EPTIf you're not lazy then consider looking into shares. When starting focus mostly on mid to large companies with proven track records and good outlooks.
Do you make money out of money? - Page 2
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Ludrik
Australia523 Posts
If you're not lazy then consider looking into shares. When starting focus mostly on mid to large companies with proven track records and good outlooks. | ||
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TunaFishyMe
Canada150 Posts
On July 05 2010 00:57 TossFloss wrote: Richard Branson started his first business while in highschool and had lousy grades. He never went to university but kept making businesses. He's now a billionaire. Felix Denis came from a poor family, never went to college. And what is he best known for? Maxim magazine. Duncan Bannatyne never made it to college, joined the navy and was dishonorable discharged. He then started a business with an ice cream truck. Oh yeah he has millions of money now. I could go on... don't want to be discouraging or anything. But how many of these people are there in the grand scheme of things? Obviously, being half as a good as them is already good enough. But please don't enter business/investing thinking that x,y, and z can do it, so can I. Some people are born for business. Some people have connections. Some people are just damn lucky. For every person who made it to millionaire status, I'm sure there are a million other people who tried and went broke. The best way is to educate yourself. Learn exactly how things work, if it is for you before you commit yourself to it. | ||
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Merikh
United States918 Posts
 [flippa.com]$40k bid on a site http://flippa.com/auctions/98922/Design-Blog-3000month-Adsense-BuySellAds-Alexa-15656-Unique-Visitors-250000 I think I made at least 500 when I got into that stuff, gave it up because it wasn't my thing. If you put time into it, things can pay off. It's a long investment though. | ||
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TossFloss
Canada606 Posts
On July 05 2010 01:04 TunaFishyMe wrote: don't want to be discouraging or anything. But how many of these people are there in the grand scheme of things? Obviously, being half as a good as them is already good enough. But please don't enter business/investing thinking that x,y, and z can do it, so can I. Some people are born for business. Some people have connections. Some people are just damn lucky. For every person who made it to millionaire status, I'm sure there are a million other people who tried and went broke. The best way is to educate yourself. Learn exactly how things work, if it is for you before you commit yourself to it. I don't have any problems with your argument except for the last part: "Learn exactly how things work" But most people think that education equals four year university degree, masters, MBA, etc... There are plenty of resources, books, websites, videos, forums, clubs. There's another misconception that undertaking an education precludes earning real-life experience; in fact, they can be done concurrently. You can get a good understanding of the major pitfalls, but ultimately you can never understand exactly how things work without getting your hands dirty. To make a StarCraft analogy: you can learn from all the strategy guides, Day[9]'s, gosu reps, etc... but you'll still suck until you play the game. | ||
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YoureFired
United States822 Posts
On July 05 2010 01:58 TossFloss wrote: I don't have any problems with your argument except for the last part: "Learn exactly how things work" But most people think that education equals four year university degree, masters, MBA, etc... There are plenty of resources, books, websites, videos, forums, clubs. There's another misconception that undertaking an education precludes earning real-life experience; in fact, they can be done concurrently. You can get a good understanding of the major pitfalls, but ultimately you can never understand exactly how things work without getting your hands dirty. To make a StarCraft analogy: you can learn from all the strategy guides, Day[9]'s, gosu reps, etc... but you'll still suck until you play the game. True, but employers will be much more willing to let you work in their companies if you already have a good education. While the education might not offer a huge amount, it at least shows that you have a basic understanding of the material and require less instruction time than a man from the streets. | ||
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TunaFishyMe
Canada150 Posts
On July 05 2010 01:58 TossFloss wrote: I don't have any problems with your argument except for the last part: "Learn exactly how things work" But most people think that education equals four year university degree, masters, MBA, etc... There are plenty of resources, books, websites, videos, forums, clubs. There's another misconception that undertaking an education precludes earning real-life experience; in fact, they can be done concurrently. You can get a good understanding of the major pitfalls, but ultimately you can never understand exactly how things work without getting your hands dirty. To make a StarCraft analogy: you can learn from all the strategy guides, Day[9]'s, gosu reps, etc... but you'll still suck until you play the game. I completely agree. School is only the beginning. You don't actually do "real" learning until you gain work experience. So definitely, when you are ready to invest, do use real money. Using real money to invest is 100 times harder and more difficult than using paper money. But before you do that, make sure you even know what the company does, how the market is trending, which sectors are strong, which ones are weak etc etc. | ||
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Deleted User 61629
1664 Posts
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KurtistheTurtle
United States1966 Posts
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kainzero
United States5211 Posts
On July 05 2010 00:57 TossFloss wrote: Richard Branson started his first business while in highschool and had lousy grades. He never went to university but kept making businesses. He's now a billionaire. Felix Denis came from a poor family, never went to college. And what is he best known for? Maxim magazine. Duncan Bannatyne never made it to college, joined the navy and was dishonorable discharged. He then started a business with an ice cream truck. Oh yeah he has millions of money now. I could go on... i wonder if there are just as many (or more) success stories of people who actually went to college... | ||
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itzme_petey
United States1400 Posts
On July 04 2010 20:32 Inori wrote: /Edit: oh yeah I'm working as a PHP web developer part-time and sometimes take freelance projects whenever I feel like I'm not lazy. I didnt see this statement pointed out by someone. OP, you do realize that you have a unique skill right? any asshole can buy/sell stocks or invest, however they will just lose alot of money (ie someone like me). you need to invest whatever money you have to develop your design skills and go into fulltime business. The fact that you "feel lazy" means you are destined for failure from the start. You already have a goldmine ripe for development, yet you are running around chasing after "money makers"? Get your mind right, stop reading psuedo advice books and turn your part-time hobby/projects fulltime opportunities. Get your name out there and take on more jobs. The money will follow. Do not ever turn your back on what you know. Engaging in random businesses or projects that you are unfamiliar with spells disaster. Also, laziness is your enemy. /thread | ||
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kzn
United States1218 Posts
On July 04 2010 20:32 Inori wrote:2.) Forex/Market trading - I've done some research and came to conclusion it's mostly like a pyramid scam where only the very top 0.1-0.05% make some money. Pretty much. Its not really a pyramid scam, but no individual can honestly expect to consistently do more than break even on what is essentially a zero-sum game. Hence: 4.) Investing - yet again, no education.. kinda risky right now anyway. The best thing to be doing with your money right now is putting it in high yield bond funds, unless you're likely to need that money soon. Such funds are generating ~8-11% interest per year, and the only real threat to their value is massive inflation. However, massive inflation is a possibility in the near future, so if you're not intending to pay some attention to that you're probably better off just investing in a stock market index fund. Its not a particularly good time in the stock market now, but that just makes it all the better to buy in when prices are low. Unless you think the economy wont recover, you will eventually make money off of it. | ||
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TossFloss
Canada606 Posts
On July 05 2010 07:05 kainzero wrote: i wonder if there are just as many (or more) success stories of people who actually went to college... I'm would never advocate passing up on college. Indeed there are numerous merits to a solid college education: employment opportunities, networking, mentorship, breadth exposure, .... However, no of colleges I know in existence today can give you business experience. The best professors I knew encouraged their students to go out and do stuff outside of their standard academic ring. And there's no rule against pursuing a formal education while simultaneously running a business. | ||
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lac29
United States1485 Posts
On July 05 2010 08:12 TossFloss wrote: I'm would never advocate passing up on college. Indeed there are numerous merits to a solid college education: employment opportunities, networking, mentorship, breadth exposure, .... However, no of colleges I know in existence today can give you business experience. The best professors I knew encouraged their students to go out and do stuff outside of their standard academic ring. And there's no rule against pursuing a formal education while simultaneously running a business. There are quite a few colleges where co-ops/internships are requirements for graduation. More TLers need to stop thinking they are special and can somehow be that 0.01% that can make it big in pok-er and other quick money lures. You want to be rich? Well most ppl get rich by working hard. It's really as simple as that. [this is not really directed at the OP only but all TLers] | ||
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TossFloss
Canada606 Posts
On July 05 2010 10:07 lac29 wrote: There are quite a few colleges where co-ops/internships are requirements for graduation. We're not talking about engineering or computer science or accounting. Try to get a business/finance job with four year business or economics degree from most universities. Even with an MBA. You will get get some associate position as a glorified coffee gopher with the hope making partner after few years of grueling hard work (assuming you don't burn out) because the industry knows you have no practical business experience. More TLers need to stop thinking they are special and can somehow be that 0.01% that can make it big in pok-er and other quick money lures. You want to be rich? Well most ppl get rich by working hard. It's really as simple as that. [this is not really directed at the OP only but all TLers][ I agree with this message. | ||
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kzn
United States1218 Posts
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toopham
United States551 Posts
Buy your baseball cards today! I've already made thousands!! | ||
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zZygote
Canada898 Posts
Even a few hundred dollars are more safe in a bank than in a business or gambling by far. | ||
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kzn
United States1218 Posts
Even a 5 year CD isn't going to give you anything close to the interest you can get from bond funds/market index funds, and the risk is almost nonexistant. The bond fund I'm in is "high risk" corporate bonds, but if you track the returns the fund has given over its entire lifetime they're over 8% per year. No bank account is ever going to get close to generating a return like that. The only money that should be in a bank account is money you're going to need within like 6 months, period. | ||
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BrTarolg
United Kingdom3574 Posts
Poker staking is a better option than poker, getting good at poker is hard and takes a lot of dedication. If you are willing to commit your life to it, like many other things in life if you work hard at (such as other jobs etc) then you can do well (go become one of rainmans students or smth he can fix you if you put your heart and soul into it) Obviously, just don't go gambling around, do your research and use good staking sites to make good investments Market trading can be done if you trade against other people - if its zero sum, find the people who are negative sum and play in a way you play against them like you do in poker, hunt for fish. Safer investments are all over the place, isa, tax free investment etc. Finally, ihmo work hard to progress at a job you can see yourself having a future in | ||
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