Project 1000: September 2018 – 877 Days to Freedom

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. 

Overall Goal

Time for a little celebration! Our countdown to freedom now starts with an 8! Our target date is only 877 days away! 🙂

Investment-wise, August 2018 was a big month for us! We finally started the process of buying an investment property. Since this is the first time we are buying property, it is taking us a bit of time and energy to navigate the jungle of loan structures, brokers and advisors and of course investment options. We are currently waiting for our pre-approval to come through and can’t wait to start looking at potential properties. I will document this entire process from start to finish in a separate series of posts once our purchase is complete.

In August I also received some employer shares and bought some more through my employer’s share purchase plan. Other than that we added our normal monthly savings amount to our high-interest savings account (to go towards our deposit) and Mr. Flamingo also received his monthly Super contribution in his account.

We got 2.1% closer to our 1000-day goal in August. It’s really nice to see the total progress improve little by little every month!

Now let’s have a look at the individual buckets that make up our total goal:

Our Flamingo FI nest egg grew from 51.8% to 54.8% of its target size over the last month. We are getting there! 🙂

Someone asked me about the small percentage in the headstart fund a while ago. This is just the accumulation of small amounts of money we add to one of our savings accounts each month in order to get the bonus interest rate. We won’t be focusing on filling up this bucket until the Flamingo FI bucket is full.

Flamingo FI

August was a solid month for our Flamingo FI nest egg. Our employer shares on the NASDAQ did really well again last month. This made up for the fact that most of our investable money currently sits in our savings account and only earns 3%.

This is what our current asset allocation looks like:

Our asset allocation didn’t change at all over the last month. We hope to buy our investment property in the next 2 months so that we can finally put our large amount of cash savings to work.

Thanks for reading! See you back here for next month’s update!

 

2 thoughts on “Project 1000: September 2018 – 877 Days to Freedom”

  1. Are you guys going to use a buyers agent for the purchase? I would recommend, it takes so long to get up to speed on the property market then also what areas are good investments etc. They generally cost $11k but well and truly pay for themselves cash wise and worry wise. Just make sure it’s purchaing an established dwelling and not off the plan crap. Ps. I’m not a buyers agent haha

    Reply
    • Thanks Joe! Yes, we are using a buyers agent. We figured it makes sense since we are not experienced and also buying outside of Sydney. Paying the fee hurt a bit but I am sure it will be worth it in the end. And yes, we are going to buy an established property, not falling for any of that off the plan stuff! 😆

      Reply

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