Saturday, February 13, 2016

Researching Doubling

Photo by Dana Marostega
As this blog started off as a doubling challenge, I revisited a lot of doubling blogs to find out how others were getting on. Sadly most had not been updated for many years and no one had succeeded. I realise that this is probably due to either a lack of motivation, time or distraction.

The great thing about doubling is it promises a sum of money without any investment. However, it opens your mind up to finding creative ways to make money. This is great, but it means that you start to use those methods to earn an income for yourself and get distracted by the doubling itself. I found this happened to me, I also did not completely stick by the rules as I worked to earn money, when it should be all about investments.

In the early stages you will have to rely on finding money or asking friends to double it for you. Once you have enough to buy and sell things, you can do this, starting small and growing. However, the competition in buying and selling is growing so it is harder to make a profit this way. The more you can afford to invest, the more you will make and this stage can grow with the amount of money you have.  Once you get higher amounts you can buy shares, however, this can be expensive as there are many fees as well as taxes to pay. Each of these stages needs a new area of learning and although valuable, can be out of the comfort zone of some people. Also risk takers may decide to gamble and lose their money at any stage. Although this should not be a big loss to you as you do not invest any of your own money, it could be demotivating and you may not want to go back to the beginning and start again.

I feel that although I have not stuck to the rules, I have still learned a lot. I have made myself a small income plus invested money in solar panels and premium bonds which are also providing me with an income. I am tempted to try doubling again though, as I think I could learn some new skills from it.

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