Image by Gerd Altmann from Pixabay
I want to run this odyssey with money along the lines of a scientific experiment. The idea is to see if I can grow £1 to £1 million by saving £1 per day. But for me to do this properly I need to implement some rules. At least that way I can see how successful, or not, I have been against a defined set of rules.
So these are the rules that I have chosen to work to as I progress with my £1 to £1 million experiment.
The rules.
The first one is fairly straight forward the rest keep me honest -
I can only save £1 per day. Each and every day I will transfer £1 to a separate bank account. This will be my savings pot from which I will experiment with different money making ideas.
I can only use this money to try out money making ideas. If there is an investment required, to try out a particular investment strategy, I will only use the money that has been previously saved or earned from this experiment.
The methods that I use have to be legal. Well this goes without saying, I am not going to do anything illegal to try to create more money. That is not to say that I won’t be doing some perhaps risky things, but nothing illegal!
Any money that is earned through investments, side hustles or businesses, that are created in this experiment, can be re-invested back into the project.
Any savings made on household expenditure e.g. bills, insurance, mortgage can be re-invested back into the experiment.
The aim - to achieve the £1 million mark.
There is one other rule that I think is well worth including. In the book that partly inspired this experiment - The One Minute Millionaire - the authors committed to donate 10% of their wealth to worthy causes. I think that this is a worthwhile aim and so I will commit myself to the same goal. At the end of each year 10% of what has been accrued over that year will be donated to a worthy cause. I am hopeful that in the course of this experiment I will be able to donate a lot of money to some great charities. Let’s see what happens.
Right, I think that covers the basics. I will stick by these rules in this experiment.
Now that the rules have been defined I am itching to get started. I have a lot of ideas of what to look at and where to start. But there is just one thing remaining, to define the start date of this project. For me this is going to be the day that I started this newsletter which was the 25th June 2021. That is just 1 week ago so by my reckoning I have got £7 sitting ready to be invested into this project.
Let’s get started!
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