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
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 on CoinSpot. I researched some of the crypto and chose which ones to invest in. You can get a bonus $10 worth of BitCoin if you want to try it here.
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.
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.
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!
5 Steps to Create an eBook
I set myself a challenge to double my money repeatedly, starting with $2. After doubling it 19 times, I would have over $1,000,000. The latest thing I did to double my money is create and sell an eBook. This can be free to do or if you want it to be a little more professional and don’t have all the skills, you might need to enlist some help.
How I Turned $60 into $120
Stage 1 was using $2 to buy a book which I then sold for $8. Next, I used the $8 to buy a dress for $7 and 2 more books at 50c each. Together those items sold for $30.
With the $30 I used a refer a friend code and Facebook ad credit to generate $60 almost immediately. This ad generated more than $60 but I am sticking to $60 here for ease of tracking the doubling method. So I am focusing on the doubled amount only.
Turning $60 into $120 had me a little stumped at first. The goal is to double the money each time but for some reason, in my head, I was stuck on buying things to resell to double my money. But that isn’t what the challenge is. It’s just finding a way to double your money.
Multiple Streams of Income
As I have gone along in this challenge, I had decided to look for ways to create multiple streams of income with it as well. So each stage can, in theory, continue to generate more money even after I doubled the original amount. With the first two, it is about buying and reselling. My 14-year-old has gotten right into this too.
Since I found some items we’ve sold successfully before, we decided to continue with buying and reselling on the side. Most things only take a few minutes to list and so far, she is doing well with Lego and clothing. I am doing well with books and clothing.
Create an eBook
To turn $60 into $120, I decided to create an eBook. I know this will continue to generate income even after the original double to $120. How much it costs to create an eBook depends on your skills, what you are willing to do and where you sell it.
If you are skilled, you can write it, create the cover art and promote it for very little. I’ve written eBooks before (check out my eBooks here) so it was easy for me to create and promote this. The $60 was spent on promotions and again, within a short period, I made $120.
Next month, I will be actively doing a lot more to promote it and have a goal in mind for how much I can make with this one.
How to Create an eBook
I’ve written and sold numerous eBooks over the years. Some got the attention of the News which made for great sales. Ideally, when writing an eBook you need a marketing plan as well. It’s not enough to write it and hope millions of people buy it. Marketing and PR are essential to get your book out there and generate sales.
Here are my tips for creating and making money from an eBook.
Check there is a market for the book, get people interested and promote it before you launch it. Do guest posts, line up interviews, send out press releases and generate hype around the eBook before you go live.
With the prelaunch, you can sell it before you’ve even written it but ensure you have enough time to complete it, edit it and get it all ready before you do. Doing this generates income to enable you the time to create the product.
Create The Book
This is stating the obvious – create the book. Write it yourself or outline it and get a ghost writer to write it for you. Format it for wherever you decide to sell it, ensure you obey all copyright laws and aren’t stealing content from anywhere else.
Create a great cover or pay an artist to do it for you. Put it all together and your book is good to go.
Upload to Selling Platforms
If you have a website, you can sell your eBooks directly from it through WooCommerce and similar. They have an add to cart feature making it easy. You can use external platforms such as e-Junkie and you can list on Amazon.
When I launch an eBook, I typically have it available on all platforms and if Australians could have their books on Audible, I’d do that too.
Launch day is here! Continue to promote your book. Look for any opportunity you have to mention it, get into media, do guest posts, be on podcasts, host sessions in Facebook groups, everything.
To be honest, with this last eBook, I didn’t do all of this and have had too much else on my plate that I let it slide. I still made sales because I have a platform elsewhere and a great audience.
I know my sales could be much better and as of next month, I will focus on promoting a lot more.
Now that’s done, onto the next stage of doubling: turning $120 into $240!
How we Turned $30 into $60
Here on Aspiring Millionaire, we are doing a challenge to turn $2 into $1,000,000 by doubling our money. Meaning, find a way to turn $2 into $4 then $4 into $8 then $8 into $16 and so on. Eventually, it is over $1,000,000.
My first flip was buying a book for $2 and selling it for $8. Next, it was a dress and 2 books (the dress was $7 and books 50c each) sold for $30 total. This brings us to now, how I turned $30 into $60.
Disclosure: this post may include affiliate links for products and services we personally use.
Brainstorming Ideas to Double My Money
I was discussing with my sister how to turn $30 into $60. Most of the items I have flipped previously were small items e.g clothing and books around $2 to $5 or big items such as websites or cars ranging in price from $500 to $2,000.
This in-between amount had me stumped. As I thought about it more, I realised my challenge wasn’t necessarily only about buying and reselling. It was about doubling the money, which gave me a few ideas I plan to implement later.
Buying items to resell is one option which I have previously made over $10,000 in a month doing. However, creating products to sell on Etsy, books on Amazon and digital products are all options to double the money too. I quickly realised there are a lot of ways I can double this money.
A Bonus Offer with Referrals to Generate $60
While brainstorming, I got a few amazing offers that I knew I could use for this and it worked within 24 hours. I wrote this post sharing bonus offers worth over $500, including some straight-up cash. The post was free for me to write and used refer a friend links which anyone can do.
Then Facebook offered me a $30 credit if I spent $15 on ads. So I set one up using that post to promote the offer and aim for higher conversions. Some of the offers I won’t know if I made any money on them until next month but other offers were instant.
Within 24 hours, I had an extra $60 in bonus credit from the bank and yet I had only actually spent $3 at that point. The promotion is set to run for 1 week. I can’t wait to see how much is actually generated by it. Any extra will be going to investments and saving for a course.
Bonus Cash For You
What were the bonuses I promoted? I’ll share them all here as well as in the post I linked to above to make it easy for you.
$100 from ING
I’ve banked with ING for years and they’ve been great. Right now, they have a bonus $100 for new customers. Here is what you need to do:
- Open an everyday account and put the promo code CNW116 in the promo box
- Deposit $1,000 into the account
- Make 5 settled transactions
- Open a Savings Maximiser
- Make a deposit into the Savings Maximiser
Then you get your $100 the following month. You only have until July 31, 2021 to do it. And you MUST use the code CNW116 to get the $100.
$20 from 86 400 Instantly!
While $100 from ING is great, this is an instant $20 for you. 86 400 is an online only bank I started using last year to test it out. They are fee free, easy to use and great customer service. You can join for free in minutes and get $20 for doing it. Use the code S7VL6WF when you join free here.
$5 from Up
Another bank I have used in Australia and overseas which gives you an instant bonus. Get your $5 for joining in minutes and have fun with fee free banking with them too.
$10 BitCoin From CoinSpot
If you have ever been curious about cryptocurrency but too scared to test it out, sign up to CoinSpot for free and get $10 free BitCoin. You can see how it progresses, add a little e.g. $10 and watch your reactions to the ups and downs. Doing it this way is almost risk-free since you got $10 worth for free once you make your first deposit.
$10 Bonus to Invest with Spaceship
Spaceship is a great option for micro-investing to see how comfortable you are with it. Use the code S8518DLV20 here to get $10 free when you deposit $5 within 14 days. It is an easy way to test how you feel about investing in shares.
$5 Bonus to Invest with Raiz
Raiz is another micro-investing app but they charge a monthly fee. Get $5 free when you join free here and invest as little as $5. Personally, I use Spaceship more.
$20 Cash Back
Shopback and CashRewards are two of my favourite cash back apps/sites. Plus BOTH of them offer a $10 bonus. All you need to do is sign up to each of them, then use their cashback options when you are shopping online. Spend over $20 online and you get a bonus $10 cashback. Use both sites and get a total of $20.
How Did I Turn $30 Into $60 With These Offers?
As mentioned at the top of the post, this site uses affiliate links for products and services I use. This means, when I refer people I get a payment. Some of these match the offer I can give to others so we both make money. Because of the incentive from Facebook, I had the opportunity to promote these a lot with bonus money, resulting in a quick doubling of $30.
I spent $30 on ads and promoted refer a friend programs to get more than $60 in cash.
How Will I Turn $60 Into $120?
This is my next step and while I haven’t fully decided, I have some ideas. The whole way along in this challenge I will remain open to opportunities so won’t necessarily have it all planned out. If I find something I can flip quickly I will do that, otherwise, I might try one of the other options e.g. Etsy, Amazon or similar.