Think twice about spendings

[sQri]

Thanks to this post:

I'm going to say it again, this thread got to me at the right time.

Returned a bunch of crap I had just bought that I didn't need (distractions).

All told, I've saved about $1,000 just by reading this thread. Have another bit to go.

I took that money and added it to one of my passive income streams (100% passive in this case, I don't have to do anything).

That $1k addition is going to net me a grand total of 0.11c per day, 365 days per year. It's a small fraction of the sum of the income stream, but I view it as symbolic more than anything.

Would I rather work 'x' amount of hours to afford 'y' amount of crap, or would I rather have my money work for me so that I don't have to work for my crap. I prefer the latter obviously.

View attachment 7653

here: https://www.thefastlaneforum.com/co...-some-money-what-do-i-do-threads.52906/page-2

I'm gonna start this thread.

As I'm not quite sure, how I will start a fastlane business, I want at least safe as much money as possible.

And beause of GrumpyCat's post, I will think really hard, if I wanna buy something. It's not, that I'm not gonna buy anything, but think twice, if I eat out or buy some random stuff.

I will post regular updates of my progress and I encourage others to do the same.

Additional to that, I will put at least 75% of money earned, except my regular income, into this account.

But then, I have a problem what to do with the money. I could put it under my pillow, but I would like to earn some interest, but I have absolutely no clue about investing.

With my first saved money, I'm gonna buy "The Intelligent Investor" from Benjamin Graham to start learn investing.

I would like to hear some feedback or other people entering this process.


Saved money (17/01/15): € 30 (+€ 17)

 

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[theag]

Seriously man.......

You should reread MJ's book. The key is MAKING more, not SAVING more.

You can't invest if you dont have capital.

 

[DeletedUser394]

haha I have no idea what it is that I returned. Can't remember what the item was.

Anyway, good plan to cut expenses (a lot of people aren't able to do that), but like @theag mentioned, you need to focus on making more. However, saving is still important and too many people discount it.

The simplest first step is to obviously cut expenses, so that's good.

I wouldn't use the money to 'invest', but to invest in a business that you create somewhere down the road. Then invest in the markets.

Since that post that you quoted me on that passive income account has flirted with $10k.

That represents $400/yr in fully passive, tax free income. That isn't huge, and it makes up only a small part of my total portfolio, but it's a direct result of watching my spending. I still travel, spend money, do whatever I want. But I don't go crazy. The goal is to increase your spending proportionately to your income growth (assuming you aren't spending everything you earn in the first place).

 

[MoneyDoc]

The slowlane mentality is to be on the DEFENSIVE side. Cut out Starbucks, cancel your cable, not eat out anymore, etc. are all defensive. Not that there's anything wrong, it's not fastlane. Rather, try being on the OFFENSIVE side. Try to spend more to make more.

 

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[Brentnal]

€2 scratch lottery

 

[AlterJoule]

Good job on saving some cash. Keep going.

Also, Dan Kennedy says it best. "If it doesn't pay, not today."

 

[Ninjakid]

There's a difference between cutting out unnecessary expenses, and living like you're in poverty.

Poverty-mentality =/= wealth

Poverty-mentality will keep you poor.

Poverty-mentality will lower your standards, and make you comfortable with being poor.

If you are on this forum, you should not be comfortable with being poor.

I wouldn't think about investing until you have a couple thousand euros under your belt.

And when you do invest, be shrewd, and do your research. It will suck if you lose all that capital on poor investments.

 

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[sQri]

Seriously man.......

You should reread MJ's book. The key is MAKING more, not SAVING more.

You can't invest if you dont have capital.

Yeah, I know that I can't get rich, if I cut spendings while I don't earn more.
But this should be about building up capital, while thinking about the right business for me.

Haha, I have to explain it. I got one in my advent calendar, got a free ticket and finally got a new one and won the €2. It's not, that
I regularly buy tickets

There's a difference between cutting out unnecessary expenses, and living like you're in poverty.

Poverty-mentality =/= wealth

Poverty-mentality will keep you poor.

Poverty-mentality will lower your standards, and make you comfortable with being poor.

If you are on this forum, you should not be comfortable with being poor.

I wouldn't think about investing until you have a couple thousand euros under your belt.

And when you do invest, be shrewd, and do your research. It will suck if you lose all that capital on poor investments.

I'm not trying to lower my standards, I just start to think about what I spend, if I really need this item or eat out.

So as you wrote, I think, I will first earn the money, than invest.

 

[jesseissorude]

I want at least safe as much money as possible

I think you're on the right track, but don't think about "saving" as much money as possible.

Instead, think of applying as much money as possible to assets that generate money FOR you, rather than taking money FROM you.

For example, I make a physical product and it's a no-brainer to get the highest end components for my widgets. I view my products like jewelry, and have positioned/priced them accordingly. It's easy for me to spend big on good parts or machinery that helps me manufacture faster/cheaper.

Meanwhile, in real life, I sold my precious xbox360 because it was too distracting. :'-(
C u at da crossroads, dawg.

 

[Mr.B]

my precious

Good on you @jesseissorude

 

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[Jackal0]

Nice idea! Keep going! I would like to here more of you


Gesendet von iPhone mit Tapatalk

 

[sQri]

Just a quick update: I sold some stuff and earned € 17.

I think, for the beginning, I try hustling to earn more cash.

 

[DeletedUser394]

3 months later, how you doing OP?

Should have a decent amount by now.

 

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[Grinning-Jack]

If you don't know what to do with your money, make a donation to a person who real needs it.

Another way, purchase a piggy bank.lol

Sorry, it's sad reading your post. It isn't about how much money you have currently; it's about your mindset.
Good luck.

 

[Jamesdoesmith]

Grab up the App acorns. It cycles any purchases and rounds up to the next dollar amount and throws the change into a portfolio of your choice. Like saving change in a jar. But with momentum


edit didn't see you aren't stateside. I think a Europe version will come out at some point.

 

[sQri]

3 months later, how you doing OP?

Should have a decent amount by now.

Well, I have saved about 600€, but haven't done much else...

Right now, as you might have read, I'm planning to build a website, where you can rent Magic cards. If this should work, I'd need a lot of money in the beginning.

Otherwise, I just keep saving the money for bad times

 

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[Ryllban]

Well, I have saved about 600€, but haven't done much else...

Right now, as you might have read, I'm planning to build a website, where you can rent Magic cards. If this should work, I'd need a lot of money in the beginning.

Otherwise, I just keep saving the money for bad times

Why not use wordpress + wocommerce + a landing page. Link that to every magic card collector you know and spread the word around. Get 1-3 paying customers. No need for a lot of money in the start.

 

[sQri]

Why not use wordpress + wocommerce + a landing page. Link that to every magic card collector you know and spread the word around. Get 1-3 paying customers. No need for a lot of money in the start.

That's what I'm gonna do. I'm writing a text for the landing page and building the page itself.
But I need money for the cards, the customer want to rent.

 

[Choate]

That's what I'm gonna do. I'm writing a text for the landing page and building the page itself.
But I need money for the cards, the customer want to rent.

Like he said, link them to people who already own the cards and just be the middle man that takes the cut. They put their cards up at their own risk.

 

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[DennisD]

Like he said, link them to people who already own the cards and just be the middle man that takes the cut. They put their cards up at their own risk.

I like the idea of buying your own cards and renting them out better.

Being the middle-man in a 2-sided market has too many variables, not everybody can handle it (I know I can't).
But by buying cards, you have a static you can 100% control.

 

[sQri]

I like the idea of buying your own cards and renting them out better.

Being the middle-man in a 2-sided market has too many variables, not everybody can handle it (I know I can't).
But by buying cards, you have a static you can 100% control.

I'll definitely go with the idea of owning the cards and renting them out.

I have written a text for the lead site and now focus on building the site. I'm gonna use a free webhoster and WordPress.
Right now, I'm looking for a nice name, but I only came up with Magic for Rent or Rent a Magic... Both of them are kinda boring I guess.

 

[DennisD]

Right now, I'm looking for a nice name, but I only came up with Magic for Rent or Rent a Magic... Both of them are kinda boring I guess.

Who cares?
You trying to be edgy or you trying to make money?

It's clear, clean, precise. Just go with something like "RentMagicCards" and let it be boring.
If you want to change the name to be clever, do it later AFTER you've made a profit.

 

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[Achilles]

Who cares?
You trying to be edgy or you trying to make money?

It's clear, clean, precise. Just go with something like "RentMagicCards" and let it be boring.
If you want to change the name to be clever, do it later AFTER you've made a profit.

Great advice. I fell victim to that thought process in the last

 

[Austin Sarwar]

Thanks to this post:



here: https://www.thefastlaneforum.com/co...-some-money-what-do-i-do-threads.52906/page-2

I'm gonna start this thread.

As I'm not quite sure, how I will start a fastlane business, I want at least safe as much money as possible.

And beause of GrumpyCat's post, I will think really hard, if I wanna buy something. It's not, that I'm not gonna buy anything, but think twice, if I eat out or buy some random stuff.

I will post regular updates of my progress and I encourage others to do the same.

Additional to that, I will put at least 75% of money earned, except my regular income, into this account.

But then, I have a problem what to do with the money. I could put it under my pillow, but I would like to earn some interest, but I have absolutely no clue about investing.

With my first saved money, I'm gonna buy "The Intelligent Investor" from Benjamin Graham to start learn investing.

I would like to hear some feedback or other people entering this process.


Saved money (17/01/15): € 30 (+€ 17)

 

[sQri]

Who cares?
You trying to be edgy or you trying to make money?

It's clear, clean, precise. Just go with something like "RentMagicCards" and let it be boring.
If you want to change the name to be clever, do it later AFTER you've made a profit.

Yeah, I guess you are right!

 

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