Challenge Update Week Nr. 6
This week’s challenge update is an even better one than last week. I’m so excited since everything seems to head my way more and more. During this week I received money as well as work and developed a small side business. I also received some bad news about my grandmother that she is on her last days so I headed over to Egypt on Thursday where I am now.
When I arriving here and meeting her I was also looking at how I could profit from this trip since I am on a mission to make a 100 million dollar in 5 years. And I remembered I bought some watches here last time I was here and sold them in the Netherlands so I decided to do the same with the only difference is that I wanted to have my clients now first since I don’t want to put in my own money first. So I sold 2 watches and probably some arm bracelets. And maybe a third watch too but I am waiting for confirmation on this last one. So that is very nice since this small side hustle is enough for this month’s target but off course I would stop here.
Going back to the financial side of things, I received money from people who owed me money which was a good thing and they also mentioned they have more work for me 2/3 days a week. I’m taking on all work that I can get since I’m still in the phase that I can work to achieve the 24,5% net worth increase which I need monthly to achieve my challenge so why no work for it so if I plus my target I can, later on, decrease my net worth target percentage which will make it easier later on.
What Was The Bad News?
The bad news about this week is that my grandmother will probably leave the earth soon to go to another place. Very sad but also a relief since she’s already 88 years and her quality of life is very low already. That’s why I have peace with it but I went here and wanted to show her my last respect and love.
Another part of my challenge which went wrong this week was my exercising part. Since I stayed at my mom before leaving to Egypt I didn’t exercise a lot although this was one of the points of last week’s challenge overview which I wanted to improve. In total, I exercised one time on a 10 km distance but ok. I accept it and continue moving on since I can’t stand still too long of my failures. When I’ll get back to the Netherlands I’ll invest more time into sports and exercising. I want to pick this up again since I know it will be vital for my success both in business, finance as in life.
Something else which is bad news is that I decreased my learning time. I didn’t learn much this week since I was completely focused on my grandmother although I started reading How to Win Friends and Influence People the day before yesterday. I’ll be trying to pick this up as soon as possible again. The problem here in Egypt though is that everyone sleeps late which is a problem for my challenge although I am leaving back home Thursday night so that minor issues will be solved soon.
What Was The Good News?
There was also good news ladies and gentlemen. A lot to be honest. First of all, I received the message that they have 2/3 days a week of steady work for me which is nice since this alone is good for $260 a week which means the coming months I’ll achieve my monthly net worth targets easily.
Secondly, I improved my budgeting and measurement system which I wrote about in last week’s challenge update. So that problem is solved for now. Now I track every payment and account. This way budgeting goes easier too.
This week I also sold some watches and bracelets which I’ll bring to the Netherlands which I mentioned earlier. Those watches will bring in some nice profits. I’ll double my money on those which I can then further invest in my foreign exchange venture.
And now I’ll tell you about the sweetest part of this week’s challenge update. The foreign exchange part. At the beginning of the week my forex robots opened an EUR/USD BUY position with a 0.11 lot size. This position went well in the beginning and then reversed resulting in a losing position. When the position almost stopped out (due to stop loss level) my second robot opened a EUR/USD SELL position with a 0.11 lot size.
You could almost see this as a hedge position to cover the loss from the first position but this position took off. During this take off another forex robot opened a EUR/USD SELL position with a 0.07 lot size. Well, then things really took off and ended up in two profitable positions. The first position stopped out at stop loss level resulting in a $33 dollar loss excluding swap fees. The second position closed due to the end of the week with a $94.05 profit and the third position closed with a $48.09 profit.
This resulted in a $110.19 profit for the week which is more than 15% increase on my foreign exchange bankroll of $707 at the beginning of the week. That’s just amazing if you see the power of those forex robots. No emotion and following the strategy flawlessly.
So What Was The Solution To My Problems?
The first problem I must solve is fixing my exercising schedule again to what it was. I’ll do this as soon as I get home since I am distracted here too much. The second problem I must fix is my learning schedule. The solution to this problem is reading more which I’ll do tonight and use my phone less unless I’m using it for education.
I guess this is my best week until now if I look at it passive income-wise. It was growing quite nicely and I hope the snowball continues further this month. There were some good things and some bad things but I must say that I’m very satisfied with this week’s results. The snowball starts to gain speed and this is what I need to make this a success!
What do you think? Do you like what you see? Can I improve furthermore? What would you have done different?