Challenge Update Week Nr. 9
Wow, what a week. It’s been my best week until now where I made cash in multiple ways. There was the foreign exchange but there was also manual labor. I’ll tell you everything that happened last week in this article. Since I’m running this challenge I found that some things are going easy and some things are not but on average I keep coming out ahead.
At the beginning of the week, one of my forex robots opened two BUY trades on the EUR/USD currency. The lot sizes where 0.11 each. He bought them at 1.08409 and 1.08417. They instantly took off and kept rising. It was an amazing thing to see since this is eventually my end game plan since I can’t work my way to a 100 million dollar so I’m going to use this as my leverage. I’ll let money work for me instead of me working for money.
Manual labor wise it was okay this week although I’m getting fed-up from this line of work. Cleaning houses just isn’t my thing and especially not for this hourly rate. I made my hours but I’m just so exhausted every time that I just can’t keep focused on the big picture well enough. And because of this reason, I’ll be switching jobs very soon. I must increase my hourly rate to at least 25 dollars an hour. And this is best done in the web design niche I guess so I’ll probably make this my side hustle after I get back from Tunisia in a few weeks since I’m visiting my wife coming Friday.
Another option I have is selling my forex robots for a couple of hundred bucks. I help others and I help myself by doing this. I think ROTI (Return on time invested) wise this is a far better option to be honest then trading hours for money doing cleaning services or even web design services. I can sell 5 forex robots for $250 dollar in a few minutes. Setting up the ad and then waiting for buyers to buy my robots. I think this will be the best way to go but time will tell.
What Was The Bad News?
Last week’s bad news was that I can’t seem to get grip on my expenses which is probably caused by old outstanding bills as well as me spending more when my income increases. This is not a very big problem since I’m still paying bills that need to be paid but I must invest that positive cash flow into my foreign exchange investments. That way my compounding effect works even faster and speed will be my ally in this challenge since I only have 5 years and there will definitely be problems ahead.
What Was The Good News?
The good news of last week was that I made my hours through manual labor which is a good thing since this pays the bills and also funds the project in a few ways. Otherwise, I had to pay my bills from my normal income and that’s just not my intention since then my growth rate isn’t just as high as I want it to be. I came to the idea to increase my income and fund that extra income into my foreign exchange to accelerate my compounding growth rate. And this will eventually explode if I can keep up with my growth rate.
Last week’s foreign exchange results were also very good news. They were booming if you look at my small account size. The two BUY positions my robot opened closed with a total profit of $298.55 excluding swap fees. In my eyes, that’s just amazing since my account size was only around $797.05. That’s a 37.45% increase compared to the week before and to be honest, I love to see those numbers since this will get me into escape velocity zone very quickly.
I calculated that if I started in January 2020 with $250,- and I would make a profit of 24.5% a month I would reach 100 million dollars in 5 years. But as you can see on my financial forecast page, I’ll reach it must faster if the percentages shift a little in my favor. Which also works on the other end. If I experience some problems down the road and I don’t reach my monthly target, I still have the chance to make it since I overachieved my monthly financial targets many times at the beginning of the challenge.
And last but not least, the best news was that I achieved the net worth target of my second month. Yes, 2 done and 58 to go. It wasn’t all that hard. Let’s keep this snowball growing and make the coming month an even better month.
So What Was The Solution To My Problems?
There are some problems for which I need to find some solutions. I’m speaking to an online marketer here in the Netherlands who is specialized in Facebook, Adwords and Instagram to see if I can develop some kind of affiliate website where I can sell digital products as an affiliate and make a commission.
This solves the problem which is cleaning the houses since I simply hate that work as I mentioned before. It will also increase my hourly rate a lot since I’ll outsource 95% of the work. And it will increase my upside potential so if we find profitable products to promote I can easily scale it through the roof. That’s a nice idea to think about.
And the problem I discussed last week I still need to solve is to plug my expenses leak and improving my accounting part of my challenge. The solution for this will present itself when the time is right.
Well, I must say that I’m delighted with how things went last week and also last month. I made a nice amount of money last week in the foreign exchange which boosts my confidence to grow that plant even more by watering it regularly. And I’m even more delighted that I reached my second-month net worth target by a clear mile. It’s an amazing feeling! You should try it.
What do you think so far from my challenge? Do you have suggestions on how I can increase my growth rate? Do you think I’m lucky? Or do you think it’s the efforts I put into this? Let me know what you think in the comments below!