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Old 07-20-08, 12:05 PM   #1
Couraga
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Get Rich.

What are some of your tips on getting rich, or just making some money, and building up wealth?

I realize the importance of saving, and conserving money, and only buying the bikes that are really needed. Not going out to eat so much, etc. Also, it is important to take some extra money and invest it wisely and carefully, and to diversify across bonds, stocks, GIC's, etc.

But how about ways to make money?

Post up some ideas.

How about setting up a tutoring company? Hire 5 undergrads to tutor 5 hours a week for 12 months a year. Charge the customer's parents $25 per hour for your staff to tutor the kids. Pay the tutors $10 per hour. You gross probably $19,500 a year. Then pay taxes, and you get like $10,000 to pocket a year? Maybe invest that the following year?

Then take some time and learn about real estate, and accounting, and do some of that on the side too? Maybe spend like 10 hours a week if you can afford to and build up some extra investing money on the side?

Please, no bashing, only trying to help out.


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Old 07-20-08, 12:23 PM   #2
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Some ideas here would be related to lightening, that is, the unlikelihood of success, but with powerful results of the lightening ever does strike:

Think of myspace, ebay, amazon, youtube, collegehumor, bikeforums, forum.bodybuilding, howardforum

These sites have a lot of traffic daily, and the sites are worth money to advertisers (except for ebay and amazon). ebay and amazon are marketplace sites. They generate money through sales of products, ebay benefits from listing fees, and other fees, combined with paypal. Amazon sells books, and now pretty much everything else, allowing other retailers and sellers to converge as well, kinda like an eBay, with a not so apparent bidding system.

The bodybuilding website generates about $10 million dollars a year for the owner! I kid you not! There are millions of hits on that site per day. Not only that, there is an online store attached to the site.

Also, there was this one guy who made a website to allow family members to reconnect. He became rich overnight from this site. I am not saying that you will too, but it is always a possibility.

Don't discount something as impossible just because you don't believe enough for it to become real.

Another idea, there was once a company that delivered groceries to people. You could search for items online, and select a time, and the company ships the food to your doorstep. I am not sure if they are still around.
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Old 07-20-08, 12:24 PM   #3
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Why does everyone desire to be rich? I wouldn't want to be rich, it would spoil everything.
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Old 07-20-08, 12:24 PM   #4
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Interesting how you mention collegehumor. I love that site! I go on it all the time. I hear some huge company bought it out for millions.

They have all these hilarious vids on the site.

Anyways, if I wanted to make a website, how do I copyright it, if that is the correct term? Where do I start?
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Old 07-20-08, 12:27 PM   #5
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Why does everyone desire to be rich? I wouldn't want to be rich, it would spoil everything.
Not everyone wants to be rich, and no where did I make that argument.

If you don't want to be rich, all the best to you. But this thread is for those who are interested in building wealth or making some money on the side, or just to throw around some money making ideas.

In an attempt to restore some lightheartedness in this thread, but not to digress too much.
Seinfeld: Muffin Tops! Top of the Muffin to ya!
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Old 07-20-08, 12:29 PM   #6
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Oh yeah? Here's some muffin-tops for ya!



As for getting rich, nothing beats educating yourself and putting in a lot of hard work. I sense a troll and banning in the near future...

Last edited by DannoXYZ; 07-20-08 at 12:34 PM.
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Old 07-20-08, 12:31 PM   #7
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Why does everyone desire to be rich? I wouldn't want to be rich, it would spoil everything.
Not everyone wants to be rich, but some extra money could be beneficial to a lot of people.

It does not spoil everything being rich, at least not for everyone. It can complicate things, but also not everyone has the mentality to be rich. For some it magnifies pre-existing problems. And if people start believing that money is the only way to reach happiness, then these are the people will never be happy with a lot of money. This goes against the spirit of this thread, which is to help reach financial goals, for those who feel money will CONTRIBUTE TO, but is not the ultimate cause of happiness.

lol Muffin Tops!
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Old 07-20-08, 12:33 PM   #8
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As for getting rich, nothing beats educating yourself and putting a lot of hard work.
Well put.
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Old 07-20-08, 12:33 PM   #9
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hussle.
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Old 07-20-08, 12:34 PM   #10
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Danno, is as usual, quite right. However, I should add a Carrol Shelby quote. "You can't give up."

When things don't work out due to bad luck or other reasons, you need to keep trying to reach your goals. Education, hard work, and a concrete resolve is the formula for success in almost any challenge.
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Old 07-20-08, 12:38 PM   #11
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It requires three things:
1) Perseverance
2) Creativity
3) The ability to take risks

Or according to Trump, passion, talent, and determination.
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Old 07-20-08, 01:10 PM   #12
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Originally Posted by Couraga View Post
Not everyone wants to be rich, and no where did I make that argument.

If you don't want to be rich, all the best to you. But this thread is for those who are interested in building wealth or making some money on the side, or just to throw around some money making ideas.

In an attempt to restore some lightheartedness in this thread, but not to digress too much.
Seinfeld: Muffin Tops! Top of the Muffin to ya!
Okay. I just wanted to throw my opinion out there. Have fun.
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Old 07-20-08, 01:13 PM   #13
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I sense a troll and banning in the near future...

No doubt.





Sell high, buy low. 90 day Gold options (or dow,or oil). Time deterioration factors are in your favor.
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Old 07-20-08, 01:15 PM   #14
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Old 07-20-08, 01:21 PM   #15
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Save your money and never spend it.
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Old 07-20-08, 01:27 PM   #16
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Save your money and never spend it.


Or just get DannoXYZ to send you his pocket change, like the OP did.
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Old 07-20-08, 01:33 PM   #17
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Try moving some goods
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Old 07-20-08, 03:07 PM   #18
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Originally Posted by Couraga View Post
It requires three things:
1) Perseverance
2) Creativity
3) The ability to take risks

Or according to Trump, passion, talent, and determination.
Of course, what Trump doesn't mention is that you should have a rich daddy and you should get handed the reins to the organization that he set up. Oh, and it helps if you've got a good stable of bankruptcy lawyers, too.
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Old 07-20-08, 03:32 PM   #19
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Of course, what Trump doesn't mention is that you should have a rich daddy and you should get handed the reins to the organization that he set up. Oh, and it helps if you've got a good stable of bankruptcy lawyers, too.
Donald Trump has never filed for bankruptcy.

The LLC's that were made to fund a few of his projects, on the other hand... >.>
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Old 07-20-08, 03:58 PM   #20
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The thing that Trump demonstrates is the non-linear fashion in which wealth is accumulated. Anyone who've ever made it big will tell you that they failed miserably 3-4 times beforehand (Trump has gone from -$900mil in the hole to billions in the black). That teaches you some very valuable lessons. Those who play it safe, wanting to always be "right" and never want to lose face by admitting they made a mistake, will never ever learn these important lessons. And they'll never, ever make it big either.

One of the most important lessons is to limit your losses. Wernmax alluded to this in the other thread, in that you're always investing no matter what. You can never ever get outside of "the system" and all your monies are always invested in some sort of financial instrument, be it cash, accounts, notes, bonds, funds, etc. There is no such thing as "no risk", and even cash under a mattress faces inflation, theft and fire risk. If you're not earning at least 7-10% a year, you gotta be working a job and putting away more money just to keep your savings even with inflation (don't trust the fed numbers on "inflation", real inflation is much higher than that). Just think of how much your cost of housing, maintenance, insurance, food, gas, entertainment has gone up in the past 5-years. That's real inflation. And that's the real risk facing your nest-egg and wages. Has those gone up to at least match inflation? How many people have doubled their wages in the past 10-years to match the real cost-of-living increases?

So the real trick, is to balance the rewards-to-risk ratio. There's real risks, you must learn to manage it and your rewards will increase exponentially with your ability to limit your losses.
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Old 07-20-08, 05:15 PM   #21
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The thing that Trump demonstrates is the non-linear fashion in which wealth is accumulated. Anyone who've ever made it big will tell you that they failed miserably 3-4 times beforehand (Trump has gone from -$900mil in the hole to billions in the black). That teaches you some very valuable lessons. Those who play it safe, wanting to always be "right" and never want to lose face by admitting they made a mistake, will never ever learn these important lessons. And they'll never, ever make it big either.

One of the most important lessons is to limit your losses. Wernmax alluded to this in the other thread, in that you're always investing no matter what. You can never ever get outside of "the system" and all your monies are always invested in some sort of financial instrument, be it cash, accounts, notes, bonds, funds, etc. There is no such thing as "no risk", and even cash under a mattress faces inflation, theft and fire risk. If you're not earning at least 7-10% a year, you gotta be working a job and putting away more money just to keep your savings even with inflation (don't trust the fed numbers on "inflation", real inflation is much higher than that). Just think of how much your cost of housing, maintenance, insurance, food, gas, entertainment has gone up in the past 5-years. That's real inflation. And that's the real risk facing your nest-egg and wages. Has those gone up to at least match inflation? How many people have doubled their wages in the past 10-years to match the real cost-of-living increases?

So the real trick, is to balance the rewards-to-risk ratio. There's real risks, you must learn to manage it and your rewards will increase exponentially with your ability to limit your losses.
You've redeemed yourself from your previous post and all those vomit-inducing pics.
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Old 07-20-08, 05:43 PM   #22
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An American tourist was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked.

Inside the small boat were several large yellowfin tuna. The tourist complimented the Mexican on the quality of his fish and asked how long it took to catch them.

The Mexican replied, "Only a little while."

The tourist then asked, "Why didn't you stay out longer and catch more fish?"

The Mexican said, "With this I have more than enough to support my family's needs."

The tourist then asked, "But what do you do with the rest of your time?"

The Mexican fisherman said, "I sleep late, fish a little, play with my children, take siesta with my wife, Maria, stroll into the village each evening where I sip wine and play guitar with my amigos, I have a full and busy life."

The tourist scoffed, " I can help you. You should spend more time fishing; and with the proceeds, buy a bigger boat: With the proceeds from the bigger boat you could buy several boats. Eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor; eventually opening your own cannery. You would control the product, processing and distribution. You could leave this small coastal fishing village and move to Mexico City, then Los Angeles and eventually New York where you could run your ever-expanding enterprise."

The Mexican fisherman asked, "But, how long will this all take?"

The tourist replied, "15 to 20 years."

"But what then?" asked the Mexican.

The tourist laughed and said, "That's the best part. When the time is right you would sell your company stock to the public and become very rich, you would make millions."

"Millions?...Then what?"

The American said, "Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siesta with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos."

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Old 07-20-08, 05:47 PM   #23
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you don't really need to be A+ in school to be rich. I've heard on good old radio that millionaires here have an average of a C.
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Old 07-20-08, 05:58 PM   #24
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An American tourist was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked.
I love that story. Thanks for posting it.
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Old 07-20-08, 10:47 PM   #25
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Be your own pimp, sell yourself, and give your pimp 100% of the money.
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