Wealth creation - anyone interested?

MCBIRNIE25

Hey all,
decent thread.
I've bene in to match betting for a while, also ventured out and bought my first couple of properties, this is new, will update later.
Also made money by organising an antiques and collectors fair on Liverpool, i use the local town hall. I also leafletted my local area, and sell items on ebay for commission, this ticks over nicely.Not a fan on the stock market, but would like to set up an ideas group, regular meetings etc, discussing ideas and what have ya.
Have a good weekend.

[Deleted User]

Well, wealth "creation" for us has been more like "debt reduction" - no "traditional" credit card debt, some card/SBT tarting so that a loan of a few grand has cost us nothing in interest for a few years now - will be paid off later this year. Been using the ideas on this site to get spending down, but we have a growing family. We have just about got all the things in place for an extra room above our garage, to be paid for out of reserves. We have been saving quite hard for a few years to pay for it, so there will be no extra borrowing needed, but it will make quite a dent in our savings. I couldn't say that we are exactly struggling financially, but we both work in the public sector and I am concerned that our financial future rests on the whims of a gang of politicians.

There will be something left after the building work is done that we will use to pay off some of our mortgage. After that we will keep something in our ISAs, but pay off more of our mortgage with any extra cash at the end of each month. Like most folk in those days, when we bought our present house in Edinburgh more than 10 years ago, we borrowed as much as we thought we could afford. Until that is done, or just about done, there is probably no point in trying to earn a return from investments while paying interest on a mortgage.

My interest in how others are doing is that having read and re-read books like the ones by Robert Kiyosaki, I am so sad that I have waited so long to see the value in getting out of the school/job/mortgage/borrow mentality. I see others all round me still working away at that then ending up really surprised when retirement comes and they have nothing like what they expected. Knowing that others have done something different, and made it work, might give me the boot up the backside that I need!

All the best.

WR

[Deleted User]

Wealth creation?

Easy. Money makes money.

step 1: get rid of debts
step 2: start saving regularly, month on month. Build up a safety net of a few months earnings and don`t touch it
step 3: only then, start saving again so that you use your own money to build wealth
step 4:decide how much wealth you want ie be realistic.

In my case : I am content to let high yielding shares do the work for me. Get the knowledge while you are saving and get confident in your own abilities so that you have no need to listen to so-called gurus. Learn about market timing and market emotions and psychology

What I am saying is basically to get the foundation right and then to focus on one thing that really interests you. I used to read TA books in bed, that is how interested I was and I have been on several courses. I am now considered to be a good technical analyst. Don`t be wishy washy about how you will create wealth, get focused and jolly well make it happen

jo_b_2

Old_No.7 wrote:

I've read Rich dad, poor dad: hadn't heard of it, but found it for 40p in charity shop some years ago. Has some really good concepts in it (for instance: your house is not an asset, but a liability), but he has a certain writing style: not for everyone.

I've just read this book and found it an interesting read. I liked the way that the author was challenging traditional beliefs about money and looking at other ways to maximise income.

Definitely worth a look.

viru.doshi

Heylo,

So i'm graduating uni this year, exams are finished and i found myself with some free time. I've taken a month off already doing well nothing really But now I feel like I should, any tips or ideas of what things I could do to make a little bit of money?

I've made a little bit selling old stuff on ebay already, just wondering if there are other things i could try?

System

viru.doshi wrote:

I've made a little bit selling old stuff on ebay already, just wondering if there are other things i could try?

You could have a read through this thread for ideas.

viru.doshi

Excellent Judi, thanks, read the first few posts and looks quite good.

Dan29

Another recommendation for matched betting from me - £3500 up after 4 months.

Good luck!
Dan (a Bristolian living in Cardiff )

viru.doshi

Yep Ive looked into match betting but as always number one rule with gambling, dont gamble what you cant afford!

That and the fact i dont quite understand it has put me off for the time being.

Thanks Dan29

Dan29

No offence but I think your two statements cancel each other out

Matched betting isn't gambling as the result of whichever sporting event you're betting on doesn't affect how much profit you make.

However does require some money to get started and carries similar risks to, say, stoozing - if you jump in without understanding it it's possible to lose money.

Not in the same way as putting money on England to win the World Cup though