Wealth creation - anyone interested?

Somerset

Just to say I think this is a great thread.

Poppycat

The syndicate think is a MLM scheme.

MORPH3US

Poppycat wrote:

MLM scheme

MLM scheme?!?!?

tyllwyd

MLM = multi-level marketing (where you sell a product, and recruit other people to sell under you in your team etc)

A pyramid scheme has a similar structure but no product.

alecpr

Hi,

Just thought I'd show my intrest by saying hello... "Hello."

Been involved in my own little wealth creation project for about 18 months now. Started with credit card stoozing and matched betting, did a little bit with casinos and got maybe £1500 in the course of the next 6 months. Things died as I ran out of no risk "free money", but have recently perked up again as I have got involved in the stock market. I'm on a 50% return over the last 10 months, which isn't bad.

I have a very clear target for my project... To have a Net Worth in excess of £200K, that obviously does not include the equity in my home, after all I need somewhere to live.

I started small but am escalating things as my savings combined with my investments grow and I'm quite proud of my self as I get within sight of 10% of my target.

Reading this with intrest, for any other income streams that may be out there. What I have found in the last couple of years is that there are no free rides, you get paid for your time (using skill as a multiplier) or for taking risks with you equity. If you don't want to put either of those things on the line your unlikely to create much out of it.

Somerset

This is a question for Sukey ( if she's still reading this thread )

Where do you find your property ? I know the 'network the local estate agents' but they've already got developer contacts. The auction route is a free - for - all. Probate - where would you find out ?

I think most people think developers have secret ways of unearthing 'deals' and wonder what's currently working for you.

savingforoz

Thanks alecpr. Sounds like you're sort of doing the same thing as me, just further down the line. Will be looking at matched lay betting in April and seeing if it's right for me, and today will be making my first stock market investment :eek: and am looking at doing another after 5th April.

Like you I am starting small and planning to escalate things. Saving and investing will now be a priority for me. I do want to buy an investment property, but feel that now is not the time, what with the uncertain market and the fact that I don't have enough funds for a deposit. Am not far off, but it would stretch me financially way too far at present. Definitely something for the future, though.

Can I ask - am impressed with the 50% return - are you investing directly in shares, or going via a fund? I am keen to do both - starting with funds, as I'm a novice, but eventually getting to buying/selling shares myself, but only after I've learned a lot more.

You've also raised a useful point about having a target fund to aim for _ I need to think about that one.

alecpr

Savingforoz,

I can highly recomend matched betting to make a little extra cash using bookie bonuses. Really is easy money, I started with £80 and turned it in to £1500. Make sure you don't miss out on a cashback site such as Rpoints to make the most of the returns (my rpoints totalled £200 when I finished). Moneyextra has a referal link for rpoints I beleive so I won't polute the thread with my referal link here :-)

I decided to use the £1500 I earned with bookies/casinos/stoozing to invest in small caps, fancied myself as a bit of a trader, so signed up with an online broker and tried to trade short term... it was a disaster, lost £200 in the first couple of weeks and had a mess of a portfolio overhyped with slim chance of success.

I changed tack and am now investing with a rolling re-apraisal of the stocks in my portfolio (currently only two companies). Both appear to have very good long term prospects, both are small cap and high risk/reward. I've been chatting on another forum (rpoints) about balancing my "financial portfolio" between cash and stock market equity as I feel my risk, although paying off handsomely, is too high, yet my cash position is also too high. I think I need some low risk stocks to balance my position.

So in answer to your question, I'm investing my self, in high risk/reward stocks on AIM. From everything I have read about Fund Managers I didn't want to go down that road and trackers didn't have the risk/reward profile I was looking for. I'm looking for maybe some sort of tracker type investment that will give me access to invest in sectors rather than specific companies but as yet haven't found anything suitable.

As my funds grow I intend to reduce the % of high risk money, but when you start so small I don't see any other way to get the growth you need to get you started.

I can post a summary of the discussion on Rpoints if anyone is intrested?

sukey13

exil - agree with most of your post except the bit about most people make most money through their job.

Everyone I know has made far more money that their business or job by their property, e.g. Hubbie's parents sold up for £400K due to divorce, that "investment" made them far more money than their domestic appliance business.

Somerset - too much info to post on here really. I found Parmdeep's course very good for how to find motivated sellers. If you search on google or singingpig.co.uk you should find details. Found our first repo through an estate agent. Our second bargain find was through simply reading the property paper every week and noticing a seriously cheap property which we then bought for even less.

Whoever posted on here that this is MLM... we are talking about making money not just saving it. I personally am not selling anything, no course or book written yet - LOL. I'll leave that for in a couple of years time when I am retired and bored of the beach.

rick59

tom stop that picture moving about its making me feel sick