Several weeks ago I was thinking about ways to earn a bit of extra money and I had an idea – what if Paul and I each started with a small amount of money and used it to make even more money over the course of a year.
From this idea our Twenty Dollar Bill Challenge was born.
The challenge is simply this – we each get one $20 bill and at the end of the year the person who has made the most money wins.
Wins what we haven’t yet decided. But the satisfaction of beating the other person would be pretty great on its own. We’re each others biggest cheerleaders but we enjoy a good challenge between us too.
We’ve made a few simple rules to keep ourselves on target:
– We are able to sell personal items but we’ll still check with each other to make sure the other person doesn’t mind the item that’s being sold.
– We can’t ‘borrow’ money to invest in another project if our current funds are all tied up in a current project.
Those are the simple rules we have made up – if other issues arise along the way we’ll sit down and see if we need to add to the rules, but the point of this is to challenge ourselves to think outside the box and see if we can keep investing money in projects and make a larger return.
My initial $20 went – to paying for frames and prints of my photography to be sold in a store. There’s the potential to make a lot of money there, but there’s also the risk of this failing and I will be out of the running as I put all my money in one place.
I am really excited about what Paul did for his initial challenge – he had an old ipod that didn’t work that someone gave him and he spent about $6 on a battery and fixed it up and has a buyer that is going to pay $40 for it. Since he still has $14 from the initial $20 he now has $54 to roll into his next project idea.