EPT
Do you make money out of money?
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Deleted User 61629
1664 Posts
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matthewfoulkes
United Kingdom246 Posts
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HeavOnEarth
United States7087 Posts
I have tried poker though, it's more like- i can grind low stakes for half minimum wage than it is investing your money by playing percentages  (AKA i am super tilt-monkey) | ||
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ToyotaDemon
Australia150 Posts
Any investment is a risk, but having said that, you make a judgement on that risk by carefully planning and considering all the possible outcomes etc. As matthewfoulkes has said, your living costs shouldnt take up all your income. A general rule, is before you decide to do anything, you must have enough money to dig yourself out of your own hole if things go bad. Ive spoken to people that have opened up shops/own businesses but were actually losing money, had to sell their shop and still have a huge debt to repay because they were a bit too hasty in setting up their own business. Anyways best of luck in this new endeavor, the first time is always exciting/scary but you'll learn the tricks of the trade after some experience and you'll be able to make it work for you. I myself haven't engaged in investing right now (because im a poor student :<) but I have worked and learned from mistakes and my dad who has worked his own businesses for over 20 years. Listen to your parents too xP they will have made good and bad decisions with their money and can advise on what to do. = ] Good luck! | ||
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Saechiis
Netherlands4989 Posts
Or just spend it, live is too short to just worry about making more money, it's no use to you when your dead, neither will it be much use when you're a senior who doesn't feel like doing anything but sitting around. Travel, enjoy life now you can  | ||
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Badjas
Netherlands2038 Posts
Also, buying a house, even with taking a mortgage, can be seen as an investment itself. Buy a house that is cheap based on appearance but in a good location with a good future and you have the chance of some big returns. Flipping perhaps even if you have that much cash, but as always the risks are there as well. Other idea is to invest in your life experiences. See the world while you have no mortgage or dependents and plenty of backup cash. | ||
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ToyotaDemon
Australia150 Posts
Life really is too short to just put all your savings into investing and such, go out there and enjoy yourself. Live your life without regrets ;D | ||
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Sadistx
Zimbabwe5568 Posts
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. That's wrong, you should do your research better. | ||
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Barnzy
United Kingdom57 Posts
have a looksy here, i think thats the best bet for a man like your self to get started on! http://www.schwab.co.uk/public/schwab-uk-en/investment_choices/fixed_income?cmsid=P-3243178&lvl1=investment_choices&lvl2=fixed_income | ||
thedeadhaji
39489 Posts
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thedeadhaji
39489 Posts
ex: stocks and bonds, commercial real estate, money lending (><), etcetc | ||
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TunaFishyMe
Canada150 Posts
I started investing at like 18 or so with GICs. They used to be somewhat better (4-5%). Now its pretty crappy. I started equity 2 years ago. I've made about 10% on my investment but its not easy. I've been down 10% before too. TBH, I think your mentality is right. Don't do somethign you don't know about. If I were you, Id stick with GICs or something until you gain more knowledge maybe through a paper account and then put real money in. | ||
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Simplistik
2094 Posts
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NuKedUFirst
Canada3139 Posts
You are sure to make money. Edit: http://www.google.ca/finance?client=ob&q=NASDAQ:ATVI Or win the lottery 4 times like the old lady from texas did. | ||
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T0fuuu
Australia2275 Posts
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Spiffeh
United States830 Posts
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QuoC
United States724 Posts
Purchase a 100-dollar savings bond for half price ($50) wait 10-20 years for it to mature, then after those years, you'll have made a nice investment and you can thank urself later! lol i might do that | ||
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geometryb
United States1249 Posts
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CaucasianAsian
Korea (South)11589 Posts
I have used this forum when i was interested in investing, or if i'm bored and interested in what's going on in the business world. | ||
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TossFloss
Canada606 Posts
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... | ||
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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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