Your Country's Money

At Penny Millions I refer to money in terms that I am accustomed to, speaking of pennies, dollars, and denominations of currencies that is what I have in my home country (Canada - which is identical for the United States' currency). What if you live in any country in the world other than US or Canada? Of course you can still do "Penny Millions"! This article will discuss the special considerations applicable to you.

It is important that you read this article as it will help you to understand how the Penny Millions plan might have to be slightly modified for you to work for your home country.

Interchangeable Names of International Change

It is common for authors to write in the masculine tense simply for sake of convenience of avoiding countless awkward instances of having to write him/her, his/hers, s/he, etc., though it is generally recognized that the author isn't being sexist against women. This is simply an accepted writing convention to make it easier for the author to write, and the reader to read. It would obviously be too cumbersome for me to attempt to include the various names for coins & currencies to accommodate everyone around the world. So in much the same spirit I will write discussing "dollars" throughout the website.

Therefor, for the sake of simplicity in semantics, throughout this website I will using the monetary terminology I am accustomed to. Simply mentally "translate" the lingo I use to the words you are used to. For example, if I say "dollars" then feel free to pretend I said "Euros" or "Pounds" or whatever is the name of your local currency. If I say "penny" then feel free to think of a "euro-cent", a "pence" or whatever you prefer.

International Change Not Interchangeable

Obviously a hundred thousand American dollars would be nice. As would $100,000 Canadian. However Europeans have us beat as the Euro is worth far more, and people from the UK (England) would be approximately twice as rich, as a hundred thousand pounds is roughly worth American $200,000!

On the other side of the equation, getting a hundred thousand Japanese Yen would only be worth less than a thousand American bucks (not worth getting excited about), Indians would do a bit better with their Rupees having a bit over $2,000 US, Russian's Rubles about double that of Rupees, Mexicans would be moderately pleased with their roughly $10,000 US, and many other currencies tend to be somewhere in value between the Mexican & American currencies (worth somewhere between $10,000 and $100,000 US Dollars).

Note the above numbers are deliberately broadly-approximate. Also these were the approximate values against the US Dollar at the time of writing this. Note that in the future, when you are reading this, the values might have shifted significantly, however for the sake of this discussion it really isn't relevant.

So the first point is that (unless you live in the United States) the value of your currency won't be worth the same as for an equivalent amount of face value of American Dollars. For most of you this point really won't matter much, but it will be discussed a bit more on this page... a little later on.

Compared To A Standard

Step 1 - Go to www.XE.com
Step 2 - In the section "Convert this amount:" type 100000 (one hundred thousand - that's five zeros)
Step 3 - In the section "From this currency:" select your home currency. If your currency is not in the list then go to the bottom of the list and click on "More currencies available" to reveal all the world's currencies. Then your money should be listed there.
Step 4 - In the section "To this currency:" leave it as "USD United States Dollars"
Step 5 - Click "Go!"

Since I am Canadian I did the above steps for Canadian Dollars. This is the result I got:

So what was the point of doing this little exercise? There are a few reasons.

Obviously now you know the relative value of your currency against the US Dollar (remember, this will change over time). The US Dollar has been traditionally used as the standard international measuring stick for financial matters (though there is a growing trend to consider the Euro as the new standard), sort of like how English is the international standard language.

Since all of us doing Penny Millions are scattered around the world it is useful for us to have a standard base for discussions. When posting in the Penny Millions forums or talking about your success with others it might be worthwhile to speak a common language. By discussing in terms relative to the US Dollar we can all better understand each other. This will help avoid confusions born of quoting countless currency values.

Modifying Your Targets

If your home country's currency is close in value to the US Dollar, then simply follow the plan exactly as stated.

Here we'll leave it as being a "broad range" of what is considered "close". If from the above exercise the value of 100,000 of your currency is worth at least 50,000 USD then we will consider it "close enough". Obviously if your currency is worth far more than the US Dollar (such as the GBP British Pound or the EUR Euro) then we will still consider it "close enough".

Therefore if you live in the US, Canada, most of Europe (Euro), the UK, Australia, Singapore, Switzerland, New Zealand, or another country that has a currency worth at least 50% of the US Dollar (note: there are a bunch of countries whose currency is "pegged" against the US dollar, it should be easy for you to figure out what to do), then simply follow the Penny Millions plan as is with your currency. Simply mentally change the words "dollars", whenever I mention it, for the name of your currency. For example, for "Phase 3" you want to get one of your currency units (dollars, euros, pounds, francs, whatever), for "Phase 4" you want 10, for "Phase 5" you want 100, and so on and so forth.

If your home country's currency is way below in value to the US Dollar, then simply here is how to alter the plan for yourself. To keep things simple for you I'm providing you with a suggested guideline to use, however you may of course tweak it according to what makes most sense for you.

The following is based on you checking out the exchange rates of your home currency as instructed above.

If 100,000 of your home currency is worth between $20,000 to $50,000 USD then simply double the target numbers for the phases of the Penny Millions plan. For example, if you are in Argentina your Peso is roughly a third the value of the American Dollar (currently as I'm writing this 100,000 ARS pesos are about 33,000 USD), and thus you would qualify for this. Thus all the target amounts for the phases of the Penny Millions plan is simply doubled. Phase 3 would be 2 ARS Pesos, Phase 4 would be 20, Phase 5 would be 200, and so on. Click here to see the chart

If 100,000 of your home currency is worth between $10,000 to $20,000 USD then simply strive for five times the target numbers for the phases of the Penny Millions plan. For example, if you are in South Africa (at the time of writing this; this will change over time) then 100,000 ZAR (South African Rand) is worth about 12,500 USD, and thus you would qualify for this. China is currently another similar example. Thus all the target amounts for the phases of the Penny Millions plan is simply five times greater. Phase 3 would be 5 , Phase 4 would be 50, Phase 5 would be 500, and so on. Click here to see the chart

If 100,000 of your home currency is worth between $3,000 to $10,000 USD then simply strive for ten times the target numbers for the phases of the Penny Millions plan. For example, currently 100,000 Mexican Pesos is worth just shy of $10,000 USD (again, remember this changes over time). Another example, on the low end is the Russian Rubles. Thus all the target amounts for the phases of the Penny Millions plan is multiplied by 10. Phase 3 would be 10, Phase 4 would be 100, Phase 5 would be 1000, and so on. Click here to see the chart

If 100,000 of your home currency is worth less than $3,000 USD then this gets a little trickier for you. For example, currently, 100,000 Indian Rupees is worth about $2,300 USD, the Thailand Baht is currently just a bit better, but 100,000 Japan Yen (JPY) is less than $1,000 USD! There are two ways you could approach this. (1) Simply multiply the Penny Million target amounts by 25 or 50 (your choice). For people in Japan I'd even suggest multiplying by 100. (2) The second method is a bit more complicated, but if you like doing math then feel free to do it this way. Sit down with a calculator and figure out for yourself how many multiples your Penny Millions targets would have to be to be ROUGHLY in step with the US Dollar. Don't bother with fractions; feel free to round it to a nice easy number. Click here to see the chart

Summary

For the rest of you, whose currency face value is worth significantly less than the value of the US Dollar, you now know how to modify the Penny Millions strategy to better fit your particular circumstances.

Here is a chart showing the targets of the Phases for the Penny Millions strategy based on the above discussions:

Click here to see the chart on a separate page