Turn One Penny into Millions of Dollars in 30 Days
One penny can do much more than make ends meet!
A millionaire wanted to clean out her home, as it was getting quite cluttered. But she did not want to pay a lot of money to anyone. So she put an ad in the local paper for someone to come in and clean, but no one would work for the pittance she wanted to pay for the amount of work there was.
Then one day, the doorbell rang incessantly, as if someone was very desperate for her to answer. When the millionaire answered, she saw a young woman at the door.“Can I help you?” the millionaire asked.
“I want to work for you,” the woman answered, holding up the want ad page from the local paper. “But my terms are that you let me spread out the work for a full 30 days, and that you start out paying me one cent on the first day, and then double that amount each day. Is that a deal?”
The millionaire thought this woman was very foolish, and immediately agreed, thinking she would be getting away with paying a little money for a lot of work. To seal the deal, the young woman insisted on drawing up a legal contract, with both of them signing it. The millionaire agreed and signed it, thinking that she didn’t have much to lose. Little did she know that she would fall for the oldest trick in the book!
First day on the job
The next day, the woman showed up, ready to work. The millionaire gave her plenty of work to do, having her carry heavy boxes, scrubbing, and more. But this was only a small percentage of the work! At the end of the day, the woman approached the millionaire for her first day’s payment of one cent. As the woman left for home, the millionaire shook her head in disbelief. How could anyone work so hard for such a small amount of money?
On the second day, the woman came back to do the same amount of work. But instead of receiving only one penny for her work, she received two cents, for a grand total of 3 cents for her hard work. Sounds like slave labor, doesn’t it?
The first week’s earnings
Every day for the first weed, the woman continued the extremely hard work for payment of a few cents, but for each day’s work, she continued to receive double the amount she received the day before. At the end of the first week, she had earned 64 cents for the seventh day of work, for a total of $1.27 for the first week. Still sounds too small for that amount of work, doesn’t it? Many people would have to take out a payday loan to make up the budget deficit, wouldn’t they?
The second week’s earnings
In the second week, the woman’s earnings were much better, but they were still very low for the amount of work the millionaire had her do. The first day of the second week, she earned $1. But on day 14, her earnings jumped to $81.92 for one day’s work, and her total earnings for the second week jumped to $162.56. Hold on! It gets much better.
The third and fourth weeks
By the end of the third week, one day’s earnings had become $10, 485.76, for a grand total of $20, 807.68. Can you imagine making that amount of cash in one week? By this time the millionaire was scratching her head in disbelief, wondering how she could have been so naïve. Much to her disdain, however, she had to continue paying according to the contract she had signed.
The woman’s earnings for Day 28 skyrocketed to $1,342,177.20, with a total of $2,663,382.90 for the fourth week alone! On Day 30, her earnings were $5,368,708.80 for that day alone, with a grand total of $10,716,446.10 for the entire 30 days! Guess who’s the multi-millionaire now?
Moral of the story
Taking out payday loans can help you in the short term, but taking the long-term approach can help you save your money for retirement. If you were to be very strict about living within your means, and if instead of getting a payday loan you were to save the money that required to pay it back, including the interest, you could become a millionaire yourself by the time you retire.