$2 to $1,000,000 Updates
How Outsourcing can Increase your Income: Step 10 in Doubling my Money
How and What to Outsource to Make More Money
One of the biggest obstacles financially for me has been time. Not enough time, no childcare, and everything falling back on me to manage. With moving house, setting the teens up in new schools, having a toddler and baby etc. It’s a lot.
A few years ago, I made great money, travelled and had a super flexible lifestyle. My teens and I loved it. Then the world changed drastically in 2020, we had some major hurdles with bushfires, a double family death in Vanuatu, getting locked down in the Solomon Islands and needing to set up a home there, hit by a cyclone, repatriated and needing to set up a home again and buy a car.
That was just the first few months of 2020 for us. Then, then 2 back to back complicated pregnancies, a residency visa and studying for Mr Aspiring Millionaire in another state. As I said, everything fell back on me. This greatly impacts my earning capacity and motivation.
Disclosure: This post may contain affiliate links.
We Can’t Do It All On Our Own
With so much going on, I neglected myself, my career/business, my life, and everything. We had agreed once we moved, the kids would go into childcare, and I’d be able to complete my studies and work.
No childcare was available, no nannies, and no options for months. The waitlist for childcare is 18+ months!
This greatly reduced my capacity to do anything and set me back mentally and emotionally as well. Doing it all on my own was slowly killing me. Plus, it meant I couldn’t do anything about my $2 to $1,000,000 challenge.
Finally, I have made an arrangement and now get time to work, do self-care etc. It wasn’t easy to set up but is essential.
As much as we like to think we can do it all, we can’t. I get called superwoman or supermum a lot. People are amazed at all I do and wonder how I do it.
Yet often, I feel stressed out and like I’m failing because there is too much to do and I feel I am always behind. My goals, needs and wants don’t happen.
Being so busy, having so much on, trying to do everything perfectly myself is no way to live. Something had to give so I made the decision to outsource more.
How Much Can Outsourcing Make You?
How often do we waste our time on things that would be better outsourced? If you can make $50hr doing something you are great at and outsource the little stuff for $25hr, aren’t you better off outsourcing those things so you can focus on income?
The amount you make from outsourcing depends on what you outsource, how you do it and how much you or they make for you during that same time.
Outsourcing has been a struggle for me over the years even though I know I could make more money if I did it more. The desire to be in control of everything as it impacts my reputation is strong. I know if I have a good team, I can make a lot more though.
So both not being able to outsource childcare and being reluctant to outsource too much in business was costing me money.
How to Know What to Outsource in Business
When it comes to business, outsourcing should be easy but for many small business owners, it’s tricky. You have specific skills people are paying for and that is where you make your money. So your time should be spent on those tasks and admin outsourced, right?
How many business owners do you know who waste a lot of their time and energy on the small stuff? I’ve been guilty of this many times.
Write a list of all the tasks involved in your business. Next, you’ll divide the list into tasks that absolutely have to be done by you vs tasks you can outsource.
Then, place them in order of tasks that make you the most money to tasks that make you the least. How much time do you waste on those things that need to be done but don’t need to be done by you? When you could put that time into money-making pursuits only you can do?
Looking at this list can make it easier to know what to outsource first. The more you outsource the more time you can dedicate to those things only you can do and that earn you the most money.
Some tasks you might consider first are bookkeeping, emails, social media, marketing, all the administration tasks, bookings etc. Sometimes when business owners do this, they find the professionals streamline a lot of these processes for them saving even more time and money.
Take the plunge and outsource.
How to Know What to Outsource in your Personal Life
Outsourcing your personal life might sound weird but it is amazing how common it is and how much time it can free up. You already outsource somewhat.
Think about it, you outsource car repairs and maintenance to the mechanic and most families have to outsource some childcare.
Cleaning, gardening, ironing and even booking appointments are common things people outsource. There are personal concierges that will take care of picking up dry cleaning, arranging gifts, booking flights etc.
Decide what you want to outsource and make it happen.
If you want to grow your business or career, consider time vs money when it comes to outsourcing parts of your personal life. It might be quicker, cheaper and easier to have someone clean the house, do the ironing, mow the lawn etc.
How is Outsourcing Quicker, Cheaper and Easier?
Once you have the right people in place to do the tasks you’ve chosen to outsource, it flows easily. You don’t have to think about those tasks anymore. Those parts of your business or personal life get sorted without your effort.
It is often quicker because professionals usually do things faster and better than we do. That’s why they are the professionals getting paid for it. Outsourcing them is often cheaper because if you can do something that earns $50 to $100 an hour (as an example) at the same time you’re paying someone $25 to $45hr to do those tasks, you’re in front. You can earn more in that time than it costs to pay someone to do those tasks.
How to Know What to Outsource First
I outlined one way to decide how to outsource for business above. Write down all the tasks you have to do, split them into groups of things you have to do vs what someone else could do. Then order them from highest earning to lowest earning then choose things to outsource.
When it comes to personal or business, I tend to outsource based on what I hate doing or what I need help with first. Previously, this has been gardening first. I hated mowing the lawns, weeding etc. So it was worth it to me to pay someone to do that.
Childcare is one I have had to do at times but I do try to be there as much as possible for my kids instead of having them in full-time care.
Work out what can be outsourced and what would free up the most time or provide the most value to you if you outsourced it. Not everyone will start with the same things, it is up to you what you outsource, how and when.
What I Outsourced to Increase my Money
Having 2 babies close together (January 2021 and February 2022) meant I did not have the headspace to outsource. During that time we were also focused on getting Mr Aspiring Millionaire his residency visa and commercial diving qualifications so he could work. Then the focus was on moving house and healing from the pregnancies.
Once settled in the new house I did a full evaluation of where my time was getting wasted, costing me money. I also reviewed what was costing me mentally and physically. Too much has been left to me to do by the whole family and I was exhausted in every sense of the word which impacted my capacity to earn an income.
My first step was to sort out the chores and things in our home. I want my kids to have all the life skills I have and more. As such, they’re involved in cooking, cleaning, repairs etc. Once this was more organised (read What is Insourcing and Why You Need to do it to understand it).
Next, I had to outsource childcare a little but that was difficult. Waitlists for childcare centres are 18 months, there are virtually no nannies and even getting a babysitter has proven difficult. I finally got 2 days of care starting February 2023 for my then 2 year old but I still have my almost 1 year old at home.
As such, I had to get creative about childcare. A mix of nannies, seeking out an au pair or even getting a cousin to come over were all considered.
Paying someone I trust to look after my kids so I can work has been huge. It was hard for me to deal with it at first but it needed to be done. Without it, I was never going to progress in my career or achieve the goals we wanted as a family.
Plus, while I do spend most of my time with my kids and they are my priority, I needed the break mentally.
Originally, Mr Aspiring Millionaire was going to be with the kids in the afternoon so I could work. Commercial diving varies a lot though and even though his finish time is 3pm, he rarely finishes then. It’s not like an office job where you can up and leave, it’s underwater welding, construction, repairs etc.
Weekend work is common too, making time for me to work difficult. I have no guaranteed time I can work without finding alternative childcare.
So I worked out a plan with some help at specific times that should free up about 20 hours a week for me. I’ll try it until the end of April and see if it can continue.
This is where I spent the money from my $2 to $1,000,000 challenge. I needed to spend money on childcare to free up my time. I anticipate I’ll double my $3,849 within 1 month with the time I have to focus and do things such as reselling.
3. Admin Tasks
The next step was outsourcing more of my websites. They’ve been my ‘babies’ and I was reluctant to let go as my identity was so entwined. As a result, they have barely been touched the past 2 years while I was off having kids.
Setting up a larger team to do various tasks them has saved me significant time to earn more.
Reviewing my business and seeing where I make the most money and how I can increase that was crucial for this. Once I saw where the bulk of my income is coming from and the things that can only be done by me, I set to outsourcing everything else.
This step alone is set to double my income within a month and freed up so much headspace for me. In fact, I can work less and earn more overall.
4. Some Meals
My kids are more than happy to cook 2 nights a week each and are keen to learn more recipes from me, which we are working on. It was a bit of a juggle, me writing out and teaching recipes to my kids so they could do more, but it was worth it.
They also loved learning from and following HelloFresh recipes. We used HelloFresh a lot when I was pregnant. It was great as they could select the recipes they wanted to cook and hardly needed any instruction or help from me. If you want to try HelloFresh, get a free box here.
Why Didn’t I Outsource Cleaning, Gardening etc.
I want my kids to be good at all these chores so right now, cleaning, gardening and similar tasks are not outsourced in our home. Eventually, they will be or they might be occasionally but overall, I want my kids to still do some chores.
All the kids I grew up with who didn’t have to do any chores were fairly entitled and struggled in adulthood. My aim is to raise confident, intelligent, capable and compassionate adults. To do that, I have to teach them now.
How Did This Increase My Money?
Spending thousands on outsourcing feels weird at first but it was worth it. Outsourcing made me money by enabling me to spend time on the tasks that make me more. Plus, outsourcing to the right people means they increased the business income due to their expertise.
I was able to earn 2 to 3 times what I was paying someone else. Meaning, for every hour of any service I paid for, I was able to earn 3 times what I paid them.
For the things I outsourced in my business, they made double what it cost them to do what they were paid to do. Plus some of my time was freed up not having to do those tasks.
You can’t do everything and trying to do it all costs you time, money and your health. Do a review of your life and business to see what you can outsource to make time for what matters to you.
What Have you or Would you Outsource?
$2 to Millionaire: Step 9 Turning $1,920 into $3,840
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.
You can see more when we share it on Facebook and Instagram.
A Business and Employing Others: Millionaire Challenge Step 8
My aim is to start with $2 and double it over and over until I have over $1,000,000. Check out the $2 to millionaire updates for what I’ve done. This is my 8th double, $960 to $1,920.
Along with doubling my money with each step, I am creating income streams and this time is no different. It is amazing how many opportunities are out there once you are open to them and actively working towards a goal.
Disclosure: This post may contain affiliate links for products and services we use.
How I Doubled My Money
It’s been a while since my last update where I flipped a website (something I used to do a bit). A week after that update, I gave birth and it didn’t go well. Then we all got sick with the same thing going around the world.
Yet, despite that, there were 2 business opportunities I could have jumped on. One I was too slow in responding, the other requires less effort and is essentially run by someone else already.
Having run businesses before and with my experience in marketing, I know when I am looking at a business for sale if I will be able to increase the profit for minimal effort. Any business we buy going forward needs to be essentially managed and run by others.
I’ve done businesses where it relies completely on me. That’s not a business, it’s a job. Because if I stop, the money stops and that is not what I want.
What Are The Businesses?
The first business opportunity was posted in a Facebook group. I looked into it and could see how we’d easily double our investment within a month. It was a great idea but poorly managed.
However, the opportunity came up when we were sick and I missed out. Someone else managed to snap it up because I was out for a couple of days unable to do anything.
It was a business that required more involvement than I would normally be interested in but perfect for my daughters. We discussed it, I was going to help them with the marketing side of it and they were going to do the actual work of creating the product as ordered.
Since we didn’t buy it, I won’t link to it. I will say, I do regret not acting sooner on it. But even though we didn’t buy it, the conversation within the family about business, future projects, what we want to do was fantastic as a result of that opportunity.
The other business, someone approached me to collaborate. I am sourcing the product and fronting the cost, they are doing the marketing and selling.
Business Partnerships, a First for me
In all previous businesses of mine, I have been the only owner/founder/investor. At times, I have been approached or did attempt a partnership but it fizzled and the business never eventuated beyond discussions.
When I was approached for this, it was interesting as it was an idea we had discussed previously but knew we needed other people involved for it to run. We thought we wouldn’t be able to do it until after the pandemic and that it would require more work finding someone so this was a great surprise.
Setting Up Slowly
Usually, when doing a business, there is a lot more involved regarding set-up, website, legalities, partnership agreement etc. Since this one isn’t in my country but I know how well this can do, it’s slightly different.
We started with a test run of the idea, with the details outlined and will do it slowly this way for a few months. If it continues to do well, it will be set up properly as a full business.
Right now, it would be classed as a hobby or arrangement between family members really. With plans to grow, once it reaches a certain point, it will legally need some business licences and other things so that is when it will be registered and formalised.
Normally, I would never do things based only on trust. This particular project was no risk to me. Yes, I fronted the money so that is technically a risk, but we send money to this family member anyway. This is a way for them to make money long term instead.
So because of the uniqueness of this situation, I was willing to test it out based on mutual trust.
While sometimes, trust works out, I am a strong believer in setting things up as you wish to continue. With business, always have the end in mind, meaning, will you sell it or outsource it completely etc?
Expanding Over Time
This one is starting quite small and I can’t share a lot of details as yet. Once it progresses properly into a business (if it does) then I will share more about the exact process and what we are doing.
Being a test project with the option to expand it’s exciting. I like being able to start something, have someone else do the bulk of it and know the potential to expand into other countries later.
And if it doesn’t progress beyond this stage, that’s ok as I already doubled my money. It’s unlikely to stop though.
Future Plans for the Millionaire Challenge
Going forward, I am mostly interested in things that will create another income stream. I’ve done a few such as eBooks and websites that generate money consistently. Replicating them and creating more of them are part of my plans.
But I also want to work on bigger projects. However, with young kids, including a newborn, it’s difficult to do too much now. Later this year, when I have childcare, I will be doing a lot more.
How to Make Money Building and Selling Websites
6 Steps to Build Then Sell a Website to Make Money
Blogging and websites have been my main income for years. It’s something I’ve enjoyed but not pursued as much as I could have due to other commitments. This is a basic overview but I have links in the article for more information.
As part of my $2 to Millionaire challenge, my most recent double was building then selling a website. For my challenge, I started with $2, doubled that and will continue doubling until I have over $1,000,000. This was my seventh time doubling my money. You can read all the others here.
For this one, I had $480 to use and managed to sell the site for $1,500 rather quickly. If I kept it longer and made more money with it, it would have sold for more.
Disclosure – This site contains affiliate links for products and services I use.
1. How to Set up a Website
Back when I started blogging, I had to learn to code. Now you can drag and drop it all with loads of free tutorials making it super easy.
In fact, I can set up a website within a few hours with all the graphics, social channels, some articles etc. The thing that takes longer is the content and marketing. Both of which I have extensive experience but you can also outsource.
2. The Basics of Website Creation
In a nutshell, you need to decide on a niche, pick a relevant and available domain name, check the socials are available for it then get set up. Buy your domain name. Get your hosting package and my preference is to install WordPress then build the site that way.
All of this probably sounds like a completely different language if you have never had anything to do with creating websites, blogging or social media.
You can teach yourself all of it or hire someone. If you want to learn for yourself, I recommend doing a course and stepping through it. If you want a full tutorial on how to do it, I have written one here.
Hire other people to do the work for you. Just because you can, doesn’t mean you should DIY it all either. If you have the money, it’s easier, quicker and you can do more of them if you outsource. Make sure you have a clear plan for what you want and vet the people you hire thoroughly.
Get a virtual assistant, a writer or two, someone else to set up the site etc. These positions can be sourced relatively cheaply through Fiverr, Upwork and similar. Get them to do the grunt work and you can oversee everything instead.
4. Market the Website
A website needs to make money and to make money you need to get it out there. Marketing is something I did for years but for a website, it is easy to outsource it.
Scheduling posts on social media, updating content on the website, ensuring everything has good SEO, these are all things that help grow your audience and your bottom line.
With any business, including websites, you need a marketing strategy. It can be basic but you need one and need to be consistent to make it grow and have value.
5. How to Make Money with Blogs/Websites
This is the part I get asked abotu the most. Firstly, you need traffic to the website, an audience and things for them to buy.
The most common way people make money from websites is through affiliate links. This is where something is mentioned and linked to. When someone clicks on it and buys it, the website owner gets a percentage of the profits.
Ads from companies such as Google for Adsense or MediaVine if you have enough traffic make great money. They manage the ads shown on your site and it is the easiest process.
Sponsored posts are less common. This is where a company pays to be linked to from your site either in a new article you write, they provide one or in an existing post. You need to disclose it and realise there are many ways this can harm your website long term with Google.
Dropshipping is where you create a product customers can buy and it is created then shipped by a third party.
Your own products such as courses, eBooks and other resources.
For more ways to make money with websites, read this.
6. Sell the Website
With the website up, good traffic and income, it can be sold. Websites can be bought and sold on sites such as Flippa. Alternatively, there are Facebook groups for selling websites and email lists.
As I have been doing it for a while, I have access to and have utilised all 3.
Why Make Money Selling Websites
Creating and selling websites is something most people can learn and can be done from anywhere. If the last 2 years are anything to go by, having multiple streams of income and being able to make money remotely is important!
My preference has been owning them for a while, generating income and then selling off some. I can outsource all of it now, focus on the ones that are doing well and then sell the ones that aren’t performing as much as I’d like.
My plan moving forward is to continue with this but the websites will be held for 6 to 12 months each time to see which are performing the best. Previously, I owned 10 websites at once and that generated great income.
Due to changes in my life, I had to sell them to pay for something extremely important to my life.
Now, I am in a position to get back to it and am excited.
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.
Find all the updates on our challenge where we are doubling $2 repeatedly until we generate over $1,000,000 here.
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.
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.
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.
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.
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.
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?
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.
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!
How to Create an eBook
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.
You can find other posts on doubling my money here.
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!