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!