The Rules
Ok, I am a firm believer that when you do something like this, you need a FIRM set of rules, and you can't break them for any thing. So you had better make sure your rules are correct in the first place. Only under the most extreme circumstance could you break them - for example you realise that your rules weren't very good to begin with and must improve them. As I said below, this has been done before and is greatly based on This Website. The idea first came about from some guy named Stuart Goldsmith. Now I don't know this guy, but isn't that an awesome last name for something like this? Here's his 8 page report that includes his version of the rules.
The 8 Page Stuart Goldsmith Report
Now I like a lot of his rules, but some of them I don't. I realise that he is a millionaire and a lot of people say that I should just follow his formula, but I would argue that there is more than one way to skin a cat. The important part is making a solid set of rules and sticking to them... no matter what. Everyone is different and what will make Stuart Goldsmith rich, is not necessarily what will do it for me. I know myself better than anyone and I firmly believe that the below rules are my best way to my goal. By the way - my goal is not a million dollars.... for this project, it is paying off my mortgage. If I do that then I'll start another one to make the million dollars.
Rule1: I cannot use any of my "real life" money for anything related to this project. This project MUST stand on it's own. If I lose everything, then I will only lose what I didn't have in the first place.
Rule 2: If the current step results in more than doubling, then this becomes the new benchmark for doubling. For example, If I have $5 and need to double to $10, but somehow I turn it into $12, then I now have $12 and need to try to double to $24.
Rule 3: If the current action results in less than doubling, then I can use all the money to keep trying to complete the doubling. For example, if I have $5 and I turn that into $7, then I still need to complete the doubling, but I can now use the $7 to do it.
Rule 4: I can only concentrate on the current doubling effort. I cannot speculate how I will double larger amounts of money in the future. This will reduce the chance of me getting overwhelmed or bogged down. I can always double what I have and that is all that matters.
Rule 5: I cannot spend one cent of this money until I have enough to pay off my mortgage. Of course, I can spend it to further the project, but no "withdrawls".
Rule 6: I cannot use any hidden resources - ie. no photocopying from work... I'd have to do it at the local copy place.
Rule 7: If I end up with less than half of my money, then I am downgraded to doubling from there.
Rule 12: I can get the money any way legally possible. I can work, trade, buy stocks - anything legal to double it.
Well, there are my rules that will work for me.
The 8 Page Stuart Goldsmith Report
Now I like a lot of his rules, but some of them I don't. I realise that he is a millionaire and a lot of people say that I should just follow his formula, but I would argue that there is more than one way to skin a cat. The important part is making a solid set of rules and sticking to them... no matter what. Everyone is different and what will make Stuart Goldsmith rich, is not necessarily what will do it for me. I know myself better than anyone and I firmly believe that the below rules are my best way to my goal. By the way - my goal is not a million dollars.... for this project, it is paying off my mortgage. If I do that then I'll start another one to make the million dollars.
Rule1: I cannot use any of my "real life" money for anything related to this project. This project MUST stand on it's own. If I lose everything, then I will only lose what I didn't have in the first place.
Rule 2: If the current step results in more than doubling, then this becomes the new benchmark for doubling. For example, If I have $5 and need to double to $10, but somehow I turn it into $12, then I now have $12 and need to try to double to $24.
Rule 3: If the current action results in less than doubling, then I can use all the money to keep trying to complete the doubling. For example, if I have $5 and I turn that into $7, then I still need to complete the doubling, but I can now use the $7 to do it.
Rule 4: I can only concentrate on the current doubling effort. I cannot speculate how I will double larger amounts of money in the future. This will reduce the chance of me getting overwhelmed or bogged down. I can always double what I have and that is all that matters.
Rule 5: I cannot spend one cent of this money until I have enough to pay off my mortgage. Of course, I can spend it to further the project, but no "withdrawls".
Rule 6: I cannot use any hidden resources - ie. no photocopying from work... I'd have to do it at the local copy place.
Rule 7: If I end up with less than half of my money, then I am downgraded to doubling from there.
Rule 12: I can get the money any way legally possible. I can work, trade, buy stocks - anything legal to double it.
Well, there are my rules that will work for me.
posted by One Green-Paper Flip | 10:39 AM
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