Making Money

2008-07-21 21:35:20

#1

Home: Section.80; +447|6846|Seattle, Washington, USA

Most DST'ers seem to be pretty financially savvy. So I ask: What do you do to make money, and what are the best ways? Besides your day job, of course. Own property, rent, invest in stocks, own businesses, etc.? Where is a good place to buy property? What are good stocks to buy?

Not a thread for "get rich quick" schemes, just a thread for wise financial choices. I know plenty of adults who are much more wealthy than others simply because they played it smart and knew what to invest in and how to handle their money. I hope to be one of those people. Discuss good ways to make money other than your career.

2008-07-21 21:38:38

#2

**LiLp-DeFiNeD: Banned; +54|6153|Vancouver, BC, Canada

Stocks are for losers(of money that is)

I'm not sure about other places, but where I live, Real Estate is was the way to go, 5 yars ago you coulda bought a house fairly close to downtown for $300 000, now that same house is at the VERY LEAST $500 000.

Now this was 5 years ago, I'm no expert at all(I'm 14 and only go off of what Mom says, she;s into this sort of thing) but it some point, people are gonna run out of $$ and it'll all crash, my very uneducated prediction says it'll happen soon, we'll just have to see.

2008-07-21 21:41:44

#3

Parker: isteal; +1,452|6393|The Gem Saloon

if i were you, i would find a nice stock that has a DRIP.
i used to own some shares of BUD, but after the recent events, i got rid of them.

start that way, keep investing. when you get to a certain point, the money really does make itself.

good luck man, and start reading up on what you think might be a good idea.
talk to kmarion about houses...

2008-07-21 21:52:25

#4

Spazz: Member; +7|6565

McDonald pays competitive wages starting at minimum wages per hour

no really i would ask your mom for a couple hundred to play on the stock market with
just recently i make a killing on Google and Microsoft ( for those of you that know anything about stocks you know what i mean) however i didn't closing on thursday so i ended up losing a couple k on friday ( again people that trade will know what i mean )

2008-07-21 21:53:29

#5

Protecus: Prophet of Certain Certainties; +28|6520

Kind of depends on your age and your income at the moment.

If you're in college and have some extra cash sitting around, fight the urge to go on a natty ice bender and through it in a CD. You lose sight of it for about 9 months, but you're better for it at the end. Then you can go on the bender.

If you're already out, it's whatever you want. There are so many ways to invest, from real estate to stocks to collectible cars, that I'm not even going to try to point you in a direction.

One tip tho: slow and steady always wins. Yes, some people hit that one stock when it was cheap and now drive a maserati, but for every one of those are 100 other people still trying to fix their datsun on the side of the road.

2008-07-21 21:56:56

#6

=NHB=Shadow: hi; +322|6364|California

stocks.
stocks.
stocks.
/win
before you invest into any, ask us and check the news/updates of that certain stock.

2008-07-21 21:57:05

#7

Reciprocity: Member; +721|6579|the dank(super) side of Oregon

The very first thing you need to do is set up some kind of retirement fund. Most common is some type of IRA. Put as much money as you can into it.

if you have enough capital, now is a good for property, specifically houses. housing prices are on a down slope in most markets, there is a large inventory, and there are always people who need to sell their homes, no matter what the market is doing.

for long term investments, now is an ok time to jump into the market. financials are all bargains right now, but be prepared to lose in the short term. tech has been dragged down with everything else but will eventually rebound. you can minimize losses and assuage inflation by buying stocks with decent dividends. but be prepared for a rollercoaster for at least the next year.

home ownership is great way to build equity. but you have to remember everything that comes with ownership. property taxes, insurance, utilities, maintainance. buying a home isn't just paying the mortgage and not every cent you spend is equity. Some people are better off paying rent and investing.

2008-07-21 22:47:33

#8

Defiance: Member; +438|6670

Earn more money then you spend, simple as that. Live frugally. Think "Do I really need this? If the only reason I'm thinking of spending money on this is because I want this, then I can live without it."

2008-07-21 22:59:22

#9

TrollmeaT: Aspiring Objectivist; +492|6671|Colorado

Buy obscene amounts of land, they don't make it anymore. Flip houses, the market is prime for it now. Act instead of talking about it.

2008-07-21 23:00:46

#10

Scorpion0x17: can detect anyone's visible post count...; +691|6764|Cambridge (UK)

TrollmeaT wrote:
Buy obscene amounts of lard.

Corrected to what I read it as at first...

2008-07-22 05:14:28

#11

Burwhale: Save the BlobFish!; +136|6221|Brisneyland

I personally invest in managed funds. They are all based on the stockmarket. Some years they have returned 30% others have decreased a fair bit ( like this year). The important thing is that you put aside money from your pay regularly ( I invest monthly) and let the equity grow. Leave it for years, the power of compound interest could make you very wealthy after 15 years or so.

I also use a margin loan to increase my returns ( havent made a margin call in the last 8 years I have invested in this fund). The only thing I would do differently would be to invest in an Exchange Traded Fund as they dont have to pay regular commisions to financial advisers.

I would suggest you try a compound interest calculator like this to see how much money you can make over a good amount of time. Managed funds and exchange traded funds are good because you dont have to be an expert on the stock exchange. The experts invest your money on your behalf.

I am looking at investing in real estate soon ( aside from our home) but i am by no means an expert in that. Good to diversify a bit though.

2008-07-22 11:00:15

#12

Home: Section.80; +447|6846|Seattle, Washington, USA

Spazz wrote:
no really i would ask your mom for a couple hundred to play on the stock market with

Lol dude, I'm not that young. I have 2 jobs. Thanks for the tip though.

Defiance wrote:
Earn more money then you spend, simple as that. Live frugally. Think "Do I really need this? If the only reason I'm thinking of spending money on this is because I want this, then I can live without it."

Well yeah, I understand that, I've been really tight with my money (with some exceptions; I'm pretty loose with my wallet when it comes to charities) since I was a kid and started getting allowance. I mean as in terms of what kind of things to invest in. Things like what Reciprocity, Protecus, Parker, and Burwhale have posted.

Protecus wrote:
Kind of depends on your age and your income at the moment.

If you're in college and have some extra cash sitting around, fight the urge to go on a natty ice bender and through it in a CD. You lose sight of it for about 9 months, but you're better for it at the end. Then you can go on the bender.

If you're already out, it's whatever you want. There are so many ways to invest, from real estate to stocks to collectible cars, that I'm not even going to try to point you in a direction.

One tip tho: slow and steady always wins. Yes, some people hit that one stock when it was cheap and now drive a maserati, but for every one of those are 100 other people still trying to fix their datsun on the side of the road.

I'm not necessarily asking what to do with my money now, just getting some ideas on what I could do with it when I have more in the future. I've been using yearly CDs for a few years now, those are nice.

2008-07-22 11:07:52

#13

IRONCHEF: Member; +385|6489|Northern California

How bout good ole "sweat of your brow" work ethic? Gambling/stocks/commodities/house flipping and other effortless greed (aka: evolved capitalism) is probably one of the biggest problems with this country. Not all bad, but definitely not all good. I think I was meant to be a farmer or something.

My financial security has come from paying an honest tithe.

2008-07-22 11:17:35

#14

CaptainSpaulding71: Member; +119|6356|CA, USA

IRA or 401k is a must.

invest in some stocks in high tech companies like intel, apple, google, yahoo, microsoft, etc AFTER doing research to see if it makes sense.

invest in some foreign stocks like china and far east growth stocks. i've seen some cases of 40% growth rates. talk to a broker.

when you have more money in the future, definitely buy a house. you can use the interest on the loan and the property taxes as itemized deductions to lower your federal income tax liability. if you are older, consider buying your parents' house or at least getting it signed over to your name. my reasoning is this. if your parents are older, they may need medical coverage. once their aid runs out, then they have to sell the house since it is an asset in their name. if they appear poor and don't own the home (it's in your name), they can't be taken to the cleaners as easily in case something happens. you can ask that they pay the property taxes - it's just that YOU are the owner of the home.

you might consider buying properties and renting them out but this is kind of a tough job and you have to be on top of it. renters can screw up your property and cause you endless headaches by not paying bills, forcing you to go through the eviction process which in CA FAVORS the evictee even if they don't pay and are total slug. be careful here. however, it can end up paying for the properties and you will get tax deductions due to interest on loans and so on. you could rent to your family even.

good luck!

2008-07-22 11:19:34

#15

ghettoperson: Member; +1,943|6648

Making an honest living is for pussies.

2008-07-22 11:19:56

#16

Poseidon: Fudgepack DeQueef; +3,253|6536|Long Island, New York

ghettoperson wrote:
Making an honest living is for pussies.

Drug dealing's where it's at (just ask my brother).

2008-07-22 11:36:21

#17

Mekstizzle: WALKER; +3,611|6620|London, England

**LiLp-DeFiNeD wrote:
Stocks are for losers(of money that is)

I'm not sure about other places, but where I live, Real Estate is was the way to go, 5 yars ago you coulda bought a house fairly close to downtown for $300 000, now that same house is at the VERY LEAST $500 000.

Now this was 5 years ago, I'm no expert at all(I'm 14 and only go off of what Mom says, she;s into this sort of thing) but it some point, people are gonna run out of $$ and it'll all crash, my very uneducated prediction says it'll happen soon, we'll just have to see.

Yeah not anymore, now that house prices are tumbling it's bad news for them sort of people (negative equity or someshit). It's good news for honest families who want to buy a first home though.

Last edited by Mek-Stizzle (2008-07-22 11:36:36)

2008-07-22 11:37:34

#18

usmarine2: Banned; +233|5789|Dublin, Ohio

**LiLp-DeFiNeD wrote:
Stocks are for losers(of money that is)

lol...tell my bank statement that.

anyway, best advice. you ready?

NO CREDIT CARDS!!!!!!!!!!!!!!!!!!!!!

2008-07-22 11:42:13

#19

Home: Section.80; +447|6846|Seattle, Washington, USA

IRONCHEF wrote:
How bout good ole "sweat of your brow" work ethic? Gambling/stocks/commodities/house flipping and other effortless greed (aka: evolved capitalism) is probably one of the biggest problems with this country. Not all bad, but definitely not all good. I think I was meant to be a farmer or something.

My financial security has come from paying an honest tithe.

Like I said, I already have two jobs, and I planning on having one when I am an adult. It just seems to me like some people make a lot more than just their salary simply because they were aware of, and took advantage of investments on the side. Just seems like the smart thing to do.

2008-07-22 11:51:09

#20

Blehm98: conservative hatemonger; +150|6462|meh-land

usmarine2 wrote:
**LiLp-DeFiNeD wrote:
Stocks are for losers(of money that is)
lol...tell my bank statement that.

anyway, best advice. you ready?

NO CREDIT CARDS!!!!!!!!!!!!!!!!!!!!!

more along the lines of 'don't miss credit card payments'
my family uses credit cards a ton, but very rarely do we owe anything to them after the month, staying out of debt is the way to go

the people who are in debt 24/7 should have their credit cards taken away tbh

2008-07-22 12:06:38

#21

CameronPoe: Member; +2,925|6554

Forget property right now.

2008-07-22 12:08:35

#22

Sydney: 2λчиэλ; +783|6842|Reykjavík, Iceland.

Day job during summer
School during winter
No loans
No CC
No debts

I always have enough money to get by, and more.

2008-07-22 12:14:49

#23

Drakef: Cheeseburger Logicist; +117|6360|Vancouver

University and work seven days a week, up at 7 AM everyday. Fit in papers at night. Not a large wage, but it accumulates. Money is easy to come by.

I do spend recklessly anyway. Enjoy life when you can.

2008-07-22 12:36:48

#24

KEN-JENNINGS: I am all that is MOD!; +2,973|6630|949

IRA or similar
Save at least 10% of each paycheck (in a savings, CD or similar account)
Have savings set aside for decent-size purchases (getting your car fixed, furniture, etc.)
Reduce and/or eliminate debt (a credit card is ok to have for establishing credit at your age, just be responsible and pay it off as often as you can - most if not all credit cards have daily interest rates.)

2008-07-22 15:26:39

#25

rh27: Not really a Brit; +51|6595|England

By the time you earn enough money that investments and expenditure start to become an issue, the economic state will be different and any advice given now will be obselete.

However, 3 good investment opportunities that never change and will always give a return to the wise investor (and sometimes a loss if you don't read the papers and do your research);

Property
At the moment, buy to rent since no one can afford to buy houses and everyone is turning to renting. Repossessions are at an all time high and house prices are crashing (at least in the UK).
When you're older, it will have changed. The situation then may be like it was a few years ago, where developing run down houses in good areas will increase their value tenfold, giving you good returns on investments.

Gold
Gold's value remains more or less steady, the total amount barely changes and as long as people want pretty jewellery and nice cables it will be in fashion. Buy it when it's low and wait til the price rises a little. You'll get a small, but reliable return if you're patient.

Oil
New oil isn't being made so it's price can only rise. Smart people already had their shares, when people calm down and it's price isn't fluctuating so much, it will be a good time to invest once again. Good returns for the smart investor.

So there you have it. Spend wisely and above all, don't listen to advice from strangers on an Internet forum!!

BF2S Forums Making Money

TrollmeaT wrote:

Spazz wrote:

Defiance wrote:

Protecus wrote:

ghettoperson wrote:

**LiLp-DeFiNeD wrote:

**LiLp-DeFiNeD wrote:

IRONCHEF wrote:

usmarine2 wrote:

**LiLp-DeFiNeD wrote:

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