Challenge Update: Day 56

Well its been a month since I last updated this so I'll tell you what has been happening.

I won an Xbox 360 Arcade in a competition at the end of October. I already have an Xbox so I put this prize up for sale on eBay. The Xbox had been opened and plugged in so I earnt £110.00. eBay fees for the sale were £8.48. So overall I earnt £101.52 from the sale of the Xbox.

I also sold some unused Minidiscs on eBay for a price of £10.50. eBay fees of £1.05 meant I earnt £9.45 from the auction.

So current earnings to date are:

• Music Magpie £17.10
• eBay sale (Xbox) £101.52
• eBay sale (Minidiscs) £9.45

Total earning so far £128.07 (42% of target)

Date: 25th November
Date Target: £304.64
Current Balance: £128.07
Difference: £176.57
Verdict: Still behind target by ALOT (Must do better)

Challenge Update : Day 26

Yeah...................

Got my cheque through from MusicMagpie for £17.10. Just gotta stick it in the bank now. I found a load of stuff to eBay at my parents house over the last 2 weeks too. Gonna be a busy week I feel.

Date: 26th October
Date Target: £141.44
Current Balance: £17.10
Difference: £124.34
Verdict: Behind Target by ALOT :(

Challenge Update : Day 7

Its day 7 of the challenge to earn £5.44 everyday until 2010. Not earned any more money since Saturday, but am looking for the next avenue of revenue.

This challenge is a hybrid of the challenge found on the MoneySavingExpert forum. In that challenge to earn £10 per day every day, you can include savings made on purchases. I am not goign to include these in my challenge. My challenge is purely money making. So whether it be by selling posessions, earning by clicking, or another way, then that is what I will include in this challenge.

Date: 7th October
Date Target: £38.08
Current Balance: £17.10
Difference: £20.98
Verdict: Behind Target :(

Challenge: £5 per day every day till 2010

Ok, going slightly off the original challenge of doubling my money at the moment but i'll try and continue that along side this. I was reading the MoneySavingExpert forum the other day and saw a challenge. Make £1000 before the end of the year by any means necessary. That equates to 92 days if I go from the 1st October. £1000 divided by 92 equals £10.87 every day. Now whilst that I guess is achievable, I don't think I have the self belief that I can achieve this whilst I am working full-time. So i'll scale back the target to something that I feel is achievable. £500 by the end of the year. So that is £5.44 every day till the 31st December 2009.

Ok well it's already the 3rd October so I should be at £16.32.

I found a website called Music Magpie who will buy your old music cd's, dvds or games. They pay anything between £0.30 and £3.00 for a cd. So i've checked the house for music cd's I have not listened to in months, years and lifetimes and have quite a pile. Now they will deduct £0.50 per cd if the disc is scratched, the case is damaged or inlay cards damaged or missing. So I guess those that are scratched its not worth sending or, it is if they are worth more than £0.50. If not try them on eBay I guess.

So I registered 21 cds and for that I have been given a provisional figure of £17.10. I will await my cheque from them.

Date: 3rd October

Date Target: £16.32

Current Balance: £17.10

Difference: £0.78

Verdict: Ahead of Target :)

Lost track, no updates

As titled. But why?

Well I don't know really. My last post in April was after I moved rented accomodation so I can't use that as a distraction. I guess i'd just lost focus with this. I now however, have a renewed interest.

Reached Step 6

Today I reached Step 6. I found whilst at work 6p which takes me to 16p.

I wish I was further on but that will come im sure.

Up to Step 5

Right, i have counted those coins I found around the house left it seems by the previous occupants and have a total of 10p. So advance to Step 5 I go.

Still no progress to Step 2 but i've not forgotten the challenge

Well only 1 post during March and that was to say there has been no progress. Well reasons behind no updates or progress towards Step 2 was due to moving house to a bigger 3 bed property.

I can report that the previous tenants left some coins lying around the property so ill count these as it is free money towards my total so when I post next I should have passed Step 2.

No recent activity really towards Step 2

It shouldnt be hard to reach Step 2 but I havent really been trying to find the next penny to double my total to £0.02. Mostly due to my little boy taking up alot of my time at present. But I will continue to press on and find the next penny.

This Credit Crunch is biting deep as there is no loose change on the floor around my house.

Step 1 - The first penny

Found a penny whilst out walking this afternoon. And so it begins.

Total : £0.01

1st Post - This Doubling thing

Well as this is the first post of this blog I should write a bit about the process on how I will turn a 1 penny piece into 1 million pounds.

I first read about this process when reading Richest Man in Atherstone blog. He is currently operating this process and he at the time of writing this post is at step 19 - 20. This shows that it is possible to do.

There are 28 steps to this process and they are:

• Step 1: Find a 1p piece
• 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 - £1.28
• Step 9: £1.28 - £2.56 (make it £2.50 for ease)
• Step 10: £2.50 - £5
• 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 - £1280
• Step 19: £1280 - £2560
• Step 20: £2560 - £5120 (make it £5000 to be easier)
• Step 21: £5000 - £10000
• Step 22: £10000 - £20000
• Step 23: £20000 - £40000
• Step 24: £40000 - £80000
• Step 25: £80000 - £160000
• Step 26: £160000 - £320000
• Step 27: £320000 - £640000
• Step 28: £640000 - £1280000