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]

Re: The $5000 Saving Challenge

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]

Re: The $5000 Saving Challenge

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]

Re: The $5000 Saving Challenge

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]

Re: The $5000 Saving Challenge

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]

Re: The $5000 Saving Challenge

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]

Re: The $5000 Saving Challenge

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]

Re: The $5000 Saving Challenge

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]

Re: The $5000 Saving Challenge

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

[lovingyoualways]

Re: The $5000 Saving Challenge

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]

Re: The $5000 Saving Challenge

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]

Re: The $5000 Saving Challenge

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]

Re: The $5000 Saving Challenge

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

[PrincessPerky]

Re: The $5000 Saving Challenge

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]

Re: The $5000 Saving Challenge

How do you join in the challenge?