Wealth creation - anyone interested?

savingforoz

Is anyone interested in joining a thread to explore ways of wealth creation? This is something that I'm new to, so I don't have anything very concrete to post just yet, but I thought it might be interesting to explore ideas for making money, generating extra streams of income etc, however big or small. In the near future, I'm going to:
Check out the matched lay betting threads
Go to a basic investment seminar next week
Go to a workshop on wealth creation
Go to a workshop on property investment
Investigate writing e-books, after reading Doomed Economy's thread on just how much income this generated for him
I'm also rejigging my expenses to do eveything more efficiently, and some of the savings this will generate will go into my first share based ISA.

What are other people doing to max out their wealth?

sukey13

Yes - I would be interested - particularly in the property side of it and the ebook writing/blog creation/internet marketing side of it...

At the moment I have to come to this site for saving money, to https://www.singingpig.co.uk for making money through property and https://www.warriorforum.com/forum for internet marketing/ebook, etc.

I find it annoying that everyone here is getting the hang of saving money but not increasing their knowledge about making money.

savingforoz

Great, Sukey 13 - I'll be happy to share whatever I learn at the various workshops, although I am sceptical about them. I suspect that they will just be "teasers" to try to hook me up to expensive further workshops costing thousands of pounds - at which point I'll run a mile - but we'll see.

I've checked out websites like the Money Gym, but at £380 per month :eek: that will make Nicola Cairncross, the owner, rich rather than me. However, she does do workshops on internet marketing/creating passive streams of income from the web, so I'll check out the next one she advertises (I get her newsletter)

I have been hankering after buying an investment property for a while but am not convinced about the timing. I am working to build up new businesses that I have created, but am very aware that they centre around me and to balance that I want to check out passive income streams in the near future.

I see you're in Somerset - which part? As you can see from my details, I'm just up the road in Bristol!

tomstickland

This is something I'm keen on too.
Over the last year I've made a few a reasonable income from selling car parts on Ebay, but recently I've found that matched lay betting is a much more convenient way of making extra money.

savingforoz

It was seeing your signature, Tom, in another thread that got me interested in the matched betting in the first place. I'd never heard of it before. At present I know nothing whatsoever about it but I intend to be checking out that area of MSE very soon. I'm very willing to see what it's all about and if it would suit me.

I see you're near to Bristol too! Perhaps we should start the West of England Wealth Creation Club! Must be where all the next millionaires are!

I'm interested in just swapping ideas, experiences etc as to how we can generate more wealth/income. Nobody else that I know personally seems to be involved in trying to improve their financial situation with respect to wealth/income creation as opposed to getting out of debt. Let's see what we can all do to help each other in this.

tomstickland

Matched betting is a simple enough concept once you do the homework and it allows you to turn free bet offers into real money at an efficiency of around 90-95%. It turns time and a bit of ability into money and it's also good cheap entertainment.

In the wider arena I often ponder things that I can do that I think are easy but other people would pay me for. Computers, design work, maths, tutoring etc. All things I've either thought about of delved into in the past.

Selling on Ebay is a reasonable strategy - I keep looking for scrap cars for £30-40 because they generally have £400-£600 worth of parts on them. But breaking them up is time consuming.

silverfoxdude

Hey.. this sounds just up our street, not got any ideas yet though.

OH did look at this match betting lark, but to be honest we havent sat down properly and worked it out so as we make any money.

Count us in!! lol

savingforoz

Welcome, silverfoxdude! (cute cat avatar, by the way!).

Just to throw some ideas into the area that I got from the Money Gym - says there's 4 main ways to wealth creation:
Creating a successful business
Investing in property
The stock market
Creating passive streams of income from Internet based sources

Sukey, would you be willing to share your experiences in property dealing with us? Particularly how you got started? How much you've gained from the Singing Pig website?

Siverfoxdude, how about starting by telling us where you are with working on wealth creation, what you hope to achieve from it, etc?

For my part, I'm off to the investment seminar tomorrow evening, so will post back with anything relevant that I've learned. As soon as I've checked out any of the other things such as passive streams I'll come back on that too. My goal is to have enough wealth to live comfortably in retirement and to travel the world as and when I want to, although I've been lucky enough to do a lot of that already. The name savingforoz says the ultimate goal - to be able to go and live in Australia in say 10 - 15 years - to do which you need plenty of assets and income.

tyllwyd

Hey, this is an interesting idea for a thread!

I'm self-employed (a freelance editor/proofreader) so I'm always interested in looking for new ways to increase my income. My job pays an OK hourly rate, but I'm limited by the number of hours that I can spend working because I have to juggle work and family, and it depends on my clients having work available to give to me, which I can't control.

I'm really tempted by the idea of creating a website with my own content on it (I've already got a couple of blogs running on other sites), and seeing if I can use that to generate advertising income, maybe sign up with a company like CafePress to see if anyone would buy t-shirts etc.

I can't get started at the moment (not enough hours in the day) but maybe if things are quiet after Easter I'll have a look into it. My other half is desperate to get into property development, but our problem is lack of capital.

savingforoz

Welcome, tyllwyd! Sounds like checking out passive streams of income might be the way forward for you and me both. I still need to research this, however (will do next weekend) - like you I find there's never enough hours in the day!

Does anyone have any comments on websites like https://www.myeasymillions? I'm very sceptical, but would like to know if anyone had looked at something like this. Also, anyone played Cashflow 101?

tomstickland

There's no magic method for wealth creation, it requires a mixture of ability and hard work. Personally I wouldn't pay anyone for a seminar (not saying that you are) since I can find out all of the info for myself.