Any ideas guys? oh and i have found some properties that some of u mite be interested in[biggrin]
well hey i got a overwhelming response![angry2]
Im a first year university student[cigar] and wondering if you could think of any wealth creating strategies for me[specs]… with little or no equity[hmm][thumbsupanim]…think back 2 your uni days.. what would u have done different to prepare yourself financially in the future????[weird] (knowing what you know know)
thanks!!!
When I was at uni all I did was save, save, save. Oh and opened my first term deposit. And marvelled at my first real passive income ($93) when it matured. Never mind the interest rate was a measley 5.35%.
It wasn’t much but was a sign of better things. So continued to save and bought shares, managed funds, more term deposits, etc. And kept saving & investing a set proportion of income (normally 25-40%) when working.
Then after all that was doing alright, though some IPs would be good, so raided part of the portfolio for deposits and kept saving/investing all along.
All this has taken approx 10 years. Not very fast but this isn’t a race and I’m not complaining.
Peter
hi.dont despair.investing is a long term thing.sometimes you have to wait for an answer on here,long term get used to it LOL.
My advice.You are young.You have a lot to learn.Best way to learn is reading books,reading posts on forums,meeting wealthy people and asking them questions.
Best book I can recommend is “Money Secrets Of THe Rich” by John Burley.
Read it . Do what he says. And prosper.
One other bit of advice.
When someone helps with a bit of advice.Listen to it.Analyze it.Act on it.
Wish I was young and had the wisdom I have now.
Russ.Originally posted by RussH:My advice.You are young.You have a lot to learn.Best way to learn is reading books,reading posts on forums,meeting wealthy people and asking them questions.
Best book I can recommend is “Money Secrets Of THe Rich” by John Burley.
Read it . Do what he says. And prosper.
One other bit of advice.
When someone helps with a bit of advice.Listen to it.Analyze it.Act on it.WOW Russ, where were you when I needed you???? LOL
I started at 18, read no-one’s book (let alone any rich dude’s crap) and spoke to no-one except my family. HOWEVER I did do alot of listening, attending Auctions and strolling passed REA windows!
But the real secret…..no great mystery….ready for it ….WORK YOU @#$%# ASS OFF…. SAVE, SAVE, SAVE and sooner or later, you’ll get there!!!!
I personally know one man, who read EVERY book, by every wealth/rich prick out there professing to have the answers to instant wealth….that person spent thousands on books, CDs, seminars and software programs (including the one book you mentioned)….what position is he in now….DIVORCED, on the verge of bankrupacy with a 2.2 million dollar debt due to GET RICH QUICK SCHEMES.My advise to you sky_jobe, is talk to EVERYONE, rich and poor alike, listen heaps, work & save lots and act on nothing until you have enough behind you to put your plans into action.
If I can do it, so can you.
Good luck, and keep up the studying…it pays off (I know, mine did)
Jo
I started a lawn mowing biz, ran a uni club & through it attended/ran to a lot of seminars & events which provided me with practical experience.
Cheers.
Aceyducey
well i’m in UNi too.. First of all, you’re Young.. TIme is your GReatest Asset.
It’s good that you’ve started thinking about ur future young. what i did while still in uni was to join partner-ship with dad to purchase a land (soon to build end of this year ) to increase my equity so that when i start work next year, i have a good credit repayment records and something to spearhead my strategies and plan with. Guess i’m fortunate to have such great dad.
Apart from that, read lots of books, listen and SAVE SAVE SAVE.. learn from others and do not take the pessimistic opinion of my other unimates seriously. i hear them but it just makes me strive harded to prove them wrong that i can’t retire at 30.
Also to get into that income earning group, i make sure i study hard n pass my course. can’t wait to start work next year !! I guess just plan how u wanna do it and lay the bricks/path
Kev
oh, my land has increased in AUD 30,000 in value since last Sep when i bought it. it’s a great learning curve doing that deal and all.
and i had variable finance on it so that it allows me to make extra repayments to shorten the loan and to reduce the interest repayments i have to pay in the long run. that itself is a great learning curve to me and reaffirms the statement, Never Say never, there’s always an answer and a way out.
Kev
ahh yeh the simple years, uni is like the holiday before life starts.
Well I agree wholeheartedly with the term deposit suggestion I remmber I had an excell spreadsheet I used to calculate how much money I was making passively and how much I could make by saving that extra dollar a week etc. Save like crazy its great, and when you have a pasive income coming in, you can reward yourself with spending part of your profits and keep reinvesting the the rest back into your savings.
I was lucky and unlucky, to have had a steady partner thru the uni years, so we were able to get a duplex and rent of one room and split the other half of the rent by sharing a room between two. The unlucky part was my partner never undestood what savings was about and took the money as play thing. A car and a computer later and we were back to square one.
You could even maybe add more profit by renting a cheap share house and charging most of the rent to the other tennants. thats if your renting and not living at home. I spose you could do it without needing to be one of the tennants, by being immersed in uni students, you may find an opportunity to help students who are looking for accomodation.
Having a job is important too. You never appreciate the value of money till your earning it yourself.
So once you’ve got a healthy savings building up for your first investment. the next step is to never touch it and buy your car, computer, white goods everything you want through personal loans, etc you think its better to just whip $800 dollars out of your bank to buy something when in actual fact its a lot better to get a small loan. start of small and get yourself a good credit rating. Banks then have proof you are a good creditor.
When its time to get the big loans for your first car etc, you’ve already established a good credit rating and will find it a lot easier to loan money. And when it comes time to go for your first home loan you have the savings account and your credit history, and any assets to help you.
hope parts of this make sense.
Tom
Originally posted by sky_jobe:well hey i got a overwhelming response![angry2]
Im a first year university student[cigar] and wondering if you could think of any wealth creating strategies for me[specs]… with little or no equity[hmm][thumbsupanim]…think back 2 your uni days.. what would u have done different to prepare yourself financially in the future????[weird] (knowing what you know know)
thanks!!!
Im a uni student as well so i knw hwo you feel. We cant get loans for anything because we dont have full time jobs…grrrrrrr.
And i dont understand why so many people on here are saying to invest in term deposits. Yeah…and earn a pathetics 4% if your lucky (minus 2.5% inflation). Its just not worth it!
I say you shoudl do three things, these are incidently three things ive done as well in my uni time:
1. Vending machines. A good bednign machine in a good site can return from 40%-100% on your investment. To top it off you can find vending machines for as cheap as $1000 bucks in places liek teh trading post. Keep in mind you will have to manage the vending machine from time to time….so its not 100% pure passive income.
2. Join a good network marketing company. As controversial a business model network marketing is, fact is you can develop good a good stream of passive income from network marketing. Because its low cost to get in, its teh perfect business for university students. Furthermore being involved with a good network marketing company is a massive personal development experience for most.
3. Absorb everything you can on personal finance and personal development. I personally love reading anthony robbins books, robert kiyosakis etc. You need to learn first.
Thanks for all the feedback guys! muchly appreciated![thumbsupanim]
I particularly found interesting the last reply about joining a good network marketing company…
How would i go about that?[wacko]. What exactly is it? [blink]Thanks again!!![evo][exhappy]
Sky_Jobe
Network Marketing is a business you enter into where you take on all the promotion and sales of the larger company. It might be groceries.
Usually have a support group of up-lines who encourage and guide you. Bit like a salesman.
You then take a proportion of profits of any customers you bring into the company. And then you get another proportion of any customers they bring into the company. And so on. In theory you can set up a huge passive income.
Shouldn’t cost much to enter into either.The trouble is finding a good one. A lot of them offer over priced goods/ services. So the pyramid you build under you collapses. A lot just take your cash and run (scams).
For example, I am in one with a telephone company that does mobile/local calls for about 7c per 30 secs. You initiate calls over the internet. (wink, wink)
Shop around, there are heaps. Just be wary when they ask for lotsa cash up-front.
[specool] cheers
lifexperience
Quote:Originally posted by sky_jobe:Thanks for all the feedback guys! muchly appreciated![thumbsupanim]
I particularly found interesting the last reply about joining a good network marketing company…
How would i go about that?[wacko]. What exactly is it? [blink]Network marketing is in a way kind of like franchising.
Think of it this way, the only group that has the rights to sell a McDonalds franchise is McDonalds Corporation. McDonalds Corporation can show interested people its business model, and if they like it they can whip out 1.5 million and buy a McDonalds franchise.
Then in future for every burger that that franchisee sell McDonalds corporation collects a small percenntage of that burgers sale price. So McDonalds Corporation has set up its own stream of passive income. This is what a public franchise is.
In a Network Marketing business you can show someone your business and if they like they can join your business. For the volume of products that the move through there organisation you get a passive income from it. Furthermore when you sell them the opportunity to join your business you also sell them the rights to sell the rights to join the business to other people. So its kinda like a private franchise. So in the end if you build it properly you can end up earning a nice passive income from your organisation.
As far as im concerned Network Marketing is the most streamlined business model in the world. For good companies you can gernally say that:
1. There is no risk involved. For decent companies you can join for like a couple hundred dollars.
2. No accounting.
3. No inventory.
4. No renting premises.
5. Little/no expenses….depending upon the company.
6. No paying employees.
7. A business established globally (for the good companies). Just think ho wlong it would take to even create teh infrastructure to have a global business.
As far as im concerned no conventional business model can compete with that.
Yes, there are many people that hate network marketing, and many people who dont succeed in it. However can any other business model compete with a good network marketing business model? i dont think so….if you find on let me know [suave2]
Good comments from all – especially those ideas on network marketing – lawn mowing – anything.
Your best asset is your youth and your willingness and awareness.
I’m sitting here kicking myself because I am stupid enough to only asked the questions around middle age (yuck!) – after trying a few get rich quick schemes and getting burnt (though only first degree).
Still, have now discovered that growth is an organic process, you cannot reap the crop until AFTER you have sown the seeds, watered, weeded and tended to it. That’s just going against nature.
Now if I only knew what I am learning now about 10 years ago….. still, never too late. Go get it!
I did some network marketing back in the mid-90s, more to understand the system & access their tools and tapes than as a wealth creation strategy.
IMHO, network marketing is useful for teaching sales & small business management skills & for networking….a few people make a lot of money out of it. They can also be very motivational – though watch out if you’re an adrenalin junkie as they will satisfy your need…but may not deliver the other returns you want.
Ensure that you are ethically comfortable with the system & it is legal under Australian law. There are a few touted about that are right in the grey areas, but there are some good ones as well.
Checkout some of the Amway & Avon networks in particular – they are quite well established & provide very structured support.
Cheers,
Aceyducey
Have you though about what you could do on the net? Lots of students get invloved in this area as they often have alot of skills in that area and start up costs can be very low.
In terms of business generally my suggestion would be think about what your hobbies/interests are are and consider something related to them.
When it comes to Uni it can be difficult to get a loan. So the other alternative is to start a business, so either Vending, Network marketing, franchise (where you put time in, rather than puting a lot of $$$ in, but you might have to deal with smaller companies) or aa internet business or finally become a reseller of property (for example find CF+ deals, get a buyers database and assign your option on the property to some else for a small fee). Or you could find an investor/partner to do some deals with (be very careful here).
I would suggest you read books, attend seminars and read these forums. Although it might not help you immeaditly (hopefully it has..), you can meet great people and even a potential investor or two, so just keep learning.
Rgds.
Lucifer_auNetwork Marketing, BEWARE, good way to annoy and lose friends.
All that Money but unfortunately YOU DONT MAKE IT!!!!!
I would agree with most regarding reading as much as possible. Also do you know any relatively successful people? if so, ask questions, never stop learning.
Dont give up…. there are always ways of getting what you want. My partner lost his job 5 years ago, he then started his own manufacturing business. Have never looked back
Good luck
people? if so, ask questions, never stop learning.
DNetwork Marketing, BEWARE, good way to annoy and lose friends.
All that Money but unfortunately YOU DONT MAKE IT!!!!!
I would agree with most regarding reading as much as possible. Also do you know any relatively successful ont give up…. there are always ways of getting what you want. My partner lost his job 5 years ago, he then started his own manufacturing business. Have never looked back
Good luck
Hi there,
Network Marketing, beware….. a good way to annoy and lose friends.
Money, yeah lots, unfortunately you dont make it.I agree with most previous comments, read lots of books. Also do you know anyone who has been quite successful for whatever ….. ask them questions.
Never give up… my partner lost his job 5 years and could not find a job so started a manufacturing business and have never looked back.
Good luck
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