Nov 6, 2020 22:13:50 GMT iNCY said:

Nov 6, 2020 22:01:39 GMT KING KID said:

I've been investing and day trading. I invested in DKNG when it was DEAC and made an unbelievable profit off of it. I don't have the time to wait over a year for less taxes. When a stock goes parabolic, I sell it. I take the thousands. Will I get fucked in taxes? Probably. Bring it.

The vast majority of people who day trade lose money
Even less make more money than if they had left their money in an index fund.
I really like the movie Margin Call with Jeremy Irons where he says the three ways to make money are to either: be first, be the smartest or cheat.
It's not that hard to see it as true.

Most pump and dump scams are in the penny stock arena and when you eventually hear about them it's when the original pumpers are selling them off.

Also, I have the very unpopular opinion that the tech sector is massively overvalued, especially the darling stocks like appl and tsla people act like they will have exponential growth forever.

I am massively bearish on Tesla... But I'm not going to short it because autists are pushing its value through the roof and calling it a new paradigm.

TSLA was a money machine the past few months all the way to the stock split.

I don't care about the company name. I care about the price movement. My biggest win was a 500%+ win on GNUS before it's epic drop. I was saved because I always keep a stop loss set. Penny stocks are a blast, though. Especially once you learn the 'pump and dump' game. I got caught on the dump once and learned from it. I don't win every trade, but I have won close to 90% of them. You just have to have a plan and look at it every second.

Nov 6, 2020 21:49:21 GMT Gyro LC said:

Nov 6, 2020 21:45:50 GMT iNCY said:

I would mix the funds or choose one that has a mix of domestic and international shares as well as bonds.
I would also add an investment property at some point to increase diversification.

But of course don't hold money in shares that you may need access to, hold enough cash for emergencies.

A really good simple book on the topic is richest man in Babylon

I read that book years ago. It's pretty good and the parable structure makes it easy to digest. I'm re-reading The Millionaire Next Door which is very interesting.

Sorry, I didn't mean to sound like I was telling you to read the book, I was speaking generally. You probably have a better grip of money than I do.

Nov 6, 2020 22:05:51 GMT RT said:

Nov 6, 2020 21:42:12 GMT Gyro LC said:

These posts should really be split off into a Money/Employment thread. Is that possible?

It's absolutely possible but I have it on good authority that the OT mod currently online started drinking early and can't edit threads very well on his phone.

I got your back.

Not sure I got them all but the vast majority.  I'll go back a couple more pages to make sure.  I'm avoiding the last 2 hours of work since I worked until 11pm last night.

Nov 6, 2020 22:33:00 GMT KING KID said:

Nov 6, 2020 22:13:50 GMT iNCY said:

The vast majority of people who day trade lose money
Even less make more money than if they had left their money in an index fund.
I really like the movie Margin Call with Jeremy Irons where he says the three ways to make money are to either: be first, be the smartest or cheat.
It's not that hard to see it as true.

Most pump and dump scams are in the penny stock arena and when you eventually hear about them it's when the original pumpers are selling them off.

Also, I have the very unpopular opinion that the tech sector is massively overvalued, especially the darling stocks like appl and tsla people act like they will have exponential growth forever.

I am massively bearish on Tesla... But I'm not going to short it because autists are pushing its value through the roof and calling it a new paradigm.

TSLA was a money machine the past few months all the way to the stock split.

I don't care about the company name. I care about the price movement. My biggest win was a 500%+ win on GNUS before it's epic drop. I was saved because I always keep a stop loss set. Penny stocks are a blast, though. Especially once you learn the 'pump and dump' game. I got caught on the dump once and learned from it. I don't win every trade, but I have won close to 90% of them. You just have to have a plan and look at it every second.

So, my argument is that if you don't know why a stock is going up, I mean if the price moves rapidly independent of all markers someone is going to get burnt.
People have made millions riding Tesla up, same sort of people who made millions riding Bitcoin up, at the end of the day there are very few who stay millionaires because if you YOLO on stocks often enough... You lose.

Nov 6, 2020 22:41:03 GMT iron maiden said:

Nov 6, 2020 22:05:51 GMT RT said:

It's absolutely possible but I have it on good authority that the OT mod currently online started drinking early and can't edit threads very well on his phone.

I got your back.

Not sure I got them all but the vast majority.  I'll go back a couple more pages to make sure.  I'm avoiding the last 2 hours of work since I worked until 11pm last night.

I got off work early so Mrs RT and I went to lunch and decided to see how drunk we could get before the kids got off the bus.

I swear we are good parents.

Now to leave this thread before I invest their college money in whatever Kid is buying.

Note: there is no college money.

Nov 6, 2020 23:22:23 GMT RT said:

Nov 6, 2020 22:41:03 GMT iron maiden said:

I got your back.

Not sure I got them all but the vast majority.  I'll go back a couple more pages to make sure.  I'm avoiding the last 2 hours of work since I worked until 11pm last night.

I got off work early so Mrs RT and I went to lunch and decided to see how drunk we could get before the kids got off the bus.

I swear we are good parents.

Now to leave this thread before I invest their college money in whatever Kid is buying.

Note: there is no college money.

All good.  I was just trying to give you more time to help you destroy your liver.   I am an enabler. 

I think I'll get drunk and wander around my neighborhood looking for my cat.  That should go over well with the new neighbors.

Nov 6, 2020 23:30:07 GMT iron maiden said:

Nov 6, 2020 23:22:23 GMT RT said:

I got off work early so Mrs RT and I went to lunch and decided to see how drunk we could get before the kids got off the bus.

I swear we are good parents.

Now to leave this thread before I invest their college money in whatever Kid is buying.

Note: there is no college money.

All good.  I was just trying to give you more time to help you destroy your liver.   I am an enabler. 

I think I'll get drunk and wander around my neighborhood looking for my cat.  That should go over well with the new neighbors.

Make sure you frizz your hair as much as possible and wear a bath robe and slippers. You gotta fit the part.

Seriously though I really hope you find her soon. Positive vibes.

Can the mods move these posts to make a separate thread for talking about drunk Canadians wandering aimlessly around the neighborhood looking for pussy?

Nov 7, 2020 3:05:04 GMT 🤯 said:

Can the mods move these posts to make a separate thread for talking about drunk Canadians wandering aimlessly around the neighborhood looking for pussy?

It already mentions prostitution in the thread title

Nov 7, 2020 4:12:40 GMT iNCY said:

Nov 7, 2020 3:05:04 GMT 🤯 said:

Can the mods move these posts to make a separate thread for talking about drunk Canadians wandering aimlessly around the neighborhood looking for pussy?

It already mentions prostitution in the thread title

Talk about an ideal trade to get into!

Isn't prostitution legalized in Canada? I mean it's only illegal in the US if you're a braindead hard-R about going about it, but sounds like another win the Canada block.

Nov 7, 2020 7:44:02 GMT 🤯 said:

Nov 7, 2020 4:12:40 GMT iNCY said:

It already mentions prostitution in the thread title

Talk about an ideal trade to get into!

Sounds like Corporate life is bending you over, so might as well get paid enough to afford the chiropractor.

Nov 8, 2020 0:51:26 GMT iNCY said:

Nov 7, 2020 7:44:02 GMT 🤯 said:

Talk about an ideal trade to get into!

Sounds like Corporate life is bending you over, so might as well get paid enough to afford the chiropractor.

Yes, sir. Please, sir. May I have another?

Nov 6, 2020 22:40:02 GMT iNCY said:

Nov 6, 2020 21:49:21 GMT Gyro LC said:

I read that book years ago. It's pretty good and the parable structure makes it easy to digest. I'm re-reading The Millionaire Next Door which is very interesting.

Sorry, I didn't mean to sound like I was telling you to read the book, I was speaking generally. You probably have a better grip of money than I do.

I didn’t take it like that at all. I was agreeing it was a good book.

A good site for Financial Independence/Retire Early (FIRE) is www.mrmoneymustache.com/category/mmm-classics/

Nov 8, 2020 6:41:35 GMT Gyro LC said:

Nov 6, 2020 22:40:02 GMT iNCY said:

Sorry, I didn't mean to sound like I was telling you to read the book, I was speaking generally. You probably have a better grip of money than I do.

I didn’t take it like that at all. I was agreeing it was a good book.

A good site for Financial Independence/Retire Early (FIRE) is www.mrmoneymustache.com/category/mmm-classics/

I was actually into FIRE before I knew it was a thing. Actually, more FI not so focused on RE
I should get there in the next two years.
In my country there is no real path to it, without having your own business... Unless you are a doctor or lawyer etc.

My biggest lesson was by assets and them the let the assets pay you income.

Told y’all to buy weed stocks.

Why do they call rental properties passive income? That feels like an full-time gig rather than anything.

Nov 9, 2020 14:21:42 GMT @ness said:

Why do they call rental properties passive income? That feels like an full-time gig rather than anything.

You can pay a real estate management company a nominal fee and they hane all the details.

Mostly when people refer to passive income they are referring assets that derive income whether you are involved or not and the capital value of the asset doesnt go down

Gun stocks crashing since massive civil unrest did not occur as planned.

Nov 9, 2020 14:21:42 GMT @ness said:

Why do they call rental properties passive income? That feels like an full-time gig rather than anything.

If you have enough of them you pay someone else to deal with them.  

Nov 9, 2020 23:04:14 GMT c said:

Nov 9, 2020 14:21:42 GMT @ness said:

Why do they call rental properties passive income? That feels like an full-time gig rather than anything.

If you have enough of them you pay someone else to deal with them.  

Even 1 of them is enough to outsource.


As a baseline, expect to pay a typical residential property management firm between 8 – 12% of the monthly rental value of the property, plus expenses. Some companies may charge, say, $100 per month flat rate.

It's not passive unless it is not occupying all your time.
I do think for most people these days ETF's make more sense than property for those that don't have a lot of capital behind them.

I also wanted to add, that the best path to passive income is to start a simple basic business that you don't need to work in personally, whether it is contract cleaning or delivering paperclips... Doesn't matter.
Then purchase a commercial property to run the business out of, then use the business income to pay the rent to yourself and pay off the property.
Tax free income... In my country anyway.

Nov 10, 2020 2:37:40 GMT iNCY said:

I also wanted to add, that the best path to passive income is to start a simple basic business that you don't need to work in personally, whether it is contract cleaning or delivering paperclips... Doesn't matter.
Then purchase a commercial property to run the business out of, then use the business income to pay the rent to yourself and pay off the property.
Tax free income... In my country anyway.

How do you start a business you don't work in personally? I'm confused but definitely want to learn more about this...

If we could get this thread renamed the "Business and Money General" that would be great, KING KID can have his own containment thread for his YOLO degeneracy 👍

Anyone here have Audible? I really enjoy a steady stream of books on business, theology and other ecclectic topics.
I am only part of the way through, but I recommend for anyone even mildly interested in starting a business the book or audiobook "The $100 Strartup"
Much more practical than most business books I listed to.

My favourtite quote of the book so far comes via Karl Marx:

"Sell a man a fish, he eats for a day, teach a man how to fish, you ruin a wonderful business opportunity." :lol:

Nov 10, 2020 2:57:10 GMT 🤯 said:

Nov 10, 2020 2:37:40 GMT iNCY said:

I also wanted to add, that the best path to passive income is to start a simple basic business that you don't need to work in personally, whether it is contract cleaning or delivering paperclips... Doesn't matter.
Then purchase a commercial property to run the business out of, then use the business income to pay the rent to yourself and pay off the property.
Tax free income... In my country anyway.

How do you start a business you don't work in personally? I'm confused but definitely want to learn more about this...

Sorry Uncle 🤯. I missed your post.
Not all businesses require the 100% attendance of the owner.
Let's just say you purchased an owner operator business generating 80k per year.
You employ someone for 60k per year to run the business.
In your spare time you look into growing the business so that it can generate 120k per year and you are making the 60k for your trouble.

Most people spend to much time working in the day to day "fire-fighting" of their business and not enough time on the big picture growing the business.

Still no prostitution talk!

Feb 17, 2021 23:24:53 GMT KING KID said:

Still no prostitution talk!

The rates are way too high.

Feb 17, 2021 23:22:45 GMT iNCY said:

Nov 10, 2020 2:57:10 GMT 🤯 said:

How do you start a business you don't work in personally? I'm confused but definitely want to learn more about this...

Sorry Uncle 🤯. I missed your post.
Not all businesses require the 100% attendance of the owner.
Let's just say you purchased an owner operator business generating 80k per year.
You employ someone for 60k per year to run the business.
In your spare time you look into growing the business so that it can generate 120k per year and you are making the 60k for your trouble.

Most people spend to much time working in the day to day "fire-fighting" of their business and not enough time on the big picture growing the business.

What are some examples of owner operator businesses?

Feb 18, 2021 0:53:39 GMT 🤯 said:

Feb 17, 2021 23:22:45 GMT iNCY said:

Sorry Uncle 🤯 . I missed your post.
Not all businesses require the 100% attendance of the owner.
Let's just say you purchased an owner operator business generating 80k per year.
You employ someone for 60k per year to run the business.
In your spare time you look into growing the business so that it can generate 120k per year and you are making the 60k for your trouble.

Most people spend to much time working in the day to day "fire-fighting" of their business and not enough time on the big picture growing the business.

What are some examples of owner operator businesses?

A liquor store, restaurant franchise, trucker who owns his truck. A relatively small business where the owner does a lot of the work.

Feb 18, 2021 1:51:38 GMT Gyro LC said:

Feb 18, 2021 0:53:39 GMT 🤯 said:

What are some examples of owner operator businesses?

A liquor store, restaurant franchise, trucker who owns his truck. A relatively small business where the owner does a lot of the work.

Even trade businesses like cleaning or painting, the owner is often one of the workers.