Double your Money 20 Times and you get from $1 to $1,048,576
It sounds simple and in the beginning with the lower amounts, it is. You can buy things to resell easy enough but once you start getting into the thousands, what can you do? Property, cars, websites?
How can you Double your Money?
It might not be as easy as only 20 transactions but there are plenty of things you can do to double your money. With the lower end, books, clothing and things from garage sales, op shops or similar can be acquired and flipped for a profit if you know what you are looking for.
There is some risk, you don’t know if the items will sell or they may take a while to sell. But if you get good items with a higher profit margin it can see you quickly move up into the thousands.
How to Double Thousands?
When you get into the thousands it might seem trickier. I’ve bought and sold cars for a profit. Websites I would buy then increase their traffic and sell them for 10 to 20x what I paid.
Websites were the clear winner here for flipping for a profit but life got busy. It’s something I will be picking up again and will share how I do it, my sales etc.
How to Double your Money at the Higher-end?
Websites, cars and property are all quite viable here. Property can take a little time to increase and with the way the world is, it might be harder to do in certain areas. There are whole TV shows on flipping so if you have the time and skills, you can make a decent profit.
Be aware, you need a good budget, time and a lot can go wrong. Patience is key here. It won’t happen overnight but if you are committed to learning and taking action, you can double you money in some cases or with a few houses.
Is it Realistic to Become a Millionaire? Or Financially Free?
For us, it is realisitic but I also understand, it’s not for everyone. I do believe everyone can improve their financial situation a little though and sometimes having a clear goal such as this helps. Doubling your money as outlined above is one example to get there but it isn’t the only way.
Investing in shares, investing in business, starting something or taking it over and making it grow. If you don’t mind waiting, simply investing in super, savings and shares will get you there at retirement age, especially if you start younger.
It is about dedication and a focus on your goal.
Our Millionaire Goal
Millionaire status isn’t my main focus. Having flexible incomes with multiple income streams enabling us to be financially free is my goal. FIRE – meaning Financial Independence Retire Early is our goal.
I’ll be sharing our journey as I go. The focus of this site and project is to start with $1 and turn it into $1,000,000. However, that doesn’t mean I won’t be using our other resources.
The main aim is to buy things to resell and get to the higher amounts quickly so we can focus on property. And we will be sharing the journey the whole way.
What is your big financial goal?