Comments on: Reader Story: The $20 Challenge http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/ Common sense advice on money saving tips, how to get out of debt, high interest savings accounts, cd rates, money market accounts, mortgage rates, money management and more. Thu, 23 May 2013 00:17:28 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: James http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-471441 James Tue, 25 May 2010 18:14:58 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-471441 this is such a great way to build on your already strong bond. i love this idea and it sounds like the two of you are really thinking outside of the box to win. i love it. this is such a great way to build on your already strong bond. i love this idea and it sounds like the two of you are really thinking outside of the box to win. i love it.

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]]> By: Bec http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-470101 Bec Tue, 25 May 2010 00:44:09 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-470101 This is such a fantastic idea. I have to admit to not being creative with ways to find money. I'm on a very low income and need to take up some of these ideas. I'm going to have a go at this challenge and blog it up, I will link to your story. This is such a fantastic idea. I have to admit to not being creative with ways to find money. I’m on a very low income and need to take up some of these ideas.

I’m going to have a go at this challenge and blog it up, I will link to your story.

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]]> By: BobJ http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-470021 BobJ Mon, 24 May 2010 21:41:39 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-470021 i am just glad you are having fun while attaining your goal. i am just glad you are having fun while attaining your goal.

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]]> By: brian http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-469641 brian Mon, 24 May 2010 16:25:02 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-469641 Very cool! This can also be applied to many other areas of life: packing for trips, activities, etc. In the Boy Scouts, we would use this same concept. Our game was "MacGyver", you had 25 ft. of rope, one canteen, and a book of matches...now go build a shelter, cook a meal, and find the way back to the car. Its not about survival, its about thinking abstractly. Everyday items that you glance over can be repurposed for another use. Good Luck on the challenge! By the way can you only sell items or can you sell your services, like taking photos at local events? Very cool! This can also be applied to many other areas of life: packing for trips, activities, etc. In the Boy Scouts, we would use this same concept. Our game was “MacGyver”, you had 25 ft. of rope, one canteen, and a book of matches…now go build a shelter, cook a meal, and find the way back to the car. Its not about survival, its about thinking abstractly. Everyday items that you glance over can be repurposed for another use.

Good Luck on the challenge! By the way can you only sell items or can you sell your services, like taking photos at local events?

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]]> By: jeffeb3 http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-469561 jeffeb3 Mon, 24 May 2010 15:59:15 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-469561 You can really get just as much enjoyment out of spending money as you can making it. This is a good example of that. I bet finding out how the iPod worked, and repairing it was rewarding. And how fun is photography? Spending three hours on a weekend working on a profitable project can be just as fun as spending $15 on a movie. You can really get just as much enjoyment out of spending money as you can making it. This is a good example of that.

I bet finding out how the iPod worked, and repairing it was rewarding. And how fun is photography? Spending three hours on a weekend working on a profitable project can be just as fun as spending $15 on a movie.

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]]> By: Jon http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-469331 Jon Mon, 24 May 2010 13:33:35 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-469331 This is great. It shows the kinds of opportunities that are out there and forces you into some action. It could also be interesting to imagine that you're down to your last $20 and need to earn $100 by next week. Or to limit yourself to only selling products, not your services (time). If there's anything that would be good to market online, like framed photographs, Ed Dale's 30 Day Challenge is a free internet marketing course that's focused on getting you to earn your first $10 online. (The course is free, but if you decide to register a domain name, that could be up to $10). http://www.thirtydaychallenge.com This is great. It shows the kinds of opportunities that are out there and forces you into some action. It could also be interesting to imagine that you’re down to your last $20 and need to earn $100 by next week. Or to limit yourself to only selling products, not your services (time).

If there’s anything that would be good to market online, like framed photographs, Ed Dale’s 30 Day Challenge is a free internet marketing course that’s focused on getting you to earn your first $10 online. (The course is free, but if you decide to register a domain name, that could be up to $10).
http://www.thirtydaychallenge.com

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]]> By: Dan http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-469251 Dan Mon, 24 May 2010 13:01:09 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-469251 Kind of reminds me of my grandfather's story: Arrived in this country with a trunk and $45. He did OK! Enjoy the challenge! Kind of reminds me of my grandfather’s story: Arrived in this country with a trunk and $45. He did OK!

Enjoy the challenge!

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]]> By: Heather http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-468691 Heather Mon, 24 May 2010 04:21:26 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-468691 Yes, please update us! What a fun idea! My husband and I each have an "allowance" and I like to save mine. I'm playing this game with myself, just because I didn't think to get my husband involved. I sold some aprons I sewed out of old clothes, and I sold some old gold. Also, I often look for free-after-rebate items, and if I can use it and can afford it out of our weekly grocery/household money, I will get it. Then, when the rebate check comes, I cash it and put it aside. I also play a game with myself and try to spend less than the weekly budgeted amount. It's a game to see how little I can spend while still getting what we need. I'm putting that money aside separately for big purchases, dr. co-pays, and other big or unexpected things that don't qualify as an emergency but are more than our monthly budget can handle. Yes, please update us! What a fun idea! My husband and I each have an “allowance” and I like to save mine. I’m playing this game with myself, just because I didn’t think to get my husband involved. I sold some aprons I sewed out of old clothes, and I sold some old gold. Also, I often look for free-after-rebate items, and if I can use it and can afford it out of our weekly grocery/household money, I will get it. Then, when the rebate check comes, I cash it and put it aside.

I also play a game with myself and try to spend less than the weekly budgeted amount. It’s a game to see how little I can spend while still getting what we need. I’m putting that money aside separately for big purchases, dr. co-pays, and other big or unexpected things that don’t qualify as an emergency but are more than our monthly budget can handle.

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]]> By: John Bardos - JetSetCitizen http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-468661 John Bardos - JetSetCitizen Mon, 24 May 2010 02:10:55 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-468661 This reminds me of the $5 business challenge at Stanford University. Teams of students are given $5 and two hours to turn it into something more. The extreme constraint forced students to come up with some novel ideas. http://su.pr/4HXHk1 Another one is http://oneredpaperclip.blogspot.com/. Kyle MacDonald traded up from a single paper clip to a house. True story! Who knows how big your $20 will get. Good Luck! This reminds me of the $5 business challenge at Stanford University. Teams of students are given $5 and two hours to turn it into something more. The extreme constraint forced students to come up with some novel ideas. http://su.pr/4HXHk1

Another one is http://oneredpaperclip.blogspot.com/. Kyle MacDonald traded up from a single paper clip to a house. True story!

Who knows how big your $20 will get. Good Luck!

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]]> By: Ted Hessing http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-468621 Ted Hessing Mon, 24 May 2010 00:36:54 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-468621 Jessica, this is awesome! This exactly the kind of challenge I love to do. I cannot wait to try it out! Thanks for the tip. Jessica, this is awesome! This exactly the kind of challenge I love to do. I cannot wait to try it out! Thanks for the tip.

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]]> By: honeybee http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-468551 honeybee Sun, 23 May 2010 23:11:52 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-468551 What an awesome idea!! Go Jessica! I might have to take and modify this idea. I challenge my finacee to a cooking contest and it was way too fun. This sounds like a fun challenge too. AND our key issue is we have too much Stuff. So very cool contest. However Jessica/JD... you may want to modify the term "Blow Money"... blow is a term for cocaine. What an awesome idea!! Go Jessica! I might have to take and modify this idea. I challenge my finacee to a cooking contest and it was way too fun. This sounds like a fun challenge too. AND our key issue is we have too much Stuff. So very cool contest.

However Jessica/JD… you may want to modify the term “Blow Money”… blow is a term for cocaine.

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]]> By: Angie http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-468561 Angie Sun, 23 May 2010 23:11:49 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-468561 Awesome idea! I may have to copy it (only, I can't even begin to compete with my hubby - he's a genius at stuff like this!) Good luck, and let us know how it goes :) Awesome idea! I may have to copy it (only, I can’t even begin to compete with my hubby – he’s a genius at stuff like this!)

Good luck, and let us know how it goes :)

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]]> By: Money Green Life http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-468461 Money Green Life Sun, 23 May 2010 21:51:59 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-468461 I think $20 is too small. If it was pretty much a guarantee to make a margin from $20 investment, I would go higher, maybe $100 or $200. Bigger investment, bigger rewards, right? I think $20 is too small. If it was pretty much a guarantee to make a margin from $20 investment, I would go higher, maybe $100 or $200. Bigger investment, bigger rewards, right?

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]]> By: Jessica @ Life as I See It http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-468441 Jessica @ Life as I See It Sun, 23 May 2010 21:38:22 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-468441 <div class="greatcomment"> Thanks for all the positive encouragement!! :) You all are so inspiring :) </div> Thanks for all the positive encouragement!! :)
You all are so inspiring :)

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]]> By: finallygettingtoeven.com http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-468431 finallygettingtoeven.com Sun, 23 May 2010 21:34:32 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-468431 What a great idea. And who doesn't like a little friendly competition now and then. It's great that you have a competitor instead of playing the game by yourself. It increases your motivation by ten-fold. After all, who doesn't like to tell their significant other once in awhile ("I'm better than YOU are...".) I am rooting for you. Because, well just because we women always stick together (as hubby likes to say "not for any rhyme or reason, you are all just nuts"). Something that comes to mind that i just did (and i am always looking for opportunities mind you) is after x-mas at a clearance sale (long after 50% off, 80%, now it was at the 'please just buy it for anything price') i purchased giant candy canes (you know the ones that take days, weeks, YEARS to eat) for one penny each. I bought a whole case of them. (Hid them from hubby or he would have had me locked up)...but i had plans for them. 2 weeks ago i had my garage sale and i sold them for .25 each. People ate them up (literally speaking of course). Talk about making a major profit. Good luck in your endeavor and my money is on you. (And you know, i just TOLD you i always WIN). Now get out there...... What a great idea. And who doesn’t like a little friendly competition now and then. It’s great that you have a competitor instead of playing the game by yourself. It increases your motivation by ten-fold. After all, who doesn’t like to tell their significant other once in awhile (“I’m better than YOU are…”.)

I am rooting for you. Because, well just because we women always stick together (as hubby likes to say “not for any rhyme or reason, you are all just nuts”).

Something that comes to mind that i just did (and i am always looking for opportunities mind you) is after x-mas at a clearance sale (long after 50% off, 80%, now it was at the ‘please just buy it for anything price’) i purchased giant candy canes (you know the ones that take days, weeks, YEARS to eat) for one penny each. I bought a whole case of them. (Hid them from hubby or he would have had me locked up)…but i had plans for them.

2 weeks ago i had my garage sale and i sold them for .25 each. People ate them up (literally speaking of course). Talk about making a major profit.

Good luck in your endeavor and my money is on you. (And you know, i just TOLD you i always WIN). Now get out there……

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]]> By: Jennifer http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-468391 Jennifer Sun, 23 May 2010 21:16:41 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-468391 Great idea! It reminds me of an Adventures in Odyssey episode I heard once. I like the friendly competition factor. Great idea! It reminds me of an Adventures in Odyssey episode I heard once.
I like the friendly competition factor.

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]]> By: KS http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-468371 KS Sun, 23 May 2010 21:05:30 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-468371 Just a great idea. Since making more money is not important to me, I would like to see someone challenge themselves to use that $20 to do something that breaks one out of a comfort zone and do someting new. Registration fees for a 5K to train for, to go towards a workshop or class, get a cheesemaking kit, etc... Just a great idea. Since making more money is not important to me, I would like to see someone challenge themselves to use that $20 to do something that breaks one out of a comfort zone and do someting new. Registration fees for a 5K to train for, to go towards a workshop or class, get a cheesemaking kit, etc…

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]]> By: Maureen http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-467931 Maureen Sun, 23 May 2010 17:42:40 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-467931 Fabulous idea - you are both exploring new pathways and having fun !! What could be better. Thanks for the suggestion and good luck. Fabulous idea – you are both exploring new pathways and having fun !! What could be better. Thanks for the suggestion and good luck.

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]]> By: Sarah L http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-467921 Sarah L Sun, 23 May 2010 17:37:46 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-467921 This is cool, such a great idea!!! I might have to see about us doing this!!! We do something slightly similiar during the school year. My husband is a teacher, so we buy school supplies cheap when it's near free at the start of the school year, then sell the notebooks and pens/pencils to his students for 50 cents each. They don't have an excuse not to have supplies, and they get it cheaper than buying it in the stores once the prices go back up so a lot of kids actually buy all their supplies for all their classes from him. This is cool, such a great idea!!! I might have to see about us doing this!!!

We do something slightly similiar during the school year. My husband is a teacher, so we buy school supplies cheap when it’s near free at the start of the school year, then sell the notebooks and pens/pencils to his students for 50 cents each. They don’t have an excuse not to have supplies, and they get it cheaper than buying it in the stores once the prices go back up so a lot of kids actually buy all their supplies for all their classes from him.

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]]> By: Bear http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-467781 Bear Sun, 23 May 2010 16:07:17 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-467781 What a great idea! I love that you've turned it into something that benefits your family, helps you encourage each other and puts fun into the idea of creative saving! Good for you guys! Let us know who wins and what other fun things you come up with to "beat" each other! What a great idea! I love that you’ve turned it into something that benefits your family, helps you encourage each other and puts fun into the idea of creative saving! Good for you guys! Let us know who wins and what other fun things you come up with to “beat” each other!

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]]> By: ami | 40daystochange http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-467771 ami | 40daystochange Sun, 23 May 2010 16:01:55 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-467771 I love the fact that this simple challenge has opened your eyes to the opportunities around you. Suddenly an old iPod isn't junk waiting to go to the dump - it's a potential investment that yields a rate of return that any financial professional would be proud of. Suddenly you're taking risks with your art - learning much more by the risk taking than you would have learned from a multi-thousand dollar business class. I hope you continue to have a lot of fun with this activity and wish you great luck with your efforts. Add my name to the list of people who want the recap of what happened! I love the fact that this simple challenge has opened your eyes to the opportunities around you. Suddenly an old iPod isn’t junk waiting to go to the dump – it’s a potential investment that yields a rate of return that any financial professional would be proud of. Suddenly you’re taking risks with your art – learning much more by the risk taking than you would have learned from a multi-thousand dollar business class. I hope you continue to have a lot of fun with this activity and wish you great luck with your efforts.

Add my name to the list of people who want the recap of what happened!

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]]> By: Miss N http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-467741 Miss N Sun, 23 May 2010 15:47:14 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-467741 This reminded me of an exercise a professor at Stanford would give out to her students: http://www.psychologytoday.com/blog/creativityrulz/200908/the-5-challenge. Same premise but instead of $20, it's $5 and you only get a few days. They ended up with a wide range of results and a team actually converted their $5 into $600. I'm really looking forward to seeing what both of you end up doing by the end of the year! This reminded me of an exercise a professor at Stanford would give out to her students: http://www.psychologytoday.com/blog/creativityrulz/200908/the-5-challenge. Same premise but instead of $20, it’s $5 and you only get a few days. They ended up with a wide range of results and a team actually converted their $5 into $600.

I’m really looking forward to seeing what both of you end up doing by the end of the year!

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]]> By: brooklynchick http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-467721 brooklynchick Sun, 23 May 2010 15:36:22 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-467721 Awesome - please post again at the end of the year! Awesome – please post again at the end of the year!

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]]> By: Lauren http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-467701 Lauren Sun, 23 May 2010 15:25:53 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-467701 I think this is a fabulous idea! I would love to know how this turns out, and it gives me some ideas. Getting creative is absolutely essential to keeping to a budget, otherwise it gets to be a chore. There is nothing that says budgets and cutting back have to be boring. More power to you! I think this is a fabulous idea! I would love to know how this turns out, and it gives me some ideas. Getting creative is absolutely essential to keeping to a budget, otherwise it gets to be a chore. There is nothing that says budgets and cutting back have to be boring. More power to you!

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]]> By: Bananen http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-467671 Bananen Sun, 23 May 2010 15:08:46 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-467671 What an awesome idea! From now on I'll set aside some small amount each month for small investments. Perhaps in time it could spur a bigger and more profitable scheme. What an awesome idea! From now on I’ll set aside some small amount each month for small investments. Perhaps in time it could spur a bigger and more profitable scheme.

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]]> By: TosaJen http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-467661 TosaJen Sun, 23 May 2010 15:07:31 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-467661 I like using the friendly competition to encourage you both to be creative. DH and I have used similar means to eat better and exercise more, too. For a while, we compared pedometer totals every evening! We'll have to look at that idea of growing $20 to ?? :) I like using the friendly competition to encourage you both to be creative.

DH and I have used similar means to eat better and exercise more, too. For a while, we compared pedometer totals every evening!

We’ll have to look at that idea of growing $20 to ?? :)

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]]> By: Trina http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-467631 Trina Sun, 23 May 2010 14:55:30 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-467631 This is a really cool idea! It really got me thinking, and all kinds of things popped into my head. I immediately thought of the grocery game (using coupons and rebates at drug stores to get stuff for free). Last year I got about $11,000 worth of stuff for free. I donated most of it to charity and got a nice tax deduction out of it, but you could sell it all at flea markets and yard sales, which is what a lot of people do. I wish I had kept track of my out of pocket spending. It would be interesting if I limited myself to just that initial $20 to see how much I could get out of that. Best of luck! I can't wait to hear the results! This is a really cool idea! It really got me thinking, and all kinds of things popped into my head. I immediately thought of the grocery game (using coupons and rebates at drug stores to get stuff for free). Last year I got about $11,000 worth of stuff for free. I donated most of it to charity and got a nice tax deduction out of it, but you could sell it all at flea markets and yard sales, which is what a lot of people do. I wish I had kept track of my out of pocket spending. It would be interesting if I limited myself to just that initial $20 to see how much I could get out of that.

Best of luck! I can’t wait to hear the results!

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]]> By: ConsumerMiser http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-467601 ConsumerMiser Sun, 23 May 2010 14:40:19 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-467601 The $20 Challenge: I love this idea of making a game out of finances and making more money. The $20 Challenge will make trying to make more money fun. I may try this with my spouse. This summer the kids and I are starting a lemonade stand complete with a business plan, budget, marketing plan and target. I want to start them thinking early about making money, personal finance and planning. The $20 Challenge: I love this idea of making a game out of finances and making more money. The $20 Challenge will make trying to make more money fun. I may try this with my spouse. This summer the kids and I are starting a lemonade stand complete with a business plan, budget, marketing plan and target. I want to start them thinking early about making money, personal finance and planning.

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]]> By: Mike Crosby http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-467561 Mike Crosby Sun, 23 May 2010 14:08:11 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-467561 Watch out, you might end up with Warren Buffett kind of wealth;-) Watch out, you might end up with Warren Buffett kind of wealth;-)

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]]> By: Mike Choi http://www.getrichslowly.org/blog/2010/05/23/reader-story-the-20-challenge/comment-page-1/#comment-467541 Mike Choi Sun, 23 May 2010 14:00:41 +0000 http://www.getrichslowly.org/blog/?p=25511#comment-467541 If you know about cloths and fashion and such, You could buy brand name cloths on clearance at stores like TJ maxx, marshalls and resell it online. It will be cool to see at the end of the year how much the initial $20 investment can grow. If you know about cloths and fashion and such, You could buy brand name cloths on clearance at stores like TJ maxx, marshalls and resell it online.

It will be cool to see at the end of the year how much the initial $20 investment can grow.

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