Thursday, August 13, 2009

The Doubling Money for Charity Project

This blog is an attempt to complete the 28 steps of doubling layed out in Stuart Goldsmith's report, entitled "How to Double Your Way to a MILLION", which details a plan for starting out by finding a penny and repeatedly finding ways to double this until you have over a million dollars. Amazingly, it only takes 28 doubles from a penny to earn a million dollars. I have tried this before and ended up using the money on myself (After I had about $800). I would like to try this again, but in order to help keep my grubby hands off my double money I am adding my own twist. During my double adventures, half of any money that goes into my pocket will be donated to a Charity of my choice. This way I can feel good about donating and at the same time, there will be serious pressure not to just take the money and run. I won't feel very good with a new laptop if I know I'd be letting down some sick kids or something. Just to be clear - this doesn't have to be an official Charity. I could 'donate' to the local kids hockey team, or to some random Joe on the street that I feel can use the money. I won't be issuing charity receipts if someone wants to donate to keep things simple (it would really be me that you're donating to anyways and I in turn would donate to something else). I will pick the charity, but I welcome suggestions. The way the Charity side works is just the same as how it works for me. The only time I get any 'real' money in my hands is when I overshoot a level or when the project is done. Say for example I overshoot a level by $50. In this case, I would buy myself something nice for $25 and donate $25. At the very end of the project I would write a big fat cheque to some Charity for $500,000 and at the same time have a cool $500,000 for myself. Everyone's a winner! I definitely can't wait for that day. It's all about discipline and this time I plan to have it.

In case you're too lazy to click the link above, here are the 28 levels:
Step 1: Find a penny
Step 2: 1->2 cents
Step 3: 2->4 cents
Step 4: 4->8 cents
Step 5: 8->16 cents
Step 6: 16->32 cents
Step 7: 32->64 cents
Step 8: 64 cents -> $1.28
Step 9: $1.28 -> $2.56
Step 10: $2.56->$5.12 (Donate $0.06, Keep $0.06 to make it easier)
Step 11: $5->$10
Step 12: $10->$20
Step 13: $20->$40
Step 14: $40->$80
Step 15: $80->$160
Step 16: $160->$320
Step 17: $320->$640
Step 18: $640->$1,280
Step 19: $1,280->$2,560
Step 20: $2560->$5,120 (Donate $60, Keep $60 to make it easy)
Step 21: $5,000->$10,000
Step 22: $10,000->$20,000
Step 23: $20,000->$40,000
Step 24: $40,000->$80,000
Step 25: $80,000->$160,000
Step 26: $160,000->$320,000
Step 27: $320,000->$640,000
Step 28: $640,000 ->$1,280,000

The first step is to find that first penny. I am on the hunt!

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