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Rank: Platinum
Joined: 11/13/2004
Posts: 347
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Entrepreneur posed a neat little question...
[link=http://forum.richdad.com/forums/tm.asp?m=406470&p=1&tmode=1&smode=1]How Far Can 40$ Go?[/link]
I say we have a challenge, if anyone is interested. The $40 Challenge.
The Setup: Youre just starting out and have exactly $40, not a single other thing to your name to use, just $40 and the sweat of your brow. Your challenge is to make it $400.
RULES:
1) Start with EXACTLY AND ONLY $40.
2) NO additional money may be added, unless it is profits earned from the original $40.
3) Any resources used at all, other than sweat equity, must come from the $40.
4) Document your process here when finished to share with everyone.
5) No time limit, no race to see who is first, just doing it is the challenge.
The goal is to turn $40 into $400 (just $400, not a residual of $400 a month)
Anyone up for it? It would be fun, I think.
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Rank: Copper
Joined: 3/6/2005
Posts: 100
Location: New York
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Stielle; Thats a great challenge.. I didnt think of putting it like that.. thank you for the expansion. I will try and be the first to do it. Thanks again and warmest regards! -Rob Skinner
www.Primerica.com www.Primericabusinessopportunity.com We help middle income families to become Financially Independent and Debt Free in a variety of ways! " The only limits of the mind are those we acknowledge"
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Rank: Copper
Joined: 3/12/2005
Posts: 5
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That' s really smart! I like it!
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Rank: Copper
Joined: 2/2/2004
Posts: 99
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Stielle
GREAT idea! I' m in...
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Rank: Paladium
Joined: 3/5/2004
Posts: 938
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I agree, very nice idea. Should get people motivated. The richdad folks should pick this kind of idea up and make monthly contests of it.
my blog
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Rank: Rhodium
Joined: 10/24/2004
Posts: 2,314
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Stielle,
are we going to have a 40 dollar competition?[8|]
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Rank: Copper
Joined: 2/2/2004
Posts: 99
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That' s a very good point Rich Dad could have a nice monthly or quaterly program to promote these types of ideas.
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Rank: Copper
Joined: 1/5/2005
Posts: 11
Location: LA, USA
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I' m up for the $40 challenge. I' ll have my paycheck (hate that word but still living from one to the next for the time being). and ill take out 40$ to see what i can do with it.
Jeremy
Jeremy
Currently seeking a means to trade on the stock market.
when using an IM program, remind me of your presence in RD so I don' t delete it.
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Rank: Copper
Joined: 3/7/2005
Posts: 8
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I AM IN! 
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Rank: Paladium
Joined: 9/28/2004
Posts: 631
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when' s the deadline? =)
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Rank: Platinum
Joined: 11/13/2004
Posts: 347
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Hi guys. Glad to see a decent response. :) There is no deadline, although I think that we should keep tabs on our progress. And theres no one winner. I suppose we all win by turning $40 into $400. I look forward to seeing how many different ways we come up with. 
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Rank: Copper
Joined: 7/12/2004
Posts: 26
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Open a lemonade stand
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Rank: Copper
Joined: 2/9/2005
Posts: 201
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40 dollar eh?? i could do it but it req skills. u take the money and play blackjack. of course u have to know what ur doing..
and if u have 90 dollar and have the poker skills to win then i can show u how to turn that 90 into 1500++ with ease.
and lastely u can make a website and get money thru advertising. of course all of these req skills if u dont have it then oh well thought luck i guess
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Rank: Copper
Joined: 7/12/2004
Posts: 26
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And if you only have $40, my first suggestion to you would be to get a JOB!!. I know that' s a bad word on this site, but if you use it properly, it' s not. Thinking realistically here..... For example, you' ll take your $40 and you' ll spend 5 hours scavengering around garage sales, looking for a " bargain" on something. Then you' ll take home your " bargain" clean it up and fix it, and sell it to someone else for $60. Well, now you' ve spent 5 hours buying it, 3 hours fixing and cleaning it, and 2 hours marketing it to sell to someone else. That' s a total of 10 hours. In that 10 hours, you made $20, or $2 an hour. Does that sound logical to anyone?
I just mean this as something to think about. Your time has a value. You need to decide how much your time is worth. In that example, you actually made less than $2 an hour, because you assumed some risk when you took on the property. When you do that, your time needs to be compensated more than otherwise. Now if you can find a way to get paid $2 an hour for every hour that someone else is working, then that of course is the goal.
I didn' t mean this post to discourage anyone, or say that you couldn' t do it. I just want to remind you that your time has a value and that needs to be considered in your ventures.......
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Rank: Copper
Joined: 11/19/2004
Posts: 102
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ok i am in could anbody teach me some skills i am 13 and i would really enjoy learing about this check my othe post..13 need investment ideas please.. please read that my name is darren thanx for yout time and i would do anythign that i am able to do
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Rank: Copper
Joined: 2/2/2004
Posts: 99
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alcatraz96 & GUARDIANX
Your points are for sure noted...Now of course gambling can' t be coined investing...although the risk could be the same :-) hard to have any type of educated guess at your outcome in a game of Black Jack or Texas Hold' em.
I also agree that we call can' t do everything and have to stick to what we' re strong at, or are educated in, as we' ll get the best Monetary return on our time.
BUT with that said, I think this is an excellent concept to help people think outside the box. It doens' t have to be 40 bucks...It could be 400 bucks...or even 4000 bucks..depending on what you' re used to playing with (paper assets, real estate, web properties etc.) We' re all used to investing different amounts of cash.
I think this is a great opp. to help teach us that MONEY can be created...and doesn' t have to made @ a job. So maybe all of us that say Buah... to turn 40 bucks into 400...maybe your challange is 400 to 4000 ?? Just a thought...But push your limits no matter what your financial threshold...and see what you can come up with...
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Rank: Copper
Joined: 5/18/2004
Posts: 211
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Time definitely has value.... but education does as well. The $40-$400 challenge may well end up earning one microcents on the dollar. However, the education gain by doing so, if it can be replicated with less time, and or by others is worth much more. In years past, it was not unrealisitc for the first products to effectively get shipped out with a $100 bill. Eg they sold for $400, but it cost $500 to build them. However, as the volumes inched up, they still sold for $400, but the build cost was around $50
Its the same deal as getting a job. Its called cheap education. If you want to open a store, go work in one for a year. You will learn a great deal, be paid a small sum, and any mistakes are on someone elses dollar. Its a lot cheaper than blowing a small fortune on a mistake that would have easily been caught had you known the ropes ahead of time.
Ron
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Rank: Silver
Joined: 8/21/2004
Posts: 68
Location: china
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The 40 dollar is very much little , and the affair that the propaganda is very difficult should locate is living 200 dollar still more to possess delight
Build an AUTOMATED ONLINE Business http://fkc.home.sunbo.net
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Rank: Platinum
Joined: 11/13/2004
Posts: 347
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The idea of using $40 came based on Entrepreneurs post. That and also because $40 is a very small amount, a difficult amount to begin something with. Its designed to stretch our thinking a bit.
Too often, people are busy " getting ready to get ready" Begin with what you have and momentum will increase as you move along. That is the point of this exercise, to begin with what you have, no matter how small. If the spirit is there, the amount doesnt matter. It could have just as easily been $0. I suspect that we will all learn a great deal doing this.
Remember, it doesnt all have to go to one idea, and it doesnt have to cost anything. I loaned $20 to a coworker for a flat 10% interest. So $2 more for me. Thats free money and took 0 time.
Remember, use what you have at your disposal, theres opportunity all around.
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Rank: Copper
Joined: 3/17/2005
Posts: 1
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Stielle,
I' m a newbie and this sounds like a great, fun way to get started. I' m in. I' ll keep you posted.
Tammy
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Rank: Platinum
Joined: 11/13/2004
Posts: 347
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Ok, a little update here.
I started a contest with a couple of businesses. Great thing is, its almost free.
I took a nice large jar and inserted a small platform on the bottom. Filled it with water and asked a couple of businesses if I could put it in their store as a game.
Folks drop coins in the water, if it lands on the platform, they win a prize. In this case, a gift certificate in the sponsoring store. Thats where I had to make my purchases.
I know youve seen these things before, and they are great fun for my kids to play with, so I figured I' d see how they went. They arent doing badly, the 3 I placed have made about $15 collectively in the last 3 days.
Time involved? A couple of hours building them. A few knocks on some local businesses, and bammo.
If it contisues in this fashion, I should have a few bucks at the end of the month, huh?
I' ll place a few more and see how they come along.
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Rank: Copper
Joined: 3/14/2005
Posts: 62
Location: Florida
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[font=" Verdana" ] Hi Stielle, Have you considered starting your own website? It sounds like you have many creative ideas and if you have more of them, many people would pay good money to view your ideas or advertise on a website where you give them away for free. You might also consider starting a newsletter for subscribers to receive ideas in their mailbox every week. -Peter Ferrigan [/font]
[font=" Verdana" ]
[link=http://www.352hosting.com/websites.html]Complete Professional Business Websites, Just $15 With Hosting![/link]
[/font]
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Rank: Copper
Joined: 3/6/2005
Posts: 3
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Hi,
I' m new here and I' m not trying to criticize the original idea but I just thought I' d point out that perhaps a challenge to turn $40 into $40/month (or some amount) of passive income might be more useful... because as some other people have already pointed out, turning $40 into $400 is not really that hard, but it' s more of an " E" or " S" quadrant play.... as someone mentioned there' s poker... I' m good enough at poker that I can turn $40 into $400 with nearly zero risk over a couple of days... but doing this wouldn' t teach me any thing about acheiving financial independence, turning earned income into passive income, etc....
So I would propose that the goal be to turn $40 into $40/month with no incremental work required (only the initial time investment). What do you all think?
-
John
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Rank: Copper
Joined: 3/8/2005
Posts: 12
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It sounds as if there is some optimism here. RD always said to think positive. Thus comes positive results. I think the whole idea of the $40 dollar challenge is to challenge your mind no matter what the reults or time table is. At least you learned from the experience. I' ll give a quick example: After reading this post i sat for the longest time and thought about how to turn $40 into $400. I thought about making a list, but never did because i think i came up with a good idea. Even though i still should have made the list and probably will. As i thought, i had a guy that was doing some maintenance work for me at one of my rental units. This guy used to install windows for Rolox before venturing out on his own. I also recently installed a new window in my house, it' s a good quality window at a reasonable price. My initial idea was to contact the company who sold me my window and get them to sell windows to me at a price a litle over cost for them. I get the guy to quote me a price on different window sizes and i go out selling windows door to door to those houses in need of windows. I will have very little out of pocket costs. Then i thought about it even more and thought that would be a lot of work, so, i' ll go to a couple of local high schools and find some highly motivated students that want to learn about money, business and earn a little cash over the summer. Now, i have a product, an installer and someone to sell the product. Little time in for me and i' ll earn with every window sold. All this from a small challenge.
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Rank: Copper
Joined: 3/21/2005
Posts: 2
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Hey.
Im a newbie, and I' ll be in- as soon as I save teh $40. Unfortunately I am in the very first of the beginning phase of all this stuff, but I' ll let you know how I do!
Jimo
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