| Author | Message | ||
| William H (Countachxx)
Advanced Member Username: Countachxx Post Number: 3068 Registered: 2-2001 |
Thomas LOL  Michael, dont even date a psycho biatch, not worth the trouble no matter how good looking she is | ||
| Thomas I (Wax)
Member Username: Wax Post Number: 277 Registered: 7-2003 |
In all sincerity, heed this advice: Don't marry a psycho-b*tch. It may seem obvious, but they're cleverly disguised. Failure to heed this advice will render all the preceding and forthcoming tips useless. | ||
| KCCK (Kenneth)
Member Username: Kenneth Post Number: 652 Registered: 10-2002 |
Michael, The real trade secret to real money, is called leverage and OPM. | ||
| Dave White (Dwhite)
Junior Member Username: Dwhite Post Number: 75 Registered: 5-2003 |
Nothing is guaranteed. real estate is a risk as is any investment, be prepared for long term investment or even short term loss. If you invested in real estate in late 80s you were slaughtered for the first 5 years just like f-cars and other exotics(believe me no one thought it was going to crash). As for those salaries, yeah I agree why would you only want to make 1 million + as an investment banker, executive, top sales person or another job where you don't have all the headaches of being an owner. Remember as an owner the buck stops and starts with you, don't be blind to the responsibilities(24-7 for many years). Work smart and hard and you will be rewarded, whether it's for yourself or someone else. If you can work in a an area you have a passion for, you will have the benefit of work not feeling like work. | ||
| ShanB (Shanb)
New member Username: Shanb Post Number: 25 Registered: 7-2003 |
I Also wholeheartedly agree with Bill about having good credit. When it comes to investing in real estate, I think good credit is way more important than having tons of cash. I got into my last two houses without having to put any of my own cash into the deals. And no, I don't buy slum property or flip. Michael - I would advise you that one of the keys to wealth and access to money is to always pay your bills, and keep your credit record squeaky clean. That more than anything else has served us well. | ||
| ShanB (Shanb)
New member Username: Shanb Post Number: 24 Registered: 7-2003 |
Or...rely on your degree AND invest. My wife and I started buying single family rentals a few years ago. I wish we had started sooner but after college she was busy with law school and I was busy with residency and fellowship training, boards, etc. We make good money but save a big chunk of our salaries and use some to invest in property and pay off mortgages. The key is to live on less than what you make and save/invest the rest smartly. It doesn't take long to see your bottom line really grow without you realizing it. If we had known in our 20's what we know in our thirties, but as they say - better late than never. | ||
| Michael Yip (Mightyslash)
Junior Member Username: Mightyslash Post Number: 188 Registered: 4-2002 |
William, I'd be happy with an $80k ferrari. And yeah, stocks and real estate sound like an easier way to go for beginners. I'll definitely look into them. Casey, you're right about the competition students are facing. That's why I'm thinking about starting my own thing and not relying on my degree because almost everyone has one. | ||
| rob guess (Beast)
Member Username: Beast Post Number: 327 Registered: 5-2003 |
Jason; I started out with a beater mobile home that i fixed up inside. sold it for a $3000 profit, found another did the same thing to it. then bought a small house fixed it up sold it bought my lake house lived ther for 5 years paied it off. moved to phx used my credit to buy a new house out here and the rest is history. If you dont mind a little sweat and busted knuckles you can turn a beater in to a money making investment. I am planning on turning the Lake house into a Ferrari in the future once i build a house with a large garage workshop that i can take care of it in. Rob | ||
| Jason W (Pristines4)
Member Username: Pristines4 Post Number: 658 Registered: 12-2002 |
For those of you who bought real esate, was it just buying a property that would appreciate? Or did you buy commercial property to rent out? | ||
| rob guess (Beast)
Member Username: Beast Post Number: 326 Registered: 5-2003 |
I agree with Bill on Real Estate. I started early and have been able to buy bigger and better houses. I have one lake house in NM and my house here in the Phx area and am looking at getting into somthing bigger and better soon as my house has gone up almost 45% in the last 4 years here. | ||
| casey slattery (Mondialcab)
New member Username: Mondialcab Post Number: 9 Registered: 9-2003 |
Michael, I am also a 20 year old business student. I am a finance major and I plan to get my MBA. Their are so many kids in business school today that it is hard to stand out and get employers to notice you. Thats why I think an MBA and as many "extras" (frats, high GPA, clubs, ect) as possible are very helpfull. I have run my own business since I was 12 but have only been enjoying the benifits ($$$) of it for about 3 years. Being an entrepreneur is hard work and I will be glad to start out as a "low level salary clerk" when I graduate. I would rather work my way up to the top and be a CFO or something than running the risk of small business ownership. It works out for many people, but not all. Also, at least you know how much income you are getting when you are on salary at a company. Anyways, Im sure you were really asking the CEO's and Enzo owners, but I've found that advice from other students can be very helpful and interesting. Good luck. Feel free to IM or e-mail me sometime. | ||
| Bill Steele (Glassman)
Member Username: Glassman Post Number: 383 Registered: 4-2002 |
You don't need money, you need credit, and plenty of it! | ||
| Andrew Menasce (Amenasce)
Intermediate Member Username: Amenasce Post Number: 1289 Registered: 10-2001 |
Real estate is the way to go but u need $$ to get into it ! | ||
| Jason W (Pristines4)
Member Username: Pristines4 Post Number: 657 Registered: 12-2002 |
Bill, how old are you? I'm 18 and am trying to get into real estate in the next year or two. | ||
| Bill Steele (Glassman)
Member Username: Glassman Post Number: 382 Registered: 4-2002 |
Don't screw around or you will regret it. If I got involved in rental real estate at your age, I would have retired a multi millionare, right about now. Which I am not. But soon! | ||
| William H (Countachxx)
Advanced Member Username: Countachxx Post Number: 3065 Registered: 2-2001 |
depends on which ferrari you want, if you'd be happy with a 308 those can be had under $30k pretty easily. If you want a new 360 Spyder thats around $200k, maybe more, if you want an Enzo, better start printing bills Do your research, I would suggest an education at the Skip Barber racing school so you can handle your ferrari when you get it. If you have a hobby you really enjoy try starting a business based around that. The stock market is picking up so you might want to park a few $ in a nice S&P 500 mutual fund for a few years #1 rule of investing- Buy something you like cus you might get stuck with it Good luck | ||
| Michael Yip (Mightyslash)
Junior Member Username: Mightyslash Post Number: 187 Registered: 4-2002 |
Well, I'm a 20 year old full time business student and just like a lot of people on here, I would like to have my own ferrari in the near future. But all I'm doing right now is busting my @ss at school trying to get good grades and my road to a ferrari seems so long. Hell, I don't even know if I'll ever have one. I know I should gain more real world experience by getting an internship, but I don't really know what kind of internship would be best and what kind of specific knowledge (other than those in my books) I should begin acquiring. However, what I do know is, I'll probably be a proprietor, investor or entrepreneur rather than a clerk who depends only on salaries. So please me some advice as to what I should begin working on and how to get there, however long the road may be. Sorry if this is a dumb question. Thank you for your time. |