2007 $20 Challenge Information

[jmerinka7]

Re: 2007 $20 Challenge Information

$20.00 is a very small amount for the goal. One of my trip to Walmart: $ 9.95 rebate for Glade trio. $1.00 Tidy cat coupon. $3.00 Glade coupon. $1.00 Lysol coupon. Total is$14.95.
Using Discover card to received cash bonus. I regrate this January: no special 5% return for the tuitions. Last year I received $120.00 from Discover after the college payment. Save the volum products is not a good chance in a small appartment. Using a premium gas at the fist available gas station Friday or Monday is not a savings also.
I realy need some more effective idea for savings.

[gackle]

Re: 2007 $20 Challenge Information

Basically it is a challenge of taking $20 to begin and using it to try and create money in some way that you haven't done in the past. The goal is to get you thinking about different ways that you can earn and save money that you aren't currently doing.

Okay, I'm confused. From what I read on jeffrey's original post it seems like this should rather be called the "$20 investment challenge". Just a simple example, I think the challenge is about taking $20, buying lemonade mix, cups, and a pitcher and getting out on the street selling lemonade to make a return on your money. Now say you make a $5 profit, you now have $25 to see what you can do with to invest. It seems like people are just finding new ways to save money with this (at which point I don't understand where the $20 part of this comes in). Am I wrong?

[Broken Arrow]

Re: 2007 $20 Challenge Information

I think that's the most classical interpretation of it, and it's one that I am following as well... which is why I haven't "made" a single penny YET.

However, I believe Jeffrey has also specified that we can make our own rules to go along with it.

[gackle]

Re: 2007 $20 Challenge Information

Hmmm....how many red paper clips can I buy with $20?
This sounds very intriguing and I may have to take a shot at this.

[AutumnxButterfly]

Re: 2007 $20 Challenge Information

Wow that is crazy! Makes me want to see how far I can trade up

[tinapbeana]

Re: 2007 $20 Challenge Information

gackle, i read that story and had thought of the same thing!

actually, i was wondering how many folks i could get to double a penny over the course of a year. you know 2 -> 4 -> 8 -> 16... so on... would probably have to make it an advertising venture of sorts and have businesses participate, but would be interesting to try...

[lrjohnson]

Re: 2007 $20 Challenge Information

It seems like people are just finding new ways to save money with this (at which point I don't understand where the $20 part of this comes in). Am I wrong?

I'm with you-I see the Challenge in it's more classic Jeff incarnation, than the allowed modified versions. Sometimes people aren't even coming up with new ways to save, just doing the same savings as before. I'd love to see people really do new things to increase savings. I'm not in for 2007, because my 2006 Challenge runs though the ned of February. I'm really thinking about ways to be creative and classic, if I do the 2007 Challenge. And that's an if...I haven't thought of anything good so far!

[threebeansalad]

Re: 2007 $20 Challenge Information

I'm with you-I see the Challenge in it's more classic Jeff incarnation, than the allowed modified versions. Sometimes people aren't even coming up with new ways to save, just doing the same savings as before. I'd love to see people really do new things to increase savings. I'm not in for 2007, because my 2006 Challenge runs though the ned of February. I'm really thinking about ways to be creative and classic, if I do the 2007 Challenge. And that's an if...I haven't thought of anything good so far!

Good point LR. As a relative newbie, I got a little confused by all this,too. It is more interesting to find new ways to make money. I'm going to revise my challenge to reflect this.

[tinapbeana]

Re: 2007 $20 Challenge Information

something i've been wondering, and may or may not put into my challenge, is the concept of selling trash. not in a bag, but in some sort of useable form. a company called TerraCycle http://www.terracycle.net/index.htm even packages it's products in recycled soda bottles.

see, in argentina i bought some small glass ashtrays. they're too small to use, but i bought them b/c they were made from trash: the bottoms were from glass bottles and the artisan made the cigaratte rests out of bent 5 centavo pieces (about the size of a penny). i though they were ingenious, and still do.

thinking about the challenge got me thinking about those ashtrays, which got me wondering what i could do with some of my recycleables that could make me some money... hmmmm... perhaps i need to go rummage...

[Aleta]

Re: 2007 $20 Challenge Information

Maybe you could sell them. There's always collectors out there and people wanting to save our resources.

[vsjhoc]

Re: 2007 $20 Challenge Information

actually, i was wondering how many folks i could get to double a penny over the course of a year. you know 2 -> 4 -> 8 -> 16... so on... would probably have to make it an advertising venture of sorts and have businesses participate, but would be interesting to try...

After doubling every day for 1 month (31 days), you'd have $10,737,418.24.

[tinapbeana]

Re: 2007 $20 Challenge Information

After doubling every day for 1 month (31 days), you'd have $10,737,418.24.

EXACTLY!!!! think businesses would do it for a publicity stunt? i'll split it 50/50 with a charity, even!

[Koppur]

Re: 2007 $20 Challenge Information

I'm in again! Last year I took $20 and bout cheap used books at arage sales with it and listed them on half.com tog et started. Then I satrted adding money to the challenge from new ways I was saving or earning, like yardwork for Mums or when I started freelancing. I also count my change in since I never did that before.

Last year I hit $700 in about 4 months; I am continuing from 2006 this year, but I want to have save $3,000 in 2007 so that at the end of 2007 I have a total of $3,700 in the account.

[LuxLiving]

Re: 2007 $20 Challenge Information

Oh yeah baby, I'm in!!!

[Ima saver]

Re: 2007 $20 Challenge Information

I never use any of my change. every time I buy something, I break a new bill. Then I bring home all of my change to go into the change jar. I have a pretty good start to my challenge money. BTW, you don't really have to even start with $20. The $20 is just seed money if you need to buy materials to buy something to make and sell.
I have no talent at making anything, so I just find ways to save more.