20 April, 2022 seen 40A few years ago I made a broader goal of achieving 1 million dollars in my savings account by the time before I will…
I first heard about such challenge from SEB Latvia bank - How to save 1,400 euros per year?
The recommendation is simple - to deposit in the first week one euro, in the second week - two, third week - three, etc. The amount after each week continues to grow, up to the last week of the year, when it is 52 euros.
As I love challenges and believe they are the great way to master new skills and make good habits, and in fact, there have been a few long-term challenges already passed in the frames of this blog, like - blogging 365 days in a row or daily photo challenge for 365 days. Not to speak about ongoing Road To Million dollars challenge. I decided to opt-in for a 52 weeks money saving challenge as well
Now, I might be late to the party, as it already starts of the March and I kind of already have defined my financial plans for 2018, see 2017 in Review and Financial Goals for 2018, there is still one reason I'm taking this challenge - lack of the cash in my portfolio.
Let me explain - I invest heavily all of the free money in stocks, funds, peer to peer lending and crazy crypto. Despite I know it's great to have cash position in the portfolio I always lack cash, as it's already invested. I have an idea to have at least 5% in cash in the portfolio.
Structure for Investment Portfolio February 2018
Currently, cash takes the least amount of the portfolio, just 0.3% or EUR 40.63. That's ridiculously low. And I want to change it.
Here comes in 52-week money saving challenge.
It's hard to predict what will be the total value for my investment portfolio in March 2019, but if sticking with the plan to invest additional ~8,000 USD this year and taking into consideration historical performance. The value of this portfolio could be around ~ 25,000 euros. If I will succeed with this 52-week money saving challenge and will save up ~ EUR 1,400. That could mean I would have cash at about 5.6%, which is awesome.