The $10 Challenge :: Update

I gave this challenge to my son last month after reading about it on Biblical Homemaking. My eldest son really took an interest in the project and made two great purchases. He bought a wooden photo album from AI Paper for $4 in excellent condition and the Dangerous Book for Boys Board Game for $4 in brand new condition. He spent $8.66 on his purchases, including tax.

He received $5 for Valentines Day from relatives and decided to add that to his challenge money. So, he now had $6.34 for his spending budget.

I love the fact that he took his recently received $5 and decided to invest it as well. He was beginning to show real interest in this challenge.

He sold his photo album for $10; and then explained to me how he had already made his initial investment back, as well as a $1.34 in profit. He was thrilled!

We then headed out for him to make his next purchase. What he found was a treasure and a history lesson.

He purchased two professionally matted and framed, signed and numbered Artist Proofs by the famous Amish photographer Bill Coleman. In fact, Mr. Coleman's gallery is the place these two photographs were framed.

My eldest called the gallery and while they could not assess the value, informed him they were from Mr. Coleman's earlier works and were quite prized. I do apologize for the photo, as it does not show the true beauty of these photographs.

My son researched Mr. Coleman and learned he was one of the only people to ever to take pictures of the Amish lifestyle while in their community. His gallery website has amazing images of this unique culture.

I've been informed, that these are for sale. If you are interested, please let me know!

Have any of you participated in The $10 Challenge? If so, how is it going?



The $10 Challenge

Back in January, I read a post on another blog, Biblical Homemaking, by Mandy Ballard. I follow Mandy's blog because she offers fantastic fashion ideas coupled with thriftiness, among other things. In this particular post, she challenged herself to start a business venture with only $10 she recieved in the mail. She's done pretty good so far!

After reading her post, I kept thinking how could I incorporate something like this into my life? It turns out, I couldn't use it for me, but I could for my eldest son.

He decided he was going to cash-in his coins from his Piggy Bank and buy LEGOs. To his dismay, he couldn't quite buy much with just $10.

Then, it hit me. Let's make this a life-skills, learning moment. I offered him the $10 Challenge. "Mom, what's that?" he asked.

Simple. You may use your $10 in one of two ways. You can use it to make money for yourself, or make money to help someone or some organization, or you may do both. If, after one year, you have lost your initial $10 investment, I will reimburse you. (With children, I believe there sometimes has to be a little more incentive, it is not often he has $10, and those coins took a long time to save.)

His reply: "Well, that's a win-win situation. I'll take it!"

Or so he thought. It is really hard to find ways to make money as a child with only $10. He spent quite a time coming up with ideas until he decided to invest in a product and resale it for a profit.

I believe he made two really good purchases. I love the 120 picture hand-crafted, wooden photo album by AI Paper Design. It has a lovely quote from Abraham Lincoln, "Its not the years in your life that count, it is the life in your years." I was shocked he found a never-been-opened The Dangerous Book for Boys Game and wanted to sell it instead of play it. My budding entrepreneur!

If you're interested in any of these, let me know. I know a guy who knows a guy!

If you decide to take the $10 challenge for yourself or implement it for your children - I'd love to hear about it! Would you make different rules or limitations? Up the start-up value?