fgreco
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Location: Brick, NJ
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| Frank |
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Hi, Iam frank I work at a department store. I should also tell you Iam only 19 and really dont know how to make money besides working for a company. I would like to know how to make money fast I have some I could take a chance with to get started with. I just need to know the best way to go or if I should wait till I understand fully about the economy.
I thank everyone in advance who give me any advice.
Thanks,
-frank
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Sun Jan 30, 2005 9:43 pm |
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xboxundone
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my advice is stick your current money in guaranteed return like savings/ shrot term CD while you study up on investing.... Be warry as you will be bombarded by make 25% or 125% in one month... if it sounds to good to be true it probably is.
There are several good posts here on money talk concerning investing and savings ... there are also a few on the site i run...
some that may interest you are
Savings Goals for the New Year
http://www.investingpub.com/new1.php?action=fullnews&id=29
Getting started in investing
http://www.investingpub.com/new1.php?action=fullnews&id=20
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Sun Jan 30, 2005 9:53 pm |
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Andrew
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Frank, the make money fast paths will lead you to spend money fast, often with little gain.
You are more likely to make money in the long run, if you can find something you like to do, figure out a way to provide a product or service around that, and plan and execute that business.
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Sun Jan 30, 2005 10:17 pm |
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titus_87
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| dear frank |
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i can understand your worry about being stuck at a regular job. as to your first question, their is no surefire way to get rich quick. dont throw your money away. save ias much as you can while reserching investment/business options. i highly recomend taking a class that teaches you how to use your money wisely and how to stay out of debt, such as dave ramseys financial peace university or some such, look them up online.
i myself am also young and am just getting started in business. since i am interested in real estate, i decided to studey for my real estate licence and work full time instead of going to college right away. maybe you should keep something like this inmind while looking for investment options, dont be hasty with your hard earned money.
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Mon Jan 31, 2005 4:56 am |
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fabwealth
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Frank,
Be careful in desiring to make money fast!  I would suggest a great place for you to start learning would be with the Rich Dad books. See if you can find anyone in your area to play the cash flow game with.
http://forum.richdad.com/forums/
 Online Business, I can give you some links it you want to start a solid online business. There is one man who started the whole affiliate payment thing and his case study website is good for ideas. And it is not expensive, just requires some time and research as to what is best for you to do.
It can be fairly lucrative and fun if you find something to do a site about that interests you AND you can figure a way to make money with that interest.
I have worked several MLMs and if you find one with a really good real product and you are consistent in your work, it is possible to earn a significant monthly income as well as residual.
For a young guy, I would recommend Ecoquest. As they just partnered with the company that made the air purifers for the space shuttle and have the latest technology in many areas-- and a high profit margin on big ticket items like air and whole house water purifiers.
Real Estate is good too, if you are so inclined and depending upon how much you have to start with. It is good to get someone to learn from there though, a mentor.
This forum is great: http://www.thecreativeinvestor.com/
They also sell good books based on real experience.
Finally, my favorite money earners at present are 2 investment programs that are really paying me high returns. I would not put ALL your money in these; consider them high risk. One is PIPS and the best site for info on that is http://jollypipster.com and the other is Reality Millions, they have 3, 6, and 12 month funds and it is possible to earn referral fees for introducing others. There is a link for that in my signature.
Research wisely and all the best!
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Mon Jan 31, 2005 8:24 pm |
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fgreco
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Cash: $ 6.25
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Thank you to all of you I will take all your advice and work with it. I will reasearch and take my time. I only have one question if I were to get 25% interest is that a big risk I read how it works but, dont understand fully can you fill me in on it a little bit. thanks
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Tue Feb 01, 2005 3:06 pm |
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Andrew
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Business people and savvy wealthy investors are able to get 25% returns and much more on their money all the time.
But I would be expecting to lose all of my money if I were to just hand it over to some stranger with a website if they claimed they were going to pay me 25% for my "investment".
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Tue Feb 01, 2005 3:43 pm |
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fgreco
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you make sence andrew, So in your opinion what should I do should I try to get the highest interest rate of a cd account or what you seem like you have expieriece just with the many posts you have.
PS I am not beliddling anyone here I took all your advice I just want andrews advice as well as all of yours.
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Tue Feb 01, 2005 10:23 pm |
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Andrew
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Frank, CDs are a very safe investment. As you probably know, you get the highest CD interest when the money is deposited for longer periods, but many people also want access to their money more often than 5 years, so they do what's known as a CD ladder.
If you had $5000, you could invest $1000 each in 1, 2, 3, 4, and 5 year CDs. When the 1 year CD becomes available next year, invest it in a 5 year CD. Eventually you will have all your money earning the larger 5 year interest rate, yet money coming available each year.
But there are many here with more money knowledge than me, I'm here to learn also. Perhaps we can get some more investment advice...
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Wed Feb 02, 2005 1:09 am |
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fgreco
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I like that Idea a lot andrew. The proplem is I had 5,000 and put all of it in a 3 year cd worth 3% now I only have about 3,500 to put in cd's and, the other money in the cd worth 3% is in there for 3 more years.
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Wed Feb 02, 2005 1:19 am |
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Andrew
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That's okay Frank, at least you aren't spending it, plus you can still work on your ladder anyway, if you want. 
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Wed Feb 02, 2005 2:10 am |
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fgreco
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yeah my bank only has 3 year cd accounts it has 1,2,and3 year deals. Can I do the ladder with 3,000$ with my bank or find another bank with five year deals.
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Wed Feb 02, 2005 7:29 pm |
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Andrew
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If not sure if you were saying they only had 3, or had 1, 2 and 3 year CDs, but, assuming the latter, you certainly can build your ladder with your bank. You won't earn as much as a longer term one, but it should still be pretty good.
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Wed Feb 02, 2005 8:44 pm |
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fgreco
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Location: Brick, NJ
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yeah my bank has 1,2,and 3 year deals but, I think I should find a bank around my area with 1,2,3,4,and 5 year cd account deals to make more money.
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Wed Feb 02, 2005 10:36 pm |
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SnapThat
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The CD ladder idea sounds really good, I might try that out myself sometime... once I come up with the funds. (I currently have about $1,500 in savings.)
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Sat Feb 12, 2005 4:01 am |
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