Post: #1

I have a solid job with very flexible time constraints.

Basically I have about $2000-$3000 per month that can be saved or otherwise utilized (This is after a solid 10% of pre-tax income is toward index-based stocks in an IRA). I obviously know a bank savings account is about the worst place for it to be.

In the opinion of the forum, what is the best use of this money for possible appreciation?

More safe index stocks? Commodities? Real estate, buying then renting (Section 8)? Simple businesses? Websites?

I know everyone wants to make money from nothing, which of course doesn't happen. I want to know the best way to make more money from a significant savings from a stable job. I'm still young and willing to take on a significant amount of risk (as I state above, I still have solid money going into index-fund stocks in an IRA).

Post: #2

Quote:"More safe index stocks? Commodities? Real estate, buying then renting (Section 8)? Simple businesses? Websites?"

This is a very expansive question, but I will give some short responses.

I think its a coin flip on the stock market this year. I am in it, and I think this year will do ok. 2013? I hope I am out by then.

As far a commodities go? Long term I think it is a good play

Real Estate? You are asking the wrong person. I hate real estate, unless you can buy it for cheap and pay all cash. I don't have time to figure that sh*t out. I can't stand illiquid assets.

Simple businesses? Now you are talking. Invest this money in something you can control. Invest it in yourself.

Maybe sock away a little gold and silver every month or quarter.

Post: #3

Quote:Invest this money in something you can control. Invest it in yourself.

I agree with G on this one.
Any money you're not flipping back into your own businesses or personal success is being wasted.

Stocks, commodities and houses will always be there, save them for later. Real estate would be your best move in that category. Think of it this way, there's only a limited amount of space on Earth. Property will always be in demand. You can also rent out your house and get a pretty consistent income from it.

Post: #4

(01-07-2012 10:05 PM)_DC_ Wrote:  I have a solid job with very flexible time constraints. Basically I have about $2000-$3000 per month that can be saved or otherwise utilized

Whatever job you have I want. Seriously.

Also, until you figure it out, I'd imagine that small websites would be a decent endeavor. Real estate is tricky, but I'd imagine that buying low-cost housing or foreclosed homes wouldn't be a bad thing. You might have to go long, but it's stability and security (IF you can find good renters). Certain assets are easy and fairly low-risk to short-sell. Or you could go long a la buffet in small quantities.

Post: #5

Anon-a-Moose, I'm both extremely blessed to have landed the job when I did and talented at my job. But in any event there aren't many jobs out there that pay six figures, allow you to work from home, and make your own hours. I'm almost 5 years out of college now, and I'm getting paid more than twice what I started with. I do count my blessings, and couldn't be happier.

Back to the thread, so to zero in on this a bit, I have a friend that rents out houses in Miami that he buys cash. He gets paid by renters, all of which are section 8 (a portion or all of their rent is paid by the gov't). Downsides are obviously sketchy residents, repairs/hidden costs, and dangerous neighborhoods. I'd imagine that DC has similar opportunities in NE/SE, however not like Miami... you won't find any houses for 20-30k in DC.

Starting a business would be a great idea, I agree. I have plenty of free time, so I could put energy into it.

This of course opens up another broad ass question... what kind of business? I know nothing about starting a business but I do know that I don't produce anything. Any good books to read? I've always understood starting a business as a small chance of making huge money but otherwise 95% of the time a total bust.

Post: #6

(01-07-2012 11:30 PM)_DC_ Wrote:  Starting a business would be a great idea, I agree. I have plenty of free time, so I could put energy into it.

This of course opens up another broad ass question... what kind of business? I know nothing about starting a business but I do know that I don't produce anything. Any good books to read? I've always understood starting a business as a small chance of making huge money but otherwise 95% of the time a total bust.

My advice would to be to figure out what your major hobbies are and then think about how to monetize on them. For example, if you have a unique skill or some knowledge on a certain topic -- turn it into an affiliate product or membership site.

Also, going into business is never a waste of time. Even if it is a total bust (highly unlikely if you keep at it), you're going to gain huge amounts of experience and you can always use that to improve your CV. Keep in mind that, unlike stocks and commodities, you're in total control of your own business.

Check out the following books:

Rework

The Millionaire Fastlane

Post: #7

(01-07-2012 11:43 PM)November Wrote:  

(01-07-2012 11:30 PM)_DC_ Wrote:  Starting a business would be a great idea, I agree. I have plenty of free time, so I could put energy into it.

This of course opens up another broad ass question... what kind of business? I know nothing about starting a business but I do know that I don't produce anything. Any good books to read? I've always understood starting a business as a small chance of making huge money but otherwise 95% of the time a total bust.

My advice would to be to figure out what your major hobbies are and then think about how to monetize on them. For example, if you have a unique skill or some knowledge on a certain topic -- turn it into an affiliate product or membership site.

Also, going into business is never a waste of time. Even if it is a total bust (highly unlikely if you keep at it), you're going to gain huge amounts of experience and you can always use that to improve your CV. Keep in mind that, unlike stocks and commodities, you're in total control of your own business.

Check out the following books:

Rework

The Millionaire Fastlane

I actually have very specialized knowledge in a particular field, and I think I could make a great, great, website with my knowledge. Unfortunately though, I'm a federal employee and I'm almost 100% sure I cannot disseminate the information I have.

I'll check out the books, thanks.

Post: #8

I would advise you to go easy with this business idea. If you dont have any business background, it can be very risky for you to just jump into it.

I would advise you to start with something simple and practical. You may want to look at selling stuff on ebay or selling cars.

I dont know how the market in the USA is, so what would work for me, may not work for you, but try to talk with people who are already doing businesses there.

Post: #9

Silver/Gold are forecasted to make some nice gains this year.
Real Estate is far too volatile right now and I would stay away.
I like the idea of getting into something you like or are good at!!

Post: #10

By the way, i strongly disagree with getting into something you like or you are good at, its about what the market needs.

Post: #11

(01-08-2012 12:14 AM)pitt Wrote:  By the way, i strongly disagree with getting into something you like or you are good at, its about what the market needs.

I disagree. I would never start a business involving something I didn't like or wasn't good at. By the way, there is or will be a market for just about anything you can possibly think of.

Post: #12

(01-08-2012 12:50 AM)Only One Man Wrote:  

(01-08-2012 12:14 AM)pitt Wrote:  By the way, i strongly disagree with getting into something you like or you are good at, its about what the market needs.

I disagree. I would never start a business involving something I didn't like or wasn't good at. By the way, there is or will be a market for just about anything you can possibly think of.

Yeah IMO you've gotta have enough passion for what you're doing to persevere through the frustrating parts of the learning curve, the plateaus, the failures that act as feedback, etc etc.

Then again, people get that passion from different sources. Some people just love business itself no matter what the product, others need a craft they can dive into, others just love making a difference and dont mind what skills they have to use or learn to do that, etc.

The key is knowing yourself. I thought I'd get enough of a kick out of business that it wouldnt matter what I was creating, as long as it was profitable. I was wrong, I'm much more built for developing a craft that I love and going deep into it, the mastery journey, etc.

Post: #13

Hide gold in one of those secure deposit places in Switzerland. No matter what happens, you'll have something as long as you can get out of the States.