Get Rich Quick - Power of Exponential Growth
Another Get Rich Quick Scheme
What does trisecting an angle have to do with a get rich quick scheme? Let me tell you.
When I was in High School, my teacher taught me that it was impossible to trisect an angle using just a straight edge, a compass, and a pencil. One day it dawned on me that it would be possible to trisect any angle by bisecting it back and forth, creating an infinite series. I called it the binary method. It is based on the fact that the binary number 0.010101... is equal to one third. Of course my teacher didn't accept it since it required an infinite number of steps. I complained since there was no listed rule requiring a finite number of steps. Oh well...
Anyway, I have bought and sold stuff on the internet and then an idea occurred to me. If you kept buying and selling one item after another, you could become a millionaire as long as you made a profit each time. If you started with a one dollar item and sold it for two dollars, then bought a two dollar item, then sold it for four dollars, and did this 20 times, then kaboom, you would be a millionaire. Even if it took you a month each time, you would become a millionaire in just 20 months. Its like continuing to add zeroes to a binary number. You just have to add 20 zeroes to a binary one to make over a million. I call it the binary get rich scheme.
Now, this is certainly easier in theory than it is in practice, but I can see some variations on it that could help with complications. For instance, if you started with a $1000 seed money then it would only take 10 months with a doubling each month. You probably couldn't sell an item for double its price at every step, but how about a 12% increase on average? This would require 6 steps to double your money each time. But even 60 steps at one step per month would only be five years till you multiplied that $1000 by a thousand, bringing you to your one million dollar goal.
I think to pull this off, you would have to become an expert in at least one field like rare coins, rare art, antiques,motorcycles or maybe cars. You would have to learn the true market value in that particular field. Then you would just watch for a new bargain each time you made a sale. If needed, you could diversify to several items, to continue investing your money as it grew.
The cool thing about this idea, is that it could not have worked before the internet became widespread. The cost of advertising would eat up your profit. The internet makes doubling your money just a matter of doing some online advertising each day. You would also need to keep from spending your seed money as it grew into a million dollars. You would keep your seed money separate and just use your earnings from your day job to survive on.
I hope I gave you some food for thought and this leads you to your million dollar idea.
Paperclip to House in 14 Trades
Update and Additional Thoughts
Since writing this hub, I ran across someone who actually did something similar to this. Starting in July of 2005, a guy by the name of Kyle Macdonald, began a plan to make a series of trades to eventually trade a paperclip for a house.
It took him just 14 trades to turn that paperclip into a house in July of 2006. This is an average of just over one trade per month. It was also at least a doubling in average value on each trade.
Was it a breeze? No, read his book and you will see he did a lot of work to set up these trades. He promoted his plan on the internet and he made it fun and entertaining for all the participants. For example, here is a video showing Alice Cooper carrying a large red paperclip.
The point is that it can be done. You just have to be willing to do some work.