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.
500 days! We have officially reached the halfway mark of Project 1000!
It has been 500 days since the start of Money Flamingo and Project 1000, the final chapter of our full-time careers. I started this blog and the project to keep us motivated and accountable during what seemed like a long final stretch before semi-retirement. The last 500 days went by so much faster than I expected and there were quite a few surprises along the way (like our Little Flamingo who arrived earlier this year!).
We are really happy with how the last 500 days went and very excited about what the next 500 will bring! We are getting closer to Flamingo FI and semi-retirement is getting closer, it is all starting to feel quite real now, which is crazy considering just a few years ago we thought we’d never be able to leave the rat race!
I am in the middle of updating our plan to reflect the changes in our lives and goals. It is definitely true what they say – it is good to have a plan but it is just as important to adjust your course along the way! I’ll publish an update soon.
Let’s now get into this month’s Project 1000 update!
We got 0.7% closer to our 1000-day goal since the last update. Our progress is definitely starting to slow down a little now, but that’s ok. My Parental Leave Pay has now finished and we are on one income with no other money coming in. This will stay that way until I return to work later in the year. Until then, we won’t be able to add much to our Flamingo FI nest egg. It is all worth it though – I really enjoy looking after Baby Flamingo and watching him change and grow every day. And the time I get to spend with him is worth so much more than money!
Now let’s have a look at the individual buckets that make up our total goal:
Our Flamingo FI nest egg grew from 68.9% to 69.8% of its target size in August. We were hoping to cross the 70% mark this month, so I am a bit annoyed we only just missed it. 🙁
Employer shares: Both Mr. Flamingo and I sold some employer shares last month as we both don’t feel very comfortable holding too many shares in the companies we work for (although they are very profitable businesses).
Super: I don’t receive any employer Super contributions at the moment. Mr. Flamingo received the monthly contribution from his employer. Our balances did not do much last month as the market was pretty flat.
IP: The estimated market price went down $3000. I am still trying to figure out how to get the most accurate market price estimate that I can use for our portfolio updates. At the moment I am using the Commbank price estimate along with data from RP Data, Domain, and realestate.com.au. If anyone has a better suggestion, please let me know! For now, I will just use these sources for an average.
Cash: The cash in our offset account is growing. This month we also added the proceeds from the sale of our employer shares. As I mentioned before, I am quite comfortable with the cash sitting there at the moment, but we are planning to make some decisions about where to invest next by the end of the year.
This is what our current asset allocation looks like:
Thanks for reading! See you back here for next month’s update!