The Million Pound Doubling Challenge

Step 14 - Progress

2008-11-19T15:48:00.000-08:00

I'm at Step 14. As there are only 28 steps, that means that I'm half way there !
Well, not quite half way to a million, as I'm only on £40-£80 at the moment.

But I do think that I've done well. I started this challenge on Nov 4th 2008. So I've only been doing it for 2 weeks. So within 2 weeks, I have gone from 0p to £40.

I know that £40 isnt much money, but considering that I earned that from nothing, I think its good.

My plan for stage 14 is to just sell my current stock.
That should take me to over £90 in total, so I could lower my prices to get possibly quicker sales if I want to get to the next step faster.

Total Cash - 26.83
Total Assets - 14.95
Overall Total = £41.78
In Step 14 - £40 - £80

Step 13 - Complete

2008-11-19T14:17:00.000-08:00

Things aren't going too bad on the Ebay front.
In the last week I've sold another 2 LapLink cables
Cable 1 = 13.99 sale price - 1.38 ebay costs = 12.61

Cable 2 = 14.49 sale price - 1.48 ebay costs = 13.01

Thats a profit of about £10 each considering the buying cost of 2.99.
I still have 5 left so that will be another £50 profit when sold.

Total Cash - 1.21 + 12.61 +13.01 = 26.83
Total Assets - 20.93 - 2.99 -2.99 = 14.95
Overall Total = £41.78
In Step 14 - £40 - £80

Book recomendation - Share Trading

2008-11-12T15:23:00.000-08:00

I've been recommended the following book to learn about Shares trading.

The Naked Trader: How Anyone Can Make Money Trading Shares

You never know when I will have enough doubling money to start trading!
So I have ordered it, and will let you know what I think.

Step 13 - Progress

2008-11-10T05:58:00.000-08:00

The last sale went so well, that I've bought 6 more cables to sell - Cost = 17.94

The actual profit for my last sale was:
12.99 (sale price) - 1.33 (listing fee) - 2.99 (cost) = 8.67

I still have 1 cable, so if I can sell all 7 with the same profit, that gives a profit of 60.69.
Thats quite a bit more than doubling, but I'm not complaining! It would theoretically take the total to 82.83

Total Cash - £19.15 - 17.94 = 1.21
Total Assets - £2.99 + 17.94 = 20.93
Overall Total = 22.14
In Step 13 - £20 - £40

Step 12 - Complete

2008-11-10T04:32:00.000-08:00

I changed the ebay listing to BuyItNow for 12.99, and it went in a few hours - that was quick!
Adding buyitnow costs 20p extra, but its definitely worth it to get a quicker sale.
I may have to buy a few more of these.

Sold the 2nd LapLink cable for £12.99.
So profit = 12.99 - 1.33 (listing fee) = 11.66

Total Cash - £7.49 + 11.66 = £19.15
Total Assets - £4.98 - 2.99 (cost) = £2.99
Total = 22.14
In Step 13 - £20 - £40

Step 12 - Progress

2008-11-10T02:20:00.001-08:00

After the succesfull sale of the PC LapLink cable, I thought I would buy another 2 of them.
If I can make £5 on each sale then I would complete Step 12.

So I paid the same £2.99 each for them.
One is on ebay now, and I was going to put the other one on after it had sold, but I'm thinking of putting them on as buy it now, as I dont think I can wait 7 days for them to complete.

I know I should be concentrating on the step in hand, but I'm trying to think ahead to future steps. I think its easy to make £5 on a sale, but it will be a lot harder going from £80 - £160. I think I will have to change my plan once Im at that step.

Total Cash - 12.47 - 4.98 = £7.49
Total Assets - £4.98
In Step 12 - £10 - £20

Step 11 - Complete

2008-11-10T02:14:00.001-08:00

Now I have a little money (£6.27), I can now buy things to make money.
There is a local shop selling returned items on the cheap, so I went to see what I could get.
I bought a USB LapLink cable for £2.99.
I checked on the net, and these can retail for up to £39, so I was sure I can make a little on this.

So I put it on ebay, and it has sold for a grand total of £10.01.
Ebay costs were 82p, to profit was 10.01 - 2.99 - 0.82 = £6.20

Total Cash - 6.27 + 6.20 = 12.47
In Step 12 - £10 - £20

Step 11 - Progress - Found another 1p

2008-11-10T02:10:00.000-08:00

Well, I didnt find it, but my friend found it on a pub floor, and handed it straight to me.
He doesnt even know that I'm doing this challenge!
Maybe he thinks I look like I need the pennies ;)

Total Cash = 6.26 + 1p = £6.27
In Step 11 - £5 - £10

Step 10 - Complete

2008-11-08T02:04:00.000-08:00

I sold the trading cards on ebay for a total of £4.25.
selling costs were 57p, so thats a total proffit of £3.68.

I've decided that any money I make over the target will stay in the pot for the next step.

Total Cash = 2.58 + 3.68 = £6.26
In Step 11 - £5 - £10

Step 10 - Progress

2008-11-06T12:55:00.001-08:00

I'm planning on getting through the next few steps by buying and selling on Ebay.

The first thing I'm selling is something I already had, so no cost to me - trading cards:

http://cgi.ebay.co.uk/ws/eBayISAPI.dll?ViewItem&item=280283127614&ssPageName=ADME:L:LCA:GB:1123

I need to make £2.50 to get to Step 11, so considering Ebay charges, I will need to sell for over £3.50.

Current Cash - 2.58
In Step 10 - £2.56 - 5.12

Stage 6, 7, 8 & 9 - Complete

2008-11-06T07:59:00.000-08:00

Having a root around the house, I've found lots of loose change.
This really is lost money, money that has been lying around unspent for years.
I guess in my mind (at least in the past), copper isnt real money. No-one wants a pocket full of copper, so its just left in the house, and never spent.

So how much did I find? £2.40 - so I now have 2.58

That means I have now jumped a few steps to complete Step 9 (£1.28 - £2.56).

This is a good stage to be at, as now I should be able to start using the money I have to make more money.

Current Cash - £2.58
In Step 10 - £2.56 - £5.12

Steps 4 & 5 - Complete

2008-11-06T03:04:00.000-08:00

I thought the 1st few steps would be a lot harder, but its amazing how much you can find just lying around.

I found 12p, taking my total to 18p - completing 2 steps in 1 find.

Current Cash - 18p
In Step 6 - 16p - 32p

Step 2 & 3 - Complete

2008-11-06T01:36:00.000-08:00

I have managed to complete steps 2 and 3 in one go.
Someone had left 5p in the rejected coins tray in a parking meter. Nice one!

Im now at 6p, so I only need 2p to complete step 4 now.

Cash = 6p

Step 1 - Completed

2008-11-05T01:31:00.000-08:00

Easier than I thought, a colleague who left about a month ago had left a single penny on his desk.
He must have left it for me.

Step 1 - Complete!

Cash = 1p

Step 1 - the beginning

2008-11-04T14:53:00.000-08:00

The first rule of the game is that I have to start by finding 1p.

So tomorrow I will be searching the streets to find one.
How hard can it be?

The Doubling Challenge

2008-11-04T14:42:00.000-08:00

Welcome to the start of my journey.....

I've just finished reading an article by Stuart Goldsmith called 'How to Double your way to a MILLION'.
I thought it sounded like an interesting challenge, and you never know, if I manage to make it, I'll be a happy man!

The challenge basics are, start off with a penny. Somehow, double it to 2p, double to 4p, etc until you get to £1,000,000......... How hard can it be?

There's a total of 28 steps, detailed below.

Step 1 - find 1p
Step 2 - 1p - 2p
Step 3 - 2p - 4p
Step 4 - 4p - 8p
Step 5 - 8p - 16p
Step 6 - 16p - 32p
Step 7 - 32p - 64p
Step 8 - 64p - £1.28
Step 9 - £1.28 - £2.56
Step 10 - £2.56 - £5.12
Step 11 - £5 - £10
Step 12 - £10 - £20
Step 13 - £20 - £40
Step 14 - £40 - £80
Step 15 - £80 - £160
Step 16 - £160 - £320
Step 17 - £320 - £640
Step 18 - £640 - £1280
Step 19 - £1280 - £2560
Step 20 - £2560 - £5120
Step 21 - £5000 - £10,000
Step 22 - £10,000 - £20,000
Step 23 - £20,000 - £40,000
Step 24 - £40,000 - £80,000
Step 25 - £80,000 - £160,000
Step 26 - £160,000 - £320,000
Step 27 - £320,000 - £640,000
Step 28 - £640,000 - £1,280,000

Wish me luck! :)