I've been following Canna Campbell's YouTube channel, SugarMamma.TV for some months now, and I've been inspired by this savvy Australian woman's approach to building wealth through consistent action, grit and determination. Her drive and passion for this project is contagious and I think her approach can you help you too if you're looking for a fun challenge.
Canna Campbell is a single mother with a full-time financial business. She's been through her ups and downs and her new book,The $1000 Project, delves into some of the experiences that led her to do the first $1000 Project.
One of her goals for creating the project was to teach people how easy it is to manage their own money and Canna was determined to lead by example. She then decided to create The $1000 Project and recorded her progress on YouTube.
That takes guts.
With great enthusiasm, she started building up parcels of one thousand dollars into a special account. She had to come up with her big goal by saving money that she earned outside her of work schedule. She did jobs outside her current salary. That was one of her rules.
Her goal was big.
Like $40,000 big.
Her timeframe was snug.
Like manifesting $40,000 in twelve months snug.
And she had limited time to do extra jobs and raise that money.
I'm not sure I could do such a thing, but I think the one thing Canna proves is that when you put your mind to something and give it all you've got, you can do amazing things.
In the first round The $1000 Project, Canna aimed to create a passive income of $2,000 that she could donate to a charity of her choice. But a deeper reason for undertaking this challenging project was to inspire people, like you and I, to step out of the money rut and become conscious of our money management. She wanted to show us that we can achieve more than we think we can.
So how did Canna's first $1000 Project go?
She didn't quite get to her ambitious goal but she came so close that she managed to manifest $32,000 to invest and she created a tidy passive income of $1700 which she donated to the Gidget Foundation.
I am in awe.
When her book, The $1000 Project was published, I went hunting for it and even though it was priced a little high on the scale of what I would normally be prepared to pay for a finance book, I snapped it up. I knew that Canna Campbell had skin-in-the-game. She'd done the hard work and her credibility was high. I'd seen her progress, her ups and her downs and her ability to get back in the game and make this project happen. I knew I was in good hands with this finance book.
I read The $1000 Project from cover to cover in less than one week, and I have been inspired by Canna's down-to-earth approach to building wealth through such an innovative idea. I was further inspired to open my own version of the project - my $500 project. For me, finding parcels of $1000 outside of my day-job salary seemed a little too overwhelming but I thought, I can try to build up $500 every three months and create a small investment portfolio over a twelve month period. We'll see how it goes.
So, what could you use The $1000 Project for?
pay out toxic debt - credit cards, personal loans, etc.
pay off a HECS debt sooner - Canna gives a solid reason to pay this one off - it's worth reading this section of the book for anyone with this kind of debt.
save money for a big goal like a holiday, a new car or a home deposit.
build a personal investment portfolio that can provide you with passive income over the long term.
Strengthen your self-esteem and create a positive relationship with your money and saving habits.
Here are some tips to get you building up your first $1000 project parcel of cash:
read The $1000 Project by Canna Campbell.
have a clean out - consider what you can sell on eBay, through your local Facebook classifieds or you could advertise on GumTree and start selling.
put together items that you can take to a car-boot sale and sell them. If you don't have enough stuff to sell on your own, buddy up and get a friend involved, then sell, sell, sell.
look for odd jobs - opportunities abound if you look around.
consider writing articles - every cent adds up if you keep saving.
instead of buying that thing, that impulse purchase, why not transfer the money you would have spent straight into your $1000 project account and enjoy watching the parcel grow.
take Canna's Frugal February or Manifesting March challenges and apply the philosophy and practice to your next month. You can find out more about these challenges in her book or on her YouTube channel, SugarMamma.TV
brainstorm other ideas - every little cent is one step closer to you realising your big goal.
Remember to put the money you are saving straight into your $1000 Project account.
Save every cent toward your big goals using the $1000 Project for inspiration
The $1000 Project is a positive success story and how-to guide that will inspire you to think outside of your own salary. It will spark ideas and help you to consider ways that you can squirrel away extra cash to achieve your big goals.
Quite simply, this is a brilliant book and it's exciting to create your own $1000 Project and start making gains that will take you a step closer to what you want in life.
The $1000 Project book is easy to read. Easy to understand. Totally inspiring.
I think it's a treasure and I'm sure anyone who steps up and opts in for the challenge will surprise themselves with their financial success.