How to Double Your Money
I have been slow with doubling my money lately due to having my fourth child in February, birth complications then moving house. It’s been at the back of my mind though, as have a few opportunities that have come up.
To recap, I started with reselling things and still do that a little. I’ve also done an eBook, crypto, invested in myself, sold a website and trialled a business overseas. You can find all the things I have done with my $2 to millionaire journey here.
How I Turned $1,920 into $3,840
I did this a while back but hadn’t posted about it yet. In our family there are a few cultures and different expectations with money. Because of this, one side expects money to be sent home and help with money as needed.
Earlier this year, a car used for work for a family member in Vanuatu broke down and a few other things needed replacing. Because of this challenge, we sent the money immediately along with some other items they needed.
With this and some other things we were doing over there, we were able to increase the family income back in Vanuatu, thus reducing what we need/are asked to send. Half of the money coming in from one of the things we contributed to is being put into an account there for us to use to develop some land later.
Plus, during this process, our family were getting one of our properties surveyed for development and we were offered the opportunity to secure more land next to it.
This is a huge opportunity as it is extremely cheap for us compared to others (cultural reasons) but it doubles our development potential for this block. We are so excited to be going forward with this.
Breaking It Down
This might be a little confusing so I will try to break it down into steps to make it easier to understand.
- $1,920 in money and goods was sent back to Vanuatu.
- We have not had to send money in months, their income has increase and we have secured the option to buy more land for an extremely low price.
- The money saved we did not need to send and money set aside for us is the $3,840. While the increased income and cheap land is a bonus.
- Being able to do this, pay for things as needed and secure more land has a flow on effect of adding credibility to our future plans and land opportunities too. Meaning, this is the first step in a much bigger plan.
Once all the paperwork is finalised, this land is another long term stream of income for us as a result of this challenge. The payment for the land and the rent from that will be included in a future step once it is finalised as the payment is separate to this.
How Can Others Replicate This
This step in my doubling my money challenge is different to most and might not feel like something anyone can do. The point of the challenge is to find opportunities and creating multiple income streams.
Anyone can keep their eyes open for opportunities and act when they arrive. Look around you, join business groups and be open to opportunities. It isn’t always as straight forward as you might think.
Think outside the box. Too often we look in our local area only but there are properties and opportunities everywhere. Most of what we do for side income and opportunities to make money aside from our salaries is not local.
Also, in my experience, whenever I help others, it comes back to me in many ways. I’ve had incredible opportunities, made significant money and wonderful connections through charity work and other things I’ve done. It’s not the reason I did charity work or help others when I can though. Always be kind and help where you can because you want to not because you want benefits.
We are making the arrangements to finalise the purchase of the extra land and will be going over once we get our kids passports. During this trip there could be some more opportunities so we are being open minded about things that come up.