Welcome to the latest Project 1000 update! This is where we share the progress of our 1000-day journey to freedom once a month.
New readers: If you have not read our plan yet, I recommend you do so now and then come back here.
We are now only 750 days away from freedom! We are already 25% through Project 1000, can you believe it? Time really flies when you focus on your goal.
Last month the Flamingo walked down the hill – AGAIN! I know this looks discouraging, but it really is not that bad (and pretty much expected).
We finally settled on our investment property – a 4-bedroom house in Brisbane. So we are now proud rentvestors! 🙂 There were a few more purchase costs we had to cover and we also did some cosmetic renovations to get the place ready for tenants. These costs were not fully covered by our monthly savings amount, so we had to dip into our cash fund to pay for them. We are glad the purchase is now all done and dusted. Buying property is certainly more stressful than buying shares! And so expensive… As you probably know that we hardly ever share any numbers, but there is one I want to make an exception for: We have now spent almost $43,000 in purchasing costs alone (not including any maintenance or renovations)! Crazy, right? But we are certain it will all be worth it in the long term.
The value of our NASDAQ shares remained stable this month, so no more losses on that front. However, our Super balances went down a bit.
Overall, we 0.6% further away from our 1000-day goal last month. But as I mentioned last time, we are not concerned and pretty much expected this little slump period after our property purchase. Of course, the current share market conditions don’t help, but there is nothing we can do about that and won’t matter in the long run anyway.
Now that the property purchase is finalised and most of the renovation works are out of the way we should stop hemorrhaging cash very soon. So I am hoping that next month the Flamingo will be back on his way up the mountain!
Now let’s have a look at the individual buckets that make up our total goal:
Our Flamingo FI nest egg is down 0.8% – it shrunk from 55.4% to 54.6% of its target size in December. We are positive things will look better again soon though.
We paid the balance for our property purchase last month, so our IP is now fully reflected in our asset allocation.
We didn’t receive any new employer shares last month and apart from Mr. Flamingo’s monthly employer Super contribution nothing was added to the Flamingo FI nest egg.
This is what our current asset allocation looks like:
Thanks for reading! See you back here for next month’s update!