by Dr. Monroe Mann, PhD, Esq, MBA, LLM, ME, EMT
Founder & Executive Director, Break Diving, Inc.
As promised, here is another of my Acorn Investment App updates. What started at $0 in August 2017, and then went to $75, then surpassed $500 in winter of 2017 is now at $1103.36! We’ve hit the quadruple digits!
In the last post I shared about this, my goal was to get to $1,000 before the end of March, and $1,500 by August (the one-year mark). I met the first goal! Yeah! And with a balance of $1,100 now, it’s a definite that I’ll reach $1,500 by August.
So… shall we up the stakes and try to get to $1,750 by August? Yes, I think we shall!
And since we have reached 4 digits, I’d like to make a plan for hitting 5 digits: If it took about 8 months to hit $1,000, then at that rate, it would take 72 months (6 years) to reach $10,000. But two things: a) 72 months is assuming that there’s no appreciation, but of course, it will start growing faster the more money that’s in there, and b) I am expecting to be making more money in the next few years than I am now (shouldn’t we all?), which means I’ll be able to add more to the recurring additions (right now, it’s 10.00/week).
So… here’s my goal: get it to $10,000 by April 1, 2020. That’s two years from now. Bold, ambitious, and… I am going to work my butt off to make it happen. How about you?
In other investment news, I just opened a brokerage account with David Lerner & Associates to create a quasi-endowment for Break Diving (that’s the 501(c)(3) parent company to this blog you are reading!) The idea is to get started small, with just $1,000 (raised through donations), invest it into an income fund, and over the next five years (or sooner), get it up to $25,000 so that it kicks off enough monthly dividends to help pay the company’s operational expenses. Cool idea, right? Right!
P.S. – As I mention in each of these posts, it’s important to know that I don’t only keep my money in Acorns. My entire ‘portfolio’ consists of: index funds (via Acorns), individual stocks (via RobinHood & Stockpile), treasury bonds, bills, notes, and savings bonds (via TreasuryDirect.gov), Whole & Term Life insurance (via NY Life), and regular cash savings accounts (CapitalOne360.com, formerly INGdirect). In order, from safest to more risky: Cash savings, NY Life accumulated cash value, US Treasury stuff, index funds, then individual stocks. I also now also experimenting with the so-far-pretty-awesome app called You Need a Budget, which makes a lot of sense and has already resulted in me using my money more wisely. I intend to write a full article on this soon!
P.P.S. – You can read all of my Acorns posts from the beginning by starting here: The beginning of my Acorns journey.
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