blairnr67

For those of you gurus out there, how did you come about your success? If you don't mind sharing your secrets. I'm sure we would all like to know the best ways to invest money, to make more out of what we already have.

I have a good paying job now, but in order for me to be where I really want to be, I'd like to know the best way to make my money make me even more.

scramblerider5

Lucky you I wish I had a good paying job

Knight

I am not one of those rich people but I have found the best way to make money is to be responsible with the money you already make. Saving $100 is like making an extra $120-$140 depending on your tax bracket. Also making such your wife is on the same page as you are. Nothing ruins marriages or money like two people making independent choices on a shared item.

Your question is very broad. This question would be better posed to a financial adviser but even then they would need to know your exact goals.

Are you looking for more money at retirement? Are you trying to be able to afford a particular thing like a family vacation every year? Pay off the house the fastest?

blairnr67

I'm really just looking for more ideas on becoming more successful. Such as better ways of investing money, like buying into something which will make you more money.

Not only just putting the money you make away, but putting that money towards something to make even more.

Cristoff

You really need to speak to an accredited financial advisor on this. There are a great many variables such as age, short and long term goals, and what you feel "safe" in doing.

I consider myself to be very "successful" although I am not swimming in money. Those two things are not always connected. I make a good paycheck in a career that I have stuck with for about 20 years now, and work my *** off every day to EARN that check.

I invest about 50/50 in short term agressive stock trading , and a long term retirement plan that includes an Umbrella life insurance IRA program. I will be able to retire in 19 years at 63 and be comfortable - NOT stupidly rich, but comfortable.

If you just want more money short term (it kind of sounds like that) I would suggest strongly in learning about day trading. HUGE risk, but good rewards for the right person.

blairnr67

Thanks for the advice. I'm not looking for a "get rich overnight" scheme. I am looking for something to provide my family with a better future. I'm terrible about spending money. Nothing I buy gives me any return. I'm jut trying to get a better hold on my money before I get married. I am interested in stocks, but I wouldn't even know where to begin.

And it's not that I don't earn my money or work my butt off for it, because I do. I put in about 65 hours a week, and I'm usually out of state doing it.

Cristoff

It sounds like you are on the right track then.

Step one: Make a Budget and STICK WITH IT!

Step two: Talk to a REAL financial planner that can help you create a good, safe, long term plan with your money.

Sounds like the rest is already going well.

2012GTCS

Sell your toys. They are money pits, simply put LOL.

In all honesty, look what you job has to offer as far as investment plans for retirement, if any. Put what you can afford into it. They grow pretty nicely.

I play with stocks as well but its up and down. I made a sweet chunk in 2012 but now I'm in the Hole some with Apple and that has almost wiped out 80% of my gains.

blairnr67

Who would I go to about investing? My job offers 401k opportunities, but they don't match anything.

tukatz

If you decide to talk to a financial planner, pick one who has nothing to sell but advice. If he also sells particular investments he will want to sell you the stuff he represents for the commission.

stangfoeva

*in for Gary's response*

kcoTiger

Pretty sure he'd say to work your *** off and do whatever you're best at.

It also helps if you're imaginative, diligent and responsible.

Mickstang

The smartest thing you can do is avoid debt: spend less than you make so as not to pay out large chunks of your assets in interest payments. If you have debt, paying that off could be the best move you can make.
IRT a good investment, check the options in your 401k program for a good S&P related mutual fund. You won't hit a homer every year, but you'll get a lot of solid base hits. Avoid bond funds at this juncture; interest rates are bound to start rising soon, regardless of Ben Bernanke's wishes, and bonds will drop steadily. Investing isn't brain surgery-- take advantage of your youth and earning potential and get started.

2k7gtcs

Haha

Matt pretty much took my response.

I read this thread earlier and was hesitant to respond because frankly there's more than one way to make a buck. And contrary to popular opinion I'm not rich. But you've also got to realize that if I was I'd never admit it here on the Internet.

But I will say this. I know a lot of 1%ers. I've worked for them and I've built homes for them. They each have their own story. Many worked hard and some got lucky. Not lotto lucky but just being in the right place at the right time selling the right product or service that no one else had.

Like the millionaire that visits with me weekly that I used to work for that owned a residential and commercial roofing company in the 60's when a hurricane ripped every roof off every building in town. He used all that money to reinvest it in his business and within a decade he had one of the largest commercial roofing companies in Texas and did work all over the country.

You know this doesn't even begin to explain what to do to make money. Let me ponder this some more.

blairnr67

Thanks for the advice. I do my best to avoid debt. I try to avoid using my credit card. Then only thing that goes on it is my monthly car insurance. I always pay it off before any interest accrues. I'm really interested in the 401k. I'm under the influence that the money you put into it is pre-tax and won't show up when filing taxes, which could put you in a lower bracket?

Mickstang

401k's big draw is that you aren't taxed on that money until you start to draw it out-- which is hopefully after you've retired and are in a much lower tax bracket.

You might rethink your policy IRT credit card use... you use IT; don't let it use YOU. I use my CC for most everything, very seldom use cash. You don't have to carry a lot of $$ around, there is a limit to your liability if the card is stolen (as opposed to a wallet full of cash), and you may get purchase protection, i.e. warranty on things you buy, as well as a detailed record of your purchases. Best of all, there are cash back rewards or airline miles to be garnered by using the card. You might be surprised at the places that accept plastic! My one caution is this: pay off your balance every month! That's what I mean by not letting the card use you. Interest rates on cards are outlandish, but you don't have to lay out a penny if you don't charge more than you can afford to pay-- kinda like using cash!

stangfoeva

*soaks up the knowledge*

blairnr67

I make sure to pay it off every month! I've never had any sort of late or missed payments.

Nunja Business

All of the advice you have been given here is good. Be cautious with 401Ks, the fund managers are investing your money and EXPECTING to make a good steady return. However, that does NOT always happen. Ask someone who has started drawing from theirs, a friend's 401K actually lost value in the past 5 years, thank god her employer matched heavily.

Also, since no one has addressed this:
Real Estate is no longer a guaranteed money-maker like it used to be, except in certain exceptional cases and only in specific areas.
Ask anyone who has refinanced their home recently whether the appraisal was encouraging.

In general:
Make extra payments to principal on your mortgage and pay it off early.
If you haven't already, refinance that mortgage so you can pay it off faster.
Don't put small purchases and food on credit cards unless it is paid off every month (in which case, why not use debit card?)
If you are not married, drop any life insurance you have.
Be frugal, but not cheap. No one likes a cheap bastard.

Mickstang

Nunja Business, you have been down the road and know whereof you speak. +1 on everything you said, with just one qualification: 401k's provided by an employer often are presented as a "family of funds"-- different funds for the varying needs of diverse investors, which you can move in and out of. ANYONE who invests in mutual funds is recognizing that investment pros probably have a better grasp of market conditions than they themselves do; however, that is no excuse to just drop off your cash with an investment babysitter and forget about it. Every investor should be aware of economic situations and be able to direct changes in the direction of their investments should they feel that conditions warrant a change. These factors will vary with each individual, of course, but my point is that it's YOUR money. Know where it is, what it is doing, and what kind of return you're getting; that way you know who is ultimately in control of your life savings.