1335.48
I received two more dividend payments in September which I added into my thousand dollars savings account. I love receiving these little boosts of income to add to my challenges.
My partner and I recently moved house which meant the return of my original rental bond. Since we had a few moving bills needed to be covered so we set aside some of the bond refund for those and I was left with exactly $1000.
How I Spent My Ninth & Tenth Thousand Dollars
I usually spend my thousand dollar challenges on dividend producing shares to help me achieve my passive income goals.However this time I decided to spend them a little bit differently.
My current laptop which I use to run my day business, write my blog posts and create my products and crafts was over 6 years old, took 10-20 minutes to start up and would lose battery in under 2 hours all while burning a hole in my legs while I used it.
So with a lot of convincing by my partner that it was okay (and necessary) to invest in a new computer, I purchase a brand new iMac. And I love it!
Since I use a computer for running my day business, selling items on eBay and now blogging I know I am definitely going to get my money’s worth out of it.
I have recently learned the importance and benefits of investing in myself and will set aside the change from my computer purchase to invest in me.
Breakdown of My $2335.48 Savings
$1708.20 - New computer
$ 291.80 - Investing in me
$ 335.48 - Contribution to the next thousand dollars
Goals for My Eleventh Thousand Dollars
- Complete before 1 Jan, 2018
- Create a contribution from my online store
- Grow my shares portfolio with this thousand dollars to increase dividends
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What would you spend your thousand dollars on? Leave a comment below.
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.