Building a 2nd Income?

[AlexKaiser]

Basically if I decide not to buy introversion-enabling toys like Steam Games and Electronic Devices, I might be able to build 200 dollars a month of "investment money". Money to put towards something that can build me the fabled 2nd income. The thing is, in my area the options are all pretty terrible.

0.05% for the savings accounts, and a sad 1.5% for CDs (5% for a year and a half down). I thought about trying to snag some real estate from tax delinquent properties for cheap, maybe save up and buy a property I could rent out (a bit risky considering I know little about being a landlord).

I don't have a lucrative job and don't know high class people so I have to go full organic and build my wealth by myself. You guys have any advice on this, any pitfalls to avoid?

 

[AlphaNate]

Do you own a home now?

 

[Roober]

-High grade municipal bonds will net you about 4-6%
-Uber for extra cash
-CDs are $hit right now because the prime is so low
-if you don't need money now, dump it in a ROTH or 401k (if your company offers)

 

[AlexKaiser]

Do you own a home now?

Nope, currently renting a studio.

 

[Reykhel]

Basically if I decide not to buy introversion-enabling toys like Steam Games and Electronic Devices, I might be able to build 200 dollars a month of "investment money". Money to put towards something that can build me the fabled 2nd income. The thing is, in my area the options are all pretty terrible.

0.05% for the savings accounts, and a sad 1.5% for CDs (5% for a year and a half down). I thought about trying to snag some real estate from tax delinquent properties for cheap, maybe save up and buy a property I could rent out (a bit risky considering I know little about being a landlord).

I don't have a lucrative job and don't know high class people so I have to go full organic and build my wealth by myself. You guys have any advice on this, any pitfalls to avoid?

Well this is the perfect thread for the 3 stooges, yet I don't see any of them on it..

So let's see, they claim they are high value and they are here to help men....("get a job" is helping men they claim.....although it does sound like spite.....)

Is that the case? Or are they simply here to puff their chests out, gloat and listen to the sound of their own voices?

The OP needs your wisdom
@Tenacity
@bigneil
@Urbanyst

Get at it

 

[Tenacity]

Well this is the perfect thread for the 3 stooges, yet I don't see any of them on it..

So let's see, they claim they are high value and they are here to help men....("get a job" is helping men they claim.....although it does sound like spite.....)

Is that the case? Or are they simply here to puff their chests out, gloat and listen to the sound of their own voices?

The OP needs your wisdom
@Tenacity
@bigneil
@Urbanyst

Get at it

Why don't you help him lol? Plus I've pretty much blasted my financial strategy all over this website. What are your recommendations for the OP?

 

[marmel75]

Basically if I decide not to buy introversion-enabling toys like Steam Games and Electronic Devices, I might be able to build 200 dollars a month of "investment money". Money to put towards something that can build me the fabled 2nd income. The thing is, in my area the options are all pretty terrible.

0.05% for the savings accounts, and a sad 1.5% for CDs (5% for a year and a half down). I thought about trying to snag some real estate from tax delinquent properties for cheap, maybe save up and buy a property I could rent out (a bit risky considering I know little about being a landlord).

I don't have a lucrative job and don't know high class people so I have to go full organic and build my wealth by myself. You guys have any advice on this, any pitfalls to avoid?

You ever hear about stocks? Rate of return averages 10% over the long haul and be smart unlike others...if the stock market crashes put as much money as you can into stocks that are clearly going to go back up again...that's when wealth is made...when the market is down, not like how most people invest, when the stock market is up...

401K is pretty hard to beat if your company offers it and matches...they are bascially handing you free money

 

[Urbanyst]

The path to a lucrative job is building knowledge, skills and relationships. One of the most over looked one is RELATIONSHIPS. This is your key to the kingdom. But first you need a firm goal along with a solid plan for execution. You also need a "why". That word is the second key to the kingdom. Without answering the question of "why" you are lost with no direction and you cannot build the right relationships that will be supportive and beneficial to your goal.

So you want a second income? What for? How fast does this need to happen? How much money do you need to make? What will it take to get started in terms of time, man power, equipment, personnel, planning, research, etc?

You need a business plan bro. You need a solid vision. There is not much anyone here can tell you unless you have a solid plan and you can explain what the end goal is. You can't just jump into sh*t willy-nilly saying "I want to make money". Its not that simple. Unless you just want a part-time job.

The snake oil salesmen will sell you a get rich quick scheme that appeals to your emotions, but won't make you rich. They will tell you about flipping houses, investing in penny stocks, joining pyramid schemes and other horse sh*t.