Double or nothing- Challenge!!!

soolin

Good luck with the sale

fawd1

Is no one going to join me on this? Come on, it takes a 1 pound investment!!!!

ALittleInLove

I'll join you

I might be a little restricted to start with as I can't drive yet (my test is on the 20th) so boot sales are out but I'll do my best!

So are we restricted to one item to start with or just however much we can get for £1?

geordie_joe

fawd1 wrote: »

Is no one going to join me on this? Come on, it takes a 1 pound investment!!!!

Probably not, we've heard it thousands of times before. It sounds easy when you say it, just double your money each time until you make a million. But it's much harder to do.

It's easy to buy something for £1 and sell it for £2, much harder to buy for £5,000 and sell for £10,000. Even harder to buy for £100,000 and sell for £200,000.

You can try it if you want, but most on here know you will come to a dead end a lot sooner than you think.

fawd1

I bought 3 items for a pound, but whatever you fancy really.

I think everyone is aware that making a million is no piece of cake, but quite honestly, if I can get to 5000 from 1 pound I'll be pretty happy anyway!

blackmoustache

geordie_joe wrote: »

It's easy to buy something for £1 and sell it for £2,

Maybe I'm being really dense, but is it? If you were going to take on this challenge, what would you buy for £1 and sell for £2?

soolin

blackmoustache wrote: »

Maybe I'm being really dense, but is it? If you were going to take on this challenge, what would you buy for £1 and sell for £2?

It always pays to read the thread.

fawd1

geordie_joe wrote: »

Probably not, we've heard it thousands of times before. It sounds easy when you say it, just double your money each time until you make a million. But it's much harder to do.

It's easy to buy something for £1 and sell it for £2, much harder to buy for £5,000 and sell for £10,000. Even harder to buy for £100,000 and sell for £200,000.

You can try it if you want, but most on here know you will come to a dead end a lot sooner than you think.

So if you're so sure, why don't you buy 5000 things for 1 pound each and double your money? Nothing like the dunkirk spirit to get everyone going. Loving absolute negativity when it comes to someone wanting to better their lives.

soolin

fawd1 wrote: »

So if you're so sure, why don't you buy 5000 things for 1 pound each and double your money? Nothing like the dunkirk spirit to get everyone going. Loving absolute negativity when it comes to someone wanting to better their lives.

The problem with buying in bulk though is that it is harder to stay under the HMRC radar. Buying to resell one item is unlikely to cause any problems at all, start doing it in bulk and you get HMRC far too interested.

I should just state though that any trading should be declared and the appropriate tax and NI paid

fawd1

geordie_joe wrote: »

Probably not, we've heard it thousands of times before. It sounds easy when you say it, just double your money each time until you make a million. But it's much harder to do.

It's easy to buy something for £1 and sell it for £2, much harder to buy for £5,000 and sell for £10,000. Even harder to buy for £100,000 and sell for £200,000.

You can try it if you want, but most on here know you will come to a dead end a lot sooner than you think.

You're super fun aren't you?