I'm 32. It is my dream, my goal, my desire to have a million in cash/assets by the time I reach 40.
I'm paying off my home and have $180 000 to go. I owe $43 000 in car loan/HECS/debt. I want this all paid off. So by the time I'm 40 I would like to have raised in excess of $1.2 million. Can it be done, I'm not sure....but damn it, I'm going to give it a jolly good try ;) Including my husbands debts (which I sorta am, sorta not), I would need $1.3million.
My first action was to brainstorm ideas on how to get to reach my M40 goal and broadly speaking, my ideas fell into three intertwined categories. Reducing debt, making better use of the money I get and increasing my income sources.
I then made a budget using the template provided by enemy of debt. I like this template as it allows you to project your income and expenses over 4 weeks and you can see where you can jiggle and juggle your money more efficiently.
I'm in week 2 of a 4 week cycle and although I've had to make adjustments, and it is plainly clear our expenses/debts are more than our monthly income. I'm now looking at fixing this from two perspectives. The first is spending more frugally, to make the budget balance. The other is looking at short and mid term income sources. As far as frugal living go, I will be detailing my ideas and actions in coming posts, including the 'Tip Me' blog posts, so I won't go into details right now.
As for increasing income I have several things going here.
Firstly I applied for a job. This position is 1 day a week on the road, and several hours a day answering emails and calls. I haven't confirmed if I've got the job yet, but I'm hopeful. It pays by commission, but has good earning potential, as well as excellent networking opportunities. Should this position not pan out, I will look at doing something else part-time.
Next, I went back to my brainstorm and looked at ways of increasing my income. At this stage, I'm not breaking even and I need to get rid of some pressing debts. So I'm not looking at long term investment opportunities like shares or rentals (although I will be revisiting this idea).
My first idea is a garage sale. I've booked in a date and I'm starting to go around the house to collect clutter to sell. I will also be listing my wedding dress (which cost $1500 and has been sitting in my roof for almost 4 years now) on Gumtree.
I have also potted up over 300 seeds, sunflowers, tomatoes, mugwort and feverfew, and they are (hopefully) germinating away. My intention is to sell the plants via the markets and Gumtree. I'm hoping for a 50% success rate (in that 50% are successfully raised to a saleable quality) and that I make $1.50 profit from each plant. This would bring me $225.
More details in another post.
I think I've waffled on a bit for now, but summing up,
This week I:
*set a goal: M40
*brainstormed what I needed to do
*put a budget in action
*looked at ways to increase my income short term
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