Episode 6 – The $1000 Project

Episode 6 – The $1000 project by Canna Campbell

Who is Canna Campbell?

She is the founder and director of financial media platform, SugarMamma.TV and author of The $1000 Project & Mindful Money. A licensed Financial Planner for almost 19 years and founder of SASS Financial Services a financial planning firm.

Canna Campbell’s YouTube channel: https://www.youtube.com/c/SugarMamma

The $1000 Project book: https://www.amazon.com.au/1000-Project-Canna-Campbell/dp/0143788086

What is the $1000 Project??

Canna Campbell decided to start a project to save money so she could consistently earn passive income. She did this by saving parcels of $1000 at a time and then putting the cash into blue chip shares.

Canna Campbell’s Guidelines/Rules for the $1000 project

Guideline 1 – Be mindful with your money 

Money earned over and above your usual salary. You make real savings count. This is what makes your money grow as soon as possible.

Acknowledge and show gratitude for these financial blessings. Every single dollar adds up.

No matter how small or big your financial windfall – make it count.

Guideline 2 –  Work within your real life

Live your life as you previously did. Go through your budget and look at what you do and don’t really need.

You may find you value what you spend money on even more. Take more care for what you do have.

Throw out everything you don’t need in your life. It will liberate you.

Start from a place of self-love and nurturing you.

Guideline 3 – Consistency is King or Queen

As soon as you have a saving, no matter what you do to earn that saving, then place those funds into the savings account immediately.

By making this the goal you focus your attention on and open your awareness to opportunities to make money and save money.

If you check it daily and keep track of it you will become addicted.

You need to see regular and consistent wins on the board to keep you focused.

Give YOUR goals the best rules and timeframe you can. You have nothing to lose.


The $1000 project sets to show you that you are not a victim of circumstance – you can get up and make it happen. You’ll need to get out of your comfort zone.

It’s achievable. It’s worth it. Even if it’s not always easy.

Get creative.

First step to earning extra money – brainstorm as many ideas as you can to earn more money. The crazier the better. Some of your crazy ideas could be cash cows. Think of things you can realistically do today.

Second – make a list of things that will make you money that inspire you. If you can come up with money creating ideas that you value and love it won’t even matter. Look for things that can enrich your life.

Money creation ideas:

  •  sell old items on ebay, garage sale, etc.
  • dog walk
  • house-sit
  • Baby-sit
  • Tutoring
  • Take on weekend work that doesn’t clash with your day job
  • Photography – develop and sell photography skills (if you’re talented)
  • Rent rooms or your home out 
  • Offer experiences to tourists – surfing, pottery, 
  • Rent your car out – good if you don’t use your car often.
  • Start a rental business. – rent out dresses and handbags for special events
  • Drop ship
  • Start a small business – start small, before you make any major commitment.
  • Deliver food
  • Proof reading work
  • Get paid to test apps
  • Uber driver

Money saving ideas

  • Meal planning 
  • Enjoy night in
  • Research before you go to the store & save
  • Loyalty programs
  • Be mindful of gas/electricity/petrol usage
  • Shorter showers
  • Look for quality over quantity
  • Change recreational spending habits
  • Swap or borrow items with friends
  • Carry a reusable bottle of water 
  • Invest in slow cooker and cook in bulk
  • Take more public transport
  • Build capsule wardrobe – small collection of clothes you really love and can mix and match to change it up

Every time you make savings you MUST transfer it into your dedicated account

If you honestly reflect on what makes you happy in life you realise it has to do with connection. Connecting with loved ones. Creating a space with the people you love. None of that 

Knowing you put in effort rather than paying for effort is long-lasting.

Canna  Campbell’s FRUGAL FEBRUARY – how much can you save in the next month??

What did she learn?

  • A lot more about her value system
    • Spending more time in nature.
    • walking/exercise/fitness
  • A lot more about her weaknesses and danger zones – 
    • Eat a meal before you leave the house to avoid coffee & 
    • Unsubscribing from fashion blogs
    • Avoiding shopping malls

Canna Campbell’s youtube video: How to manifest money

She holds a spiritual belief around money and how it flows,

The key is to look at money like energy and be open to the flow of money

  • You respect and appreciate it especially when it flows towards you; and
  • Show gratitude to what it helps you create.
  • You need to use your words in a positive and considerate manner
  • Grow, learn, become more self aware

Foundations for your financial future

When you are building a house (a house that can survive all weather conditions over the course of time) you need strong solid foundations. That way whenever these disasters occur your house will remain standing.

Building financial foundations in your life is very similar.

What should the top priorities be when laying the foundations for your future financial stability?

  • The goals you have set for yourself and the $1,000 project will always be your number one focus.
  • Having goals that matter to you and give you a sense of purpose and direction is essential for your happiness and energy for this journey.

How can you use the principles from the $1000 project to create long-term financial freedom??

Things you may like to add to your list of goals

  • Step 1 – reduce/wipe out toxic debt in your life
    • Car loans, homeloans, credit cards
    • Healthy debt is money you use to purchase shares, invest in companies, managed funds, etc – things that help build your wealth over time 
    • Generally speaking if you borrow money to purchase something that generates an income (such as investment property) you can claim the cost of borrowing the money (ie. interest) off the money you receive. Debt has its place.
    • Ideally you want NO toxic debt and SOME healthy debt

Debt from worst to least worst

Priority 1 – credit card debt. The worst kind of debt you can have. Highest interest rate. Damaging to your credit rating. Hard to maintain or pay off. Credit card debt will negatively affect your credit rating. Pay this off as soon as possible. Not tax deductible, no capital growth or passive income gained.

 It also has a positive impact on your attitudes. Often to pay off debt we have to overcome a number of emotions: shame, guilt, disgust. Carrying around these feelings isn’t good for you.

Priority 2 – personal loans/car loans. High-interest rates, harmful to financial attitude, negative impact on your credit rating. Usually used to purchase a depreciating asset. Save on interest and pay it off quickly using the $1000 Project. Eg. if you have a 5 year loan of $7000 and can come up with 3 parcels of $1000 in a year you could pay off your loan 1.5 years early saving yourself $4000 in interest!!!

Priority 3 –  student loans and hecs debt. Many people are complacent about putting attention on their student loans. This is an indexed loan. Compulsory repayment rate is 4-8% of your income until it is paid off. Having large amounts of student debt can reduce the amount of money you are allowed to borrow.

Priority 4 – home loans. If you are paying principal and interest it is better, however the interest is still. Pay it off as quickly as possible. Having a 30 year loan and paying it off at a minimum is going to cost you a lot of money. You could save yourself $100,000s and pay off the loan 10 years in advance!

Priority 5 – emergency fund account. having an emergency fund account can save you from reaching for a credit card or personal loan. Having a nice amount in savings can help to reduce the stress in your life. In Canna’s opinion – whatever will work for you. Someone young with few responsibilities may like a small amount – a family may want 6 months worth of savings.

Priority 6 – wealth creation. The best place to start is to work out how much money you need to live the life you desire. First write down all of your living expenses. Keep a spending diary for a month or check your bank statements carefully. Check the TRUE cost of living. This can be enlightening and painfully grounding. Then dream of your IDEAL LIFE and allow that to guide what you keep in and what you let go of. Know your MAGIC NUMBER. As soon as you know it – start working towards it immediately. Start investing in passive income and watch it grow over time towards reaching your goals!!!


Work because you choose to not because you have to! Imagine how great that would feel.

Building naturally growing passive income is a great financial goal to have.

Passive income allows freedom to work when and where you like. To give to charities. To go on holiday. Freedom to walk away when something is not working for you.

Canna’s passive income investment strategy is investing in shares – with a focus on Blue Chip shares.

What is a blue chip share?

Shareholdings in a huge company with an excellent reputation. These are typically large, well-established, and financially sound companies that have operated for many years and that have dependable earnings, often paying dividends to investors.

Understand the basics – 

Check out the share trading course you can take for free through the ASX below:


Canna suggests turning to ETF’s (exchange traded funds) or LIC’s (listed investment companies) if you do not feel confident with your knowledge of companies and the markets.

Another similar option is managed funds.

The key is be clear on the following:

What are your goals?

What is your timeframe for investment?

What is your risk appetite?

This will help direct where to invest to reach your financial goals.

When you start investing your risk appetite may be a lot lower than as you build your wealth you may have increased funds to allow for a higher risk appetite. As you grow and diversify your investments you reduce your financial risk and can weather losses in one or two investments better.

Never stop growing your financial knowledge and experience.

Rest Revive Reward.

If you set yourself a powerful enough goal you will develop your resilience and endurance.

It can be consuming. Ticking the parcel off the list.

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