The $1000 Project

The $1000 Project is a new, exciting approach to earning and saving money. Canna Campbell decided to turn her finances around. Her story starts as a single mom who had experienced postpartum depression. Other people mentioned in the book have various challenges, making this strategy feel accessible.

The premise of the $1000 Project is to save money in small increments. This can help to make even huge goals seem more approachable. The wins are closer and more frequent.

This is an Australian book, so the dollar amounts are Australian dollars. I looked it up, and at time of writing, $1000 AU is about $700 US. On the one hand, that makes the $1000 Project simpler and more obtainable. On the other hand, I think it’s more exciting and motivating to keep that $1000 figure in mind!

There are also details about investing that are specific to Australia. As an American investor, I can say that the overall strategy still makes sense and that the terminology is not that different. Don’t let this single chapter hold you back from benefiting from the overall message. Looking back, I wish I had paid more attention to the investing chapters in all the personal finance books I read; if I’d started even a year sooner it would have paid off by at least $10,000 more than I have now.

The book offers dozens of ideas for earning extra money. Some are suitable for even the most entry-level young person, such as dog-walking. Others are somewhat surprising, like leading tours or teaching surfing to tourists. There are also plenty of ideas on how to save money, most of which people tend to know, though they aren’t willing to put them into practice. This is why it’s so helpful to have a goal like the $1000 Project, because mobilizing every possible strategy leads to much quicker results.

Campbell dedicates an entire chapter to reader stories. They are inspiring, motivating, and also detailed, including specific dollar amounts. Readers based their $1000 Projects around such goals as IVF, paying off credit card debt, paying for their wedding, or getting reconstructive surgery.

Campbell herself wanted to get out of debt, learn about investing, set a good example for her son, have a better career, and be able to give to charity in a significant way. The $1000 Project led her to reach all those goals, and more: It set her up as a realistic example for so many other people to reach their goals, too. You could be next!

Favorite quotes:

...I learnt never to underestimate the power of consciously taking action in small ways to make a big difference.

Start by asking yourself these questions:
     What do you love doing?
     What do you dream about?
     What would make you feel better?

Once you’ve managed to move off the debt repayment treadmill, you can turn your mind to creating more wealth and stability for yourself!

We can choose to be well prepared for obstacles, emergencies, and challenges.

I could put my hand on my heart at the end of the twelve-month period and say with authenticity and contentment that I’d given this project everything I had.