3 words for you, "Columbian Drug Lord"

 

[QUOTE]Originally posted by jeffbrig

 

he jimbo, my friend is the contractor for an electronics retailer here in australia. basically, the retailer is fairly large, 38 stores currently, with expansion plans. anyway. he is the installer for them. what this means is that the store sells car audio systems (decks, speakers, amps, screens, etc) and he installs them. as an incentive to drive installs, he pays the salespeople in the store a commission for every install they book with him.
the main uniqueness of his business is the fact that he just installs, he doesnt do custom work as it is too labour intensive and the money isnt there. he is happy to just spend the 15mins to 1hr to do a basic install. he now has a contract to do work with 4 stores, he originally started with just the one. if things work out he may get the national account. for this, he simply employs installers in each region. generally they are already trained and he poaches tehm from other stereo places, by offering them better rates.
to give u an idea of how well his business is doing, a competitor is about 10 metres away and they get maybe one install for every 10 of his. he kills it. he just bought his missus a 01 boxster for this xmas. he drives a holden monaro, or ur new pontiac gto. he also has a 01 wrx. he is 28. he is doing ok.
the key is to expand ur limitations. i knew him when he was working for a large company and doing installs for them and i said, u gotta get out and do it for urself, he said, its tto hard to runa business. i said no its not, just look around. at this time however, the retailer that he contracts to hadnt opened up, so he was doing a lot of the caryards. he doesnt even do teh caryards anymore as they want discoutns, he works exclusively for the retailer.
its out there, u gotta take it

 

I grew up with money and believe me if you wanna keep yourself lavished with the finer things you find ways. I graduated from the university of georgia with a major in psychology went directly into sales and did penny trading on the side. Kind of set myself up from there. It helps having a rich family though. My hunny (tims2k) makes really good cash and is the most driven person I have ever met . He gets his hands on whatever he can and does whatever he can with it. You will find your groove eventually.

 

[QUOTE]Originally posted by rai
I went to med school.

 

[QUOTE]Originally posted by S2HOTCHICK
I grew up with money and believe me if you wanna keep yourself lavished with the finer things you find ways.

 

What do you guys think of Best Buy stock "bby"? I work for best buy and they offered an employee stock purchase program. For 6 months they take 1-20%(whatever % we choose) out of our paycheck and put it towards stock.
The program started october 5th and ends april 5th 04'. One cool part is that they have a "look back" they give us whatever the best price is either on oct. 5th or april 5th 04' and we get an additional 15% off of the cheapest price!!

I said hell yeah! I jumped all the way in and did 20%out of my paycheck. Worst case scenario I only make 15%.

I was thinking of dropping my percentage down to 10-15% and apply the money I save towards the rental business I want to start.
What do you guys think?

 

My professional advice: And I don't feel rich, just happy to have what I have.

Buy a home/condo as early as possible, you can't go wrong! Rent some bedrooms out to your friends or something.

Start your retirement savings plan early, compounding works wonders over 30 years!

Invest in stocks/funds early on

Seems most people here mention real estate.....

 

With my parents' help, I'm attending an automotive school. When I graduate, I'm guaranteed a $18/hr job (tech at dealership) with 401k, medical/dental, $6000 bonus, $2000 tool voucher from Snap-On (enough for a torque wrench and a few chrome sockets )...

Not bad.

 

Well, I'm not rich, but I do ok.

One thing that you have for you, and it's the world's greatest but most wasted asset, TIME. You can never get back time. So every day you look at this board hoping someone will give you that one get rich piece of advice, you are probably wasting this asset.

First, you seem to be fine with where you are. I have never met a self made "rich" person who isn't highly motivated and always trying to get better in some way. You need to take a look at yourself, analyze what you do well and what you don't do so well, and start working on what you don't do so well. Unless you feel one of your strengths is so good, that will carry you for life, then just make that better. My one friend is a ridiculous developer, if he just keeps learning the new technologies, he will never have any problems. But for most of us, improving your weaknesses is key.

Then, never stop learning. Don't be afraid to spend money to learn. If you think there is a seminar that will teach you something invaluable, make the investment. Pick up some good books on investing. Learn about all the different kinds of investments that are out there; stocks, options, mutual funds, bonds, futures, commodities, and one of the best, real estate.

But if you don't know much about these investments, you'll wind up pissing away money guessing. So go learn, learn as much as you can.

And if you want to get rich faster, I agree with others, work for yourself. Build a product or service that people will pay for and will learn they can't live without. Because nothing is better then REPEAT business.

Hope some of this helps. I read a lot on this subject. Good luck, but never be satisfied, and keep learning and apply that knowledge, and you should be alright.

ERIK