The first steps towards our financial freedom and independence will be detailed over the coming weeks, however to give you an idea of what we will be discussing, please read on below.
Step 1: Start this blog – The purpose of this blog is two-fold. On one hand we want people who are interested in their own financial situation to follow our journey and hopefully learn something along the way. I am not saying we will get everything right, however we will try our best and learn from our mistakes if they arise. We will also share our wins and our progress along the way and explain the steps we are taking in detail. Hopefully you get some value and hopefully you are making progress and having little wins along with us. The second purpose of this blog is to make us accountable, we want this to serve as a motivational tool which drives us in making ongoing improvements in our finances. There is nothing like putting your information out in the public domain to keep you motivated. This blog will keep us charged for the long journey ahead. For this blog we used Site 123: https://www.site123.com/?aff=654557 . This was by far the easiest site builder I have ever used, I have used Crazy Domains, Wix and Weebly in the past, but their platforms were clunky and difficult to use. Site 123 was so easy, I was seriously online with an active website within 2 hours. I will explain this process further on a future post. But You can give it a try for free here: https://www.site123.com/?aff=654557
Step 2: Pay off debts – We have been actively reducing debts over the last year or so. We have slowly adjusted our spending to use or debit card instead of credit card. Don’t get me wrong, there are pros and cons for both and we hope to do some credit card travel hacking as part of this journey also. But we felt that we spent more freely when using our credit card, just frivolous spending that added up by the end of the month. We also found that as I get paid monthly, in arrears (calendar month worked, paid at the end of the month) that we were always chasing our tail, by that I mean we would spend say $3,500 on the credit card and this would be due by the end of the month, and then I would be paid at the end of month and the majority of my pay would go towards past spending, not available for future spending…it was a vicious circle. Our current debt to pay off is a $2,000 tax bill that Mrs 3000 was hit with (my mistake which I will detail later). That will be cleared over the next week or so.
Step 3: Start a side hustle (business) – We are in the early stages of starting a little side hustle. The plan is to buy some specialist organic produce (dry goods), and brand and repackage and sell on https://www.ebay.com.au/ . I have calculated our initial outlay to be $500 approximately, and the products we re-sell should hopefully generate around $4,500 in revenue (after ebay fees), so netting us $4,000.00 before tax and I imagine these items will take about 6 months to sell. A small start but we are tackling the hardest task….actually starting! I will provide further details and explain our process in detail over the coming weeks.
We plan to progress these steps over the next month or so, so we will keep you posted.
Some recommended reading/sources of information:
2017, English, Book, Illustrated edition: Extraordinary property investing : how an ordinary bank teller acquired 151 properties / Felicity Heffernan – get this from your local library, but read about it here https://www.booktopia.com.au/extraordinary-property-investing-felicity-heffernan/prod9780994584113.html
The minimalists: https://www.theminimalists.com/
Cheers, Mr 3000
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