Investments outside of poker.
I would like to know how people use their money outside of poker.
A healthy way to build wealth is investment through other ventures. In my opinion, the best investments are through 1. real estate 2. stock market 3. owing your own company. I have plans to invest in these three. I thought it would be interesting post.
Real estate, I am still single and rent out. I am looking to save up for a couple years and buy some property to renovate and sell high. I've went to seminars, read many books and heard what Donald Trump is doing. Everyone is doing it now. Donald Trump bought a entire aparment building in the core of NYC for one million dollars from one of his negotiations. That was surprising. NYC as many people know is among the most expensive in terms of dollars per sqrt foot.
Through some of my experiences, one time I invested about $1,000 into the stock market buying nortel a while back when i was 18. At that time, I was looking for a get-rcih-quick scheme which does not exist. I got to ride the market and ended up losing $200. Immediately, I took my money out of there seeing how it screwed many others through its disasterous company history. Now, I am looking to spread money over a diversified portfolio. This will provide more of a stable ground.
Company? If I ever meet a person who doesnt want a company, I'll do a backflip. Some names that I would like to mention are Bill Gates, P. Diddy, Russel Simmons and so on .
Anything esle out there?
A healthy way to build wealth is investment through other ventures. In my opinion, the best investments are through 1. real estate 2. stock market 3. owing your own company. I have plans to invest in these three. I thought it would be interesting post.
Real estate, I am still single and rent out. I am looking to save up for a couple years and buy some property to renovate and sell high. I've went to seminars, read many books and heard what Donald Trump is doing. Everyone is doing it now. Donald Trump bought a entire aparment building in the core of NYC for one million dollars from one of his negotiations. That was surprising. NYC as many people know is among the most expensive in terms of dollars per sqrt foot.
Through some of my experiences, one time I invested about $1,000 into the stock market buying nortel a while back when i was 18. At that time, I was looking for a get-rcih-quick scheme which does not exist. I got to ride the market and ended up losing $200. Immediately, I took my money out of there seeing how it screwed many others through its disasterous company history. Now, I am looking to spread money over a diversified portfolio. This will provide more of a stable ground.
Company? If I ever meet a person who doesnt want a company, I'll do a backflip. Some names that I would like to mention are Bill Gates, P. Diddy, Russel Simmons and so on .
Anything esle out there?
Comments
I won't name any of my stocks here, but since the dot com meltdown, my portfolio has done very well compared to most. I had more than just tech companies though, and diversification is crucial. I've been at it about 10 years now.
Smart investing takes time. And lots of reading. Nortel was a good example too. I try not to buy stuff that's in the news a lot. Because the hype affects the price. Value investors like Warren Buffet (the other uber rich guy besides Bill G.) tend to look for undervalued companies trading below their value, and hold them until the market notices them and prices rise. This is a long term strategy mostly. Safer than day trading in my opinion too.
Optionetics George Fontanil
anybody know anything about this dude?
Basically, about 5 years ago all kinds of stores started popping up, a new Canadian Tire, a new Safeway/IGA/Superstore, then Walwart and Staples.... and so on and so on.
People who bought then are laughing, they are all retiting years early. IE, my parents house 5 years ago was appraised at approx 105K, today it would be about $325K. I bought my place 3 years ago, and when I go to sell it in the spring, I should pocket 120K. Not bragging or anything, I was in the right place at the right time. I am taking 3 months leave of absence in the summer this year to learn how to build houses, and take the equity out of my house and start building my own houses up here (as a general contractor). Build one, rent it out for a year (rent is crazy up here), take the equity out after a year, plus the rent income, and build 2 houses the year after, and do the same thing with those. And you can see how the cycle goes.
Well, thats the plan anyway.
Just my opinion.
*mike*
But the main point is, real estate is usually a great long term investment as well.
Otherwise, you might see an investment advisor. I sound like my dad saying that, but then again, the dude's retired at 50.
I am sticking with commodities right now. I hate tech and energy along with anything particularily risky, because I am buying a house in a few months (first mortgage - YAY).
Definitely see an advisor, come to think of it.
Building your own houses to sell requires a little more red tape!! In order to build and sell you must be registered with Tarion (new name for the Ontario New Home Warranty Program). This will reqire a little (read ALOT) of red tape.
If you build your own house (and are not a regestered contractor) you can not resell it for 1 year from the date of completion... and some buyers "may" be more wary of a purchase... as there is no "warranty".
That said.... you can save a bundle... I did... and I plan on doing it one more time! I wore alot of hats...Gen contractor, plumber, electrician, finish carpenter, landscaper! I would estimate that I "worked" about $120 grand of equity into our current house!... and the feds missed out on all that GST on that work!!!
Owning your own business.........Hmmm. Everyone thinks that owning your own business is a walk in the park when really its exactly the opposite. You will work twice as hard and get paid half as much(at least the start). There is also alot of risk involved financially, I can't remember the exact % but it's something like 80% of small businesses fail within the first year. So make sure that you have a niche for the market and plan it extremely well, also don't make any plans for about a year.
Like snowslide's area, our realestate market is booming aswell. The time is now to make a profit in this market because it won't last forever.
As far as futures there are high risk and low risk. If you know what you're doing its a great way to build your portfolio.
Wader
Two words for you: Index Funds. These are mutual funds that (almost) mimic the behaviour of a stock index, such as the S&P 500 or the TSX. They take a much smaller management fee than regular mutual funds, and tend to do better in the long term. It's a simple and effective way to diversify.