The $5000 Saving Challenge

[jeffrey]

One of the best ways to increase your savings is to earn a little bit here and there on the side. This challenge is set up for you to do that. All you need to do is set aside $20 and try to turn that into $5000 by the end of this year.

We hope that a number of people will take up the challenge and share their experiences with others. This should give you good ideas on how you might also make extra money with the $20.

The only rule is that the initial $20 should be set aside away from all your other money and any money that you earn should also be set aside during the challenge period (until the end of 2005). Once the challenge is over, you will hopefully have a nice savings stash that you can use however you like.

Failure is not a bad thing. Part of all learning is failing from time to time. We hope that you will freely share your failures and mistakes as well as the successes as they will certainly help others that read your entries.

If you have any questions, feel free to post them here or send us a private message and we'll get back to you as soon as we can.

Jeffrey & Nate

[marjorie]

I'm not sure I can live up to it, but I love the idea of this challenge. I may personally shoot for $1k...

[jeffrey]

Originally Posted by marjorie

I'm not sure I can live up to it, but I love the idea of this challenge. I may personally shoot for $1k...

Actually, any amount is fine - $5000 came about because that is what Nate and I were discussing at the time. The main purpose is to try and learn. I hope that everyone gives it a try even if their goal is only a couple of hundred dollars.

[BCompDude]

This is a great idea--nothing to stir the old blood like a good ole' challenge eh?

So you start with 20 dollars and have to do something with it to make 5k? Can you sign up for free deals to gain some money? Or do you have to invest it? Its a great idea, I think my brain just needs it more fleshed out. 20 dollars period or 20 dollars a month?

[jeffrey]

Originally Posted by BCompDude

This is a great idea--nothing to stir the old blood like a good ole' challenge eh?

So you start with 20 dollars and have to do something with it to make 5k? Can you sign up for free deals to gain some money? Or do you have to invest it? Its a great idea, I think my brain just needs it more fleshed out. 20 dollars period or 20 dollars a month?

No limits - use your creativity and see where it takes you. The challenge is for $20 one time (not every month) and see where you can grow it. You can invest it, but are not required to. I will be buying and reselling items with mine and will re-invest any money I make into buying more, but that is just my track of thought at the moment. You can do whatever you want and see how it goes - hopefully there will be a lot of different ideas and everyone can learn from everyone else.

[PRICEPLUS]

Well I don't think I'll make $5000 but I guess you need something to shoot for. Count me in and I'll put the 20 aside this Monday coming.

[altyfc]

I think the only way (unless you're really lucky) to turn $20 into $5000 is by also investing a lot of time. I suppose with my job, I am continually trying to turn $20 into $5000 many times over. I buy a domain, get some hosting, and then try earn money through advertising. It doesn't just happen, though... it also requires a lot of work and time.

Aaron

[jeffrey]

Originally Posted by altyfc

I think the only way (unless you're really lucky) to turn $20 into $5000 is by also investing a lot of time. I suppose with my job, I am continually trying to turn $20 into $5000 many times over. I buy a domain, get some hosting, and then try earn money through advertising. It doesn't just happen, though... it also requires a lot of work and time.

Aaron

Yes, it does require a time commitment and if you read my challenge, trying to work within this limit is one of my biggest challenges. Basically, I've decided to give up TV for these five months to hopefully earn an extra $5000 - I think a good trade off since I really don't need to be watching TV as much as I have been.

[Bluezy]

Keeping a positive attitude and having fun with it helps. You just might slip into more than $5000...who knows.

[lovingyoualways]

Well as usual I'm just a little join into this fun. I've been reading some posts on here the last two days and I'm in for this challenge. I won't be able to start til Monday (the holiday) but I will start posting asap. I work 45 hours a week so finding time to do research and what not will be hard but fun. Talk to ya'll soon.

Julia

[jeffrey]

It's always a pleasure to have anyone who wants to join to do so at any time. While we have a stated financial goal, it's more of a challenge to motivate and get you to try some things you have been thinking about (and think about other opportunities). Welcome and good luck!

[CJsoccerchic]

Quick question to you Jeffrey - as a ebay seller - do you have to pay to "become" and "ebay seller" or is it just the fees that are incurreed everytime you list something and sell something?

[CJsoccerchic]

totally unreated to anything, but what are these "points" next to my name? and what can i do with them?

[PrincessPerky]

The points you can use to buy stuff, the store is one of the buttons above by 'my control panel' , it's a blue bar when I look at it, not sure if that is universal or not though.

[niki_the_tiger]

How do you join in the challenge?

[jeffrey]

Originally Posted by niki_the_tiger

How do you join in the challenge?

You just start. Put aside $20 (or whatever you want to start off with) and begin posting your ideas and what you have done in this area. Simple as that.

[niki_the_tiger]

Ok, thank you! Maybe I will start tomorrow as I will be going shopping. I know I will not get anywhere near $5000 but if I even got a hundred that would be great hehe!

[jeffrey]

That is the main point...to try and earn a bit of extra money that you might no have done otherwise. The $5000 came from the challenge Nate gave to me, but I think it's a bit intimidating to some so I will have to think of a better name for future challenges.

[niki_the_tiger]

I think it would be a great challenge for a year, just a bit intimidating for the end of this year. Maybe start over again at $20 in January 2006?

[jeffrey]

This first one has worked fairly well. I would have liked to see more participants, but it's something new and it was left wide open for each person to interpret as they wished. I think with a lot of people reading, it will encourage more people to try next time (I hope). I would also like to incoporate ideas along the way to help people reach the goal - just send something out once a week or so and each participant could choose whether the wanted to do it. That is a time factor for me, but by next year I may have the time to set something like that up, too.