Seeking "unusual" advice

**jIM_Ohio** · 10-15-2010, 05:40 PM

Do you have debt?
If you have debt, it's one set of solutions, if you are just trying to see a bank account grow, different solution.

**5even** · 10-15-2010, 08:39 PM

Originally posted by jIM_Ohio View Post

Do you have debt?
If you have debt, it's one set of solutions, if you are just trying to see a bank account grow, different solution.

Hi
thank you for your prompt reply

its a combo of both.
1. No bank account - wouldn't dare at this stage. both because of economy so need every penny i make count for something. a bank would get locked by the debtor and freeze any assets therein. currently after this year, I am loosing ground on income lighting fast. My clients are downsizing, and two of the major companies have closed 3 stores (thus putting a few of THOSE employees out of work). This in turn has directly affected me, and I am now sitting home more than out subcontracting. (this month alone has crawled to less than $100/day (used to make over 1k/week which was tough on bills as it were) - and the future (from last years reports )looks bleak. I have to make a drastic change! I am currently almost 60% down! Getting a job will not work, due to garnishes (these cannot be bankrupt - school/back child support).

so debt is SECONDARY to the cash flow. If the cash is flowing, paying off debt is a cinch. (at least arrangements anyways)

I want to know what a "wealthy" person - if stripped, how they would get back on their feet. I know a poor person cant do it.

Step 1: How to get the money to start working for me. Even a small start of $200/day would be an improvement, if it continues to grow each week after. i.e. "First take about $100 and put it _____________" once that has started, keep x amount, and start putting more into ____________
something to that effect.

One idea I started was taking some stuff I have and selling it. But that does not make money "work" for me. It just creates a little more.

Any of this makes sense, I know Im rambling, I know what I am looking for, just not sure how to put it on "paper" to convey it correctly.

For those of you who are "wealthy" - I hope you see this as a good challenge, and toss out some good Ideas to get started. I do not want back in the 9-5 grind - I know that making money is on your own,

Here is a saying I made up years ago....

"... you will never make more than your boss, and your boss never makes enough"
:-)

**disneysteve** · 10-16-2010, 10:06 AM

Originally posted by 5even View Post

Any of this makes sense, I know Im rambling, I know what I am looking for, just not sure how to put it on "paper" to convey it correctly.

I'll admit I'm confused.

How much do you earn?
How much are your monthly expenses?
How much do you owe? List your debts with outstanding balance, minimum monthly payment and interest rate.

It sounds like you have some judgements against you because you've mentioned having assets seized. What's the deal with that?

Just because your income may be garnished if you get a job doesn't mean you shouldn't get a job if that's what it takes to clear up this mess. I can't really say any more without knowing what your situation actually is and so far, I have no clue from what has been posted.

**jIM_Ohio** · 10-16-2010, 10:19 AM

Steve- this person is either looking for a get rich quick scheme, or is not serious about his goals. This statement said it all.

I do not want back in the 9-5 grind - I know that making money is on your own,

but these other comments clue me in that he is trying to get something for nothing

Getting a job will not work, due to garnishes (these cannot be bankrupt - school/back child support).

What advice I am looking for is someone to post (or email me) how to make money work for me with extremely limited starting capitol. very big challenge for a financial pro!!

Not to mention OP does not want to earn money (because it will be garnisshed) to start making money work them.

**5even** · 10-16-2010, 11:17 AM

OK I'll tackle this one first (I like the "judgmental" people - easier to deal with)

Now - first and foremost, I wrote all that in the evening after a bad day at work. Things are sinking fast (see below). I USED to clear 2K/week and for me and my wife that was more than enough, it was the first time, since I left my job, that we were able to start cleaning up our debt and keep things on even keel - we live a very simple life, just had a few ups and downs. I am in transport for various companies - most of them are large corporations. As of last week 3 of their "retail" stores were shut down - this put many (some were close friends of mine) out of work, however, even before that, most of these stores averages over 5k - 7k in revenue per day. Now they pull less than 2K, so with that kind of gap, most of them are using internal help to do what they would normally call ME for. When these companies crash, so do I. I am aware that I need to change professions and quick.

Second. I used to work for one of these companies for over 17yrs. Due to a medical issue, I had to resign. Now, Mr. Ohio, It is quite obvious you missed a statement in my first post, so for your convenience I will repost it here so that there is no confusion. Here is your assessment:

Originally posted by jIM_Ohio View Post

Steve- this person is either looking for a get rich quick scheme, or is not serious about his goals. This statement said it all.

Here was my comment prior:

I do not want any quick get rich, or some obnoxious you can make thousands an hour.

If I was not serious about anything, I would be pan-handling out in front of a state office somewhere looking for some lame hand out and live off the state (something I have NEVER done in my life, nor will I ever, I own everything i have, from cars to "toys" I owe no credit card debt - I work hard for everything - I know there are many that have what we have, cannot say they own it, almost all of them are on credit debt - ours is not) instead, I created this transport business from scratch and have been doing well for the last 5yrs (however, due to the size of the city, and the competition that blossomed out of nowhere, caused many competitors to shut their doors as well, me I'm toughing it out, most of us had to drop rates just to keep business calling us). I am not sure who's post you are reading, however I suggest that if you are not going to offer any help as this forum is about, I would advise not posting at all. Or read first. While I am sure I confused the heck out of Steve, he, at least, is attempting to offer a starting point.

OK, nuff of that garbage, back to the matter at hand.

One of the things I have done in the past Steve, was that I write my own software for budgeting purposes (not to mention I wrote an elaborate program to govern my business as well since I could not find one that fit me exactly). Since I am paid on a daily basis I wrote it to tell me how much I could spend on a daily basis, as well as how much to put aside for a "nest egg" if you will. Before I started my business, I was using this for my work as well (at $17/hr it still was not working well). The problem has been a constant. There was just never enough money coming in to make ANY budget program work - and the one I wrote was tailored for our life style. As I mentioned, we live simple (we have no car payments, just rent, cellphones and cable, food and a few other basics - thats it, and it works).

I have almost ALL my debt cleaned up cept for a few strays, and those will need attorneys to clean up as they suffer from legal issues. I have been to a couple financial advisors seeking alternate routes to make money, and none of them seem to know how. It is as though these people only start with people that have THOUSANDS dollars at their disposal. I have been to seminars, read books and they all start at the point that you have a big wad of cash in your pocket to plunk down on some large investment. I have gained a great deal of knowledge in housing and stocks and some other investments, but without THAT sizable "stash", you will just be spinning your wheels

As mentioned above, the business has crashed. I am only hanging on to it since its SOME TYPE of income, and the work I am qualified for, no one is hiring at the moment. And I stand firm by what I said earlier, working for the man does not work - who can make money at $10/hr. or maybe $20/hr if you are lucky. I was cranking out $50-$100/hr before the economy crashed, so I know its there. My goal was to get some saved up from that, to learn about investing and hire someone else to run the business while I work on other financial endeavors.

Now maybe I do live in a fantasy world - thinking that if someone else who was from the "other side of the fence" can do x,y,z and become successful or at best well off, maybe they would have a plan of attack for those like us who are seeking advice for such. Where is the "guy" that teaches how to fish? Or are many of them just lucky and were born into money, and manage it from there?

ps
I am just looking for the "tutor" who also started with noting (in this age, not 30yrs ago), and was able to become well off. There are thousands out there who have done it, I just have to keep finding one. Like they say, to be the best you hang around the best.

another one i like
Definition of insanity: repeating the same process over and over expecting different results.

**disneysteve** · 10-16-2010, 02:43 PM

Originally posted by 5even View Post

the business has crashed. I am only hanging on to it since its SOME TYPE of income, and the work I am qualified for, no one is hiring at the moment. And I stand firm by what I said earlier, working for the man does not work - who can make money at $10/hr. or maybe $20/hr if you are lucky. I was cranking out $50-$100/hr before the economy crashed, so I know its there.

Ok, so when things were good, you were making $50-100/hour. That's great, except now you're not. Better to make $10/hour than nothing. Saying nobody is hiring for jobs you are qualified for is BS. I bet you are qualified to deliver pizzas or newspapers. I bet you are qualified for entry-level positions in any number of fields. I bet you are qualified to take seasonal retail work and there is lots of that being hired right about now. It doesn't need to be permanent but it would certainly help matters to have a steady, dependable income for a while until the economy picks up and allows you to resume doing what you were doing before. If you are a good hard worker, most employers would be happy to have you.

As for investing with small amounts of money, there are certainly ways to do that. You can buy stock with $300 through a discount broker like Scottrade or Sharebuilder where the commission is as low as $4. Of course, you can't really diversify with that amount so it would be rather risky and I wouldn't recommend it, especially while you are still in debt.

**kork13** · 10-16-2010, 03:03 PM

There really aren't any GOOD ways to become wealthy except with time and work. There are plenty of opportunities out there, but it's just a matter of what you're willing to do. A large portion of self-made wealthy individuals do it through building and operating a successful private business. Find what sort of business your community is in need of, fill that need, and that can be your "in". You say you're holding onto your floundering business... Is it a sell-able business that you could potentially find a buyer for? That would provide a good means to build some working capital. Alternately, you could use the shell of your current business to re-launch as a needed service business.

I really don't know what more to say... I'm working my way to wealth 'the old-fashioned way'... Working my job for "the man" (as you say), living frugally, and saving/investing as much as I can. I started from scratch a few years ago, and I'm doing pretty well IMO. It's no path to fabulous wealth, but it is one toward security.

**jIM_Ohio** · 10-16-2010, 05:30 PM

I have almost ALL my debt cleaned up cept for a few strays, and those will need attorneys to clean up as they suffer from legal issues. I have been to a couple financial advisors seeking alternate routes to make money, and none of them seem to know how. It is as though these people only start with people that have THOUSANDS dollars at their disposal. I have been to seminars, read books and they all start at the point that you have a big wad of cash in your pocket to plunk down on some large investment. I have gained a great deal of knowledge in housing and stocks and some other investments, but without THAT sizable "stash", you will just be spinning your wheels

Financial advisors preserve money, manage risks, and grow money at maybe 8% per year. You need more than 8% as you need INCOME, that is not what any financial advisor does as far as I know- anything above 8% is get rich quick in my book. Give me $100 I can get you $8 per year... you were looking for a way to turn $200 into $1000, hence my post about get rich quick. You would be better served reading our questions and posting responses than trying to prevent flames.

General questions get general answers
specific questions get better answers
it's in my signature, and this applies to posts like yours.

You are not giving very much info to get help.

Steve asked this earlier

How much do you earn?
How much are your monthly expenses?
How much do you owe? List your debts with outstanding balance, minimum monthly payment and interest rate.

If you are looking for career advice, I would ask additional questions

1) what field are you in
2) what is your educational background?
3) what are your interests?
4) what are your skills?

**iracer7** · 10-20-2010, 08:34 AM

Kinda related: When I was younger (10-15), I made $20 a gallon by selling minnows. The guy I sold them to made $150-$200 off what I gave him and sometimes the wrong minnows got in the pots or eals got in there.

**ktmarvels** · 10-20-2010, 12:14 PM

Your post stated that you don't want a get rich quick scheme, however it seems like you are unsatisfied with how quickly you are saving/earning money using the "spend less than you earn" principles. This forum specializes in trying to maximize savings and helps brainstorm extra earning possibilities. That's why everyone has been asking how much you make, and what you spend.

It sounds like this has been a problem bubbling just below the surface for years. You stated that even when making 2K per week that things were tough. Now that you are making even less, with spending not changing (or changing as much), things are bound to be tougher. People here really do want to help and give advice to the best of their abilities (especially Steve and Jim!). It isn't fast or glamorous, but spending less than you earn will get you the big bucks, but it takes work.
Good luck, I look forward to hearing more!

Seeking "unusual" advice