Monday, April 21, 2008
Financial Moves......When You're Broke
Its funny how investment experts are always preaching about "save your money", "invest your money", "start your 401k", "build some credit", "pay off those loans to stay debt free".......thats some tough advice to follow when you're a full-time college student with loans, a part-time job, and parents that are putting triplets through college. I've tried out a couple things and made a few moves to take advantage of the situation I'm in at the moment. I've actually been saving the little bit of money I've gotten from working and pretty soon I'm gonna open up an E-Trade account and invest most of it into there. I just picked up a credit card the other day to start building some credit and when I read the penalty for not paying on time, it damn near scared the fuck outta me. I just saw this regular standard interest rate number skyrocket to some ignorant amount. So the moment I got my first statement, I payed off the entire card lol. Getting involved with organizations and programs that pay you for just having a position or being an officer can be pretty lucrative as well. I've come to find that out. Creating a network of employee discounts is probably one of the smartest financial moves I've ever made. Thats the beautiful thing about college, everyone works retail making the possibilities endless! I tried that whole buy it while its hot and sell it on ebay. Did it with Nintendo's Wii. Didn't really work out for me lol. Actually ended up costing me money. So I guess the gist of this message is to find your niche for making money by creating some sort of plan for yourself and always have multiple routes of money coming your ways whether its a lot or a little.
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Financial experts tell you to invest your money but they never tell you HOW. Its like the worlds best kept secret. If everyone was privy to this knowledge, as the rich and affluent are, then it would threaten their secure position of superiority. We as blacks are not MAXIMIZING our opportunities living in a free market economy that permits privatization.
ReplyDeleteObviously if you black and struggling you couldnt fathom taking out money for investments...money that can be going to the bills--especially when you one pay check away from abject poverty. We're not discipline enough either. We get a little money we look for instant gratification--potentially to ease our minds off the surmounting DEBT we are accumulating. I learned part of this secret trade; the secret gnosis, if you will, of investment from my uncle.(who will teach me way more when i move to cali). He told me "i'm gonna teach you how to make money while you sleep. 24/7. its how the rich stay rich".
For example: investing in apartment buildings--much more cost efficient than investing in houses. Someone moves out the house their goes your income. But with apartment buildings you ALWAYS have tenants. They're monthly rent pays your mortgage and puts money in your pocket while you on a beach somewhere in the bahamas sipping pina coladas. That credit card you mentioned? My unk told me the most efficient way to use it. If you are investing, use the credit card. The credit card companies give you like a year to make the payment before sky rocketed interest begins. You'll make double the money you invested before that year is up (if you know what you're doing) and can pay it all back all the while improving your credit score. Then you can establish separate LINES of credit...which is a whole nother discussion.
Thats all the time we have today folks on: Investing with Leep