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I wanted to get in and get an update done. Although I could have left this until the end of the month to get in the interest for this month, and anything else that comes up this is not so much a monthly update, but an overall update for the project as a whole. A few small factoids for the project along with some of the failures from the project as well.
To set the scene, I started this project in April 2008, by finding a single 5 cent piece. At this point right now 27th May 2010 a little over 2 years, my project is at $454.91. While this may not seem like a large achievement and there is some of this that I would have earned or found anyway. It is interesting to track just what you can gain as extra or additional income from many different sources.
Firstly I will cover my finding of coins. I have made finds of another $4.35 in coins since my last update. Which seems to make this a part of the project which is only growing more and more. At this point I have added close to 10% of the money in the project by way of finding coins and notes. For a total of $42.85 in coins and notes that I have found.
The next area which while it has not added a lot to the project at this stage will very soon become one of the primary earners over the longer term is bank interest. At this point I have gained a little over $6 in interest for this project. The majority of this from interest earned directly on the money in the project. With a very small amount added as a don’t know what to do with it otherwise. The best part of this area is two fold. The first is that currently interest rates in Australia are either rising or sitting at the same level. The second part is even on $450ish dollars this is almost $2 a month, and will only grow as the money in the project grows.
While the successes are good to share there are also some things that have not really turned out how I expected. One main area of this is the area of developing websites for the project. At this stage I believe that I have mentioned and announced about 8 different websites for the project, and to date only 1 of this has made it very far at all. Being www.nofixedoffice.com. The other which included 6 .info sites, which the domain registration lapsed. Along with another video site I wanted to set up, but never got past the planning stage, all did not achieve or succeed.
Another announcement I made along the way which is still very much on the back burner was the idea of creating a $1000 day for a website, selling a product I created. While I still believe this to be potentially one of the fastest ways to generate an income online, it is still something I am working on. Although I have been game and yesterday announced the potential beginning of this again with a new membership site I am launching. This time I do believe the outcome will be different as I have more of the frame work there and ready, I have some of the products to go on the site ready, all that is needed is putting them together and getting it out there.
So as it stands right now is less then $50 away from achieving Step 15 at $500. I can only hope that making that next $500 will take less then 2 years, or this project is going to begin to drag on for quite some time. With the new site coming in a months time, and some other plans that I have though I see things speeding up quite a bit and can visualize the next few steps happening in fairly quick succession.