Making money?

[Asgardian]

Best method I found was to work my arse off

Average 80 - 100 hour working weeks

ALWAYS be honest with employers and clients

Represent whom-ever you are supposed to, with conviction

Seek out those who are mega successful in your field of endeavour, and associate with them, ask them everything, learn from them, try to emulate them.

Find literature that is relevant, read it, learn it, use it

DO NOT try to re-invent the wheel

When you find out what works for you, stay with it

Go to seminars that will help you, AVOID meetings that will not help, they are just an excuse for a long lunch

Always stay in touch with current affairs, know your planet, plus your own back yard, if all you know is your job, you know nothing, working is a means to an end, IT IS NOT the reason for your life

NEVER be too proud, or ignorant, to admit to making a mistake

Learn to tell the difference between work, and your home life

Never compromise your principles

Enjoy your work, if you don't, find a new vocation

A little saying that I love, "the harder I work, the luckier I get"

 

[M29]

My only financial plan is:
Don't get married.
Don't have kids.

Interesting on the seminars. Has anyone been to one? Do they work?

 

[Former]

Do seminars work? That's a bit of a broad question.

Depends on who is holding it and what they are selling.

As for working your arse off, yes that's a good way to get income. Though nothing beats working your arse off developing your own business rather than someone else's.

Asgardian I'd add to your list "Know what is an asset and what is a liability".

Assets put money in your pocket every week. Liabilities take money out. A cash-flow positive investment property is an asset. Your personal home is a liability. A share in a profitable business is an asset. A car is a liability.

If some banker tells you your house is a great asset you know he is trying to sell you more debt. All these "Equity mate!" ads from the CBA are designed to make you think drawing cash against your personal home and buying a boat is a smart idea. Think again.

 

[Asgardian]

Originally posted by Groves
Asgardian I'd add to your list "Know what is an asset and what is a liability".

Yep, good call

There are lots of homilies out there, seek them out, contemplate them, then use what suits you, what will work for you.

As for seminars, I'm a believer in listening to successful people, just as long as they are being serious when you want to learn.
Beware of the high profile speaker who wants to entertain, without giving of himself, or his knowledge. HE IS A TIME WASTER, but he is good at making money, only for himself though.

The art of successful seminar selection (hope you don't have a lisp), is not easy to acquire, once learnt it will both make, and save you money.

( the "he" is supposed to be read as "he or she" )

 

[sgPanther]

Originally posted by Groves
As for working your arse off, yes that's a good way to get income. Though nothing beats working your arse off developing your own business rather than someone else's.

Asgardian I'd add to your list "Know what is an asset and what is a liability".

Assets put money in your pocket every week. Liabilities take money out. A cash-flow positive investment property is an asset. Your personal home is a liability. A share in a profitable business is an asset. A car is a liability.

If some banker tells you your house is a great asset you know he is trying to sell you more debt. All these "Equity mate!" ads from the CBA are designed to make you think drawing cash against your personal home and buying a boat is a smart idea. Think again. [/B]

Sounds like you copied that from a "Rich Dad / Poor Dad" book.

 

[Former]

Well, he wrote it better than I ever could.

 

[Stucey]

Originally posted by Asgardian
Best method I found was to work my arse off

Average 80 - 100 hour working weeks

Ummmm, pass!

Averaging 14 hour days/7 days a week. Not my idea of a life. Surely there is a happy medium between money needed and lifestyle lived.

Each to their own!

 

[Docker_Brat]

Originally posted by M29
My only financial plan is:
Don't get married.
Don't have kids.

Interesting on the seminars. Has anyone been to one? Do they work?

It works!

 

[Rooboy 34]

Originally posted by Asgardian
Best method I found was to work my arse off

Average 80 - 100 hour working weeks

No need to work hard - just work smart...

 

[Spidergirl~RiCkChiCk]

I can hardly speak as i am stuck in a job that is exploiting people. I do however find the only way to reach a goal in this situation is self discipline eg/putting away set amounts every pay no questions asked and just being very dollar aware. People give me no credit because i live at home however i chose not to drink, not to smoke, not to run up 300 dollar a month phone bills mine is 30 on average. All factors there are nothing to do with living at home.

My mother had tried many careers and this one probably being her last one before retirement...selling new homes. Works fairly hard pretty much 7 days a week incl sat/sun in the office and gets a few thousand commision for each sale as well as base wage. Pretty good career but not if you have a family or have no idea how to put money into something usefull.

 

[Mr. Snrub]

The thing with anyone claiming that they can make you money is that you have to ask yourself: Why aren't they doing this for themselves? Why do they now need to get their money by selling me advice if their scheme is really that good?

So all the people claiming you can make "huge profits in 3 years with property investment" etc - why are they wasting their time running seminars and writing books telling people this, instead of following their own advice and researching/buying/renovating properties? Could it be it's not as easy/profitable/certain as they make out? It's a good attitude to keep in mind when it comes to more orthodox investments too: if my broker really is that good at picking stocks, why does he need me as a client? Likewise, if my adviser is so good at picking good fund managers, why does he need me as a client?

I'm not saying you shouldn't listen to people like this, but always to take their advice with a grain of salt...

 

[Zeke]

Originally posted by Mr. Snrub
The thing with anyone claiming that they can make you money is that you have to ask yourself: Why aren't they doing this for themselves? Why do they now need to get their money by selling me advice if their scheme is really that good?

So all the people claiming you can make "huge profits in 3 years with property investment" etc - why are they wasting their time running seminars and writing books telling people this, instead of following their own advice and researching/buying/renovating properties? Could it be it's not as easy/profitable/certain as they make out? It's a good attitude to keep in mind when it comes to more orthodox investments too: if my broker really is that good at picking stocks, why does he need me as a client? Likewise, if my adviser is so good at picking good fund managers, why does he need me as a client?

I'm not saying you shouldn't listen to people like this, but always to take their advice with a grain of salt...

You've raised a very good point...

I once went to a respected national financial planning company and asked if they had any millionaire financial planners, as that is who I would like to meet with...

The person I spoke to said: "If they were millionaires, they wouldn't be working here..." Needless to say I left without making an appointment. If a financial planner is for real, they should tell you the best plan for making money is by becomming a financial planner ... otherwise, why the hell are they doing it? And if they are doing it and don't think it's the best way to make money, they're not a very good financial planner...

Just a thought...

 

[Former]

If you are going to a retail financial planner you probably don't have enough knowledge or contacts to know what you are doing, so a financial planner is probably the best, cheapest option. They aren't going to make you rich but if you can get information out of them and learn the ropes yourself you are off to a nice start.

You'd be silly to go to one and just leave your investing up to them. Your best bet is to aim to know more than them.

 

[Mr. Snrub]

Time for a story...

I used to work at a fund management company whose "star trader" had quite a useful tactic. He'd get into work really early each day (about 6am) and catch up on all the market and company news etc etc that had come in overnight. By the time the markets opened each day he had a pretty good idea which way prices would initially go based on that info. So he'd start trading straight away on the open, and would generally go very well, because (a) he had the jump on the other traders, who weren't as up with the news as he was, and were slower to pick these early expected price movements, and (b) he could negotiate much better prices through his brokers when everyone else was still half asleep and not quite sure what was happening in the market yet. When the other market participants had worked out what the market was doing and his early advantage was lost a couple of hours later, he closed out all his positions, took his day's profit and left to do his afternoon consulting work.

Of course, to make use of this kind of information advantage, you'd have to know how to turn info into reliable price movement predictions that other traders wouldn't immediately pick up on themselves...not something I'd personally want to rely on to make money.