The Making of a Millionaire?

February 17, 2010

Brian and Chris, my lecturers, have set me a task which I have decided to accept today.

After reviewing my Financial Times presentation, they set me the task ‘play’ the exchange rates with an imaginary amount of money to see if I would be able to make a fortune (or lose the lot).

I’ve decided to start with £100, 000. It’s a nice round figure, and I should see some results. I’m hoping to try to double that amount in the next month. Ambitious I know, but the higher the target, the more you’ll work for it.

So today I decided to ring my Financial Adviser Sue, Manager of the Thomas Cook branch in Barkingside, to check the exchange rates.

I was very confused as to what currency to exchange my Great British Pounds into. The Euro seems to be holding very well; at a Thomas Cook VIP rate I could exchange my pound to 1.10 Euros. It seems I could make a steady profit, but over a long period of time. Do I really want to wait? –It’s my first transaction; I want to see a profit!

The Australian Dollar is soaring however; I could buy it in for $1.684 for every £1... But it could soon fall again, meaning I could loose out big time. Is it worth taking the risk? I could cash in on this, but if this is the peak of the rise, it could a massive loss at a very early stage of the task.

Today I’ve decided to use all of my money to buy Australian Dollars. That’s hope the risk pays off and the Australian Dollar continues to climb! I’m sure Chris and Brian won’t be impressed if I loose it all so early in the game, but I’m feeling lucky.

My £100, 000 has now transformed into £168400 Australian; no profit or loss has been made today as it’s my first transaction. Ok, so maybe not a Millionaire yet, but who knows what the future brings?

Make sure to check tomorrow to see if I’ve doubled my money, broke even or lost the lot!

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