What We are Doing
If you were asked to make $1,000,000 would you take the challenge? What if we gave
you $500,000 start up cash? Odds are you would definitely give it a try! That is what we
are going to do, but instead of starting with $500,000 we will start with
$0.00. Yes, nothing will have to materialize into a million. We are going to
use the doubling method to get it done in 28 steps. The first step is to find
one penny, a single cent, and at the end of all 28 steps we will have 100
Million Cents!
Here are those steps:
Here are those steps:
|
Step 1: Find one Penny
Step 2: $0.01 - $0.02 Step 3: $0.02 - $0.04 Step 4: $0.04 - $0.08 Step 5: $0.08 - $0.16 Step 6: $0.16 - $0.32 Step 7: $0.32 - $0.64 Step 8: $0.64 - $1.28 Step 9: $1.28 - $2.56 (call it $2.50) Step 10: $2.50 - $5.00 Step 11: $5 - $10 Step 12: $10 - $20 Step 13: $20 - $40 Step 14: $40 - $80 |
Step 15: $80 - $160
Step 16: $160 - $320 Step 17: $320 - $640. Step 18: $640 - $1,280 Step 19: $1,280 - $2,560 (call it $2,500) Step 20: $2,500 - $5,000 Step 21: $5,000 - $10,000 Step 22: $10,000 - $20,000 Step 23: $20,000 - $40,000 Step 24: $40,000 - $80,000 Step 25: $80,000 - $160,000 Step 26: $160,000 - $320,000 Step 27: $320,000 - $640,000 Step 28: $640,000 - $1,280,000 |
When broken down into the steps above, $1,000,000 seem obtainable. This site will catalog everything we do. Starting from step 1 all the way to step 28. The money we obtain with the project will be called our CENTS. Starting with the first penny we find, we will use CENTS to make CENTS. No outside income allowed.
With our goals in place we need to create some rules, or Guiding Principles, to aid us in our journey. This project is about teaching our family wise lessons, not just making money. We want our children to look at what we have done and learn from it. Below are the principles we will use when making our CENTS.
With our goals in place we need to create some rules, or Guiding Principles, to aid us in our journey. This project is about teaching our family wise lessons, not just making money. We want our children to look at what we have done and learn from it. Below are the principles we will use when making our CENTS.
The Principles
Principle #1: Find or be given (without asking) 1 penny.
We want to start from nothing because we think there are lessons to be learned in starting at the bottom. It is our hope that the wisdom we gain when the risk is relatively small will be useful later on. We will search for the first penny to complete Step 1. Any additional money found can be added to our cents without applying Principle #3.
Principle #2: We cannot use personal income.
This Principle is vital to the success of our project. We never want to borrow funds from our personal accounts. This project must be self-sustaining. Therefore, if we are on Step 15 and are $10 shy of buying something to sell for profit, we will need to either negotiate down or find another way. Injecting our own money in the system will keep us from learning valuable lessons. We already ran into this issue setting up this site. The money to buy the web address for this website (www.100millioncents.com) had to come from the original $5.00 Ian made with the first penny his friend Jason gave him. We had to look at five domain registration companies to find one cheap enough. It was kind of difficult because most domain registrations cost $10 or more. The thought did cross our minds to use our personal funds but in the end we wanted to stay true to the system.
Principle #3: Step 1-14, any surplus after doubling is given away. Step 15 - 28, 5% of total CENTS given away after each doubling.
The "Giving Principle". Giving is an important part of one's character. You can tell a lot about someone by how much they give to others. For the first 14 steps, after each doubling step, if there is leftover money after the transaction that made us reach our step goal, we will give it away. Starting from step 15 on, after each doubling step, we will give away 5% of the total CENTS in our possession. We believe that our money is not supposed to be an inward focused tool but rather something we can use to bless others. The only caveat is if we find money on the ground we can keep it and apply it to our CENTS.
Principle #4: We do not need to double each transaction, and it's okay if we lose money (but all principles must be observed).
This should be called the "no-brainer principle" At first it will be easy to double our money in one transaction. Later it will be difficult only because going from $5,000 to $10,000 in only one transaction is ridiculous. Therefore we are allowed to use any CENTS we have earned to make more CENTS even if it does not result in completing the step. Also we need to remember that it is ok if we lose money on a transaction and fall to a lower step. We must work our way back up by observing all the principles; we did it once before so we can do it again.
Principle #5: The project must be documented (via this website).
What you are reading right now is the personification of this principle. It is our hope that we can share our journey with you and maybe inspire you to do the same. Let us know if you have decided to join the 100 Million Cents club.
Principle #6: The money is locked until $1 million is reached.
We cannot spend one penny from our CENTS on something other than this project until our goal is reached. It will be tempting, especially when we get thousands of dollars accumulated. It will take self control and that will develop perseverance.
Principle #7: Never use personal consumables valued higher than the current step.
By consumables, we mean things that lose value when used. Ian has a small photography business with inks and paper as consumables and Karina has a small sewing business with threads and fabrics as consumables. We are trying to be realistic with this step because we know how unrealistic it is to stay completely away from Ian's printer or Karina's thread. But we also do not want to "steal" the consumables either as that ultimately goes against Principle #2. Therefore, if we use any consumables already purchased, we must use our CENTS to pay for them as if we went to the store and bought them. As an example: if we want to create flyers for something we are selling and pass them around the neighborhood, we can do that if we pay $0.02 per page from our CENTS to our family budget. That way our project is still paying for the items and the integrity of Principle #2 stays intact. Any consumable(s) purchased for the sole purpose of completing a step must come from our CENTS.
Principle #8: We may use capital equipment already purchased.
By capital equipment, we mean the tools used to procure or produce something else in accomplishing a step. Like Principle #7, any capital equipment already purchased may be used in our doubling (e.g. Karina uses her sewing machine to make a purse that she sells to make more CENTS). This includes cars, cameras, sewing machines, shovels, computers, etc... Any capital equipment purchased for the sole purpose of completing a step must come from our CENTS.
Principle #9: We may add our labor and time is a commodity.
We may work for a wage to complete a step. If someone wants to pay Ian $40 to help them move to a new house, Ian can take that $40 and add it to our CENTS. Think of time as a commodity. We can trade our time for money. This will be valuable in the short term but we know it is not sustainable long term at the higher steps. Nothing is stopping us from using someone else's time either.
Principle #10: We can be used as an agent for Ian Dalton Photography and a vendor for Bibbit Baby (or agents and vendors for any other business).
Because we both have other business that we do on the side we wanted to make a principle that clearly defined what was allowed and not allowed for this project. We didn't want to "cheat" by funneling costs to other businesses when they really should be spent using our CENTS.
Ian Dalton Photography pays some people a 35% referral fee if they work as an agent and generate a paying gig. We are allowing ourselves to be agents as well. As an example, If we are able to get a paying photography gig for $100, then $35 will be paid to us as agents and will be added to our CENTS. This also means any advertising and promotional material that cost money must come from our CENTS and not our personal income.
Karina has a company called Bibbit Baby she's created with a friend where they sell handmade baby clothing. They periodically look for other vendors to supply products they can rebrand and sell under their name. We can be a vendor for Bibbit Baby but all the money used to create the products must come from our CENTS and not our personal income.
That's it! 10 simple principle to follow and 100 Million Cents to create!
We want to start from nothing because we think there are lessons to be learned in starting at the bottom. It is our hope that the wisdom we gain when the risk is relatively small will be useful later on. We will search for the first penny to complete Step 1. Any additional money found can be added to our cents without applying Principle #3.
Principle #2: We cannot use personal income.
This Principle is vital to the success of our project. We never want to borrow funds from our personal accounts. This project must be self-sustaining. Therefore, if we are on Step 15 and are $10 shy of buying something to sell for profit, we will need to either negotiate down or find another way. Injecting our own money in the system will keep us from learning valuable lessons. We already ran into this issue setting up this site. The money to buy the web address for this website (www.100millioncents.com) had to come from the original $5.00 Ian made with the first penny his friend Jason gave him. We had to look at five domain registration companies to find one cheap enough. It was kind of difficult because most domain registrations cost $10 or more. The thought did cross our minds to use our personal funds but in the end we wanted to stay true to the system.
Principle #3: Step 1-14, any surplus after doubling is given away. Step 15 - 28, 5% of total CENTS given away after each doubling.
The "Giving Principle". Giving is an important part of one's character. You can tell a lot about someone by how much they give to others. For the first 14 steps, after each doubling step, if there is leftover money after the transaction that made us reach our step goal, we will give it away. Starting from step 15 on, after each doubling step, we will give away 5% of the total CENTS in our possession. We believe that our money is not supposed to be an inward focused tool but rather something we can use to bless others. The only caveat is if we find money on the ground we can keep it and apply it to our CENTS.
Principle #4: We do not need to double each transaction, and it's okay if we lose money (but all principles must be observed).
This should be called the "no-brainer principle" At first it will be easy to double our money in one transaction. Later it will be difficult only because going from $5,000 to $10,000 in only one transaction is ridiculous. Therefore we are allowed to use any CENTS we have earned to make more CENTS even if it does not result in completing the step. Also we need to remember that it is ok if we lose money on a transaction and fall to a lower step. We must work our way back up by observing all the principles; we did it once before so we can do it again.
Principle #5: The project must be documented (via this website).
What you are reading right now is the personification of this principle. It is our hope that we can share our journey with you and maybe inspire you to do the same. Let us know if you have decided to join the 100 Million Cents club.
Principle #6: The money is locked until $1 million is reached.
We cannot spend one penny from our CENTS on something other than this project until our goal is reached. It will be tempting, especially when we get thousands of dollars accumulated. It will take self control and that will develop perseverance.
Principle #7: Never use personal consumables valued higher than the current step.
By consumables, we mean things that lose value when used. Ian has a small photography business with inks and paper as consumables and Karina has a small sewing business with threads and fabrics as consumables. We are trying to be realistic with this step because we know how unrealistic it is to stay completely away from Ian's printer or Karina's thread. But we also do not want to "steal" the consumables either as that ultimately goes against Principle #2. Therefore, if we use any consumables already purchased, we must use our CENTS to pay for them as if we went to the store and bought them. As an example: if we want to create flyers for something we are selling and pass them around the neighborhood, we can do that if we pay $0.02 per page from our CENTS to our family budget. That way our project is still paying for the items and the integrity of Principle #2 stays intact. Any consumable(s) purchased for the sole purpose of completing a step must come from our CENTS.
Principle #8: We may use capital equipment already purchased.
By capital equipment, we mean the tools used to procure or produce something else in accomplishing a step. Like Principle #7, any capital equipment already purchased may be used in our doubling (e.g. Karina uses her sewing machine to make a purse that she sells to make more CENTS). This includes cars, cameras, sewing machines, shovels, computers, etc... Any capital equipment purchased for the sole purpose of completing a step must come from our CENTS.
Principle #9: We may add our labor and time is a commodity.
We may work for a wage to complete a step. If someone wants to pay Ian $40 to help them move to a new house, Ian can take that $40 and add it to our CENTS. Think of time as a commodity. We can trade our time for money. This will be valuable in the short term but we know it is not sustainable long term at the higher steps. Nothing is stopping us from using someone else's time either.
Principle #10: We can be used as an agent for Ian Dalton Photography and a vendor for Bibbit Baby (or agents and vendors for any other business).
Because we both have other business that we do on the side we wanted to make a principle that clearly defined what was allowed and not allowed for this project. We didn't want to "cheat" by funneling costs to other businesses when they really should be spent using our CENTS.
Ian Dalton Photography pays some people a 35% referral fee if they work as an agent and generate a paying gig. We are allowing ourselves to be agents as well. As an example, If we are able to get a paying photography gig for $100, then $35 will be paid to us as agents and will be added to our CENTS. This also means any advertising and promotional material that cost money must come from our CENTS and not our personal income.
Karina has a company called Bibbit Baby she's created with a friend where they sell handmade baby clothing. They periodically look for other vendors to supply products they can rebrand and sell under their name. We can be a vendor for Bibbit Baby but all the money used to create the products must come from our CENTS and not our personal income.
That's it! 10 simple principle to follow and 100 Million Cents to create!
