Day 16 – Progress Update

On the first on January 2018 I started with £250, today my current balance is £206. This may seem like a backward step, but I did invest £84 in my blog around the 3rd of the month. In the past two weeks, despite the losses I incurred early on, I have earned approximately £40 in profit from trading stocks. If I’m honest, I’ve hardly traded at all in the last five days as I have been working on and researching other things. I’m not worried that I won’t meet my target as I am laying the foundations for the things to come. One thing I can tell you, is that it is difficult to find the time to fit everything into a day! But, I feel that I’m making good progress.

Ideas are coming to me faster than I can write them down, I’m certainly not lacking in that department. I have a few with great potential but, like most of my ideas, it’s going to come down to the execution. I have no experience whatsoever in many of these areas, so its going to be very interesting!

One area I have been researching is the monetisation of my blog; a no brainer really. I have several ideas for this, one of which was to include an Amazon banner in the footer of the blog. However, WordPress have other ideas as they do not permit the use of certain html tags for security reasons; WordPress do however support Ad Sense. This is an area I’ll look into, but one things for sure, I don’t want lots of ill placed adverts; one or two maybe. The biggest issue with Ad Sense seems to be the lack of control over what is advertised; this is something I don’t like. It’s a shame that WordPress can’t come to some sort of agreement with Amazon, but there we go… (I’m not talking about affiliate links here; I’ve seen some very clever uses of them on a few posts this week).

If I am going to hit my target, I need to generate as many income streams as possible. They don’t all need to generate massive amounts of income; they just need to generate something. What really changed my perspective on this, was a YouTube video in which Bob Practor discusses the three strategies for earning money, M1, M2, M3 (6:48 to 10:15) and the principle that income streams of different sizes are all added to your bank account (13:32 to 14:04). The video is a bit salesy in parts, but if you stick to the parts I’ve suggested, you’ll be fine.

I know that I’ve been a bit cryptic on the ideas front, but many are in their infancy. Once I’ve got them up, running and working, I’ll share them with you.

Day 4 – Blog writing – Playing Catch Up

           Something quite funny happened today. But before I go in to it, let me give you some background. During the Christmas holidays, I have been awake until around three/four in the morning; which has altered my body clock. Since going back to work, I’m having terrible trouble getting to sleep, so my wife suggested that I take some sleeping tablets to get my body back into the routine. Last night, she handed me two with a glass of water and off to bed I went. Within half an hour I was sleeping.

           I woke up this morning to my wife asking me what day it is, I thought that’s an odd question. But I could not answer her because I didn’t know, so she asked me again and I still didn’t know. Then she asked me if it was a week day and I was pretty sure it was. I asked her why she was asking me so many questions, that’s when she said it was 10:30. Not again! I’ve not been late for work once in three years, now twice in a week! So I told her “Goodnight” and off to work I went, well after I’d put fuel in the car again. I swear that thing drinks fuel and eats tiers.

           I came from work a little earlier than usual today and started getting the blog up to date, while simultaneously losing £1.37 on the trading platform; my position is still open, so there is some hope yet.  I think that I need to take a step back from the trading platform, as I’m losing money daily and making some bad decisions.  I’m going to back to using small sums, it won’t make me a lot of money because of the low amounts, but I’ll take that over losing money any day.

          I looked at ways of increasing my site traffic today and I came across a marketing website which offers per click advertising. I need to look into it further, but so far it looks pretty good. I’ll let you know.

 

Day 3 – I Wish I’d Stayed in bed!

           You know when you get one of those days, well this one was my’n! I woke up to my wife telling me that I was going to be late for work and that we had both slept through our alarm clocks. I got ready at the speed of light and headed for the car, as soon as I started it, the fuel light came on. I was going to have to stop for fuel on the way, now I was definitely going to be late. I’ve been trying to give up cigarettes recently, so my wife bought me a vape thing, that I don’t really get on with. I don’t mean that I argue with it or that I stand in the street shouting at it or anything, I just don’t get on with it. Well anyway, I’d left the vape thing at home. So I had to buy some cigarettes, which might I add cost a fortune in the petrol station I stopped at.

           I finally get to work about 45 minutes late. I parked the car and headed for the smoking shelter. I should point out that I was wearing a t-shirt and jeans and that it was raining heavily. The shelter wasn’t really doing it’s job, so I went to get my coat from the car; the one I keep in the boot (trunk if American) for such occasions.  I opened the boot, no coat. So I stood in the rain smoking my wet cigarette. But I wasn’t going to let this bad start ruin my day.

           I got into work and set about my business. Having decided yesterday that I was going to up my capital on the trading platform, I opened my positions. Now one thing that you can’t account for when trading with larger sums of money is emotions, and my’n were running wild. Suddenly, I wasn’t down a couple of pence, I was down pounds and I was haemorrhaging money fast. In panic, I quickly closed my positions, resulting in several losses. Then I saw one that caught my eye…

          As soon as I opened the position it was evident that I had made an enormous mistake. I had opened the position with over half the money in my trading account! I was instantly down £26.00, so I did what any rational person would do, locked the phone and put it down. I don’t need that kind of negativity in my life. A couple of hours later and I plucked up the courage to check my phone. I was up £6.80 and I instantly clicked close; closing at £7.43. What a relief! I made a few other trades with much smaller amounts, but the losses earlier in the day meant that I was down 67 pence overall. Today was also the birth of my blog, in which I invested £84.00 in a premium account in the hope of generating income at a later stage.

The post was written in the early hours of the 5th January 2018 and is based on a journal entry made on the 3rd January 2018.

 

Day 2 – Trading

           Yesterday (day 1), I spoke with the people who make money from volatile trading environments and asked them to show how they do it. Having got the gist, I downloaded a trading app that I was unfamiliar with and began to play on a demo account with fictional money. It took me a bit to get used to the app, but once I’d worked it out, I wasted no time in creating a real money account and depositing my funds. I started with very small amounts and cashing all profits, making between 1p & 80p per transaction. This isn’t a great amount of money, but it is money never the less. By the end of the night, I had made £12.56. Not bad, especially considering that it took no real effort, but I was constantly checking whether I was up or down. This isn’t really necessary, but I’d never used really money, so I was very cautious.

           This morning (day 2), I woke to a profit of 43p. This is the first time that I have ever made money while I’ve slept. I open a couple of positions and set about reading the first 98 pages of ‘The Richest Man in Babylon‘ by  George Samuel Clason. If you’ve not heard of it, it’s basically a series of stories which revolve around the inhabitants of  Babylon; during which they gain financial wisdom. So far, I have found it very easy to read and thoroughly enjoyable. I’ll probably write a post on it when I finish the book, so look out for that one.

           Today was a bit of a mixed bag. I made and I lost money, but overall I am £1.06 richer (I made much more than I lost). The problem seems to be that I am not opening my positions with enough capital, so when I make a profit it is literally a couple of pence. Given that I would need to earn £2816.90 a day to reach a million in 355 days, I’m way off the mark. If my life was narrated by Morgan Freeman, at this point he would say something like ‘It was at this moment, that the stupid idea was born“. And here it is, I was going to have to put down more capital to generate a greater profit (or loss).

           This post was written in the early hours on the 5th January 2018 and is based on a journal entry for the 2nd of January 2018.

 

 

 

Day 1 – Ideas Day

           Up until this point in my life, I have no idea how to earn a million. From what I’ve read, you can save a percentage of your income for around forty years and invest for the long term, you can start a really successful business from the ground up, or you can have an amazing idea that serves millions of people. But it’s pretty obvious that you have to do something other than just being an employee.

           The way I see it, there are two ways of earning money. Either you offer a product or service in return for little money and make several transactions, or you offer a product or service in return for a lot of money and make fewer transactions. But you have to offer something that can be exchanged for money. Given that I am working full time, whilst attempting to accumulate a million, I need to do something that isn’t going to require all of my time; something that I can do around my job, but what…

           My first idea is a blog, as I can write my entries during my lunch hour and add to them in the evenings. This shouldn’t be particularly difficult as I will have fresh content every day that is based on my progress. The hard part however, is getting readers and generating an income from it. Now, you may be wondering why I am telling you this, when I have clearly set up a blog. This article is based on a journal entry I made on the 1st of January 2018 and is being written on the 4th of January as the blog was only created yesterday, 3rd of January 2018.

           My second idea is the stock market. As I am unable to invest for the long term, I will have to hold short positions on the stock market; the more volatile the better. I know people who do exactly that and triple the money within their trading accounts on a weekly basis! Naturally, this is something that I am very keen to learn. But it’s not all sunshine and rainbows, people can and do lose a lot of money. Those who are new to trading are much more likely to lose it all. If you don’t believe me just open a demo account on a trading app and buy whatever you like. You’ll soon find that you need to reset your account. When I first started, I had to reset my demo account three times within the first week because I’d practically lost all the money.

           My third idea is an eCommerce website. At this stage I’m not sure whether I will sell my own products or whether I will simply drop ship existing products. I am toying with a few ideas here, but I will probably set up more than one eCommerce website. I imagine that I will start with a drop shipping eCommerce website.

           My fourth idea is book writing. I really like the idea of writing factual book and have toyed with the idea for a couple of years. I have a concept in mind and I’m going to put it into practice, with a view of publishing it towards the middle of the year. Even if I only sell one copy, then I would have made some money from it and I can put it towards my total.

           My fifth idea is to write eBooks. EBooks tend to be much shorter than traditional books and should be much quicker to write. I’ll probably stick to areas that I know well, but I am tempted to dabble in a bit of fictional writing, but I will save that decision for a later stage.

           My final two ideas are to create YouTube channel and/or a ‘real world’ business. I am not sure whether I will actually do either of these yet, but I will keep an open mind. Whilst all of these ideas are good, I don’t think any one of these ideas can generate me a million within a year. But I do think that a combination of the above can. I guess we’ll find out.