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#1
01-22-2007, 11:34 AM
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5 Bucks a Day
Someone recently sent me a report entitled 5 Bucks a Day. Nothing Earth shattering, but I thought the concept was interesting enough to post here.
Basically, it's just about trying to hit a lot of singles rather than a homerun or two. His strategy is to start by making a list of every project, scheme or whatever you can think of that you think will make you $5/day on an ongoing basis. Then you pick one and work on it until it's finished. He assumes you can get it done in about a week. When it's finished, start another one and work it until it's finished. Basically, you're just creating numerous sources of small income that add up. Some will end up making less than the $5 and some will end up making more. But at the end of a year, you should be making about $5/dayx50weeks=$250/day. I know it's just sort of rehashed Multiple Streams of Income approach. But his idea of giving yourself the $5/day goal for each project was interesting. Also, the $5/day goal makes it so you don't get discouraged if a project doesn't pan out. It was only $5/day anyway! Just start something else off your list. 
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#3
01-22-2007, 12:04 PM
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Re: 5 Bucks a Day
This is similar to what Robert Kiyosaki says in his book with Donald Trump, that you can try taking $10 and see how fast you can double it. Continue doing that and increase the amount that you double. It's the little things that can lead to a big winner.
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#5
01-22-2007, 12:26 PM
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Re: 5 Bucks a Day
[ QUOTE ]
Not a bad idea, but I don't think it's possible for many people to do. [/ QUOTE ] Are you referring to me? If so (even if not), I'll clarify it. He says to take $10 and see what you can do and how fast you can double it. That would be to $20. Now, I don't mean take that $20 and double it to 40, then 80, 160 and so on. I just mean, take $10 10 times an double it, ($100). Then try a bigger amount. The point is that instead of taking $10,000 and starting a business, take $10, which isn't much and see what you can do with it. As you do it more and more, you start realizing the options that you have. Then eventually you can get into bigger deals. There was an example, I don't know if it was in the same chapter where it was mentioned that a guy bought a multi-million dollar hotel and thought he could run it, yet he never ran something so big. He ended up losing all of that money and pretty much all the money he had. (I could be wrong, but that is how I remember it off-hand). So my point is just to get out and try to double your money, by taking your own risk and getting into a business mind-set, rather than working everyday and earning your money.
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#6
01-22-2007, 12:54 PM
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Re: 5 Bucks a Day
[ QUOTE ]
Someone recently sent me a report entitled 5 Bucks a Day. Nothing Earth shattering, but I thought the concept was interesting enough to post here. Basically, it's just about trying to hit a lot of singles rather than a homerun or two. His strategy is to start by making a list of every project, scheme or whatever you can think of that you think will make you $5/day on an ongoing basis. Then you pick one and work on it until it's finished. He assumes you can get it done in about a week. When it's finished, start another one and work it until it's finished. Basically, you're just creating numerous sources of small income that add up. Some will end up making less than the $5 and some will end up making more. But at the end of a year, you should be making about $5/dayx50weeks=$250/day. I know it's just sort of rehashed Multiple Streams of Income approach. But his idea of giving yourself the $5/day goal for each project was interesting. Also, the $5/day goal makes it so you don't get discouraged if a project doesn't pan out. It was only $5/day anyway! Just start something else off your list. [/ QUOTE ] Not that I don't think this is a good goal, but there are a couple problems here. First of all, for me it's pretty damn hard to come up with 50 different ways to make $5/day. Also, I highly doubt that all of them, or even most of them, could be done in a week. Particularly once you have a few ideas running, it's going to get harder. Presumably, some or all of those ideas are going to need upkeep or some form of maintenance, so that 1-week goal is going to get stretched farther and farther. Unless of course you can come up with 50 ideas that are all self-sustaining, but I can barely think of a couple. Maybe I lack vision. It frustrates me that I can't come up with a huge list of ideas like this. Advice?
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#7
01-22-2007, 01:01 PM
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Re: 5 Bucks a Day
[ QUOTE ]
Not that I don't think this is a good goal, but there are a couple problems here. First of all, for me it's pretty damn hard to come up with 50 different ways to make $5/day. Also, I highly doubt that all of them, or even most of them, could be done in a week. Particularly once you have a few ideas running, it's going to get harder. Presumably, some or all of those ideas are going to need upkeep or some form of maintenance, so that 1-week goal is going to get stretched farther and farther. Unless of course you can come up with 50 ideas that are all self-sustaining, but I can barely think of a couple. Maybe I lack vision. It frustrates me that I can't come up with a huge list of ideas like this. Advice? [/ QUOTE ] The projects don't have to all be entirely different. In fact, many could be essentially the same such as a bunch of different Adsense sites that will each earn $5/day. An adsense site doesn't take a week to put up once you've done a couple. Also, they don't have to be brand new projects. They can be additions to an existing project that you expect will increase that projects earnings by $5/day.
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#9
01-22-2007, 03:30 PM
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Re: 5 Bucks a Day
[ QUOTE ]
In fact, many could be essentially the same such as a bunch of different Adsense sites that will each earn $5/day. An adsense site doesn't take a week to put up once you've done a couple. [/ QUOTE ] Colt... But, is it reasonable to expect that a quickly put together adsense site is going to earn $5/day... without any further need to expend effort on it?
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