In January 2021 I joined a 12-month social experiment to see if regular people like me could generate a million dollars in one year, or at least increase our incomes. Specifically, the experiment was focused on whether mindset, attitudes towards money, and energy levels affect how much money flows (or doesn’t) in our lives.
What Was The ‘My Million Dollar Experiment’?
Run by Joanna Hunter Media LTD, this experiment was a mix of mindset training and an actionable step-by-step plan to follow.
We had one year, a One Million Dollar plan, plus mindset and intuition training and access to interviews by experts and Millionaires to learn from and help you shift your consciousness alongside your fellow participants in a Facebook Group.
For the $25 sign-up fee I got:
- Million Dollar Step-by-Step Plan on the 1st January 2021
- Online access to mindset and intuition training
- 12 Months of Facebook group support
- Weekly inspirational speakers
- PDF copy of the ‘My Million Dollar Experiment’ Book
Developing A Positive Money Mindset
Your money mindset is your personal unique feelings and beliefs, and your attitude about money. It will drive every single decision that you make when it comes to saving, spending, and handling money. How you were brought up, the experiences that you have, and the feelings you have about yourself will all contribute to your money mindset.
Do you have a healthy or unhealthy relationship with money? The fact is that your money mindset matters. As long as you hold on to negative and incorrect beliefs about money, you will never create the wealth you desire or deserve. I have always had an unhealthy relationship with money of scarcity and debt so my money mindset is something that I have to work on.
Money Equals Choice And Opportunity
So why does a positive money mindset matter so much? well, money may not buy us happiness BUT it is a tool that gives us choices in life. From the work that we do to the home we live in and the experiences we have, everything in our lives is impacted by money.
Those of us who lack money have limited or no choices whereas the wealthy have unlimited choices; they have better healthcare, better lawyers, better financial advisors, etc. Whether we like it or not having money means a better quality of life.
If you have savings, and access to financial resources you can quit that job that you hate and go find an employer, profession, or passion project that will make you happy without worrying about how you will pay the bills.
Or if you are in an unhappy relationship living with someone and it isn’t working, you are not stuck with that person because you can’t afford to move out, or divorce.
Having money means you won’t get trapped in miserable situations where you feel you have you have no choice but to stay stuck.
Having money means borrowing money is a choice, not a necessity, and if you do choose to get a loan or a credit card you will get preferential rates.
It means less stress and peace of mind knowing that your bank account is full and you have money for any emergency that might spring up unexpectedly.
Striving For Financial Freedom
Financial freedom is something that I have dreamed about many times but have always struggled to achieve. This experiment is an opportunity for me to develop a healthier more positive attitude towards money and a vibrant energy of abundance.
I am a big believer in the law of attraction and the power of positive energy. I know that I have more chances of getting things I desire than things I want or need. My move to Canada was something I dreamed about and desired for months, and it happened for me against all negative odds. So why can’t other desires materialize for me…and for you? Yes you reading this right now, what does your heart truly desire?
My Money Mindset
During this experiment, I discovered a lot about my attitudes towards money and put a heavy focus on my relationship with it. Specifically, this experiment has got me into better habits in terms of how I budget and manage my money daily, as well as how I view making money.
It’s been an uncomfortable process at times, and there have still been days where old views and habits have cropped up but I’m glad I kept going when it was difficult.
I still have a long way to go though but I’ve seen a clear correlation between the shifts I’ve made and my income which has been surprising. So I’d encourage you wholeheartedly to work on your attitudes towards money if you are working towards financial freedom or just want to increase your income.
Creating Multiple Revenue Streams
One of the main practical things that I have done during this experiment has been to start creating multiple revenue streams. It will likely take months or years for some of them to generate any real income but just taking baby steps to diversify my sources of revenue has given me more peace of mind and confidence about my finances.
In the last 12 months, alongside my full-time job and blogging, I have taken on more client work as a Virtual Assistant, invested savings into the stock market, opened an Etsy store and online store, sold unwanted belongings, and experimented with bitcoin.
Tracking Progress & Budgeting
In January I created a dashboard in my Google Drive so that I could easily track my progress during the experiment. On this dashboard, I also tracked all income and where it came from and used it as a tool to help me manage my money more effectively.
I’m sharing the exact dashboard that I used – and still use in the Freebies Library. Access and download the dashboard here
Increasing My Income
The result of my efforts was that I increased my income by 42% year on year. I got to Step 16 in the experiment so I am very far away from a million dollars (the last 4 steps are huge) but the additional income helped me massively with unexpected emergencies and enabled me to travel at the end of last year.
After 12 months doing the Million Dollar experiment, and almost doubling my annual income year on year, these are my 3 key takeaways on generating more money. I hope you find them helpful!
1. Work On Your Mindset Daily
Read blog posts (like this one!) and books, listen to podcasts, and practice positive money affirmations like these.
2. Diversify Your Income
Just relying on one source of income is always a risk, so I encourage you to explore other ways of generating income. There are countless ways to make money, it’s just a matter of finding the right things for you. If a blog or an online business is of interest, check out my blogging resources page here
3. Don’t Be Afraid To Experiment
Be open-minded and willing to experiment when it comes to making money. I made some small risks and occasionally lost money when I was trying different things, but I made significantly more money than I lost. Just be mindful to not experiment with money that you really can’t afford to lose. One way is just to have a small amount of money that’s for experimenting which is how I approached it.
When I started the experiment I wasn’t sure what I would be able to achieve, and while I have big goals still to hit, almost doubling my income in 12 months is a great result. So I hope that this blog post will inspire and motivate you if you are working towards similar financial goals. And if you have any tips on making more money, I’d love to hear them!