Turning 20,000 - 1 Million

cabla

I'm thinking of setting myself a challenge and possibly writing a blog about my progress. I'm Irish but currently living and working in the Middle East.

Being out here makes you think a lot, a lot about "what the hell am I doing here"? What am I gonna do next? Where am I going to go from here etc? People are here for the money for the most part, simple as that. My plan is to join the masses and save about 20k by December 2014. It might be a bit ambitious but who knows - there's no point in not having a goal.

Now why 20k? I don't really know to be honest, it's a nice round number and should be achievable. When I was young people used to ask what I would like to be when I was older and I always said a millionaire. Well then I became a little older, reality kind of kicked in, had a few crappy (yet full of experience) jobs, Ireland went into the sink and then I decided to roast my ass off in the desert. Slowly though I'm beginning to think though that my "younger self" goals could potentially become a reality if I do it right and manage it carefully.

My plan is to make the 20k then I don't really know. I know I'm not going to make a million working for someone unless I'm a super smart IT/Scientist guy. Now I've a couple of guys that could join in with me, some I work with with similar goals so that 20 could easily become 40-50 and so on.

My question is simple, what would YOU do if you had 20,000 Euro and your goal was to turn that to 1,000,000 big ones!?!

lucky john

cabla wrote: »

I'm thinking of setting myself a challenge and possibly writing a blog about my progress. I'm Irish but currently living and working in the Middle East.

Being out here makes you think a lot, a lot about "what the hell am I doing here"? What am I gonna do next? Where am I going to go from here etc? People are here for the money for the most part, simple as that. My plan is to join the masses and save about 20k by December 2014. It might be a bit ambitious but who knows - there's no point in not having a goal.

Now why 20k? I don't really know to be honest, it's a nice round number and should be achievable. When I was young people used to ask what I would like to be when I was older and I always said a millionaire. Well then I became a little older, reality kind of kicked in, had a few crappy (yet full of experience) jobs, Ireland went into the sink and then I decided to roast my ass off in the desert. Slowly though I'm beginning to think though that my "younger self" goals could potentially become a reality if I do it right and manage it carefully.
7
My plan is to make the 20k then I don't really know. I know I'm not going to make a million working for someone unless I'm a super smart IT/Scientist guy. Now I've a couple of guys that could join in with me, some I work with with similar goals so that 20 could easily become 40-50 and so on.

My question is simple, what would YOU do if you had 20,000 Euro and your goal was to turn that to 1,000,000 big ones!?!

I'd post on boards.ie, get contributor's to give me their ideas, pick the best one and for sure make a million

steppintoe

Don't trust this guy.
I have had dealings with him in the past.
Shady character to say the least.

cabla

steppintoe wrote: »

Don't trust this guy.
I have had dealings with him in the past.
Shady character to say the least.

Says the person with 1 post!

Peterdalkey

It is easy to end up with a million, start with two!

relaxed

banners brokers, your e wallet gets to 7 figures in no time.

steppintoe

Sorry about the above I was only messing!

To turn 20,000 into a million I would do the following:

Think about what I want and what makes me happy. Get a very clear picture of what it is that I want, what I need to do to make it happen and what it will look like when I have it. If I wanted to open a restaurant I would try to visualise what the place will look like on the interior, what the mood of the place would be, what music I will play, what staff to hire etc.... I would try to build it in my mind from the ground up. In doing so you will find out how passionate you are for something and be able to identify somethin you want.

Once you have identified your passion tell everyone about it, parents, friends etc as these guys will give you the criticisms and support you need to start a venture, it's like having a free session with a consultant!
I believe that if you find something youre passionate about that the money will come. Seriously imagine owning your own place, I would be more excited to get out of bed in the morning to work for me.
Hope that helps and good luck!!

jimmii

You can't really do a lot of damage with €20k unless you have something really really good that for some reason isn't going to take a lot of money. Creating a product of some kind would be your best bet to a million but if you had an idea good enough I would imagine you wouldn't need to be asking here! Find someone with an idea but no money and see if €20k is going to be enough to make it happen.

cabla

jimmii wrote: »

You can't really do a lot of damage with €20k unless you have something really really good that for some reason isn't going to take a lot of money. Creating a product of some kind would be your best bet to a million but if you had an idea good enough I would imagine you wouldn't need to be asking here! Find someone with an idea but no money and see if €20k is going to be enough to make it happen.

Thanks for that. I've a few ideas and a few people in mind to work with. Just a general thought really, I'm not looking I suppose for ideas but suppose guidance or if anyone has any similar stories to share.

It's just the thought and challenge of 20k to 1 million. Bit like the guy who started with a pin and traded his way up to owning a house!

lucky john

http://firstround.com/article/Theres-a-00006-Chance-of-Building-a-Billion-Dollar-Company-How-This-Man-Did-It#ixzz2h9xC3lPZ

I think this article might be written for you op. It makes interesting reading if you get the chance.

I also heard a guy on the radio not so long ago that was living homeless in Louth ( I think), who has managed recently to form a very successful company. If I can find a link for him I'll post it.

kippy

There is only so much you can do your self.
At some point luck, or lack of it, will come into play.

ifah

I'll tell you in 9 months time after my business has taken off. Investment is < 20k at present.

thecommander

steppintoe wrote: »

Sorry about the above I was only messing!

To turn 20,000 into a million I would do the following:

Think about what I want and what makes me happy. Get a very clear picture of what it is that I want, what I need to do to make it happen and what it will look like when I have it. If I wanted to open a restaurant I would try to visualise what the place will look like on the interior, what the mood of the place would be, what music I will play, what staff to hire etc.... I would try to build it in my mind from the ground up. In doing so you will find out how passionate you are for something and be able to identify somethin you want.

Once you have identified your passion tell everyone about it, parents, friends etc as these guys will give you the criticisms and support you need to start a venture, it's like having a free session with a consultant!
I believe that if you find something youre passionate about that the money will come. Seriously imagine owning your own place, I would be more excited to get out of bed in the morning to work for me.
Hope that helps and good luck!!

So visualising something and then telling everyone about it will make 20k turn to a million? Hippy dippy nonsense.

If I ran my company idea by friends and family before I set it up they would have rubbished it and it never would have been done. Take advice from people that know what they're at, rather than just family etc.

steppintoe

^^
That's not exactly what I was meaning I'm sure you may see it that way. Rather I think that if you are to approach it in this way you will expose potential problems before they arise. I always love to hear why something won't work from my peers as they have a different viewpoint than myself.

The visualization aspect isn't for everyone, I'm just throwing in my idea.

Mustard1972

I've done similar. £25k to just under €1M.
I should hopefully pass the million in another year.
that's assets - liabilities.
No.point having a million if you owe two.
don't have time tonpost now but will later.
I'm not the only one who has done it either that I know.

AlmightyCushion

Mustard1972 wrote: »

I've done similar. £25k to just under €1M.

I didn't realise the exchange rate was that bad.

steppintoe

I would be very interested to learn how you did it!
I'm sure it would make for an interesting story.

cabla

Some good words coming here as I'd expect from Boards. I suppose after reading more I should probably edit the opening post more to see who has done it and how, rather than what would you do. The best advice I'll get I suppose is from people who have done it and stuck by their ideas and goals. A year is a good amount of time to start putting my head and thoughts together or maybe it's not. It will depend I guess.

fAzI

for 20.000 you should buy some land in ireland then sell the ground to American Irish for let say 5€/g

If you sell like 200 tons for 5€/g there will be a million euro

After 200 tons sended you can build lake or swimming pull at that place and get profit

131spanner

I'd place a €20,000 bet that the song "Summer of 69" by Bryan Adams will be either re-released or covered in the year 2069 and make it into the top 3 in the the UK singles chart.

I wonder what odds you'd get..?

Tugboats

I'd buy an RV and put my chemistry degree to good use

jimmii

fAzI wrote: »

for 20.000 you should buy some land in ireland then sell the ground to American Irish for let say 5€/g

If you sell like 200 tons for 5€/g there will be a million euro

After 200 tons sended you can build lake or swimming pull at that place and get profit

I was really tempted to do something like this once upon a time they would lap it up! It was just after I had two people bid on my ebay auction for 50 used Dublin bus tickets. People be crazy.

jimmii

131spanner wrote: »

I'd place a €20,000 bet that the song "Summer of 69" by Bryan Adams will be either re-released or covered in the year 2069 and make it into the top 3 in the the UK singles chart.

I wonder what odds you'd get..?

Guessing about 69/1 but they won't take the bet unless you are over 50 and you will have to collect the winnings yourself.

PlanBee

cabla wrote: »

My question is simple, what would YOU do if you had 20,000 Euro and your goal was to turn that to 1,000,000 big ones!?!

Why don't try a way for reasonable investments ?
1 million is bigger than 20 K just in 50 times, what you need is just to find an investment with the 30%
return for the year, to achieve the goal 1 mln using cumulative counting takes 15 years only.
If there are friends with the money, the 1 mln goal could be achieved earlier

The One Who Knocks

fAzI wrote: »

for 20.000 you should buy some land in ireland then sell the ground to American Irish for let say 5€/g

If you sell like 200 tons for 5€/g there will be a million euro

After 200 tons sended you can build lake or swimming pull at that place and get profit

Didn't someone already do that?

Peterdalkey

PlanBee wrote: »

Why don't try a way for reasonable investments ?
1 million is bigger than 20 K just in 50 times, what you need is just to find an investment with the 30%
return for the year, to achieve the goal 1 mln using cumulative counting takes 15 years only.
If there are friends with the money, the 1 mln goal could be achieved earlier

Brilliant... The town is full of outfits offering a 30% return on investment. Every year for 15 years... No bother at all!

PlanBee

Peterdalkey wrote: »

Brilliant... 30% return on investment.

That's true ! Some businesses sell their product or services with the minimum of 30% margin profit

Peterdalkey

PlanBee wrote: »

That's true ! Some businesses sell their product or services with the minimum of 30% margin profit

Pure genius.. Now all he has to do is find a business for 20k that offers a guaranteed 30% ROI and in 15 years.. Voila!

PlanBee

Peterdalkey wrote: »

Pure genius.. Now all he has to do is find a business for 20k that offers a guaranteed 30% ROI and in 15 years.. Voila!

That's correct, at least he knows now exactly what to do to achieve his goal: find a business or investment with the 30% ROI guaranteed, is this not possible at all?

Fukuyama

Convert it to Zimbabwean Dollars .... enjoy life. :P

I've a few ideas myself, but they're mine. But if more people in Ireland had this kind of idea we'd be a start-up hub. Unfortunately, nobody is willing to risk their reputation or cash by throwing all they've got into an idea.

I normally come up with good ideas by examining how business already operate and asking "Could this be done in a better way?". A lot of the time, the answer is yes.

I then try to pull apart my idea to see how strong it really is. 95% of the time I tear it to shreds and realise it was a crappy idea. But every once in a while, I discover a good one that gets stored away in a secret little notebook I keep.

One day...

Sam Kade

The best way to make a million fast starting from very little money is to become an Irish politician and bluff your way to the top