a lot of the gas companies stocks are low right now. Do you think it would be wise to get into something like Statoil which is $13 a share right now, knowing that oil pricing will eventually go up next year ?
I literally think becoming a self made millionaire is impossible
- Thread starter BrothaZay
- Start date
a lot of the gas companies stocks are low right now. Do you think it would be wise to get into something like Statoil which is $13 a share right now, knowing that oil pricing will eventually go up next year ?
LV Koopa
Jester from Hell
None of us know if the price is going to go up. Even if it did depending on how you acquired the stock would it go up enough to cover transaction fees? Would they go up NEXT YEAR or is it going to be a 2 or 3 years period of stabilized price before a surge? The company could even be over valued right now and a $13 stock price is a sure loss.
But if you're so sure it's going to go up enough to negate that, then you'd be crazy not to buy it while the stock price is at a low.
My brothers, put this stuff into perspective.
Screw the millionaire status. Obsessing over that will only intimidate you from getting started improving your financial life at all.
What about setting your sights on making that first 60k a year? Then 70? Then 100? Then 250k?
A million dollars a year is hefty, but don't get so caught up in that number and forget you could be eating quite well even at a tenth of that.
Screw the millionaire status. Obsessing over that will only intimidate you from getting started improving your financial life at all.
What about setting your sights on making that first 60k a year? Then 70? Then 100? Then 250k?
A million dollars a year is hefty, but don't get so caught up in that number and forget you could be eating quite well even at a tenth of that.
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well do a high cost and a low cost analysis.. high cost would be what you would pay out of your own pocket for a rent/business license, barber chairs/mirrors/set up, clippers/barber materials, couches, tvs, entertainment, etc, how much advertising/marketing would cost, etc...
low cost would be rent/business license, barber chairs/mirrors/set up, but the barbers supply their own materials..
2 ways to run a barbershop - barbers pay rent or they pay commission. If you are just trying to set it up as a business for passive income, then rent is the obvious choice. If you have 6 chairs and charge $200 a week(reasonable price) for rent per chair, thats $62,400 a year in rent ($5,200 a month in rent off 6 chairs) to you assuming you have 6 full chairs the whole year (may be possible may not be possible). You dont need to be at the barbershop to worry about the money because they either pay rent or they gotta go.. How many people the actual barbers cut is irrelevant to you because you get your guaranteed rent (obviously if they are getting more clients through advertising then its easier for them to pay rent).
the other way is if you are a barber yourself and actually in the actual barbershop all day you can collect commission off each cut or even a mix of rent + commission.
so lets say your ceiling for the year is $62,400 (even though most barbershops sell shirts and shyt now a days to help with income its not necessary). Add up how much rent would cost for the year. Most places do rent per square foot.
THIS IS AN EXAMPLE JUST TO EXPLAIN;
LoopNet - 1200 SF Medical/Retail Space For Lease, Neighborhood Center, 480 Redwood Street, Vallejo, CA
this space is 1,200 square feet (more than big enough for 6 chairs) at $13.80 square feet per year (some places do per month). Thats $16,560 in rent for the year. Some places would require a full year deposit, some month to month, some 6 months. All depends on agreement.
initial cost of chairs (can find cheap chairs from $100-200 or expensive chairs to $1000 a chair example this is a nice chair for $650 so multiply that by 6 ($3900) but one time payment; Hydraulic Barber Chair #SH-31108 - Barber Depot ) +
$62,500
-$3900 for chairs (nice chairs)
= $58,600 after chairs
- $16,560 rent
= $42,040 after rent
-PG&E/water lets say $200 a month = 2400 a year in PG&E/water
$42,040
-$2,400 PGE/water
=$39,640 after rent + PG&E / water
theres other expensives but you get the idea.. minus 25% for taxes ($9,910)
$39,640
-$9,910
= $29,730 profit after taxes for your first year. Your 2nd year if everything stayed the same (rare) you would gain $3900 extra that you lost out on buying the chairs.
theres obviously other expenses like couches, tvs, advertising you should always prepare for + not having all 6 chairs full the entire year. But really if you are spending more than $5000 initially on TVS and couches you are doing the most and advertising on barbershops should be to get people in the doors to begin with - but barbershops are usually based on referrals/word of mouth.
Most barbershop owners are barbers themselves though so they get that above on top of what they get from clients. So they are content with 1 barbershop because they are focused on their clients + running their shop.
Some place like super cuts though just opens one in every city because $29,730 x 3000 shops = a lot of fukking money (89 million actually). Thats at $200 rent per week, ive heard of far worse rent for barbers in high demand barbershops.
from a business owner stand point, even owning 3-4 of them could turn out to be very profitable with low over head (just making sure you have people paying rent for your chairs, but if you built a good standing name in the cities near you, barbers will beg for a chair to you - not the other way around)
the most difficult thing about something like this is location. Are you competing with 5 other barbershops within a 2 mile radius? Is there a barbershop with loyal customers near by? If you can set up shop in middle of a town and not too close to another barbershop and have great marketing and just dont accept whatever barber comes to you first (pick and choose, even if at a loss the first few months) and have a decent shop, your shop will be full every weekend. And again if barbers are paying rent, if they cut 5 people that day or 20, it doesnt matter to you , as long as on tuesday that $200 is in your hands per barber.
edit: before anyone bothers to dissect this post - this is a very basic break down but hopefully steers people in the right direction and opens a few eyes.
edit: this is $1450 per set (2 in a set);
Monza Salon Station Package
x 3 $4350 would cover 6 chairs, 6 mirror stations, 6 trolleys and 1 shampoo unit - only $500 more than 6 chairs would cost.
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Kings County
Law III | Law XXV | Law XV
depends u could always go to school for computers and land a silicon valley job
ben anderson
Superstar
thanks. for the advice, trying to dabble into rental properties in a year or so. seeing what my other options are.
joeychizzle
光復香港，時代革命
Fulfill or create demand as you see fit. If you happen to stumble upon a market that hasn't been tapped into, exploit that shyt hard and fast. Reap the benefits, move on. Repeat. Of course, this would be strictly from a FMCG or service perspective.
Oh yeah the IRS did an audit of millionaires a while back. They said I think it was 1/2 of them fell off in a year.
By the time a stock is made public... All the money has been made already.
Everything else is guesswork/gambling
Most of the time it takes one good idea for you to go from one tax bracket to another it's just about think g outside of the box and supply and demand.Most people are followers more than leaders so you sell the idea to said follower and lead their money into your pocket.
Cosmo05/05 - 05/10
Cosmo for some reason not listing right now for those dates but my strong recommendation is Palazzo for $155 / night
Mirage- $139 / night
MGM grand - $182 / night
Aria - $188/night
SLS - $93/night
Mandalay Bay - $181/night
Bellagio - $213/night
Delano (suites) - $228 /night
Monte Carlo - $132 /night
Four Seasons - $241 / night
vdara - $190/night
Encore - $238/night
Wynn - $257/night
Paris - $183/night
Hard Rock - $94/night
The Palms - $114 / night
Caesars Palace - $205 / night
Planet Hollywood - $161/night
Palazzo - $155 / night (my recommendation)
The Venetian - $155 / night
Rio - $66 /night
Cromwell - $222/night
Signature MGM - $210/night
Palms Place - $132/night
philmonroe
Superstar
You keep missing the point because I never repeat never said anything was a sure thing. I said if you believed in Tesla you had two years to buy stock for a reasonable price. That is not the same as I knew for sure you'd get rich buying tesla stock. nikkas be switching up shyt just to be right. I've asked you once and you can't show me where I said this so let me ask you again where did I say just plop down money and you are going to get rich? I still hold to people being lazy because if you are in stocks like you say you are how don't you do research on this potential break out company? If you're not into stocks but see people making money you would like yourself why wouldn't you want to get involved in it and potentially make money yourself? That's where I said people are being lazy at and its true.
