Next Year's $20 Challenge - Opinions Needed

[jeffrey]

With only a month and a half left in 2005, I'm beginning to think about how to set up next years challenge. I have received an few emails with different opinions on how they would like it set up for the next round. Some of the suggestions have been:

Make the time period shorter - 3 months instead of 6 months

Make it more structured - give everyone parameters that they must work within instead of everyone doing what they want

Give out prizes for the best challenges

These are a few of the opinions that have been passed onto me. If you agree, disagree or have other opinions, please share them here so I can decide the best way to set up the next challenge.

[DivaJen]

I disagree with making it more structured. I think leaving it open has led to more ideas.

Other than that, I don't have much to say. I like the challenge not because I ever intended to make $5000, but because it has gotten me to think of ways to make extra money that I might otherwise not have pursued.

As an example, the $50 ShareBuilder bonus encouraged me to go ahead and purchase some stocks. Of the two that DH and I chose, one has split and both are up since we bought them. If we sold them Monday, we would see about a 20% return on our investement for the time we've owned them. I don't think we would have pursued this now if I hadn't been in this challenge.

ING is another good example. Between interest and referral bonuses, I've made a nice little sum there, too.

So whatever you decide to do, I'll likely still participate, unless you change the rules so that it somehow would exclude someone who wasn't actively aiming for the $5000 mark.

[jeffrey]

Thank you for the feedback...I think that the end-goal will be eliminated with an open goal for each individual to choose. The reason that it was in place was because that was the goal that was given to me when the whole idea of including more that wanted to try came about.

[Gailete]

I have enjoyed the challenge and my $2 has grown to almost $600. I figured since I came in late, that my 6 months won't be up till March. But a new challenge starting from Jan 1 till Dec. 31 would be interesting, although I not sure how to go about it I've used most of my good ideas so far and would have to really put my thinking cap on for a new one. I don't like structure and like doing my own thing as we are all individual with different circumstances. I for instance am disabled which really limits what I can do.

Gail

[mjrube94]

I agree with Gail that I would like to see it longer, not shorter. Two reasons: Some ideas take time to grow, and people go through cycles of having more and less time to spend, so only having 3 months doesn't allow for someone who's hit a busy patch in their life.

I was planning on continuing next year, with a Christmas Club theme. Start Jan 1 with $20 (or whatever), and save whatever I make through the year and use the proceeds to pay for next year's holiday spending. Don't know if it will cover all my costs, but every little bit helps...

BTW, I'm against giving out prizes for the big winners. First and foremost, this is supposed to be a supportive, sharing site. It goes against the spirit of the challenge if we're tempted to not share some of our good ideas because we're trying to beat out someone else. Also, there's no way to verify results. Just my two cents...

[jeffrey]

Thanks for the thoughts and I will take them into consideration when planning the next challenge...they help a lot (unless people are split on opposite sides

gail...just a quick note to let you know I made your sig links clickable - not sure if you wanted that or not, but figured you were probably having trouble with the forum code...

[Gailete]

Thanks Jeffrey, I have trouble with all the code! Thanks for making them work.

Gail

[miclason]

oooohhhh...LOVE the holiday thing Idea...I was kind of thinking along the same lines...I also agree that the time should be longer, not shorter..

[markitcat]

I found this site in late September and read all the challenge posts from the beginning. I was inspired to list my old books on Half.com so far I have made over $100 dollars profit. I would like to continue with this by buying books at yard sales, and library sales ect. So I will definatley participate. I like the goal oriented challenge, but I will be using profits as vacation fund, and to fund stocking inventory to keep growing. I also think a year is a good time frame for challlenge duration. I have enjoyed reading everyone progress, but I miss hearing about Jeffery's. hint, hint.

[jeffrey]

ahhh, putting presure on me. I need more hours in the day!!!!

[Bluezy]

I was a late starter with the challenge also. Perhaps for those of us who were late we could continue the current challenge for a longer period of time. I'm on a roll however, I have not been able to post my update in a long while.

Cheers everyone and I'm glad our challenges have been a success!

[niki_the_tiger]

The year idea sounds good to me too... Sometimes I have time, other times I do not... I know for a few months I was just super busy with other stuf and did not have time to do the challenge at all... and now I am starting to get back into it, but it's late in the game.

Maybe semi-structured would be good, some loose rules... what can count and can't count would be nice... cuz I noticed in some of the challenges there were things added that were definitely not part of that $20 initial fee... and that made it unfair for those who were sticking with that $20 investment... cuz if you're going to give in to everything, you might as well start putting the money you make with your actual job in there, too...

I think the prize idea is a good one... except I would pick at random for participation, not amounts...

Just my thoughts.

-Niki

[TBH]

Hi, challengers.

At first I thought this was an impossible task, but now I'm starting to get ideas. I like the idea of a year-long challenge. I have been thinking I'll jump in at the new year when everyone starts their challenge over, but I really want to try listing some stuff on Ebay. If I start now, could I still have a year? I know there really aren't any rules, but I can't find the original thread (probably from Jeffrey) introducing the idea and describing what it's all about.

So--anybody know where the original thread or description of the challenge is?

Should I start now (or rather, as soon as I can get it together to start Ebaying things), or should I wait til the new year?

Thanks.
Claire

[jeffrey]

Here's the original thread:

The $5000 Saving Challenge

[StonesThrow]

New here. I've been reading through many posts with great ideas! Sign me up for the 2006 $20. challenge. I think it will be really motivating for me.

I definitely want to keep the rules to a minimum- I'm a stay-at-home mom of a large family and I'd like to see what creative ways my $20 can grow. I've been successful at stretching every dollar that comes into our home and the logical next challenge is to bring more in if I can.

Sure would be nice to hit the holiday season next year and actually enjoy the shopping!

I see ING now has a 250. minimum opening deposit to get the bonus so that's out, at least 'til Feb '06

Looking forward to a profitable new year!

[kafiske]

I'm in for next year!

[katwoman]

Definately like the year plan. What do you think about quarterly totals?

Just like in business, we're going to need a way to gage progress. KWIM?

[flash]

I came to the site too late to participate, but I've done something similar.

This site is a wonderful gift, even if you just use it to hold yourself responsible for reporting and completing your goals!

I would suggest a 6 mo or 12 mo. challenge is great, but with monthly or quarterly milestones. Similar to a business plan, or basic project management, where you set down a basic plan, manage yourself against it to see how you are doing, and update and take corrective actions periodically.

[CJsoccerchic]

Sign me up for the next years challenge!

[PrincessPerky]

I think if you do a prize it would be cool if it could be voted on by other members, coolest challenge idea or most dedication or something. (and I sooooo need more TIME!)