How To Become A Multi-Millionaire In 30 Days

Please be advised that you may find you can only really read this particular post on a computer or laptop. There is no telling how screwed up the formatting might be if you try reading this on a mobile telephone.

Anyway, here's a hypothetical question for you to consider. If you were offered the opportunity, would you rather be handed one million pounds cash immediately, or would you instead opt for a solitary penny to be invested and doubled for thirty consecutive days?

Maybe you are one of the many people who would opt for the million quid up front. It would be ready cash and you wouldn't have to wait a month for it. If you are a student then this would probably be a 'no brainer' for you to take the lump sum.

Well, let's consider the million quid option. The cash would be in your bank account the moment you chose that route. Mobile telephone banking apps work wonders nowadays. But, not only that, you would be free to shop around for the highest-paying interest account and invest the million in it. Sounds a good idea on paper, or so you might think.

Now let's concentrate on the penny doubling scenario. Instead of accepting the one million in readies, you ask for the penny option and wait for it to be doubled every day for 30 days. Here's how it will work; on the first day your penny would be worth just one penny. On day two, it would double up to two pence. Day three sees your 2p doubled to 4p, while day four increases your stash to 8p. It would be doubling up exponentially every day. So, by the time you get to day 30, your penny would have grown into £5,368,709.12! You don't believe me? Just take a look at this table:

Day

Doubling sequence

£0.01

£0.02

£0.04

£0.08

£0.16

£0.32

£0.64

£1.28

£2.56

£5.12

£10.24

£20.48

£40.96

£81.92

£163.84

£327.68

£655.36

£1310.72

£2621.44

£5242.88

£10,485.76

£20,971.52

£41,943.04

£83,886.08

£167,772.16

£335,544.32

£671,088.64

£1,342,177.28

£2,684,354.56

£5,368,709.12

Yes, you can check my figures, but you will still come to the same conclusion.

This is known as the compounding effect and, as you can see at-a-glance in the table, you would be much better off if you just bide your time for one month and wait for your one penny to yield a life-changing payout. So, would you stick by your original decision and take the one million pounds, or would you wait 30 days to double your penny each of those days and earn more than five times what you could have taken in cash at the outset?

I think that you may change your mind, unless you really wanted the million quid and were not prepared to wait.

All you have to do now, if you wish to follow the one penny daily compound pattern, is to find out where to invest your penny to receive such a return. Nope, I never said I knew that because, if I did know, I wouldn't be sitting here typing this post!