I have discussed the ‘Money Making Challenge’ a little over the last few weeks. Not long ago a reader asked me if I have or would share ways to halve your way to become a millionaire. Since I am not a millionaire yet I had not considered this. I did however do a quick search, read some interesting articles, thought a lot and combining what I read recently with what I have learned on my journey and read in my books I came up with a money making challenge.
So what does the challenge entail?
It will require commitment. It is something which if done completely to the end will result in over $1,000,000. I will be doing it from start to finish with you all. Of course you can opt out at anytime, no one is going to force you to do anything.
Your first step is to find money. You can’t use money you already have, sell something you own to generate cash or anything. You need to find money on the street or something then use that. Why do it this way?
By finding the money it is a risk free challenge. You are not using your own money, thus are less attached to it and less likely to want to use it for other purposes. I’ll share some ways to find money further down.
The next step once you have your money is to double it. Each step is just doubling the last amount. I have discussed doubling before here and how quickly you can get to over $1,000,000 by doing it, but until now I had not fully committed myself to this idea. I tested it a little the other week and was amazed at not only how quickly I found money, but also how easy it was to double it. Of course it gets harder the further you go on, but it is doable.
Based on Australian money our steps would look like this:
Step 1: 5cents
Step 2: 5c – 10 cents
Step 3: 10c – 20cents
Step 4: 20cents – 40cents
Step 5: 40cents – 80cents
Step 6: 80cents – $1.60
Step 7: $1.60 – $3.20
Step 8: $3.20 – $6.40
Step 9: $6.40 – $12.80
Step 10: $12.80 – $25.60
Step 11: $25.60 – $51.20
Step 12: $51.20 – $102.40
Step 13: $102.40 – $204.80
Step 14: $204.80 – $409.60
Step 15: $409.60 – $819.20
Step 16: $819.20 – $1638.40
Step 17: $1638.40 – $3276.80
Step 18: $3276.80 – $6553.60 ($5,000)
Step 19: $6553.60 – $13,107.20 ($10,000)
Step 20: $13,107.20 – $26,214.40 ($20,000)
Step 21: $26,214.40 – $52,428.80 ($40,000)
Step 22: $52,428.80 – $104,857.602 ($80,000)
Step 23: $104,857.60 – $209,715.20 ($160,000)
Step 24: $209,715.20 – $419,430.40 ($320,000)
Step 25: $419,430.40 – $838,860.80 ($640,000)
Step 26: $838,860.80 – $1,677,721.60 ($1,200,000)
That’s right by doubling your money you can be a millionaire! It will not be easy and you are probably thinking how am I supposed to double my money each step?
DON’T THINK ABOUT THAT YET!
Just focus on one step at a time or it will be too overwhelming. I have found as I have gone along, the more I do, the more opportunities that come. I never expected to be where I am now when I started blogging and trying to think about who exactly to achieve my millionaire goal back then just made me feel overwhelmed. Also when it comes to doubling the money, you don’t need to do it in one quick move or investment (of course that helps), but you can do a variety of things to double the amount.
So step 1 is 5cents but it is really just finding money, any sort of money. You can be given this cash without asking for it, but if you ask someone for the money it doesn’t count. You don’t need to find 5cents, you can find any amount. Whatever amount you find if it is more than 5cents means you can jump ahead if you like. So if you find $5 you can start on step 8.
For the next 2 weeks those of you who are interested in doing this challenge I want you to be on the look out for money. How can you find this money to start the challenge?
- Get given money without asking for it
- Find it in the gutter
- Check phone booths (rare but you never know)
- Playgrounds, carparks, bus stops, shopping centre floors
- Check anywhere that change might be given and dropped such as train stations, vending machines (also slide your hand over the top of machines, sometimes people put money up there when getting a few items and they run out of hands.)
- Trolleys which have money locks. By returning them you can get the coins in them.
Over the next 2 weeks I will share more tips and things about the challenge, ways to double your money and more. In 2 weeks I will post about how much I have found and if you want to blog about it I will have a weekly link-up from then on about the challenge. You may or may not make money every week, but it would be great to hear what everyone is doing and for us to help each other out.
So who is interested?