Getting Financially Set..Which Route Should I Begin?

[WORKEROUTER]

So here's the goal: to start making money and gaining financially freedom.

Here's the problem: I don't know where to start. And by that, I mean, there are so many different options. On one hand, you see people going to online businesses, other people go into stocks, others go into real estate, etc.

I was thinking of writing an e-book on exercising, health, and nutrition, one thing I know a good deal about, but it seems that topic has been soaked out already.

I'm going to start educating myself about investing in real estate but don't know if that's really a feasible option for someone with very little credit and no money to spare.

So what would be the best way for a person like me to achieve my goal?

 

[CGE333]

First of all you need a little attitude adjustment- you can do it. You should probably begin ready books on a few of the different topics you mentioned and see which one interests you the most, which do you have the most passion for.

If you want to write the ebook, then write it. You don't necessarily have to get rich from the book. One person I know is in one of those MLM health companies (not my cup of tea), but I told her why not write a book/newsletter about health all the while in there touting the products that you sell. So you give away the book/ newsletter with the hope of selling them product after they have it. Just an idea anyway.

 

[Bible_Belt]

It's not easy starting with nothing. Many people who are now rich got there by doing what other people won't do - working more, saving money, taking risks, etc. Often they did things that other people turn up their nose at. If you can find something that you don't mind doing but other people really dislike, then there is your supply & demand capitalist venture. For example, my area of the country has very few jobs. I had some construction skills, but couldn't get a job. Most residential construction workers want to be carpenters, but everyone just detests installing fiberglass insulation. When I went after that work, people were happy to see me, like I was doing them a favor. Supply & demand will tell you the path of least resistance.

 

[sifer]

Originally posted by Bible_Belt
It's not easy starting with nothing. Many people who are now rich got there by doing what other people won't do - working more, saving money, taking risks, etc. Often they did things that other people turn up their nose at.

What? Isn't that what most people are doing? Working hard, working overtime, saving their money through IRA and savings account? Most people do this. And I say MOST. You make it sound like most people start a business or most people invest in stocks/real estate.

 

[sapphire]

If you want to get into Real Estate, having good credit is key.

When I started 4 years ago investing in real estate, my credit was fair at best. I could not get a loan at a decent rate and it was just difficult getting financing for any deals. I then worked hard building my credit and deleting derrogatory info on my credit reports. After much effort, my credit rating went through the roof and getting a loan became so much easier.

Start small and work your way up and by all means get a job so that you can establish a paper trail with your bank so that when you do apply for a loan, you can show the lender that you have a steady source of income.

It seems hard now, but believe me, with hard work and focus you can do it.

 

[Page]

Originally posted by Bible_Belt
It's not easy starting with nothing. Many people who are now rich got there by doing what other people won't do - working more, saving money, taking risks, etc.

You don't get rich by working more and saving money. If that were true, then everyone would be rich.

If you want to get rich, acquire income-producing assets.

 

[Page]

Originally posted by sapphire
If you want to get into Real Estate, having good credit is key.

When I started 4 years ago investing in real estate, my credit was fair at best. I could not get a loan at a decent rate and it was just difficult getting financing for any deals. I then worked hard building my credit and deleting derrogatory info on my credit reports. After much effort, my credit rating went through the roof and getting a loan became so much easier.

Start small and work your way up and by all means get a job so that you can establish a paper trail with your bank so that when you do apply for a loan, you can show the lender that you have a steady source of income.

It seems hard now, but believe me, with hard work and focus you can do it.

that's what I'm doing right now.

Get a checking account, and dump every bit of cash you get into it, even if you withdraw it later on the same day. The point of this is to create the appearance that you have income coming in regularly, like you said, to create a paper trail.

 

[WORKEROUTER]

But would there be any ideas for me to get into right now that could start making cash flow?

 

[Docs]

A job?

 

[WORKEROUTER]

Well ya, obviously I have a job. Point is I'm trying to get into something OTHER than working in it.

 

[Page]

Originally posted by WORKEROUTER
But would there be any ideas for me to get into right now that could start making cash flow?

I'm in a similar situation.

To get started, you need steady documented income and good credit. Having both would be ideal, but you can still get started with one or the other, it will just be a little bit harder. So, to answer your question, if you try to get started now, you might pull it off, but you will be in for the fight of your life to make it work.

You already have a job, which should be fine as long as it pays steady. Just keep at it.


Also, now is the time to start building your credit. Pay off your CC balance every month and don't run up your balance either whatever you do. Every time you pay off your card, ask for a higher limit and inquire about getting a lower APR. Ideally, you should have two credit cards with low balances by the time you start investing.

 

[Bible_Belt]

Originally posted by Page
You don't get rich by working more and saving money. If that were true, then everyone would be rich.

If you want to get rich, acquire income-producing assets.

But people can't save money. Americans are horrible at it.

You have to get the money to acquire assets from somewhere. And you can get plenty rich without ever owning an income-producing asset. There are many paths.

 

[Shiftkey]

Originally posted by Page
You don't get rich by working more and saving money. If that were true, then everyone would be rich.

If you want to get rich, acquire income-producing assets.

You can, and people do get rich this way with IRAs and 401Ks. The catch is that you have to invest a large chunk of your paycheck and you can't cash in until 55 (or is it later?) Most people with these accounts do not put in nearly enough money to have a rich retirement. You can learn all about it in Start Late Finish Rich by David Bach.

Obviously, riskier investments have an exponentially better return.

 

[sifer]

David Bach is the same guy who tells you you don't need discipline right? Oh boy.