I'm not a fan of new years resolutions. You set yourself a target which starts in January, January is cold and dark, you have little money after Christmas. Not really setting yourself up for success. I stopped setting sensible new years resolutions over 20 years ago, but this year I decided to change it into a new year challenge. More like something I want to try to do, but not beat myself up if I don't achieve.
This years challenge, find ways to double my money. Why? I read a great post somewhere which said that if you start with £1,000 and double its value every year, in ten years you'll have £1,000,000. I'm not planning on getting to the million mark, but it might be fun to have a play and see how far I could go.
2022 is the testing year. I'm starting with £25 and I'm going to try lots of different ways to double that money which I shall document here. The ultimate aim is to end the year with £1,000, ready to start the ten year, £1,000,000 plan.
For January I plan to sell my teaching resources. I quit teaching 4 years ago, but have loads of quality resources I could sell. This isn't scalable and won't get me to that million, but should easily double the £25, and with some effort could yield £1,000 a month.
For the rest of the year, I'll be doing research into stocks, shares, bitcoin and the other crypto currencies, and testing the water with those. I might try setting up an ebay shop.
I'm quite excited about what could happen, obviously I will probably also lose some money, but as I'm starting with a small amount of money, this will be less scary than it could be, but also a valuable lesson.
I'll update at the end of the month on how the teaching resources work, and whether I've achieved £25!!
Top comments (1)
Very interesting take... will be following your posts to keep up with all the ups and downs of the challenge. I suck at saving mostly because I have a problem with watching money just sitting there in an account (mostly likely with a very meagre return interest rate anyway) so this might be exactly the thing I need to get my money to start working for and bbecoming self regenerating