Every year for Christmas, my Dad makes up these $10 bags for each of us. He tries to get AS MUCH bang for his buck, meaning he tries to get as much inexpensive or free stuff to put in these bags. Now that may include some free calendars, a case of pop, free pens, kleenex, etc. I know that may not sound all that exciting, but it’s always so much fun getting these bags every year and seeing what kind of silly things he found to put in the bags that year. Well this year for me, he put a little envelope with $4.50 in it with a note saying ‘Legacy Auction Gift Certificate’ (the auction we go to does not do gift cards so he made his own). He needed $4.50 worth of stuff in my bag so he decided to give it to me as a made up gift certificate.
His challenge to me was to see how much I could make that $4.50 grow. I obviously said challenge accepted! We go to auctions almost every Sunday together and purchase items to resell to make a little bit of profit for ourselves, so I will be keeping the $4.50 aside and in it’s own little fund and try and grow it as much as I can. I am really excited for this challenge! I am going to start out small and purchase a few lots at the auction of smaller things that I can buy for $1.00 or $2.00 but can turn around and sell for anywhere from $5.00 to $10.00 to start growing it at a smaller rate. I think the key to success here will be not getting too money hungry and impatient. I don’t want to try and make hundreds super quick, but just slowly watch the pot grow. Once it grows bigger, then I could purchase a larger item and start building the profit at a larger rate.
I am going to follow my progress on this challenge by posting a challenge update blog every few weeks to track my journey, as well as explain what I did to turn this small change into profit. With how our economy has been lately and has created a bit of a financial scare for some people, I hope this shows people what they can do with only a small amount of money to invest. With this challenge, I am hoping to teach you tips and tricks to growing your money!
Check out my last thrifty blog post here!