In March I started a money making challenge where the aim is to find some money then double it repeatedly to get to $1,000,000. I am happy to say I am now on step 15 – $409.60 – $819.20, sitting at $415.
So far here is what I have done in the challenge to double money I found.
1.) Find money: Initially, the challenge was to find or be given some money to use. I found $5.65 and was given $20, which is a great start. I decided to just use the money I found as many of you hadn’t found anything or found very little.
2.) Buy to resell: I used that money to buy 2 tops for $3.30 total and old them for $10. I then bought more things to resell and it was working well. Mainly clothes and books.
3.) Bank Account: I set up a high interest bank account to store the money for this challenge and to earn interest. This is something that will continue to make me money throughout the challenge. I am likely to shop around with this account a bit, as interest rates change and if there are offers of cash to open an account like there sometimes are, I’ll probably do it.
4.) Create eBook: I paid someone on fiverr to create an eBook cover for me and it only cost $5. I just launched the eBook – Blog to Book – which covers everything you need to know to become a published author with a mainstream publisher.
5.) Buy a domain name: I bought another domain name and set up another blog, which has made me a little money and I have a few more ideas for it.
In total I spent $105 on buying things to resell (after selling some things, I would go back and buy more. The $105 was not in one trip), $5 on an eBook cover and $14 on a domain name.
For this challenge I didn’t want to do just one-off things to get me to the next step. Instead I planned on using it to also create passive income for myself. So while one thing might not double my money straight away, it will double my money eventually and continue to make money for the long term.
I have finished up buying things to resell. I have other projects I want to pursue and since I have now completed my sell 1000 things challenge, I don’t want to really focus on selling things like books, clothes and other stuff. Instead I want to focus my energy on the projects I had planned. Promote FreebieYear more, publish my 2 other planned eBooks and put Blog to Book up on Amazon.
In the challenge the aim is not to think ahead too far, so right now I am jut focusing on getting to Step 15. I am sitting on $315, so it shouldn’t take too long. Now my sell 1,000 things challenge is completed and I have changed things at home to give me more work time, I feel I will be able to move this challenge along faster.
Are you doing the money making challenge?
All posts about the money making challenge can be found here.