Sunday, July 17, 2016

2016 Investment Challenge

 

Every year after my Spring getaways, I start looking for ways to reduce my spending and save more. Now that all the debt is paid off I want my money to work for me. There are so many investing myths;

  • You need a lot of money to invest
  • You have to be stock broker to buy stock
  • You had to study finances

An Investment article in Essence Magazine made me face my fears . First started reading all I could about investing from books, magazines, and even watching YouTube. Second, I opened up a brokerage account. Third, transfer funds into account. Final step buy stock after you do. research, research and more research.

In December 2015 I brought my first stock. Now am ready to build a diversified portfolio.


My 2016 InvestmentChallenge is to;

  1. Invest 5000 by 12/31/16.
  2. Buy stock
  3. Build dividend income to 2000 year ( long term )
  4. Biuld up passive monthly income 1000 month
How to achieve my goals
  1. Stop unnecessary spending
  2. No shopping
  3. Clean out closet
  4. Sell unwanted stuff and unused item
  5. All extra cash go to investing.
Week 1 clean out closet.

So excited to start my challenge cleaning out my closet was a breeze but actually sell it was a problem. While listing a few items on EBay I start thinking of reason not to sell the items. After selling my first item it was a breeze.

Week 2 and 3
Made $1250
The less expensive stuff I sell at the flea market. Cost of booth $12
Made $105
 

Less fee's, shipping and booth, total made $1089

I am really on a roll, only spent $87 in the last 3 weeks and deposited $1000. First $1000, $4000 to go.

 

 

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