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 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.

Can I become a Millionaire from scratch in just one year? Let’s find out…

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           Back in 2011 I set myself the target of becoming a millionaire in ten years. Since then, I have obtained a degree and a new career; within which, I have doubled my salary within one year and became a manager within two. I am now three years in and have built a team of six people.

           I have come to the realisation that I will not become a millionaire from my salary alone, well at least not within the next 4 years. I have also noticed that, because I had given myself so much time to achieve my goal of becoming a millionaire, that I have procrastinated a lot. Not so much in my career, but in developing more income streams; definitely. With this in mind, accompanied by the fact that I work well under pressure, I have decided that I needn’t wait another 3 years before taking action. I decided on December 26th, 2017 that I would become a millionaire within one year, actually in a little less. My target date is December 24th, 2018.

           I am both excited and terrified, but I believe that this a good thing. If it did not terrify me then the goal would not be big enough. Right now, I start with nothing, ‘nul pwa’. By the end of the year, I hope to have gained much. Even if I do not achieve the goal, I would have learned so much, that it will make it possible for me to achieve my original goal of reaching one million pounds by December 31st 2021. But that doesn’t mean that I am not going to go after my goal with everything I’ve got and let’s face it, I have nothing to lose here and a lot to gain. In addition to the goal, I have decided not to hesitate in taking action; as I have done in the past.

            I have come to the realisation that I am not a millionaire for one reason and one reason only, and that is that I do not know how to earn 1 million pounds. Now that I have identified this, I can do something about it. So, my first step is to learn how the wealthy think and to analyse the people that have started with nothing and became millionaires. For this I have created an initial reading list which includes titles such as, ‘The Richest Man in Babylon’, ‘Think and Grow Rich’, ‘Rich Dad, Poor Dad’, among others. I will begin with ‘The Richest Man in Babylon’ and provide feedback on what I have learned from these books along the way.

           Sadly, reading alone isn’t going to make me a millionaire, so I’m going to have to come up with some innovative ideas that can generate multiple income streams. I will not be giving up my full time job, but I will use £250 from my salary and all earnings generated from it in order to generate more income. I will wake at 4am daily and work towards my goal before I go to work, I will also gain as much knowledge as possible in the evenings after work.  I will use this blog to provide a daily update on my progress.

           Before I go, I’d just quickly like to point out that this isn’t a New Year’s resolution or some fad that I am going through.  I am 100% committed to  the cause and to making this a reality! Who knows, my journey may even alter your life, the way you think and what you believe is possible for you and your family. So, if you’ll excuse me, I’ve got work to do…