I’m preparing the $20 challenge for 2006. Last year Nate challenged me to try and make $5,000 in 6 months in my spare time beginning with only $20 and that was how the challenge was born. While I only made it to $1,300 and (then stopped when we decided to try and make this my full time job and I no longer had any free time – but probably would not have made the $5,000 original goal even if I hadn’t quit), it was a fun experience and well worth the effort. There were also a lot of other members that took the challenge up and you can see their entries and see what they did to try and earn extra money.
The guidelines for the 2006 $20 challenge are as follows:
$20 Challenge 2006
The following are guidelines only and you are free to do whatever you want that works for your circumstances. If you choose to do something other than the guidelines, however, please take the time to explain exactly what you’re doing and how it differs so that those reading don’t get confused. For example, some have indicated they would like to continue their current challenge.
Length: 1 year, but anyone can join at any time. Start date is January 1, 2006 with an end date of December 31, 2006
Starting Amount: $20
Goal Setting: On a quarterly basis (every 3 months), more often if desired. This will allow both you and the readers to reflect on what you’ve accomplished and help keep you on track toward your final goal.
Final Goal Amount: To be determined by each individual
Prizes: This year there will be small cash (or equivalent) prizes (yet to be determined) for the best challenges as voted by the members (not necessarily who makes the most) of the forum with a minimum of $100 being distributed. If finances permit, there will also be some random prizes given.
Other Notes: These earnings should come from ideas beyond what you would have normally done. The goal of this challenge is to motivate you to earn a bit of extra money when you usually would not have and get you thinking about different ways that you can earn money.
Even though I will be spending the vast majority of my time on the sites, I will make time to try and earn some extra money on the side through the challenge. I find that it keeps me thinking creatively and also helps with ideas I have about the sites (and it never hurts to have a few extra dollars in your pocket)
Even if you don’t participate, they are worth checking out on a regular basis for new ideas and just to see how others think about making money.