Tuning up your personal economic engine - Page 2

Japher · July 30, 2003, 12:33

Quote:

If you blow all the money away, you're not making enough of it, so get off your arse and be productive

Aye, if only it were that easy

Velociryx · July 30, 2003, 12:33

Hey, no sweat man! Always trying to win new converts for the South!

And if you need a hand on the move (either physically, if it's within driving distance), or leg work and research, lemme know!

And you're absolutely right about the onilne options and how easy it makes everything....I have several sites bookmarked and just grab resources online as I need them (mortgage apps, tons of different financial calculators, a couple of investment sites....good stuff!)

-=Vel=-
PS: And with the real estate market as it is here, you could no doubt, jus' hang up the lab coat! Plenty of room!

Japher · July 30, 2003, 13:09

Quote:

And with the real estate market as it is here, you could no doubt, jus' hang up the lab coat! Plenty of room!

Yup, I know about wholesaling, option-to, lease-options, and foreclosures. I could probably make a little bird-dogging even... It's just that fear of change thing I'd have to get over, as well as convince the wife it will be fine.

Let the Search Begin!

Velociryx · July 30, 2003, 13:23

Fear of change....hit the nail on the head with that one, and IMO, one of the largest reasons more people don't take the plunge! If you need a hand, just send up a flare...

-=Vel=-

Japher · July 30, 2003, 15:57

I don't fear change all that much. It is still there, of course, but my fear of mediocrity and a stale life usually wins out... My friends actually tell me that I am fearful of the norm.

Quote:

I have several sites bookmarked and just grab resources online as I need them (mortgage apps, tons of different financial calculators, a couple of investment sites

Care to post or PM any of them, I would be most interested.

---

I think another good thing for people to do for their persoanl finances is to write down personal goals and game plans... Not just figure them out in your head. Map it out. Once it is writen, instead of thought, it is once step closer to becoming a reality. Besides, if you put it somewhere you will always see it you will constantly be reminded of your successes, failures, or lazy procrastinations...

Velociryx · July 30, 2003, 16:04

TOTAL agreement re: writing things down! That is something I do religiously! (okay, so maybe not quite THAT fervently, but...)

As to sites, here are some pulled from my "favorites" list:

http://www.interest.com/calculators/ (calculators of 'bout every type)

http://www.thecreativeinvestor.com/ (outstanding resource for....just about everything to do with investing!)

http://www.welovetheiraqiinformationminister.com/ (absolutely nothing to do with investing, but always good for a chuckle!)

I've got more at home, but those are the two biggies I look at while at work!

-=Vel=-

Japher · July 30, 2003, 16:06

Ya, I go to TCI now and again... I'm Japher there too, haven't posted a whole lot, ussually just hover about.

Oerdin · July 30, 2003, 16:08

I'd like to talk about investing in slightly more shacky assets then realestate. I mean like real estate to and it is the best way to get rich or build a nest egg but what about some of the other stuff. Like for instance a business venture?

What's your take on starting a web business or other part time business in order to suppliment your regular wages?

Japher · July 30, 2003, 16:22

Quote:

What's your take on starting a web business or other part time business in order to suppliment your regular wages?

Starting your own buisness is very time consuming, more so than real estate, and also has a lot more legalities involved on a personal level. Of course REI can turn into a buisness, and you could wrap it all under an S or C corp to gain tax breaks, but liabilities are a lot less than owning your own buisness.

Not really sure what you mean by web buisness. I would suggest contractial work such as web design, logo design, graphic art, etc... that kind of thing over actually making it a full bhlow buisness where you take on any client you decide to.

To me, a buisness would not be a suppliment as it requires weekly if not daily commitments, whereas REI can be left be for as long as there aren't any problems...

Basically what I am saying is that starting a buisness is less like an investment (though it is don't get me wrong) and more like a second job. If you have the time, money, and desire to start at it then I say why not...

Personally, I would rather sit on something giving it as little as attention as I could to get rewards than to actually have to do something...

Velociryx · July 30, 2003, 16:31

Know what you mean, Japher....I've signed up, but I don't think I've ever posted the first thing there.....I just lurk and read and plan....

Oerdin: I haven't seen too many 'net based small businesses that I'd be tempted to buy into....tons of scams find their way into my inbox every day, but honestly, the only reliably profitible small biz stuff I've seen on the web have been online casinos and porn sites. Not saying that there aren't some others, it's just that they're very hard to come by.

Having said that, I'll also be quick to say that I know two people who do nothing but sell stuff on e-bay. That's their full time job! (and they enjoy it very much!)

With regards to brick and mortar businesses, I'd definitely shy away from restaurants! Tooooooo dang risky for my blood! In fact, I'd be leery of most any kind of retail oriented biz (tho there are some niche markets you could carve out, of course!). Service-oriented business, is another matter, and a lot of that kind of stuff can be done from home. Even something as simple as selling yourself as a "Virtual administrative assistant" can be easily done from home, and quite profitible!

I'm pretty much of the same mindset as Japher tho....I'm looking for low-maintenance investments....stuff that I don't have to put a lot of time into, and real estate fits that bill very nicely. Easy entry (50k minimum to start a brick and mortar biz vs. about 8k to get into a rental property--single family home), and not much to do except advertise for new tenants once in a while, and cash rent checks. Of course, when something breaks, it needs fixing with all possible speed, but that doesn't happen often, especially with careful tenant screening....

-=Vel=-

Oerdin · July 30, 2003, 16:42

I ask because I've got an idea for a niche online restailing out fit. If things could be worked out the way I want them to then I wouldn't even be required to carry any inventory on hand. Instead I would just act as a web front where people would place their orders and my software would order the required item from the vendor and have it shipped directly to the buyer.

Kind of what Amazon does but on a much smaller scale and with a very specific niche market.

Oerdin · July 30, 2003, 16:44

The biggest issues and expense would be designing a business web site, taking glossy pictures of the items to sell so online shoppers can see them, setting up the ordering system with venders and the like.

After that I should be fairly hands off other then anwsering the odd e-mail and things like that.

Japher · July 30, 2003, 16:47

Can't hurt to try... I have no idea of the ups and downs in that industry...

How long have you been debating this plan?

Will take money from your other plans?

Can you live out that other money?

Are you willing to lose your seat?

Oerdin · July 30, 2003, 16:55

This would be purely a side business and I would certainly not quit my day job.

I've beat around the idea for sometime but as yet I haven't even bothered to write a business plan for it. I suspect the required start up capital would be enough to create a business web site, host the web site, registar the web site on all the major search engines, and stuff like that. I wouldn't advertise other then to spam the site address every where I could and hope for foot traffic to come in via the search engines.

As a last resort I suppose I could join the darkside and begin direct marketing (read spam) but I don't want to have to do that if I don't have to.

Velociryx · July 30, 2003, 17:52

Hmmm....well, if it has a low startup cost (and it sounds like it does), it'd prolly be worth it for the experience alone, even if it never really netted all that much profit.

Worst thing that could happen then, would be a bit of time lost, a bit of money down the tubes, and a lot of experience gained....best case....quit your day job....that said, give it a spin!

-=Vel=-

MattyBoy · July 31, 2003, 02:29

Saras, just wait until you are the only family member working and the rest of your family spend money at a great rate. Add to that, retirement age is fast approaching and you work in an industry where grey hair means no job opportunities.

Maybe then, you'll wish that you saved a little more while you were financing interests in:
- Wines that cost 4 times as much just because the label is considered trendy this month.
- New cars that charge a premium for their ability to impress women that understand nothing better than the premium that you just paid and what that implies about your current expenditure.
- Clothes with labels that make you look prosperous and that you wear 3 times then lose in the back of the cupboard.
- Unnecessary toys and appliances that you can spend the rest of your life maintaining and replacing.

Saras · July 31, 2003, 03:34

Quote:

Originally posted by MattyBoy
Saras, just wait until you are the only family member working and the rest of your family spend money at a great rate. Add to that, retirement age is fast approaching and you work in an industry where grey hair means no job opportunities.

Maybe then, you'll wish that you saved a little more while you were financing interests in:
- Wines that cost 4 times as much just because the label is considered trendy this month.
- New cars that charge a premium for their ability to impress women that understand nothing better than the premium that you just paid and what that implies about your current expenditure.
- Clothes with labels that make you look prosperous and that you wear 3 times then lose in the back of the cupboard.
- Unnecessary toys and appliances that you can spend the rest of your life maintaining and replacing.

The answer is to have your own biz

And wines in Lithuania cost 4 times as much as in France without the trendy labels

Saras · July 31, 2003, 03:36

And I meant these remarks as a joke. Not apparent enough, I guess.