Double Your Money
I've just been reading an interesting blog about one man's quest for £1million.
The concept of his plan is simple - start with a penny, then find ways to double it until you reach a million. 28 steps in total.
Step 1 Find a penny lying on the ground, or be given it without asking for it.
Step 2 1p-2p
Step 3 2p-4p
Step 4 4p-8p
Step 5 8p-16p
Step 6 16p-32p
Step 7 32p-64p
Step 8 64p-£1.28p
Step 9 £1.28-£2.56
Step 10 £2.56-£5.12 (Call it £5 to make it easier.)
Step 11 £5-£10
Step 12 £10-£20
Step 13 £20-£40
Step 14 £40-£80
Step 15 £80-£160
Step 16 £160-£320
Step 17 £320-£640
Step 18 £640-£1,280
Step 19 £1,280-£2,560
Step 20 £2,560-£5,120 (Call it £5,000 to make it easier.)
Step 21 £5,000-£10,000
Step 22 £10,000-£20,000
Step 23 £20,000-£40,000
Step 24 £40,000-£80,000
Step 25 £80.000-£160,000
Step 26 £160,000-£320,000
Step 27 £320,000-£640,000
Step 28 £640,000-£1,280,000
This plan uses the theory (that Gary has blogged about a lot here before) of breaking big numbers down to make them seem more managable - making a million seems like a massive task, turning 1p in to 2p… not so much.
This is, of course, not all that different to trying to make money in a less structured way, it just helps to motivate you a bit, and hopefully teaches you some useful skills along the way.
There is a PDF with more information available here.
Now, who's up for giving it a go? 
Comment by burt — August 6, 2006 @ 3:43 pm
Interesting! I'm still not quite sure how it works, but can see some possibilities. Are we saying that a person needs to find 1p, then change it for something else of at least 2p value ? No-one will swap 2p for 1p if you see what I mean.
You know, this has piqued my interest into doing some sort of a swapsie blog, along the lines of the red paper clip. Watch this space
Comment by Gerard — August 6, 2006 @ 3:54 pm
Hello, I am Gerard from the project you mentioned.
It's important to read carefully what this project is all about…before we say what other people will or won't do.
I keep to five rules in this project.
The first is to 'find' a penny. This doesn't mean going out actively looking.
And actually, swapping a penny for 2p is easy. When you get to stages beyond 8, the finding and the swapping are more difficult - which is why most give up there.
The key is to FIND or CREATE value greater than the money given.
Read and follow my blog carefully, and you can see what I'm doing.
Comment by Oli Allen — August 6, 2006 @ 3:56 pm
I think the idea is that as you get to higher and higher amounts, the methods you use have to change, hence the learning of new skills etc.
Example: With 1p, you'd probably be able to find someone to swap it with for 2p, just on the basis that losing a penny isn't going to matter to them. Once you get up to the higher numbers, you'd have to find something to do with your money to double it. Buy 10 items for £5, sell them for £1 each and you're up to £10 etc.
The PDF with the "rules" probably explains it better than me
Comment by Andrew Peacock — August 7, 2006 @ 12:02 pm
Oli,
I've just come across this as well, and recently (before I read this) started something similar:
Double my money from $1 upwards, using only online activities, but where my core assets (which are paid for by other parts of the business) are not included in the cost. This includes hosting, email autoresponder, and a couple of bits of software.
Should be an interesting experiment!
Andy
Comment by uKnowWho — August 7, 2006 @ 11:15 pm
Someone marketed this a few years ago through traditional mailing lists.
Pretty clever as a marketing technique: They followed-up a few weeks later with another mailshot containing a penny to get started.
Comment by Gerard — August 8, 2006 @ 12:50 pm
The person who marketed it and wrote it was Stuart Goldsmith. And yes it was a great marketing idea.
But it's not his idea, although he put together a free helpful report.
As to what people do with it, it's up to them
Some laugh, others watch, others talk about it, others try it then give up. The fact is, none of these will ever succeed in it. To succeed, you have to do it.
There is no need to go for a million. Maybe about 50k to100k would be ok for some. Maybe they want to pay off a debt or a mortgage etc.
The main thing is not the money. If we have a strong enough reason, we'll get to our chosen level, no matter what. If we don't, we won't even start or we'll give up quickly.
Perhaps, more than ever, this project teaches the truth of the following quote by Steve Siebold…
“Champions know they are responsible for their own success, fulfillment, and happiness. They know that no one is coming to save the day. They're not waiting for the hero on the white horse. They are the heroes."
Comment by burt — August 8, 2006 @ 1:06 pm
I'd rather go down the route of saying "I want a house" á la the redpaperclip guy. And then trading my way to it. To me that is far more interesting, and more flexible.
Gerard; I cannot read your blog as it is broken in Firefox. Get it sorted
Comment by Gerard — August 8, 2006 @ 4:26 pm
Well, the way you choose IS the best way. No one should tell you or advise you which route. That is what this exercise is all about. the main thing is to use what others do to inspire you.
I guess since you're not doing what I'm doing it won't matter if you can read it anyway.
BTW - What's Firefox? (-:
Comment by uKnowWho — August 8, 2006 @ 8:27 pm
I prefer today's modern method: Borrow us 100,000, and I'll make a million… that puts me straight in at around step 25 so a mil in 3 steps :p
Just joking Gerard - It's a state of mind methodology - Not practical for most people with bills and mortgages, kids and jobs to hold. Such people would have to jump-in at a higher level than step 1.
Real men would start with empty pockets
Comment by Gerard — August 8, 2006 @ 10:39 pm
You hit the nail on the head saying it's a 'state of mind methodology.'
Whether it's practical for anybody is for them to decide as an individual. Obviously what you stated applies to you or you believe that about yourself.
It may or may not be true of other individuals, but what you or I believe about other people doesn't matter.
What matters is what you believe about yourself and your circumstances.
No one needs to go to the full million. But millionaires come from all backgrounds. In fact, only 20% of rich people inherit their wealth.
"If you think you can, or you think you can't, you are right either way." That's a well known quote.
The imporant thing is to make sure our decisions are not based on other people's habitual thinking.
Comment by Gerard — August 8, 2006 @ 10:40 pm
You hit the nail on the head saying it's a 'state of mind methodology.'
Whether it's practical for anybody is for them to decide as an individual. Obviously what you stated applies to you or you believe that about yourself.
It may or may not be true of other individuals, but what you or I believe about other people doesn't matter.
What matters is what you believe about yourself and your circumstances.
No one needs to go to the full million. But millionaires come from all backgrounds. In fact, only 20% of rich people inherit their wealth.
"If you think you can, or you think you can't, you are right either way." That's a well known quote.
The important thing is to make sure our decisions are not based on other people's habitual thinking.
Comment by Gerard — August 18, 2006 @ 10:30 pm
I'm now ready for step 11.
Got a £5 note in the post today after an emailed acceptance of an offer.
This competed step 9 and took me through step 10 also.
I will include more in use value than cash value for step 10 too.
The person, Ben, has been put in the log along with his business URL.
Comment by burt — August 18, 2006 @ 11:31 pm
How long has it taken you to get to £5, and how much "work" has this entailed ?
Comment by Gerard — August 19, 2006 @ 4:25 pm
Its taken about a couple of months, the time taken on the blog and a tiny amount of time advertising.
Working to learn, not for money is the key. If anyone wants money the way it's done by the rich people, they are prepared to work for free.
So I don't sell my time or what I do. In effect, I trade what I know. And learn in the process.
But that is a good question.
And there's more to this answer, and I'll mention it soon in the main Double Your Way To A Million Blog.