The Iceman's 4 step plan to create wealth (I need help with 1 and opinions)

[Iceman]

I have spent the past week or so reading and researching about the best way to create wealth and have tried to make it as simple as possibile but need some input.

Like I stated earlier, I am doing fairly well as about 5 years I came into a high paying job but as I look back at the past 5 years I wished I had a little more to show for it (don't we all). I think if I follow this plan to a tee in the future I should start to save more than ever before.

Here it is:
1) Increase income at work while spending less in your life- pretty simple. Treat your everyday life as a business. Luckily I have a commision job. So work harder and smarter and cut back on some things.

2) Real Estate- something all of us should do. Work with some top professionals, research the area and buy properites to create some passive income and make money longterm. I know it can be tough but the LEVERAGE can really make you some money. Good debt can create passive income. You really need to center yourself with some top professionals who can help and get the ball rollong for you.

3) Invest in agressive markets- sportsbetting market is something I have beat for a year and am VERY CONFIDENT in beating in the future. As far as an agressive investment it is top notch. I have noticed when I started treating this as a business I have won. It's the old you get what you put into it. One day I would love to educate myself in another aggressive market (probably the options market) but 1 is enough right now.

4) Start a side business- this is the tough one but all these books I have read talk about this. I would like to spend 25k or less getting a business going that you can eventually hire someone to work at so you can stay at your own job. This is where I would love to hear opinions from others. I have an idea and may go with it and will share later. Thank god for the internet as it helps educate yourself in anything you are interested in.

Like I said this is what I have gathered from reading a ton of matieral from others on how to create wealth. I have a well thought out plan for the first 3 parts but plan 4 is going to be tough. I think this whole thing can be a pretty scary plan/idea but like alot of people have said " you can't get WAY ahead in life without coming out of your comfort zone".

Opinions and comments welcome from anyone.

 

[SSI]

i definatley think about this all the time myself......

i currently own my own business (convenience store) but would like to sell it and be completely out of it by october 08............

i would be completly debt free and have a half million in cash......

but then what????????

i only need about 3k per month to live on (no debt).........

the markets are where im headed (commodities/stocks) but the sports world is always calling............

are you very comfortable having alot of money offshore,,,,,,,, say 25k or more......... at the moment.........

your more into diversifying (spelling) and im more into downsizing.......

dont spread yourself too thin....... that passive rental property may not be as passive as you like.................... no one will run a business (your business) for you, like you can............ you will learn a lot if you try this.. dealing with employees is tough........... many reasons why..........

i wouldnt want a job either, id try and get rid of that............

my suggestion to you,,,,,,, stick to 2 and 3 and ease into the markets.....

get rid of the job and any business that you cant run yourself........

 

[Iceman]

i definatley think about this all the time myself......

i currently own my own business (convenience store) but would like to sell it and be completely out of it by october 08............

i would be completly debt free and have a half million in cash......

but then what????????

i only need about 3k per month to live on (no debt).........

the markets are where im headed (commodities/stocks) but the sports world is always calling............

are you very comfortable having alot of money offshore,,,,,,,, say 25k or more......... at the moment.........

your more into diversifying (spelling) and im more into downsizing.......

dont spread yourself too thin....... that passive rental property may not be as passive as you like.................... no one will run a business (your business) for you, like you can............ you will learn a lot if you try this.. dealing with employees is tough........... many reasons why..........

i wouldnt want a job either, id try and get rid of that............

my suggestion to you,,,,,,, stick to 2 and 3 and ease into the markets.....

get rid of the job and any business that you cant run yourself........

apprecite the comments. It is hard for me to quit a 100k a year job that I pretty much dictate everything about it but don''t think I haven't thought about it. I would have to replace the income for it too be worth it and that will be hard.

As far as money offshore. I have around 8k out there and am making 1k a week off of it. Ideally 15k offshore is adaquete for me to do what I need to do but in the past month I have been able to sustain my past success with 5-8k. This is the market that I know and love and the most important thing is the CONFIDENCE factor, which I cannot put into words for me. Dont think I am not watching you (SSI) from a distance but I am very intimadated by the true financial makrkets.

As far as real estate, it is more about the longterm for me as hoping to do a little better than breakeven monthly but having someone pay down the mortgage for 10 years and buying cheap now should pay off as an investment.

Side business is a businness if you can put a system in place for someone else to run. You are so right about empolyees as I am a manager of 10 guys and I know for a fact that I would rather put the pressure on me to make it happen. Maybe something off the internet where no employees are needed. The problem is when you run the business you then become an employee and it takes away from your time doing what else needs to be done. I am thinking about a compnay with less than 2 employess, something very small.

 

[max1234]

Stick with real estate and forget the sports... you'll do better long term.

 

[Fishhead]

Got the first three covered...........working on the 4th currently.

These threads are a great source of info for all, especially those in their 20's...............

 

[Fishhead]

Not to get off topic, but most financial experts recommend one do a NET WORTH statement every 12 months.............

FROM PERSONAL EXPERIECNCE, CAN SAY THIS IS A GREAT IDEA FOR EVERYONE HERE...........

So much so, that I personally do one EVERY 3 MONTHS!

GAMBLERS AND FREELANCERS of ANY KIND SHOULD DO THIS EVERY 3 MONTHS FOR A VARIETY OF REASONS ..............

 

[SSI]

for me..... i dont want to work for anyone else, no matter the salary......

so that kicks number one out............... simply work harder to replace the income........

real estate and investing (sports/stocks/commodities) are where i personally am looking in the future........

are you single or married with children....... that factors into the equation a great deal......

also your age..........

im 39, married for 17 yrs, one child that i have almost grown now.......

also how much money do you need......... 5 million, 10 million.......

figure it out, then take the necessary steps to get there.......

we all should be working toward, getting to the point,,,,,,, where our money works for us,,,,,,,,, it makes our living and we do the (trading/sports/poker playing) more for the fun of it........... and working is definately out..........

 

[rouxdogg]

2) Real Estate- something all of us should do. Work with some top professionals, research the area and buy properites to create some passive income and make money longterm. I know it can be tough but the LEVERAGE can really make you some money. Good debt can create passive income. You really need to center yourself with some top professionals who can help and get the ball rollong for you.

Iceman, I take it you have read Robert Kiyosaki's books. I've read 4 or 5 of them myself. Good stuff.

 

[SteamDaddy]

1) Increase income at work while spending less in your life- pretty simple. Treat your everyday life as a business. Luckily I have a commision job. So work harder and smarter and cut back on some things.

Good idea. Get out of debt, esp variable rate situations. We could get into a hyper-inflation situation with the coming currency crisis.

2) Real Estate- something all of us should do. Work with some top professionals, research the area and buy properites to create some passive income and make money longterm. I know it can be tough but the LEVERAGE can really make you some money. Good debt can create passive income. You really need to center yourself with some top professionals who can help and get the ball rollong for you.

Still a bad time for real estate in USA and will be untill the currency collapses. Perferably pay cash. If you must buy pick a remote area in Canada or maybe in the mountains in Argentina with land so you can fish hunt and be away from USA. Another terrorist attack(manufactured or real) and we very well could see MARSHALL LAW. Fema has built or refurbished several hundred internment or concentration style camps for this type of scenario. You want to live as independent and out of system as possible but within a small community that you help each other.

3) Invest in agressive markets- sportsbetting market is something I have beat for a year and am VERY CONFIDENT in beating in the future. As far as an agressive investment it is top notch. I have noticed when I started treating this as a business I have won. It's the old you get what you put into it. One day I would love to educate myself in another aggressive market (probably the options market) but 1 is enough right now.

Reduce your exposure in sportsbetting. Invest in physical gold, silver and related stocks. They are doing very well right now but nothing compared to what we will see in the years ahead. Try to buy on the dips or corrections. These happen through every cycle and is where the inexperienced often panic and sell. These are the buying opportunities. You will see these as you fallow the markets and get more experienced.

gl!

 

[Iceman]

I am not bragging at all guys but I don't think some of you know the level of seriousness I have put towards gambling (i hate that word). I pay close to $500 a month to get information to beat line moves. I am making about 5% a month off of $100,000 bet a month. Not sure how to put $100,000 into action a month in other forms of investing and make 5% on it (monthly and that is the key word). I think some here think I handicap a game and bet it than hope to win. 6 striaght winning months (8 non baseball months) and I feel pretty confident but repeat, it is WORK. I have yet to meet anyone putting in as much time and effort as I am ( I am sure there is I just havent met one). I will not quit that. In fact I will probalbly take it too another level. If anything I am too cautious with it (IMO). Beleive it or not some people win at this and win quite a bit. I never belevived it before but I do now. People have too quit looking at it being sports and realize a market is a market and keep an open mind. I like to think I know my market and its doings as much as someone in the finanacial markets knows his.

 

[Fishhead]

Re-read Post #9 In This Thread...........great Advice In My Opinion.

 

[Iceman]

2) Real Estate- something all of us should do. Work with some top professionals, research the area and buy properites to create some passive income and make money longterm. I know it can be tough but the LEVERAGE can really make you some money. Good debt can create passive income. You really need to center yourself with some top professionals who can help and get the ball rollong for you.

Iceman, I take it you have read Robert Kiyosaki's books. I've read 4 or 5 of them myself. Good stuff.

sure have. Here is the problem (and mine too) nobody steps up and ever does anything about it. So my first coure of action is too get some professionals interested in this. They will know what buttons to push and get this ball rolling. That is the biggest battle with this, getting started!!!!

 

[Brooklynbomber]

I am not bragging at all guys but I don't think some of you know the level of seriousness I have put towards gambling (i hate that word). I pay close to $500 a month to get information to beat line moves. I am making about 5% a month off of $100,000 bet a month. Not sure how to put $100,000 into action a month in other forms of investing and make 5% on it (monthly and that is the key word). I think some here think I handicap a game and bet it than hope to win. 6 striaght winning months (8 non baseball months) and I feel pretty confident but repeat, it is WORK. I have yet to meet anyone putting in as much time and effort as I am ( I am sure there is I just havent met one). I will not quit that. In fact I will probalbly take it too another level. If anything I am too cautious with it (IMO). Beleive it or not some people win at this and win quite a bit. I never belevived it before but I do now. People have too quit looking at it being sports and realize a market is a market and keep an open mind. I like to think I know my market and its doings as much as someone in the finanacial markets knows his.

Dude give it a rest. I'm glad that you're beating the man, and trust me I think everybody who visits this forum is aware of it.

 

[crunch99]

I definately agree about real estate. My dad made well over $1M in the past two years buying and selling land. He currently owns one land that is worth half a million..... he bought it for just $30k couple years ago.The key is to find cheap real estate in unincorporated areas. My dad knew this area would become a boom town due to new highway construction years ago and invested heavily. But he still regrets not buying a 100 acre land for $90k... it was recently sold for $1M.

 

[Iceman]

Dude give it a rest. I'm glad that you're beating the man, and trust me I think everybody who visits this forum is aware of it.

I am responding to 2 posters who are telling me to get out of this form of investing, that is why I said I wasn't bragging. I was trying to explain to them at what level I was and why I would be stupid to slow down from it.

I am also trying to find out if there is another form of investing that allows you the leverage to $100,000 (when you dont have that) with those results. There is no other way to explain this stuff and ask question and get the answers you are searching for if you don't get specfic. Believe me the last thing I want or need is a pat on the back. It was never my point. Sorry if you though it was.

 

[Iceman]

Jdog,
after reading that post again, it did across a little forward. Sorry it did sound a little corny after I re-read it. Please understand what my point was (previous post). I just get a little frustated when others call this gambling and think it is luck (not on this site but more in life). I find myself fighting this battle alot to important people in my life that know I do this. That is why I was probably so forward. Sorry.

 

[joebatters]

Damn, you people are rich. I was hoping there'd be something in here for the rest of ushno: . My base salary is 49K and I have a side job that I absolutely hate most of the time (umpiring). Any other thoughts on how to get a side business going?

 

[Iceman]

Damn, you people are rich. I was hoping there'd be something in here for the rest of ushno: . My base salary is 49K and I have a side job that I absolutely hate most of the time (umpiring). Any other thoughts on how to get a side business going?

Your not rich if you spend as much as you make, which has started to become my problem the past 2 years and the reason for this thread. I have found some ideas from those small business oppurtunity magazines but have never heard of anyone doing them. That is why I started this thread and was hoping to hear some good ideas in any of the 4 categories (and I/we have).

Like Fish said these thread are great as there are some expierenced smart people on here and most importantly they don't talk down to you and give you the confidence to do something, which is more than half the battle.

 

[SSI]

i guarantee you that you can leverage that in commodity trading......... but i wouldnt recommend it ------- to any inexperienced investor........

the Metals (someone mentioned)......... its as simple as this......... buy any bull markets on dips................. Just as you sell any bear markets on rallys,,,,,,,,, simple as that......... and yes the metals are bull markets.......

Ice, keep doing what your doing in sports...... it works for you but no way that i want to work that long or hard at it.........

i think sports can be beat by being a 56-57% yr round capper, if your base bet is big enough ($500 and up)........ im talking about making some money now.......

i also think it can be beat with the right mechanical system........ this would require the least amount of time, once the system is set.......

 

[Iceman]

I average around 30-40 small plays($100-200 a play) a nite during hoops season and hope for a 5% ROI on them.

You know as well as I do that there are more than 1 ways to skin the cat. I will be entering the other markets in the future.

The thing that cracks me up SSI, is that I always talk about how I don't understand how people make money off of grains, cattle, etc.. but in reality my knowledge of Hofstra's hoops teams are no better than Grains if you know what I mean. Kind of the same thing in a way.