Diamonds Posted June 4, 2008 Report Share Posted June 4, 2008 OKAY, enough!!! Best ways to make money right now....IMHO 1. Buy, sell, or hold stocks 2. Find efficiency living property, buy it, and rent it out for more than you are paying for the monthly mortgage (ie - buy a 4-6 unit "efficiency" apartment unit) you can make a killing being a slum-lord, the complete unit MIGHT cost you 8-900 a month in mortgage... and if you buy a 6 unit building and charge 400.00 a month for rent... you be making serious ched-dawg. 3. Franchise a subway... i know it sounds extremely "pinpointed" but it is the best bang-for-buck franchise right now. these are just afew of my many ideas... i have other franchsing ideas that will accumulate 4 times as much as a subway, but they take more dedication and money... i also have 3-4 other franchsing ideas that will make less than a subway.. .but cost close to nothing... Quote Link to comment Share on other sites More sharing options...
Diamonds Posted June 4, 2008 Report Share Posted June 4, 2008 Put 4k a year into a Roth IRA starting now and you will be a happy mofo when you retire. My honest opinion would be, dont mess with stocks yet. If you put 4k into your Roth IRA this year, and you are already contributing to a 401k, and you STILL have money to play with, then you can play with stocks. Way more benefit doing an IRA and 401k first. you are retarded.... you absolutely need to take the "largest risks" while you still can (ie - while you are young) stocks and retirement... you need to be doing both.. Quote Link to comment Share on other sites More sharing options...
Guest mrhobbz Posted June 4, 2008 Report Share Posted June 4, 2008 oh i dont think he should buy real estate...i think thats a horrible idea...i was just saying that if he wanted a condo, he doesnt have to have one thats attached to his neighbors condo....dont see many setup like that so i figured i would let him know incase he wasnt aware I gotcha, I'm probably just going to stick with the apartment for now. I don't really want to be stuck with a 30 year loan right now. Looking at roth IRA's will probably go that route. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted June 4, 2008 Report Share Posted June 4, 2008 If you want to buy and sell often use ameritrade. If you want to buy into a certain stock on a regular basis and wont be doing much trading use e-trade, they have a pretty good auto invest program. Quote Link to comment Share on other sites More sharing options...
Guest mrhobbz Posted June 4, 2008 Report Share Posted June 4, 2008 you are retarded.... you absolutely need to take the "largest risks" while you still can (ie - while you are young) stocks and retirement... you need to be doing both.. I'm going to stick the $2,500 minimum to open a roth ira account and play with stocks. Quote Link to comment Share on other sites More sharing options...
Diamonds Posted June 4, 2008 Report Share Posted June 4, 2008 Be AWARE that this is all my opinion... PLEASE KNOW that i am HARDLY educated in financial planning, etc... Please also know that i also consider myself (self proclaimed) to be somewhat of a visionary... and Finally, please realize that stocks are just like anyhtign else in life, DO YOUR HOMEWORK, STUDY, and LOOK AT OTHER's PREDICTIONS!!! it's just like school, d'yer homework!!! Quote Link to comment Share on other sites More sharing options...
Diamonds Posted June 4, 2008 Report Share Posted June 4, 2008 I'm going to stick the $2,500 minimum to open a roth ira account and play with stocks. that's a start. For motivation...If you want to hear a true success story, PM me, i will tell you about my father's market numbers, i'm not going to spew the numbers out on a public board. Quote Link to comment Share on other sites More sharing options...
Duff1647545513 Posted June 4, 2008 Report Share Posted June 4, 2008 I hated living in an apartment. I never wanted to put money into the house I rented because I would just be making it nice for the landlord to just rent it off to the next person who would probably trash it. And I was paying $100 less for rent than what my house payment is now..... so i just figured why the fuck not buy a place. And I never realized how much ass owning a house could get you. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted June 4, 2008 Report Share Posted June 4, 2008 you are retarded.... you absolutely need to take the "largest risks" while you still can (ie - while you are young) stocks and retirement... you need to be doing both.. I am retarded???????? You do realize that in a IRA you can invest in high risk stuff right?????? And you shelter yourself from taxes on the large gains. If you want to try to get rich quick by all means just play with stocks. It doesn't work 99% of the time. Come to think of it, hell with it, just buy ass loads of mega million tickets......... Any sound financial advisor will tell you to max out your IRA first, then if you are already contributing to a 401k, THEN buy stocks. Quote Link to comment Share on other sites More sharing options...
Diamonds Posted June 4, 2008 Report Share Posted June 4, 2008 also dude, note my "#2" idea at the top of the page... a buddy of mine does it currently up in akron... right out of school.. Quote Link to comment Share on other sites More sharing options...
Diamonds Posted June 4, 2008 Report Share Posted June 4, 2008 If you want to try to get rich quick by all means just play with stocks. It doesn't work 99% of the time. Bullshit, it's worked for me numerous times, still is working for me, and always WILL work for me, because i put in the correct amount of time, effort, and research... along with the tips i've gotten Any sound financial advisor will tell you to max out your IRA first, then if you are already contributing to a 401k, THEN buy stocks. point taken Quote Link to comment Share on other sites More sharing options...
LJ Posted June 4, 2008 Report Share Posted June 4, 2008 I run my own business as a portfolio manager. While I can't tell you what I think you should do, I can tell you some of the things I am personally doing. If you want to you can go ahead and PM me and I will give you some ideas. I have a great way of making a check every month or even growing your money at a decently low risk while maintaining a mutual fund type return. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted June 4, 2008 Report Share Posted June 4, 2008 BTW , I am in no way saying not to buy stocks. I am saying that you build a fail safe foundation first. Especially in todays economy thats important. Stocks are a VERY important part to financial success, but too many people rely purely on stocks, and that could end up financially disasterous. I know many people who lost damn near everything after 9/11 in the market. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted June 4, 2008 Report Share Posted June 4, 2008 And S15, it works for you obviously because you put the time and effort in it. 99% of people dont, or maybe can't. Quote Link to comment Share on other sites More sharing options...
Guest mrhobbz Posted June 4, 2008 Report Share Posted June 4, 2008 I run my own business as a portfolio manager. While I can't tell you what I think you should do, I can tell you some of the things I am personally doing. If you want to you can go ahead and PM me and I will give you some ideas. I have a great way of making a check every month or even growing your money at a decently low risk while maintaining a mutual fund type return. PM sent. Quote Link to comment Share on other sites More sharing options...
LJ Posted June 4, 2008 Report Share Posted June 4, 2008 2. Find efficiency living property, buy it, and rent it out for more than you are paying for the monthly mortgage (ie - buy a 4-6 unit "efficiency" apartment unit) you can make a killing being a slum-lord, the complete unit MIGHT cost you 8-900 a month in mortgage... and if you buy a 6 unit building and charge 400.00 a month for rent... you be making serious ched-dawg. My father owned twin-singles, rental houses and apartment complexes up until about a year ago and I can say first hand that apartments are the biggest pain in the ass if you want to do it right and not get sued and actually get your money. One or 2 houses as a side investment is good, but once you start getting multi-unit buildings, it is definitely a full-time job. Quote Link to comment Share on other sites More sharing options...
LJ Posted June 4, 2008 Report Share Posted June 4, 2008 And S15, it works for you obviously because you put the time and effort in it. 99% of people dont, or maybe can't. It's not only the research, but the balls to do it. In my management, I call the shots on what I want to do to grow the portfolio. I cared too much about losing my clients capital to do short term trades. Short term trading is all about instinct and guts. Quote Link to comment Share on other sites More sharing options...
Diamonds Posted June 4, 2008 Report Share Posted June 4, 2008 BTW , I am in no way saying not to buy stocks. I am saying that you build a fail safe foundation first. Especially in todays economy thats important. Stocks are a VERY important part to financial success, but too many people rely purely on stocks, and that could end up financially disasterous. I know many people who lost damn near everything after 9/11 in the market. Your point about 9/11 is undeniable. My father lost 60% of the money that he had.. but it was completely unpredictable... you can't base that on "decision making".. that's a one-in-a-million shot. Another good point you made. You cannot rely SOLELY on stocks... but at our age... you have to pick n' choose where you invest... as money doesnt grow on trees (yet)... Even my father has sought alternate routes of investing (besides, retirement, MF's, and stocks)... It's actually a great time to own a business, public spending is on the rise... he is a first time business owner as of age 61... as he has also just retired... the man will never stop working (or golfing) lol Quote Link to comment Share on other sites More sharing options...
Diamonds Posted June 4, 2008 Report Share Posted June 4, 2008 ALSO, so that i am not so "one-sided".. through proof of my father.... i think that you can make more money through owning something tangible.... like a business, or a franchise Like i said... i know people that are complete entreprenuers creating 50-100 million dollar entities from scratch... but i don't need to be that guy.. You need to ask yourself a question... would i rather be rich or famous... I say rich, i don't need recognition, i don't want to be the guy that has a hundred million dollars because he had a break through idea.... i just need the hundred million dollars... Quote Link to comment Share on other sites More sharing options...
igotaprestent4u1647545491 Posted June 4, 2008 Report Share Posted June 4, 2008 anyone making less than 150k would be FOOLISH not to open a ROTH IRA. Advantages...... -Its all based on pre-tax dollars, so when you retire you pay no TAX on earnings. -You can take out the money you DEPOSIT anytime with no penalty. -You can take up to 10k out for your first house, and money out for education without penalty. I have one opened with optionsxpress.com , its a highly recommended site to have an IRA through, not the cheapest trades but excellent financial tools. If you sign up there let me know so we can both score a free 100$ in our accounts! Quote Link to comment Share on other sites More sharing options...
Guest mrhobbz Posted June 4, 2008 Report Share Posted June 4, 2008 anyone making less than 150k would be FOOLISH not to open a ROTH IRA. Advantages...... -Its all based on pre-tax dollars, so when you retire you pay no TAX on earnings. -You can take out the money you DEPOSIT anytime with no penalty. -You can take up to 10k out for your first house, and money out for education without penalty. I have one opened with optionsxpress.com , its a highly recommended site to have an IRA through, not the cheapest trades but excellent financial tools. If you sign up there let me know so we can both score a free 100$ in our accounts! I'm going to go with fidelity I think. Will check them out though. Quote Link to comment Share on other sites More sharing options...
Akula Posted June 4, 2008 Report Share Posted June 4, 2008 Here is my financial advisor http://www.nmfn.com/danielneary he will take you to lunch and give you the pitch on whatever product fits your budget. tell him Jason Kent sent you Quote Link to comment Share on other sites More sharing options...
Guest mrhobbz Posted June 4, 2008 Report Share Posted June 4, 2008 Here is my financial advisor http://www.nmfn.com/danielneary he will take you to lunch and give you the pitch on whatever product fits your budget. tell him Jason Kent sent you How much is he going to charge me? I'll shoot him a call tomorrow while im off work. Thanks. Quote Link to comment Share on other sites More sharing options...
Akula Posted June 5, 2008 Report Share Posted June 5, 2008 he hasn't charged me anything....except the cost of the things I invested in. Quote Link to comment Share on other sites More sharing options...
93fox Posted June 5, 2008 Report Share Posted June 5, 2008 I hated living in an apartment. I never wanted to put money into the house I rented because I would just be making it nice for the landlord to just rent it off to the next person who would probably trash it. And I was paying $100 less for rent than what my house payment is now..... so i just figured why the fuck not buy a place. And I never realized how much ass owning a house could get you. Hows that coming along for ya? What all have you got done? Quote Link to comment Share on other sites More sharing options...
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