The Abundance Project is a great idea I found over at http://millionairemommynextdoor.com and wanted to implement for myself over the next year.
Basically, it’s an exercise to expand your way of thinking. Imagine what you would do with $100 the first week. Double that each week you participate in the project (week 2=$200, week 3=$400, etc). Consider how you could raise that sum of money to meet your goals and wishes. Then, express gratitude for something in your life presently.
Here’s a link to my first post if you want to start from the beginning (or click the abundance category link on the sidelines to see all the posts and go through them in order to review my money making- or radical spending- ideas!) https://diaryofadink.wordpress.com/2008/08/13/30-day-abundance-project30-day-abundance-project/
And here’s what I’d do with this week’s amount of $25,600. My the money grows fast. Only wish my bank account would double at this rate! Geez, I wonder if we could resist the temptation to pull it out and spend it and be patient enough to just let it keep doubling at these rates??? Interesting concept.
What I’d buy:
That fully-loaded Honda CRV LX I bragged about not having last week…sigh.
I’d then have XM radio, space for a large dog (which we don’t have yet but would certainly buy!), and heated front seats to keep me warm this winter. Aahhh… isn’t it a beauty??
How I’d raise the money:
I gave this a lot of thought this week. There are a few homes in the area that are fixer uppers (not a lot of work needed but definitely some) and they are going for about the same price as a new one if you buy them in multiples. Rent is extremely high in my area and with a little handiwork and a redirection of the money we have saved for a downpayment to a personal home, we could buy 2-3 rental properties and cashflow them.
The property insurance here is on the expensive side, especially for an investment property. But, considering one deal I looked at this morning (3 properties downtown bundled for the price of 1 personal home in the area we’d be interested in buying) we would own the equivalent of 9 apartments. After a year or so of treading water trying to get them in shape quickly and turn them into rentals to cover the mortgage and insurance, I think these could easily turn a profit for someone who is interested in owning.
One great idea I learned of long ago was to rent out individual rooms and hire a maid to clean the common areas. That way you can make $2-400/room (depending on cost of living in your area) and possibly double or triple the amount of rent you would make otherwise all the while keeping an eye on the apartment by making the common areas shared spaces that you keep clean and tidy. It’s almost a hotel deal at that point. And, as we all know from Monopoly, hotels trump houses!
Three things I’m thankful for this week:
-Our vacation has finally arrived and DH and I are leaving the area and celebrating an anniversary alone with one another in the sun
-Three of the four new arrivals to our extended family this year have already been born this month and are thriving and healthy newborns
-The cost of fuel is coming down. It’s down 25% from the end of summer in my area! Hallelujah!!!