M 61 The 1000 Dollar Challenge

M 61 The 1000 Dollar Challenge kenya picture
Minisode 61 The 1000 Dollar Challenge

The $1000 challenge. Find ways to save money, sell stuff and a few other tips so you have $1000 to start investing.

DISCLOSURE: This episode is sponsored by Podcorn. If you host a podcast and would like a very customizable way to get temporary sponsorships, then visit the link. Also read the transcript for more details.

Hello everybody and welcome back to a doctor's perspective. Minisode 61, all the show notes and transcripts can be found at a doctor's perspective dot net slash m six one.

This was a fun episode. It's again a money when you know what I like. If you go to chapters again, you can find a nice big chapter on budgeting expenses that might have and you might look at that because this episode is talking about…

the thousand dollar challenge from Choose FI

WanNa take a minute and talk about the fact that I've had sponsorships recently, and that's thanks to podCorn Dot Com. They are the sponsor for today's show. It's a pretty cool platform whereas host I sign up and I'm able to see businesses that are wanting to advertise on podcast, and so I just. Put my stats give him a sales pitch and they review it. Of course they actually tell you what they're looking for. We would like an interview we would like are these are the type of audience that we're looking for you both at the resonate. Was 'cause with popcorn. Any right to your podcast is just a place where you can go to find businesses that are looking to advertise and you just present your show in the best light possible so that they will hire you. So, if you have a podcast and I know a lot of people in my audience do because it's a nice way to do marketing Seo to your local crowd. Just go to pod popcorn dot com slash podcasters, check it out for yourself. And again, you can do anything from thirty seconds pre roll mid roll doing interviews discuss a topic that the company would like to hear discussed. So all those things are options. So check again, pod corn, dot com slash podcasters.

It's actually called the Roth IRA conversion ladder episode 163 but I'm not GonNa talk about the Roth IRA conversion letter but it is quite cool being that I don't really have a 401k maybe you're you do or your spouse does depend on where you work that might be an episode because it really shows you how you can pull your money out tax free but it takes five years and extra planning now for later.

So thousand dollar challenge. Start, with no, a lot of people don't have an emergency fund. So thousand dollars is at least a good start or they want to invest but they don't have that first thousand dollars to open an account of course, companies like Wealth Front I, use them and sponsor but you could You know they have a minimum amount that you have to have to open an account even vanguard with their index funds low-cost. Have a minimum that you to get. So this is a help you get there.

It's you might think that way you kids retirement you could school fund so that when they get married one day, your have it in there. Maybe just put a thousand dollars. Let it grow for twenty five years. They get married boom.

Here's your whatever it grew too much. I'm willing to give you. All right. So what is here we go I looking garage you shed yeah. House water some things that you don't use anymore. Whereas the clutter yet that treadmill that ethical machine is just turned into a fancy expensive clothes rack. Okay. Go online find the model number, find the product going line Amazon Walmart target whatever see if it's still for sale what the going rate is and just a gesture price accordingly maybe have maybe sixty percent depending on what you know maybe depending on the quality that you have.

Being sold, you can check craigslist to sell it facebook to sell it .

One of the things that excited about garage sales, Doug, like if you've got a bunch of shirts or a bunch of things that only like a dollar, a piece, fifty cents maybe if you have a lot of that, then you can set up a garage. So one day and just get you can't afford and be on your way.

If. You're the eighties as a child, you probably thought collecting cars was cool. Baseball cards, football cards, unfortunately pokemon cards in the ninety s know a lot of people are doing that. So unless it was like super well cap never opened sides messed up you're not gonNA get anything for it because it's not rare I mean the fine China that's your grandma I mean who buys that maybe he finds somebody or maybe you just trying to sell it at a garage sale at a decent price.

Okay. So now you've got the start of some money. The treadmill maybe can get one hundred fifty bucks for it. So the second step is how do you just not spend extra money for thirty days? So what does that mean it means packing a lunch to work the means do not eat out with your family you know as in your family just doesn't eat out really all I wanna go see a movie. No you're not going to spend money on a move yard Netflix's you're going to watch their watch youtube I want to go out and do something go to the park go to the nature go find stuff that's for free our plan ahead for that month.

Oh, the museums are open on the third Tuesday of the month or the third Saturday of the month. That's when we're GONNA. Go to museum has something to do as a family talk chat, bring a picnic lunch and you can count the money that you knew.

You were going GonNa spend because you know the past six months you spend X. amount on eating out or on Okay if that was a three, fifty, a month add that here one thousand dollar challenge because you woulda spin it and now you didn't.

So you save it so you can spend it on something else again, the thousand dollar challenge there's APPS like get wave dot com and mint dot com that they can pull your bank statements they can't do anything on. Your account, they can just read the information that's on it. You can. You can set up a budget to go with. It will let you know if you own passed it or not and get a grip on what you're spending your money on that what you know where you can cut that stuff out for thirty days just don't spend the money. So, anyway. So that's a two good ways to do it.

I can imagine if you said, okay, I'm not going to smoke I'm not going to drink alcohol I'm not GonNa go to the line. I'm not gonNA, spend money on anything this month as much as possible that could be a huge thing and you could longer, but it's pretty hard to do. Of course.

So that's the challenge. What could you do to earn a thousand extra dollars and save it for long term investment somehow one piece of advice.

They mentioned was camel camel camel dot com and Amazon price tracker, and Checker. So you can actually import your wishlist on Amazon or if you knew you were going to buy something. Are you thought about buying something this month put it in your weightless upload that to the camel camel camel and it'll let you know like, Hey, it was twenty five now as at now's a good time to buy. Okay. Were you gonNa buy it anyway. So now you save six bucks at that Tier Thousand Dollar Challenges. Well. And they were saying, you gotta be careful a price can fluctuate from twenty bucks to fifty bucks for some products. So just being able to track it if you don't need a by immediately is a good thing it's Kinda like hopper dot com you put in a flight that you want and I'll let you know like, Hey, I'd wait a week. No no no. By it now or whatever.

So there's a lot of stuff out there church plenty of them If you have any that, you love whether it's tracking your expenses reading your bank statements the things like hopper camel. Let me know when oppose the episode is respond in in that feed. Obvious. That helps with social media reach you can share it. As be involved, that's communicate help each other out to grow professionally and personally this is Dr Justin trosclair. Signing off.

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Show notes can be found at http://www.adoctorsperspective.net/m61 here you can also find links to things mentioned and the full transcript.