I’m Taking The £0 Challenge

As a self-employed musician, I have always been afraid of running out of money and having no work booked. I plan to face my fear and overcome it, by deliberately letting my money run out. Essentially, it’s about going to £0 and then trying to make it back to a healthy living from that point.

So what are the rules of the experiment? Well, they are dictated by what I’m trying to learn through this experience. I’m trying overcome a fear that many self-employed people harbour: what will happen if my work dries up? I don’t actually fear that I’ll starve, but my fear of running out of money is totally out of proportion. It almost feels as though I might die if I run out of money, even though I know that isn’t true. That’s how I know I have to overcome this fear.

The rules mimic what would happen if I simply ran out of work:

  1. To stop seeking any type of paid work until my bank account runs to £0.
  2. Once £0 has been reached, I can start taking steps to make my living through self employment.
  3. No begging, borrowing or stealing.
  4. No relying on handouts or state benefits.
  5. The accepting of gifts is permitted, as long as the giver is not influenced by this challenge.
Me, as a student, following an experiment where I busked with a watercooler I found in the street until I could afford to buy a djembe with the takings. I wanted to find out if it was possible to work up from having no money, to buying and instrument.

Me, as a student, following an experiment where I busked with a watercooler I found in the street until I could afford to buy a djembe with the takings. I wanted to find out if it was possible to work up from having no money, to buying an instrument.

When does the challenge end?

To face my fear, I don’t think that I need to carry out this experiment for very long – 1 or 2 months at most. That’s all I’d need in order to establish whether or not I can work up from £0. If I feel that my income is steadily increasing and that £0 no longer holds fear for me, I could end the challenge in order to, for example, borrow some money to invest in some music gear that helps me to make more money. Borrowing would be ok if I finally felt confident in my ability to make money, because I’d be confident that I could pay it back.

Another reason I might end this experiment is because of an extreme life event. Someone suggested that the challenge would be workable until an emergency happened to me or a friend or relative. This is a good point. What if my only remaining Grandparent fell ill and I missed out on valuable time with her because I couldn’t afford to travel to see her? I’d see that as going too far and would end the challenge in order to see her, if it meant breaking one of the rules to do so.

 

To answer a few questions:

A few people have asked me why the challenge I’ve chosen is so extreme. Others are saying it’s not extreme enough. I don’t think I’m doing a radical thing, when you consider that most self-employed people go to £0 sooner or later when work dries up. I’m simply creating that situation on purpose in order to face it now.

Keep in mind that the situation I’m creating must mimic what would happen if I ran out of freelance work. That principle shapes the rules that I’m giving myself. There’s no need to go to absolute zero with no money, no possessions, no food and be standing in the street naked. As with any challenge to do with conquering fear, its about going to the situation that I myself am afraid of. For me that’s about having £0 in the bank, with no job and no work booked. I’ve been in debt before, like many people, but each time I had work booked for the next week or so. Not this time.

 

Would I use the NHS and other taxpayers services?

I wouldn’t draw jobseeker’s allowance, because I have chosen to give up my job and so should face the consequences. I also wouldn’t feel comfortable taking state benefits if my business failed, because that would be my responsibility, not the state’s. However, I would still use the NHS and other taxpayers services unless I truly went moneyless and therefore stopped being a taxpayer. I’ve always declared all my income and paid tax when relevant and that wouldn’t change upon taking up this challenge.

 

Why not beg, borrow, steal or accept handouts?

The point of the challenge is to try and “earn” my way back from £0. That’s what I want to learn. I’m not aiming to learn how to apply for a bank loan, or how to persuade my friends into helping me out. I’d rather learn to catch my own fish. Once I’ve finished the £0 challenge, and am convinced of my own ability to make my way back from zero, I might be more comfortable with the idea of borrowing or even accepting gifts of money. Why? Because I’d know that I could pay borrowed money back. If someone really wanted to give me a gift of money I could accept their kindness because I could guarantee that their money wouldn’t be “wasted”. It’s like the parable of the careless man who loses all his money and asks his rich friend for help. His friend is very rich, but refuses to give him any money at all unless he can tend a flock of sheep successfully for a year without losing a single one. The rich man wants to be sure that the money he gives his friend won’t be carelessly frittered away.

 

If that’s the case, how can you justify accepting gifts?

One of the rules is: The accepting of gifts is permitted, as long as the giver is not influenced by this challenge. I don’t wish to stop people being kind or generous as normal. I might be more generous if I wasn’t so afraid of running out of money, so part of spirit of the challenge concerns encouraging generosity. So, if I went to stay with my Dad for a few days and he bought all the food, that’s ok because he normally does that when I visit. But if my Dad suddenly invited me to stay for a month, or sent me money because of this £0 challenge, then that wouldn’t be ok.

 

Would I break any of my rules if I was starving?

I don’t know. Let’s find out.

Footnote: I’m sure people will challenge or ask me to clarify EVERYTHING I’ve written as time goes on, so this post may be subject to additions and footnotes in the future as the fundamentals of the matter are bashed out.

 

 

Listen to Kimwei’s original acoustic music at reverbnation.com/kimwei , watch at youtube.com/kimweidotcom , interact at facebook.com/kimweidotcom , everything at kimwei.com

 

 

 

 

 

 

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8 Comments

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8 responses to “I’m Taking The £0 Challenge

  1. You’re very well thought out. Looking forward to the blog posts! X

  2. Pingback: £0 to £2k in 2 months. No day-job: just music. How? | Symphony For Happiness

  3. I really admire your ability to take a risk like this. I’m a big fan of taking risks in life, and yet, this is a risk larger than I would take! I’ve come to this blog a little late, and so I saw that you made it. I guess necessity is the mother of invention. Anyway, congrats on making it and props for doing this!

    • Hi Alex. Thanks for your kind comment. Some people have thought that my £0 Challenge was a big risk, other’s thought it wasn’t extreme enough. The key is that most people can relate to it – imagine themselves doing the same thing. All the best and keep following to see what challenge I come up with for myself next.

  4. Pingback: Is There’s Anything You Think You Can’t Do? Someone Out There Is Probably Doing It Right Now | Symphony For Happiness

  5. Pingback: My Year Of Alternative Living (2014) | Symphony For Happiness

  6. Pingback: We’re better off together believe it or not… | Symphony For Happiness

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