Assets and more Assets: Making your money work for you

[BrothaZay]

Offiicial thread ?

I lurk in a lot of threads, and every day a lot of you argue about money related topics. I notice most people here are just confused on how MONEY works.

So this thread is just for people who understand basic economics to come in and drop some jewels.

First things first, if you really want to quit your job one day, saving isn't enough. You have to invest that money asap. Don't wait 10 years to invest, do it NOW. I see so many people talking about "Oh ima save up and buy this and that one day" yet they just got back from blowing 300 dollars while chilling with their friends or on a date

I can't go into full detail right now, but I will post a video just to get the thread start.
When you watch the video, do NOT be ashamed to admit, if some of these *negative* things apply to you and how you think. Don't get mad, or deny it, just change it.

 

[Broke Wave]

You understand basic economics, @BrothaZay ?

 

[BrothaZay]

You understand basic economics, @BrothaZay ?

Basics yes. I was the top student in my class when it came to our required Exit level economics course.

 

[Fur Elise]

A book I'd recommend is Rich Dad, Poor Dad

 

[Broke Wave]

Basics yes. I was the top student in my class when it came to our required Exit level economics course.

Sorry man I didn't mean to call you stupid or anything or to doubt you, I'm proud of you.

I'm just a little skeptical whenever someone (a black male) tells me than can do more than read graffiti off slum walls

 

[-G$-]

 

[L&HH]

I'm just a little skeptical whenever someone (a black male) tells me than can do more than read graffiti off slum walls

ANd thats the crux of what fukks us up, not talking to you in particular. But getting money from my friends/brothers to put up into some legit shyt is like pulling teeth. nikkas wont even giveup 100 to you even after you detail them your plan, guarantee them you'll at least get them their money back but when them new J's drop they wallets cant come out faster.

 

[ugksam]

invest in weed

 

[BrothaZay]

ANd thats the crux of what fukks us up, not talking to you in particular. But getting money from my friends/brothers to put up into some legit shyt is like pulling teeth. nikkas wont even giveup 100 to you even after you detail them your plan, guarantee them you'll at least get them their money back but when them new J's drop they wallets cant come out faster.

What you got in mind?

 

[L&HH]

What you got in mind?

Nothing crazy or complicated just simple buy/resell shyt, which is why Im not asking for alot of money. But I was tryna get an e-cig thing going on, I know a manufacturer and could possibly make back triple, need like a stack to start with.

 

[BrothaZay]

Nothing crazy or complicated just simple buy/resell shyt, which is why Im not asking for alot of money. But I was tryna get an e-cig thing going on, I know a manufacturer and could possibly make back triple, need like a stack to start with.

That's good. That;s just one of the many things I'm getting into. Have you ever thought of going to goodwill and buying shyt for cheap then flipping it? Hell, even go to yard sales, look on craiglist and find stuff thats basically being given away for free. ?

 

[L&HH]

That's good. That;s just one of the many things I'm getting into. Have you ever thought of going to goodwill and buying shyt for cheap then flipping it? Hell, even go to yard sales, look on craiglist and find stuff thats basically being given away for free. ?

yea but thats a little too small time for me (although what I do is smalltime), the stuff I get is like 200-500 and reflipped to make at least 70% profit

 

[Captain Crunch]

bump

 

[He Who Posts Well]

A book I'd recommend is Rich Dad, Poor Dad

Or Richest Man in Babylon

 

[Momentum]

As long as you understand the time value of money, depreciation, and opportunity cost of making new money, you'll be good.

A basic formula is

-Save 6 months of living expenses in cash.
-Prepare a monthly budget for living expenses.
-Allocate the rest of your money divided between hard assets, your preference of low risk stocks or bonds, and speculative assets such as a side business