Net Worth Update November 2021: Increased by $1,612
How we Increased our Net Worth by $1,612 in October
It might not seem like much but any movement up is good. With the kids, pregnancy complications, a variety of paperwork and increased expenses, we are ecstatic we increased our net worth at all!
Disclosure: This post may contain affiliate links.
Starting Point
April 2021 we had a net worth of $649,071. This was comprised of a few debts reducing our net worth as well as property and some investments increasing our net worth.
Our Liabilities in April 2021
Custody debt $9,000
Visa debt $6,000
Personal loan $12,000
Cash debt $600
Cash debt $500
School debt $900Total: $29,000
Our Assets in April 2021
3 properties $600,000
Shares $250We had a lot to sort out in April 2021 to be able to work out our true net worth and some is still getting sorted but we have expanded and are happy with our progress.
Current Net Worth
Now we are able to track our businesses and a few other things better, our assets look different. We managed to clear some debt in May and in August paid $25,000 for a course for Mr Aspiring Millionaire. To do that, we did cash out some of our assets.
Our expenses are currently a lot higher than normal due to double rent, more on food etc since he is in another state while he studies. I am looking forward to January when expenses drop and he starts work.
Our Assets October 2021
Property: $600,000
Business 1: $120,000
Business 2: $ ?
Business 3: $4,500
Business 4: $10,000
Spaceship: $83
Coinspot: $1,280
Raiz: $89Total assets: $735,952
Our Liabilities October 2021
Custody debt $8,125
Residency visa debt $5,125
Personal loan $10,723Total debts: $23,973
Total Net Worth in October 2021: $711,979
How Did we Increase our Net Worth?
Spending less than we earn and investments naturally growing. It was that simple this month. We didn’t do anything extra to make money as we had too much else going on and we didn’t pay any extra off debt sadly. Only the regular payments.
Crypto has gone up and down over the month, however we are up from when we started. We use
Next Steps for the Rest of 2021
As mentioned in our last update, we have a lot of changes happening and need to ensure we start 2022 off well. Our family is growing next year making our current lifestyle impractical. We will have 2 teenagers living with us, a newborn and toddler plus if borders open and all goes well, we might have an 8 year old sometimes.
We live in a 2 bedroom townhouse which is tiny. The car is a small Corolla and while we love the area, the career Mr Aspiring Millionaire is currently training for does not have work opportunities where we currently live. So a move is likely either to another city or since his work will be offshore most likely, I may stay where we are.
But we would still need a bigger house.
The 14 year old needs Invisalign which is a few thousand and we want to clear the remaining debt asap as well.
So to prepare for 2022 and make the most of the last few weeks of 2021, here’s the plan.
Declutter and Sell Everything
It horrifies me how much stuff we have. Last week I sold a few items and took a heap to be donated. Yet, there is still more. Knowing what we want to keep and that when we move we will be buying other furniture means I will sell off what I can now.
Work More
Our 10 month old isn’t in childcare yet, however, high school finishes in a few weeks. I pay my 14 year old to babysit when it relates to work. At the moment, I am only doing my work on weekends and when my baby naps or at night if I have the energy.
Once school is out, this will change a little and I will be able to work more than I currently do to increase our income.
Mr Aspiring Millionaire completes his course in December and they have guaranteed jobs at the end of it. He might start as soon as he finishes or he might come home for Christmas then go. Either way, there should be more income soon.
Cash in Cans
We collect cans to cash in. Some are picked up when I go for my daily walk, others are from our own drinks. We don’t get drinks all the time, I prefer we drink water. But when we do, we save the cans and bottles to cash in.
Cash in Online Surveys
I have been banking these. Octopus Group is one of my favourites because they pay the highest. However, I do enjoy the USD from Swagbucks and PrizeRebel too.
$2 to Millionaire Challenge
We are still doing it, although I paused it while we travelled Tasmania and juggled some family matters. Sitting on $120, the next move has been decided but needs to be executed properly. It’ll be a BIG one to share when it’s completed though.
Net Worth Update October 2021
Our last net worth update was June. We stopped posting for a bit because of issues with family and the expectations based on what was being read. After a short break and some discussion, we have decided to continue focusing on our own plans.
Right now, a lot of our net worth is up in the air due to cultural issues with some of our land and business. This was something that was a concern of mine from the beginning and now it is all happening how I was worried it would.
That said, we have formulated a plan to forge ahead no matter what happens.
Image of laptop and plant on desk. Starting Point
April 2021 we had a net worth of $649,071. This was comprised of a few debts reducing our net worth as well as property and some investments increasing our net worth.
Our Liabilities in April 2021
Custody debt $9,000
Visa debt $6,000
Personal loan $12,000
Cash debt $600
Cash debt $500
School debt $900Total: $29,000
Our Assets in April 2021
3 properties $600,000
Shares $250We had a lot to sort out in April 2021 to be able to work out our true net worth and some is still getting sorted but we have expanded and are happy with our progress.
Current Net Worth
Now we are able to track our businesses and a few other things better, our assets look different. We managed to clear some debt in May and in August paid $25,000 for a course for Mr Aspiring Millionaire. To do that, we did cash out some of our assets.
Our Assets October 2021
Property: $600,000
Business 1: $120,000
Business 2: $ ?
Business 3: $4,500
Business 4: $10,000
Spaceship: $200
Coinspot: $833
Raiz: $71Total assets: $735,604
Our Liabilities October 2021
Custody debt $8,325
Residency visa debt $5,325
Personal loan $11,587Total debts: $25,237
Total Net Worth in October 2021: $710,367
How Did we Increase our Net Worth?
As you can see, the focus was on business for us. We own these and there is a lot we can do to increase their income and value. Right now, we are on a trip interstate but once back, we are looking at outsourcing more to increase our time which enables us to increase our income.
Business 1 had more marketing done and there was a special promotion which resulted in consistently higher income the past few months. This pushed up the value.
With number 2, as it is in another country and there are some issues, we can’t value it.
Businesses 3 and 4 are both online. We were offered this amount for business 3 this week and told a new online one we have started could go for $10,000 right now but we want to continue to build it.
Our eventual aim is to have multiple streams of income through real estate, business, shares and to create an empire for our kids. We want to enjoy life with them.
How can we do Better?
We spent more money on a trip than intended but through freelance writing and photography, we should be able to recoup those costs.
Mr Aspiring Millionaire is studying, not working. Once he starts working next year, it will change our finances drastically.
Ms Aspiring Millionaire has been slow on getting some paperwork processed which would result in a few thousand. Once she/I do it, that money will be put towards debt.
Changes for the Rest of 2021
With only 12 weeks left in 2021, it is time to buckle down. Having the course paid for is a huge relief for us. It was something we felt weighing on us as the cost was so high and it meant Mr Aspiring Millionaire still could not work. We had to decide if he would get a job or do the course.
The course means a much higher income and a guaranteed job once completed. It’s the specific career he wants to go into. It is 4 months full time in another state so work at the same time wasn’t practical.
Ms Aspiring Millionaire has some study to complete and is caring for 3 of the 4 kids while also juggling work and everything else. So childcare will be used soon along with possibly a cleaner. While this cuts into the budget, it frees up essential time.
For the rest of 2021, the focus is outsourcing, completing courses, increasing income, reducing debt and setting a solid plan for 2022. In 2022, we need a bigger car, will move house and a few other things which will cost more.
Our eldest also needs Invisalign which we plan to get now the football season is over. She plays football, is extremely rough with it and we didn’t feel it was practical to do it during the season.
$2 to Millionaire Challenge
We are still doing it, although have paused it while travelling and juggling some family matters. Sitting on $120, the next move has been decided but needs to be executed properly. It’ll be a BIG one to share when it’s completed though.
June Net Worth Update
How we Increased our Net Worth by $7,441.22
We started tracking our net worth in April. After a rough year last year, we needed a focus to get back on track. Our net worth is separate from the challenge I am doing turning $2 into $1,000,000 by doubling my money.
You know those months where it seems you have high bills, then things break and you have to replace them so it feels like you are not making any headway financially. That was this month.
Devices needed repairing, some big birthdays and a few things for education cut into what we were able to put towards debt. But those things save us long term and the birthdays were worth it.
Disclosure: this post may contain affiliate links.
Starting Point
April 2021 we had a net worth of $649,071. This was comprised of a few debts reducing our net worth as well as property and some investments increasing our net worth.
May Debts
Custody debt $8,225
Visa debt $5,225
Personal loan $11,407Total: $24,857
June Debts
Custody debt $8,075
Visa debt $5,075
Personal loan $6,831.78Total: $19,981.78
You can see we are focused on the personal loan. This loan has interest, the others do not so it makes sense to clear it asap. However, while we are clearing it, there is a plan to redraw it for education later this year depending on how much we save or have elsewhere.
May Assets
Property: $600,000
Business 1: $70,000
Business 2: ?
Business 3: $3,000
Spaceship: $679.85
Coinspot: $209
Raiz: $40
Retirement: ?Total: $673,928.85
June Assets
Property: $600,000
Business 1: $72,000
Business 2: $ ?
Business 3: $3,300
Spaceship: $865.05
Coinspot: $282
Raiz: $47.07
Retirement: ?Total: $676,494.12
The value of our small businesses increased slightly. Our debt decreased as planned which was good and my millionaire project is continuing well.
Total Net Worth $656,512.22
This is an increase of $7,441.22 in the 2 months we have been tracking and more focused which we are ecstatic about. Also in that time, we sorted residency for my partner (which took all my time and effort for 1 month).
How we Increased our Assets
I was sick as were the kids for 2 weeks making it a little harder. However, the focus was on reselling items (learn how to do that here) and being consistent with business 1. We continued with crypto a little and you can get $10 FREE Bitcoin here. I don’t think my heart could handle large amounts in crypto yet but it has been interesting.
At the moment, we are using Spaceship. You can get a $10 bonus with the code S8518DLV20 here. We are doing micro-investing for now as we are focused on building our businesses and clearing debt. Mr Aspiring Millionaire has some courses to complete then will start working too.
Our retirement funds are proving harder to get sorted than I thought. Mr Aspiring Millionaire knew it would take ages as he has had to do so much with the Solomon Islands and Vanuatu before. So this is something we are still working on.
Property in Vanuatu has remained steady and right now we are not in a position to do much. In the future, we will be developing the properties more.
Doubling Money to be a Millionaire
One of the projects we have with our millionaire and financial freedom goal is doubling our money. If you start with $1 and double it 20 times, you reach over $1,000,000. If you start with $2 it is only 19 times you need to do it and the end result is over $1,600,000.
My first flip was a book for $2 and resold it for $8. Yesterday, I managed to snag another copy this time for 50cents so will be listing that today. It’s not part of the doubling challenge but when I find something that works, I am willing to do it again.
The second flip was a dress purchased for $7 and sold for $20. As there was a ‘spare’ $1 from the first flip, I used that to purchase 2 books and sold them for $5 each. Books are still doing ok for me as I usually get them for 50cents to $2 and can sell for $5 to $10. Most people buy more than one at a time too. Again, not including all the book sales in this challenge but I am going to continue flipping books.
With $30 to double, I became stumped. It seemed so much harder to find something worth $30 to buy and resell. Then I remember, the challenge wasn’t only about flipping, it was about finding ways to double my money. I share how I turned $30 into $60 here but the reality is, I won’t know exactly how much I made from that $30 until next month.
Plans for July
Mr Aspiring Millionaire will be enrolled in a course. The deposit will be paid next month which will likely mean our net worth goes backwards. It’s an investment in our future though.
With the kids on school holidays, I do not anticipate I will have much time to do things. However, my daughters are keen to focus on their businesses as well as their side hustles of reselling. Both make money from their art and have various opportunities I want to help them with.
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How we Cleared $4,143 Debt and Increased our Investments in May 2021 (Net Worth Update)
This month we focused on clearing a couple of smaller debts and redoing our budget. Much to our delight, it helped a lot with both our finances and mindset.
Last month I shared our net worth for the first time. It was a little scary putting it out there but I am excited to track it. Some of our assets were hard to define and still are which means they will be added in properly later. Here are our debts/liabilities and assets compared to last month.
April Debts
Custody debt $9,000
Visa debt $6,000
Personal loan $12,000
Cash debt $600
Cash debt $500
School debt $900Total: $29,000
May Debts
Custody debt $8,225
Visa debt $5,225
Personal loan $11,407Total: $24,857
How we Cleared $4,143 of Debt in a Month
As you can see, we cleared a couple of smaller debts plus knocked a bit off our larger debts. We were not as strict as we could have been this month as we had a few larger expenses. One daughter needed a new laptop which was $1,300.
Sports gear, registrations, a school camp and some celebrations were another $2,000. We won’t restrict these though as we enjoy our lifestyle.
To get the $4,143 we did a combination of extra freelance writing for me and some odd jobs for Mr Aspiring Millionaire. He’s a hard worker and it’s been easy to pick up some regular gigs. We do declare all our income.
Image taken in Vanuatu of our favourite area which is 10 minutes from our family and our properties. Increasing Assets
Last month I couldn’t give a completely accurate account because we still need some of our retirement accounts sorted. Also, the properties in Vanuatu aren’t going to be valued for a while nor are the businesses. However, at the moment, here is a rough estimate based on various factors.
Property: $600,000
Business 1: $70,000
Business 2: ?
Business 3: $3,000
Spaceship: $679.85
Coinspot: $209
Raiz: $40
Retirement: ?Total: $673,928.85
Our Total Net Worth: $649,071
As you can see from the numbers above, our net worth is going well. I can’t wait to get our retirements sorted to know exactly what they are as well as expand the businesses.
The breakdown of our assets are the 3 properties in Vanuatu (and right now, the rental from those goes to support the family in Vanuatu). Business 1 took a hit last year, reducing the income and value. At the moment, we are slowly building that back up again.
Business 2 is in Vanuatu. Right now, it isn’t producing any income as it is paused due to borders being closed. It’s a tourism based business which we owe nothing on but will likely need to invest some money into when borders open or are close to opening to get it running smoother.
Business 3 is small and not doing much, however, I was recently offered $3,000 for it. I used to do more with it and have decided to build it a little then sell it.
How we Increased our Assets
Increasing our assets was not a focus for us this month but we did manage to invest a little more in shares. We also decided to experiment with crypto We figured a small amount is a good way to test our risk tolerance with crypto.
After the initial free $10, we got an unexpected $150 so I put that in too. Currently, our crypto is worth $209.
Our retirement funds are proving harder to get sorted than I thought. Mr Aspiring Millionaire knew it would take ages as he has had to do so much with the Solomon Islands and Vanuatu before. So this is something we are still working on.
Property in Vanuatu has remained steady and right now we are not in a position to do much. In the future, we will be developing the properties more.
Doubling Money to be a Millionaire
One of the projects we have with our millionaire and financial freedom goal is doubling our money. If you start with $1 and double it 20 times, you reach over $1,000,000. If you start with $2 it is only 14 times you need to do it and the end result is over $1,600,000.
Last month, I did my first flip. I bought a book for $2 and resold it for $8. Then, I purchased a dress for $7 and sold it for $20. As there was a ‘spare’ $1 from the first flip, I used that to purchase 2 books and sold them for $5 each.
Right now, in my doubling money account, I have $30 to use to buy something else to resell. I have been ill so didn’t get a chance to look this week but will be next week.
What are you doing to reduce debt and increase your net worth?
Our Net Worth – The Beginning April 2021
Each month we will share our net worth. Right now, a few things are hard to check or get valued so while this is the beginning of tracking our net worth, some of the figures could be a little off. Also, with our net worth, not all of it can be sold off easily due to cultural expectations or conditions.
What we Include in our Net Worth
Net worth is simply your assets minus your liabilities. Some people include ALL their belongings such as cars, home items etc. We won’t be. Here is what will be included:
For assets, real estate, retirement funds, business, shares and collections. Liabilities include any debt such as mortgages, loans, credit cards, all of it.
Our goal is financial freedom, not just $1,000,000. The first step is to be worth $1,000,000 each as it is an easy goal to track. Our net worth will not be tracked separately though. Everything is combined below as we are working towards a future together.
Our Assets
We have 3 properties in Vanuatu but these cannot be sold. They must remain in the family and our son will inherit them. One has a rental property and the income from that currently goes to support family in Vanuatu. The other two are being used to farm and support family. Combined, these lands are estimated to be worth about $600,000AUD.
Our businesses need to be valued so I can’t give a rough guide on them as yet. We have had trouble accessing retirement from different countries we lived as well so that will be added once it can be sorted. As for shares, we only have $250 invested right now.
Our Liabilities
Combined, our debt is not great. We have a few separate loans and are focusing on one at a time while maintaining minimum repayments on them all.
Custody debt $9,000
Visa debt $6,000
Personal loan $12,000
Cash debt $600
Cash debt $500
School debt $900Total: $29,000
Net Worth
Once we remove the liabilities from our assets, our net worth isn’t terrible. We have a positive net worth which is the main thing! Our net worth is roughly $571,000AUD. This will be different once the businesses and retirement are sorted.
Plans For May
All going well, we will sell a few items which will clear some of the debt. Shares will increase as they are set up to be done automatically. Our budget is being revisited tonight to make a proper plan to include what we want in our lifestyle while achieving our goals.
We will also be doing some more research on the best way to set things up regarding tax, incomes, investments etc as Mr Aspiring Millionaire will hopefully have a job soon as the residency visa is being applied for this week.
1 Year of Aspiring Millionaire
How we Increased our Net Worth by $166,000 PLUS got Permanent Residency and new Qualifications, Jobs and Another Baby
A year ago, we started this site as a hobby. At the time, we had just applied for a residency visa for Mr Aspiring Millionaire, we had 4 kids (teens, a primary schooler and a 3 month old). Mr Aspiring Millionaire had not been working for 2 years as he was on a tourist visa and Ms Aspiring Millionaire had health issues through the pregnancy causing a drop in income.
We’d seen some extreme expenses including repatriation after getting lockdown in the Solomon Islands. For 2020 it felt like we were bleeding money, so once we did the residency visa and knew we’d be based in Australia for a while, we regrouped and focused on our finances.
So in April 2021, we sat down and worked out where we were at financially, our goals and what we wanted to do.
What did we Achieve in a Year?
With the visa approved, we were able to get clear on our goals and also fell pregnant with a daughter who was born in February. With our son turning 1 in January, this meant by February 2022 we had two teens, an 8-year-old, a 1-year-old and a newborn.
Quick Version
A baby, a residency visa, a $30K course, cleared some debt, 2 trips (a road trip from Noosa to Melbourne then a trip to Tasmania for 3 weeks), a new job and started another business.
For 1 year, and 1 sporadic income, that is a lot to achieve. Many aiming for FIRE (Financial Independence Retire Early) would baulk at some of these expenses and choices. Our aim is to enjoy life, create great memories and do what we want while also working towards financial freedom.
A note on our income, Ms Aspiring Millionaire is the main income earner and due to health complications, her income dropped below 6 figures so we are not using a high income to achieve this either.
$30,000 Course: Commercial Diving
Our first goal was to save for a commercial diving course for Mr Aspiring Millionaire at a cost of $30,000 with 3 courses, flights, accommodation and some gear. In December 2021, he became an ADAS 3 Commercial Diver.
August to December, Mr Aspiring Millionaire was based in Tasmania while Ms Aspiring Millionaire was in Noosa with the kids. As the only income earner for the past few years, it was a little daunting to aim for $30,000 for the course.
Things fell into place in July, so we quickly booked him in the last spot available for the August course. If he didn’t do the course then, it couldn’t be done until early 2022, when Ms Aspiring Millionaire was due with a baby.
So for us, the only option was to find the money asap and we did. Getting the money as well as him getting qualified was a huge achievement.
Another Baby
The teenagers are just over a year apart, they are best friends and are from Ms Aspiring Millionaire’s first marriage. The 8-year-old is from Mr Aspiring Millionaire’s first marriage and she currently lives in the Solomon Islands. Together, we had our son in January 2021 and before we had him, we had decided to have another close in age, the same as the teenagers are.
In February 2022, our youngest daughter was born. Mr Aspiring Millionaire was doing work in another state so flew back for the birth and has visited twice in the 2 months since her birth.
Despite being experienced, her birth had complications and it was an extremely traumatic birth, requiring surgery and extra care for Ms Aspiring Millionaire after birth. Not at all what we planned or expected but 2 months on, things are going much better.
Our daughter is easygoing, much like our other kids and our older children simply adore her. All of the kids get along well and the teens love teaching their younger siblings everything.
Travel
In April 2021 we did a road trip from Noosa to Melbourne. For the most part, it wasn’t that expensive as we had a lot of free accommodation with family and friends. The purpose of the trip was to see friends and family as well as collect our belongings that had been stored in Melbourne since early 2019 when we went travelling.
In the September/October school holidays Ms Aspiring Millionaire flew with the teens and baby, while pregnant, down to Tassie while Mr Aspiring Millionaire studied. Ms Aspiring Millionaire’s uncle lent us one of his spare cars for the trip and we stayed with family in some places and paid for accommodation elsewhere.
The Tassie trip was a combination of seeing each other during the course, showing the kids and Mr Aspiring Millionaire where Ms Aspiring Millionaire grew up, seeing family and some travel writing work.
New Job and New Business
In January 2022, Mr Aspiring Millionaire started work as a commercial diver and loves it. His previous career was in diving as a guide and tec diver including doing the trip to find Amelia Earhart’s Plane with National Geographic. Commercial diving was a goal of his since he started diving but wasn’t achievable in the Solomon Islands or Vanuatu.
As for the new business, many of our businesses are small at the moment with room to grow. Focusing on the babies and studies meant we didn’t spend a lot of time on the businesses. However, we had the opportunity to get involved with one this month. Right now, it’s not worth a lot but there is huge potential for growth across the 3 countries we are based in.
Plus the new business requires minimal work (less than 1 day a month) from us as most of the work is done elsewhere.
How Our Net Worth Grew
We are ecstatic to look at what we have achieved in the past year, especially since we know the obstacles we faced that we aren’t sharing here. Doing all of that predominantly on one income was amazing so we know now that we are both working and have the capacity to expand the businesses that our net worth will grow faster.
Here is where we were and where we are now.
Our Assets April 2021
April 2021 I was only able to list out our properties from Vanuatu so below is more specifics from May 2021 after the little businesses were valued. Retirement funds aren’t listed fully but we also plan to retire well before we access them so won’t really include them. In April 2021, we were having issues getting the amounts from the islands so couldn’t list them.
Property: $600,000
Business 1: $70,000
Business 2: ?
Business 3: $3,000
Spaceship: $679.85
Coinspot: $209
Raiz: $40
Retirement: ?Our Liabilities April 2021
Combined, our debt is not great. We have a few separate loans and are focusing on one at a time while maintaining minimum repayments on them all.
Custody debt $9,000
Visa debt $6,000
Personal loan $12,000
Cash debt $600
Cash debt $500
School debt $900Total: $29,000
Net Worth $571,000 April 2021
Once we remove the liabilities from our assets, our net worth isn’t terrible. We have a positive net worth which is the main thing! Our net worth is roughly $571,000AUD. This will be different once the businesses and retirement are sorted.
Assets April 2022
Properties: $600,000
Business 1: $120,000
Business 2: $20,000
Business 3: $5,000
Business 4: $10,000
Business 5: $0
Shares: $300
Crypto: $601Total Assets: $755,901
As you can see, we haven’t invested a lot anywhere but the businesses have increased in value due to marketing. The value of the businesses is based mainly on the annual income since most of them don’t have tangible assets.
We would have invested more in shares and crypto but the course was our main focus, along with clearing debt. This coming year, we will invest more.
Liabilities April 2022
Custody debt $5,000
Visa debt $5,000
Personal loan $8,434
Cash debt $0
Cash debt $0
School debt $0Total: $18,434
We are quite happy with how much debt we’ve cleared here on top of everything else. Our assumption is this debt will be all gone within a few months.
Net Worth April 2022: $737,467
Considering our expenses, the health issues with pregnancy reducing income and working predominantly with 1 income, we are pretty happy with this.
Knowing how much we achieved is empowering and motivating for this coming year. With Mr Aspiring Millionaire now working on a good wage and the world opening up again so Ms Aspiring Millionaire can do more travel writing again, we anticipate the next year to be even better.
Plans for the Upcoming Year
Rather than sharing plans, we will continue to share what we have done, as it is done. Ms Aspiring Millionaire will continue with the $2 to $1,000,000 challenge. We will continue to grow our businesses and Mr Aspiring Millionaire will work full time as a commercial diver.
As for large expenses, this year we plan to buy a 7 seater car. Debt will be cleared soon and we have a few purchases to make for the home.
How to Make Money by Investing in Yourself (I Quadrupled my ‘Investment’!)
5 Things to do to Invest in Yourself
When we talk about investing and doubling our money, it is usually property, shares and similar. Investing in yourself is just as important and can result in a huge increase in your income or net worth too. You don’t need thousands to invest in yourself either. Many courses, books and opportunities are under $100;
$2 to Millionaire
One part of this site is my challenge to double $2 multiple times until I have over $1,000,000.
My first flip was a book, second was a dress, third was a refer a friend bonus I promoted with Facebook ads, fourth was creating an eBook, my fifth double is here. And now for my latest.
Originally, I was going to buy or create a website and resell it. Then an opportunity to invest in me came up, I did it and it resulted in $400 extra from the $100 I invested. Here is what I did, how it helped and other ways I have invested in myself.
Disclosure, this post may contain affiliate links to products and services I use.
Image of notebooks in copper basket. Text reads How to Make Money by Investing in Yourself 1. Courses
With so many courses out there it can be hard to know which ones are right for you. If you know what you want to learn about and get some recommendations based on that, it is much easier. For me, some of the courses I have invested in which resulted in increased income and opportunities are below.
Making Sense of Affiliate Marketing: being a website owner, I did this course a little while ago and it helped significantly on my other sites. My affiliate income doubled quickly and it has been a favourite way for me to make money.
Earn More Writing: I fell into freelance writing easily and had clients come to me. When I did this course, I really stepped things up though and was able to make even more plus increase my rates. The opportunities I’ve had because of freelance writing are amazing. Getting qualified to dive and doing dive trips throughout the South Pacific, doing once in a lifetime hikes through Europe and Indonesia, seeing the total solar eclipse in Indonesia etc.
Bundles: Throughout the year different bundles come up which relate to business, blogging, marketing. While I haven’t invested in any of them recently, in my early days these saved me a fortune and increased my revenue drastically.
For this stage of the challenge, I invested in a launch course and a course for confidence/self-love for a total of $79. I’m reluctant to reveal these as they also focus on a few specifics going on in my personal life I am not sharing at this time. Following the steps in the confidence course resulted in landed a $400 contract. And the launch tips will be used next year, so I will post about that then.
2. Books
I read 52 books last year and aim to read more next year. Reading is an essential part of every day for me and I try to do it in my morning routine. Often, on walks or when I’m driving I listen to audiobooks too. My preference is physical books though.
Here are some of the books I’ve read recently which impacted my life, business and finances.
We Should All Be Millionaires
I wrote a review on We Should All Be Millionaires. It’s essential reading for all women, especially women of colour (my daughters). We are worth so much more than we think. I loved the $10,000 challenge in this book too. Get your copy of We Should All Be Millionaires.
Unleash Your Inner Money Babe
More of a woo-woo stylebook and focusing on the Law of Attraction, I have read and followed this book a few times. It’s a 21-day challenge to manifest $1,000. I’ve done it for higher amounts as well and each time did really well. It can be a little difficult on a few of the days though.
Lucky Bitch is another great read on the law of Attraction and money mindset. I know when I am focused and in the right mindset, it is so much easier to generate money, not just from my work either.
Quit Like a Millionaire
Given the difference between Mr Aspiring Millionaire’s upbringing (poverty in one of the least developed countries in the world) to Ms Aspiring Millionaire growing up in Australia, this book was a must. The author describes their upbringing in China and values as a result of it plus how they invested to be able to quit at 30. My review on Quit Like a Millionaire is here.
Buy Quit Like a Millionaire here.
The Compound Effect
Small changes add up. Instead of overhauling your whole life, look at the life you want and the steps you need to take to make it happen. I wrote about The Compound Effect here. You can buy a copy here.
Other Ways to Invest in Yourself
So while I used the money in this double for a course, there are so many other ways you can invest in yourself. I truly believe in having an amount in your budget for this purpose.
3. Qualifications
Take a class you’ve always wanted to. Go back to school and get that qualification you’ve always wanted or which could increase your income. The time will pass anyway and you’re never too old.
School does not need to be an expensive university. There are different options if it is a degree you want or need. Also, you might find other courses work for what you need to advance your career or income. For example, it could be a completely different skill you learn that enables you to create another income stream.
Ms Aspiring Millionaire will be changing careers completely in her late 30s. Mr Aspiring Millionaire just did a course that cost $30,000 to advance his career and in 2 years will do the next stage which will be another $30,000 but the earning potential is huge.
4. Therapy
Previously viewed as something only people who had major issues needed, more and more people are realising the benefits of therapy. Good therapy will help you overcome numerous issues as well as teach you skills to handle different situations.
We live in extremely stressful times. Most people might not realise how much it has impacted them. Therapy is a great way to invest in yourself.
If you can’t afford therapy, consider reading What Happened To You by Dr Bruce Perry and Oprah Winfrey. It is a book I will recommend forever. For helping to understand others and ourselves, this book is a must-read for everyone. it was eye-opening how trauma impacts us all, our reactions, triggers and how to help. The stories in it are so moving and for someone who has experienced extreme trauma, it was validating.
5. Health
Whether it’s joining the gym, getting good running shoes and committing to running, signing up for weekly yoga or buying the things for a home gym, investing in your health will go a long way. When you are unhealthy or sick, it impacts every area of life.
Prevention is better than a cure so it’s best to do what you can to invest in your health and live a good life.
How do you invest in yourself?
Image of desk with notebooks, planner, coffee and text reads How to Make Money by Investing in Yourself How I Doubled $120 (My $2 to Millionaire Challenge, Step 5)
What can you do to Double $100?
As per my challenge to double my money over and over until I get to $1,000,000, I just did step 5: doubling $120 to $240.
I was hesitant to share this one as it was a bit of an experiment and something many don’t view as serious. However, this experiment paid off for us. It is something I researched a lot before launching into it and it was something I have been looking at doing for years.
Doubling my Money so Far
As a recap, I started with $2 which I doubled by selling a book. Next was a dress flipped followed by a refer a friend offer. My 4th double was creating an eBook and now to my 5th.
To be clear, with this double my money challenge, I wanted to create streams of income. I didn’t want to just buy and resell things over and over.
With reselling, my daughters and I do it regularly and did before this challenge. It is something we find fun so have continued with that as an income stream. BUT we don’t continue to include the income in this challenge. It’s separate.
The eBook continues to make money with no effort from me. It’s listed in a few places but again, the income above what I needed to make to double my investment in creating it is not counted in this challenge.
I have only been counting the amounts I need to double then looking for my next income stream or way to double my money.
How did I Turn $120 into $240?
As mentioned, I was a little hesitant to post this but it has done so well for me. A few months ago, I started playing around with crypto. I researched some of the crypto options and chose which ones to invest in.
So far, ALL the ones I have invested in have increased in value beyond what I put in. BitCoin increased the most and my investment has doubled.
Personally, as with any investing, do your research! Investing blindly is the same as throwing mud at a wall and hoping some sticks. Research what you are investing in, how you are investing and be strategic.
How to Know What to Invest in?
I am not a financial advisor. On this site, we share what we are doing and most of the articles are written by me, Ms Aspiring Millionaire. What you choose to invest in is your choice OR get professional advice based on your specific circumstances.
Investing has ups and downs. You absolutely can lose money and at times, our investments have decreased in value. Since we are in it for the long haul, we are not worried.
What and how you invest will depend somewhat on your risk tolerance level. Mine is pretty high compared to Mr Aspiring Millionaire. I also grew up in Australia, surrounded by people investing in business, shares and even crypto early on.
My comfort level with these riskier investments is much higher than Mr Aspiring Millionaire. He grew up in Vanuatu where business was extremely difficult, he saw many fail. Shares, crypto and investments outside of real estate were not available.
Discuss Your Investments
My top tip for knowing what to invest in, is to discuss it. You and your partner need to be on the same page if you have joint accounts. If you keep your money separate, you still need to communicate about money.
Know what each others risk tolerance levels are, what you want for your future, how you will do it and seek professional advice.
Read books, listen to podcasts and learn together. Discuss everything as you learn.
Resources we Used to Decide on our Investments
Firstly, we discuss our childhoods as well as our hopes, dreams and what we wanted for our futures. Fortunately for us, we have the same long-term goals. The how has been debatable but we are definitely on the same page now.
To get there, we researched together and have weekly abundance meetings where we review our net worth and finances in general.
Books
The Simple Path to Wealth is one of the most popular books and really helped me explain Indexed Funds and investing this way to Mr Aspiring Millionaire.
Quit Like A Millionaire was fantastic for helping us understand each others backgrounds better. It also helped me understand the strong emphasis on education his family have. Currently, Mr Aspiring Millionaire is studying and when he is finished, he will be earning significantly more in his chosen career. It was a large upfront cost but will pay off in the end.
This book also helped show the importance of being frugal (we both grew up in frugal/poorer families but not the worst). Along with the value of investing young. Once he starts working next year, living off one wage will see our investments and path to early retirement skyrocket.
We Should All Be Millionaires is aimed at women but I found it useful for me to read and share what I read. Since it is about people of colour, includes a lot of statistics and advice, it was relevant to us.
Unleash Your Inner Money Babe was the first book we did together. While it is more geared to women aka babes, going through the 21 day challenge together was a great way to start discussing money.
The Big Leap is a favourite of mine. We read it slowly because it required a lot of thinking and some exercises. It will change how you do things and is not just about finance.
Podcasts
Manifestation Babe was one of our first together because we enjoyed Unleash Your Inner Money Babe.
ChooseFI has some interesting episodes we’ve discussed.
Chill & Prosper is a new one we are enjoying (we also like Denise Duffield-Thomas’ books)
The Strategy Hour is great for business too.
What is Next in my Doubling my Money Challenge?
I have a few ideas for these early stages. Two options involve websites: either setting one up from scratch and doubling my money quickly or buying one and flipping it. Both are things I have done before, both require time and money invested but can be done with as little as $100.
My intention is to cover both of these on this site at some stage. Exactly what I did and how I did it, so now is probably as good a time as any!
Image Bitcoin on phone, as coins as well. Text reads from $2 to millionaire. Doubling my money from $2 to over $1,000,000. Step 5: how I turned $120 into $240 10 Passive Income Ideas
How to Make Passive Income
Millionaires typically have 7 income streams. Since no one can work 7 jobs, you need to look at other options. It’s about working smarter, not harder. Be smart with your time, find ways to generate income with little or no effort and you’ll find your net worth increases much easier.
Passive income is income you generate with little or no effort. Often you need to spend some time and money upfront but once it’s ready, it can make money easily for you, even in your sleep!
How I Make Passive Income
Personally, I’ve been working on passive income for years and it is something we are now working on as a family. Our current passive income includes:
Book royalties, blogs which don’t require me to work on them to make money, shares, business, eBooks, rental properties, stock photos and peer to peer lending.
That said, while we technically get an income from these, most of them get reinvested. For example, dividends from shares/stocks get reinvested. Rental income is being saved to develop our property portfolio further.
In the future, we will be focused mainly on business, real estate and shares.
Image of money and a plant. Text reads 10 Passive Income Ideas. Photo by Justin Saula of Blackbeard Photography 1. Digital Products
Anyone can be an eBook author on Amazon or similar now. If you have your own site, you can sell your books on there too. I have eBooks listed in a variety of places so get royalties each month from Amazon, direct payments from my site and royalty payments from my publisher too.
Digital products are great because you can make them once and sell them for years. Two of my eBooks are over a decade old.
Two other digital products include printables which you can sell on your own site or sites such as Etsy and courses which is another option popular among bloggers and influencers.
2. Book Royalties
In 2010, a large business publisher saw an article I wrote and wanted to turn it into a book. We did this and there was an extra eBook created from one of the chapters. For years I collected royalties on the print book then I negotiated the rights back.
However, I still collect royalty payments for the eBook AND since you get payments as an author in Australia for anyone borrowing the book from the library, I get paid for that too. I forget about it until I get the email every few months.
It’s a nice surprise which I can invest immediately into shares or crypto.
3. Rent
Being a landlord is not always as passive as it is made out to be. Repairs, dealing with tenants or property managers, late rent or similar issues can chew a lot of your time.
However, if you are fortunate enough to have one managed well by someone for you, all repairs etc taken care of and the money simply put in your account, it is a great passive option. This is where we are at.
Our properties are overseas and taken care of by family there. The money is split, they get some and some is saved for us to develop the property. Since they live in Vanuatu, the income they have is pretty low and the rental income helps put family members through school, ensuring a brighter future for them.
Airbnb is a popular option for many as well. Since people can self check-in, you have rules and can have a cleaner for between bookings, for many, it is pretty passive. I (Ms Aspiring Millionaire) have previously done quite well with Airbnb.
Renting a room in your home can be fairly passive. Whenever we’ve done it, we were usually lucky enough to get people we know. Rent/board was set up to be paid automatically and since we come from big families, it didn’t bother us to have extra people in the home.
As a single mother (previously), having a boarder reduced my workload as they also helped clean at times.
Lastly, renting out the garage. Other than handing over the keys, this has always been a passive option. The garage has been used by people to store items, run a business or store a car. Each time, payments were automatic and I barely saw the person using it.
4. Shares
Invest in index funds, learn and invest in specific shares you want or look at micro-investing to get started. Before investing, take some time to learn. Too many people invest blindly then lose money.
The sharemarket goes up and down but if you have a longterm view, reinvest and don’t plan to use the income (dividends) until retirement, your portfolio can continue to grow nicely.
5. Advertising on Your Car or Fence
With a newer car, you can be moving advertising for any business. They pay for a car wrap or magnet to be placed on your car. This works best in cities and if you drive a fair bit or your car is parked somewhere with a lot of traffic.
If you live on a busy street, some businesses will pay you to have signage on your fence as well.
Both of these don’t require effort after the initial set up. But be aware it can damage paint.
Image of plant, phone with calculator app open, Australian $50 notes and a notebook with pen.Text reads 10 Passive Income Ideas. Photo by Justin Saula of Blackbeard Photography. 6. Affiliate Marketing
We do this through our websites and it forms a significant part of the website income. It’s easy enough o set up a website, market it well then outsource it to make money without your input.
Affiliate marketing is where you get paid when someone buys something through your link. Many sites are set up as Amazon affiliate sites or similar. It’s a way to sell or promote items without having to have them in stock.
Some of our best affiliates involve food and finance items.
7. Ecommerce
Build a website (The Thrifty Issue has a simple guide on it) and either sell your own products, do dropshipping or do affiliate marketing as mentioned above.
Dropshipping is a hugely popular option as you can design and create products but not have to stock them. They are sold through your site and shipped directly to the customer without needing a warehouse.
8. Silent Business Partner
Partner in a business without being one to make all the decisions. You can either set up a business and be a financial partner or buy into a business. The businesses we own are split between us being active partners and one where we are silent partners.
9. Stock Photos
Sell your photos on sites such as iStock. Since we travel and take numerous photos for the marketing work we do through our travel, selling stock photos is a great side option. Once uploaded, we make commissions when they sell.
We do not upload our best, only generic style ones we don’t care about.
10. Peer to Peer Lending
We’ve mainly done this as a charity option but if you have a decent amount of money, you can start doing peer to peer lending through various websites. We have just started with Plenti and will share our experience with that soon.
How do you make passive income?
How to Overcome Fear and Money Blocks to Make More Money
Recently I posted about the cultural differences with money since we have 5 cultures in our blended family. We have extremely different expectations placed on us and since sharing more about our money, there were issues.
These issues were so big, I stopped posting out of fear. I withdrew on ALL my platforms out of fear. This happened once before, when going through court for child custody. Anything and everything I wrote my ex and his lawyer tried to use against me in court. It didn’t work but it instilled intense fear.
At the end of July, that fear crept in massively when these issues happened and I stopped everything.
Image of coffee cup with “Be Strong” on it. Text reads How to Overcome Fear and Money Blocks to Make More Money What Happened to Stop me Posting?
I mentioned in the article about our cultural differences with money pressure to provide. There have been issues throughout our relationship where I have been viewed as a bank or simply money instead of a person. It happened again in a big way and I was done.
I pulled back completely. We had a 5-year plan which we made clear and it was not being respected. As a result, it felt as if anything I posted on here was being used against us. Because the people asking DO follow and read this.
We have not spoken since this incident and it has taken me until now to overcome the fear and get back into things.
On top of that, Mr Aspiring Millionaire had to go to another state, our son started teething and not sleeping, work issues happened, the kids had issues at school and our eldest turned 14. So there was a lot on.
But I used all of that as an excuse. The thing holding me back was fear.
How to Overcome Fear
Firstly, you need to recognise that’s what it is. As humans, we are amazing at finding excuses to avoid anything without acknowledging we are actually scared.
“Feel the fear and do it anyway.” is a quote I have often applied in my life. Along with “What would you do if you knew you could not fail?”
After acknowledging my fear, I asked myself, what’s the worst that can happen?
These people will keep asking for more money? They will think we are stuck up or holding out? They will place their expectations on us?
None of that really matters to me. Deep down, I do not care what they think. What matters to me is my family and I am sick of trying to please everyone.
So I put my foot down with that. I said no. I made it clear I will not tolerate this attitude and I stepped back.
Take Time For Yourself
Fear is also known as False Evidence Appearing Real. I was scared because I felt that if I kept doing this, they would keep asking and causing issues. Putting pressure on us and never respecting me as a person.
That is a whole lot of “what if” thinking. In reality, no one can make me do anything with my money. They can’t force me to do anything and if they keep asking, I can choose to cut contact. I can hang up the phone, not respond to emails etc. Whatever it is I need to do to protect my sanity.
When you are feeling fear or making a bunch of excuses up to avoid something, ask yourself why? Ask yourself what’s the worst that can happen? What’s the best that can happen? And what really matters to you?
Take some time out to think and work out what is holding you back and why. Then you can take the next step to overcome it.
Decide What You Want
What do you really want? What’s holding you back? You can think about the worst case scenarios if you want to then problem solve them.
Personally, I tend to dive headfirst into things and go for it instead of thinking of every possible scenario. Too man y scenarios will stop me from taking any action.
If you know what you want, which in the case of this site is to double my money until I am a millionaire and track our net worth, it’s easier to make a plan and stick to it.
When you don’t know what you want, you tend to float aimlessly and it is much harder to overcome fears or money blocks.
Create a Plan
In my situation, I already had a plan. I chickened out on it because of my fears and excuses.
Create a plan with actionable steps. Even if you only take one small step in the right direction each day, it will add up. Without a plan, nothing will happen and you’ll waste a lot of time.
My preference is to set SMART goals: Specific, Measurable, Attainable, Realistic and Time-Bound. I like to work on one at a time and do it in a block. Each night I journal how I am going and have a plan for the next day. Being accountable this way helps keep me on track.
Take Action
Nothing will happen if you don’t take action. A plan is great but without action, it is simply a wish. Commit to taking daily action to achieve whatever it is you want to achieve.
As you take action, it builds momentum. Moving in the direction you want to be going will help you stay motivated.
What Changes am I Making?
I stepped right outside my comfort zone by outsourcing more of my business since so much of my time is taken up in my personal life right now. By opting out of communicating with the people causing issues, my stress levels dropped drastically.
I’m focused on the next step of my doubling my money challenge to get to over $1,000,000 and have a better plan for everything.
How do you overcome fear and money blocks?
Image of man jumping off cliff into lake. Text reads feel the fear and do it anyway.
