Double or nothing- Challenge!!!

Rosemary_Jane

many years ago I tried this. I read a free report by Stuart Goldsmith with some 'rules' like not 'borrowing' stuff from work and keeping the earnings totally separate. It's called Double Your Way to a Million

He starts with a penny found on the ground - it's quite fun. A quick google shows the report available to download on a number of sites - I'll let you look so as not to recommend one which may be spam-ish.

Rosemary

soolin

I just think it is a shame that OP has not been back to this thread. No one said this would be easy, but to give up at the first attempt would seem a shame.

fawd1

I've not given up, I promise. Very sorry, I was away for 5 days and had really limited internet.

However, an update. I didn't sell the item on ebay, Garghhh!!!! BUT, I managed to relist on ETSY and sell it there. I now have a grand total of 3. 21 to spend in order to double my money next week.

So, any hints?

I would welcome any ideas...... and I very firmly believe that anyone that gives up at the first hurdle will quite simply never get to the second, let alone the last......


Anyone still on board????

fawd1

Also I'm really sorry for no updates, but I'm rubbish at typing on smartphones!!!! But I would really like for people to keep going with this!!!

lvm

Ok, I have to admit I absolutely LOVE things like this! I think the idea is great and have worked out the numbers of stuff like this on several occasions.

I'm the type that tends to Google "how to make quick cash" etc. Saying that, I am highly sceptical and don't buy these "I'll guarantee to make you £127 an hour by tomorrow afternoon" scams either.

So...I would totally be up for doing things like this (I'm sure I tried to do this in the past but gave up after day 5 I think).

My thoughts - I would say that there are far too many low value items available on eBay and such like that you are just being drowned out by all the other sellers.

What I would do is sell something that you already own or start with a higher value to get yourself a bigger starting pot. Say, £15?

Depending on how Excel-friendly you are, play around with the numbers and work out how many time you need to roll over profit etc to hit certain numbers (let me know if you want the formulas).

E.g - did you know that if you started with £15, you would just have to double your money 16 times to be just short of £1m. But, a far more achievable goal may be making a 50% profit on each item and if you could do this 28 times, you'd be around the £1.3m mark.

As you already know, it's going to be mega hard work doing £1m so smaller goals are good. I mean, even £5k can go a long way these days (that'd be my mortgage and bills for a year!) and you'd achieve that by making a 50% profit and doing that 15 times.

If I were you, I'd aim to up the eBay skills (although I didn't see your listing so no idea what you're like at the moment!). But download as many free eBooks on eBay selling as you can and learn as much as possible. And most importantly, find a really good item or group of items you're confident you can sell or source at low costs and know you can make a good profit on.

Keep me updated on how you're getting on. I've got 3 items listed on eBay just now (from lying around the house!) and I'm 99% sure all will sell. If I find a way to reasonably invest this money into other products and sell on, I'd definitely do it!

darkvelv

fawd1 wrote: »

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

Yep, count me in:D:D It's great idea, so why not? I have one item on ebay ( really sorry, that you didn't succeed there, but well done on etsy:T), so we'll see how it goes - will report tomorrow:)

Rosemary_Jane wrote: »

many years ago I tried this. I read a free report by Stuart Goldsmith with some 'rules' like not 'borrowing' stuff from work and keeping the earnings totally separate. It's called Double Your Way to a Million
He starts with a penny found on the ground - it's quite fun. A quick google shows the report available to download on a number of sites - I'll let you look so as not to recommend one which may be spam-ish.
Rosemary

Thank you for this one - it really interesting and keeps me motivated:)

Pound

Was fawd1 talking to himself in the first few posts or did Linconshire_Poacher's posts get deleted?

fawd1

Pound wrote: »

Was fawd1 talking to himself in the first few posts or did Linconshire_Poacher's posts get deleted?

The posts got deleted. I'm not completely off my nut!:rotfl:

Pound

fawd1 wrote: »

The posts got deleted. I'm not completely off my nut!:rotfl:

Ah, I think it's a shame Linconshire Poacher got banned, he had some interesting and thought provoking ideas, although many of them were highly unethical.

sketchingkari

I think this is a great idea, I would love to join you, I have a busy few days finishing off a commission, that will give me some thinking time:money: I would like to theme mine around home crafting, but will see what I can come up with.

Also, for the record a nice cake stand is much sought after by lots of people right now, there is a big increase in home baking and small cupcake business' are popping up everywhere