How to go from $2 to Millionaire by Flipping Items
I posted about how if you double your money with each flip, you get to over $1,000,000 in 20 steps. Which makes it seem extremely simple. Some flips will be harder than others to double your money. Here is where I share exactly what we have done and link to every post about what I flipped, how I flipped it and the progression from $2 to millionaire.
Many of these have also become ongoing income streams. For example, we buy things to resell. Facebook ads run often, the eBook is still selling and we will do more of them, crypto can continue etc.
The aim of this challenge isn’t just to double the money but also create streams of income since millionaires typically have 7 income streams.
Here is each double.
Double 1: $2 Book sold for $8
I purchased The Barefoot Investor for $2 at an op shop and sold it for $8. With that $8 I bought a $7 dress and 2 books. Read about that here.
Double 2: $7 Dress sold for $20 plus 2 books for $10
With the $8, I purchased a Cue dress and sold it for $20 as well as 2 books for $1 and sold them for $5 each. I shared that plus tips for reselling clothing here.
Double 3: Facebook Ads and Refer a Friend $30 to $60
The $30 had me stumped for a bit then I remembered the challenge wasn’t necessarily finding items to flip. The $2 to $1,000,000 challenge was about doubling my money. I turned $30 into $60 within 24 hours using a refer a friend code and a Facebook ad. $60 was made quickly but the total amount made I won’t know for a few weeks as it is all processed. Plus Facebook gave me $30 ad credit if I spent $15 so I got that extra bonus.
Double 4: eBook $60 to $120
Creating an eBook produced another stream of income but also enabled me to go from $60 to $120 easily. Check out how to create an eBook for details.
Double 5: Crypto $120 to $240
We are not big into crypto and wouldn’t recommend making it a huge part of your portfolio. In the few months I invested this money, I more than doubled what I had and it was a lot of fun. However, it is not for everyone. Check out what I did and how I did it here.
Double 6: Investing in Myself $240 to $480
How I invested in myself and am continuing to make money from doing that plus ways you can invest in yourself to make money. This is one that will continue to pay for itself over and over. Including something which is planned for next year and will be quite big.
With the success of the first few, I am replicating them. I even found the book I bought for $2 before for 50c and listed that today. So rather than just doubling my money, I am also creating multiple streams of income.
Double 7: Buying and Selling Websites $480 to $960
Building and selling websites can be profitable. They are not a quick flip like some of my earlier items but they can definitely generate more. Alternatively, they can also be a great source of ongoing income.
Check out how to make money building and selling websites. I built one for under $100 then sold it for $1,500.
Double 8: New Business $960 to $1,920
The opportunity for a business came up and we jumped on it. Most businesses we’ve been involved in have required a lot from us. This one is mostly run by others and we only spend about a day a month doing anything for it.
Double 9: Cultural Money Saving and Making to Double $1,920 to $3,840
This one was an opportunity for our family in Vanuatu and resulted in our saving a lot of money while significantly helping them. Check out how we did it here.
Double 10: Outsourcing to Maximise Returns $3,840 to $7,680
At times, outsourcing can make you money if you do it right. Check out what I outsourced and why it made me money.
Double 11 and 12: Websites = Turning $7,680 into $31,570
Flipping websites has been mentioned before. This one is an easy way to make money for me but unless we are building or buying and holding, it’s not another income stream and my preference for the challenge is to create income streams. These ones had some NDA’s so I can’t share much but share what I can here.
Step 13: Property and Business
Currently in the process of this step and will share once complete. It will provide two new streams of income.