Money Making Challenge

The aim of this challenge is to start with $0, find some money then double it repeatedly until you have $1,000,000. You can read the original post about it here. For all posts I have written go here.

What you need to do is spend the first 2 – 4 weeks looking for money. So you are not supposed to use any money you already have, but instead find $2 on the ground or something. For great ways to find money, check out this post.

Why find it, instead of using your own money?
Using money you have found makes it a risk free challenge and you can view all the money made and used in the challenge as challenge money instead of ‘your’ money. It’s a psychological thing and makes it easier. I did say in this post, if you really can’t find any money, then it is up to you if you want to use some of your own.

Your next step is to double it, for example by buying something to resell.
If you double your money over and over, it will end up looking like this (based on Australian money, our lowest is 5cents):

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)

(Money in brackets is for those who would prefer to round down to keep the amounts even and clean instead of using the exact doubling method.)

Take it one step at a time!
It can be overwhelming to look at the larger amounts and think, “How can I double that?” You don’t need t focus on that yet. Just take it one step at a time and you will be surprised at the ideas and opportunities that come as your progress through each step.

Also you don’t need to double your money by doing one thing. Say you start with $5, you could buy 2 items for $2 each and resell them for $5each. With the next step you could buy 4 items to resell. So you are doing a couple of things and spreading your risk instead of trying to spend the full amount to double it on it’s own.

What can you do to double money?
In the early stages the easiest thing is probably:
- Use the money to print some flyers and deliver them around your neighborhood to offer services such as lawn mowing, cleaning, ironing, babysitting etc
- Buy things to resell from op shops, garage sales etc
- Buy things to make and sell for example some craft items to make bags, kids hair clips or other things. Or buy some cooking ingredients to sell some slices and things. Legally your kitchen needs to be registered to be able to sell baked goods or you need to use a commercial kitchen so it may be a little trickier. Check the rules in your state on this one.
- Use the money to get an eBook cover designed through fiverr.com then sell your eBook through Amazon

{ 1 comment… read it below or add one }

RichUncle EL October 5, 2012 at 12:12 am

Great Challenge!
RichUncle EL recently posted..Investment OptionsMy Profile

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