Tuesday, January 7, 2014

Turning $300 Into $1M

It's been over a year since I last wrote anything.  I've been working and testing and winning and losing...

I made a New Year's resolution late last year, in December. By the end of 2014, I want to be a millionaire. Don't have to be a multi-millionaire. One million is enough for me. Let's leave some goals for 2015.

So, I checked my real money account and it is down to $335.80. How can I become a millionaire in 12 months with such a small starting capital? There has to be a way. If George Soros made $1B in one day, there has to be a way of making a miserly $1M in 365 days. Fire up the spreadsheet and...

It is not that difficult! All I have to do is double my money every month. This should see me hitting the $1.3M mark sometime at the end of December 2014. Now, to break this down into individual targets.

To double my money every month, I need to do about 17.06% per week. To hit this target, I must profit 3.2% daily and compound my winnings.

Hmm, this puts things in a different perspective. I must make daily more profit than what your bank gives you in interest in a whole year. Doable, but harder than initially envisioned.

With this in mind, I started my road to $1M last week, on Wednesday, January 1.  My goal is to end the month with $671.48. This means I must end this week with an account balance of $418.64. That's a profit of 24.67% in seven working days.

I may have bitten more than I can chew...