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HOT TOPIC $75 grand... how do i turn it into $200 grand within a year.

Steve K

New Contributor
Jan 9, 2008
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new york city
hey guys, steve k here (6speed online/lambo power)

i know alot of you guys are advising investing in real estate... but thats just not possible for me here in nyc where prices are still pretty much unnaffected by the downturn of real estate..


i dont know if im retarded, or dyslexic, but i have 130 books, any and all books on self help/business/marketing , etc etc, and i still dont know how to turn my money into more money :bgh:


what would you guys advise me to do in order to turn 75 grand (cash) into 200k by december 31st 2008...

the only thing is, i dont want to be involved with drugs/alcohol or real estate..

oh yea
I have a credit score of 802 (average of the 3)
i can easily get another $100k IF NEED BE
and i have extensive knowledge in sales...
 

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RDave

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Jan 8, 2008
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that's a tuff one, if we all knew we'd be doing the same, stock returns usually don't get that high even warren buffets picks average 20% and with the outlook crisis housing mkt seems like things will slow down from that mark as well. maybe foreign stock? but even then high risk.
 

Diane Kennedy

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Aug 31, 2007
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How much time are you prepared to do on the project? What talents/skills do you have?

You accelerate money with time & talents - ie, if you have a job doing programming or internet marketing (and thus have knowledge and skills in this area), I would think $75K to $200K would be a slam dunk. Also, if you have any sales ability - $200K would be a low target.
 

Redshft

Contributor
Nov 5, 2007
554
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Greenville, NC
Get creative!

If you have, and hopefully read, 130 books on business, marketing, finance, etc...you should know there is no magic formula.

Who said your real estate investing has to stay in NYC??? Search in other cities, towns, maybe even other states. I'm looking at properties up to 4 hours away from me. If you're looking for spare change around the house, you wouldnt just look in one room would you?

Or you can loan it to me and I'll give a genorous percentage of the profits I turn in the next year. :)
 
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Steve K

New Contributor
Jan 9, 2008
58
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new york city
well here's where im at
ive been selling cars (started at VW, went to Audi, then finished off at an exotic car dealership (manhattan motor cars)... i HATE the business now, and i hate having a boss..


the only thing i thought of was a debt consolidation company....
 
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Steve K

New Contributor
Jan 9, 2008
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new york city
Diane,
the talents i have are, im very good at selling.
im good at analyzing things
my friends tell me im very good at motivating/persuading people..

in my opinion, i would say my greatest strength would be a tie between motivating people and selling

but, im not intersted in being a motivational speaker...
 

kurtyordy

Bronze Contributor
Aug 28, 2007
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you could set up a skillpath type company, and hire the speakers.
 

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Steve K

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Jan 9, 2008
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new york city
i would love to get involved in some sort of an online retail store.. OR
my dream
international trade

i just dont know what to trade lol
 

andviv

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how many more conditions do you have?
I found it funny that you compare drugs/alcohol with REI
You are good at things but don't want to do them anymore.

How many more restrictions are you going to put on yourself to make it?

I only can suggest you start by changing your attitude and the way you speak. The only think I get from your posts is an impressive NEGATIVE attitude. I don't think anything will be good enough for you.

I also wonder how good you are at understanding what you are reading. Either that, or the quality of the self help books you have chosen is very questionable. A common theme in self help books is to have a positive outlook of things, but again, I don't see that anywhere in your posts.

Your statements:

thats just not possible
i dont want to be involved with
that might be my last resort
i HATE the business now, and i hate having a boss..
im not intersted in being a
i just dont know
 
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Steve K

New Contributor
Jan 9, 2008
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new york city
andviv

i just read your post, then looked over at my post..

i realized youre absolutely right.
i guess ive been frustrated because i havent come up with anything, that letting negativety over take me ...
 

Jito

New Contributor
Dec 2, 2007
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Bay Area
Credit card processing/ POS system sales to bars, restaurants and shops in NYC. Up front cash plus residuals.
 

GettingThere

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Dec 3, 2007
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Central Florida
We Gen-Y babies want results NOW! lol. Patience and focus are two points of my life that I have to keep in check on a regular basis. It's tough when we read stories of 'rags to riches' that cover about 2-3 paragraphs of a website...not nearly what they could cover if they went into more detailed time lines. We have to remember that (many) self-made successful people did not get to be successful by sitting down at their desk and thinking up some idea in 5 minutes.

It's a long story, but you should read CantWait2's success story if you want some perspective on a tough go at financial freedom. Not to discount anyone else's story, but some of the details in his story about drugs and sidetracks really are eye-opening. Also, MJ's success story has a couple excerpts from his personal journal when he was at a very low point in his life. More eye-openers.

I don't know about you, but these real life depictions do it for me. They helped to completely change my outlook on success, achievement, and taking chances on opportunities.

- John
 

Diane Kennedy

Bronze Contributor
Aug 31, 2007
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i would love to get involved in some sort of an online retail store.. OR
my dream
international trade

i just dont know what to trade lol
Sell cars. You already know how to do that. You don't have to have a bigtime dealership - start buying at auction or through repo guys, carry the paper (make sure you're ready to repo yourself or have someone lined up to do it). You can make a ton of money with much less than $75K that way.

Maybe not your dream (especially if you're currently fed up) but you can make a lot of money fast and then move to something you think you'll like better. (But I think you'd be nuts to do that...stick with what you know and then find a way to turn it into something you love)
 

Yankees338

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Jul 24, 2007
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How about take a spin on the car selling idea? I assume you know what you're talking about with cars; how about come up with some innovative way to sell them online? Exactly how I do not know, but if you take the time, I'm sure you'll come up with something.

Being located in NYC as you stated with the RE investing idea can certainly be a negative, but if you are looking at the glass half-full instead of half-empty, it can be great! Having so many people located so close to you, things can catch on and grow VERY quickly.

Don't give up and STAY POSITIVE. As others have mentioned, the execution of the idea is more important than the idea itself. You can make $200 selling houses, sure, but you can do it selling candy as well. It's all in the execution of the idea. Be innovative, please your customers (whether they are consumers or businesses), and stay focused on your PLAN, and you will succeed! Good luck!
 

Poudda

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Sep 7, 2007
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Calgary, Alberta
Sell cars on Second Life. Have no idea how feasible that is. I need a better computer (like a nice brand new i-mac) to get on to that thing.
 

Jorge

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Oct 5, 2007
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Sell cars on Second Life. Have no idea how feasible that is. I need a better computer (like a nice brand new i-mac) to get on to that thing.
I don't know well the logic behind SL economy; But if this cars could be driven, I think this idea is Awesome! I have developed VR before so I know from the technical aspect is totally possible.
 

MJ DeMarco

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Sell cars on Second Life.
I can see it now as I try to gas up my Lamborghini ....

Guy: "Wow, nice car ... I also have a Lambo!!"
MJ: "Really which one?"
Guy: "A SL640"
MJ: "Huh? Lambo doesn't make a SL640"
Guy: "Sure there is, the Second Life 640 ... its the LP640 of Second Life"
MJ: "Hmmmm ... I bet your insurance on that is probably a lot cheaper than mine ....":smxB:
 

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CactusWren

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Jan 5, 2008
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Arizona
Some time ago I read a book called The Number. It was not very good. The theme was about what exact figure does one need to retire, it was boring. However, somewhere in the book was a little nugget that many of us have heard before: something along the lines of you have exactly one month to live and money is not a problem, how do you spend your time? Then something like same scenario but only 1-5 one years to live. How do you spend your time? And then same thing but you also need money. It's pretty cool to do, to see what your dreams are. Maybe that could help you decide what you want to do. Sorry I am not being precise on the exercise...
 

Diane Kennedy

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Aug 31, 2007
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This might be the best piece of advice I've seen here or anywhere else.:iagree:
tbsells - I read your post (above) and thought "That's brilliant - who said that?" and then realized you'd pulled it out of my rambling post.

There is a real gift in being able to edit and distill out a basic truth. And, as strange as it might sound (because I said it to begin with), your post just gave me a huge epiphany.

Thank you. This is why forums work. Rep ++ for changing my life a little bit today.
 

camski

Contributor
Jul 24, 2007
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Noblesville, IN
Okay Steve K I have a couple of questions for you and a possible suggestion (one that I am kicking around myself). First the questions, why $ 200k? Is that just an arbitrary number you picked out of your head or is that how much you need by 12/31/2008? You also mention that RE is not an option, is that becqause you have no interest in it or just because you feel the prices are too high for you to get in/
Okay now the suggestion. Let me first give you my premise for this business. In the area where I live there are a lot of people on the lower end of the socioeconomic scale. To put a number on it, lets just say that there are a lot of people who make less than $10 per hour and that is the main breadwinner in the family. But even people who make this kind of money still have basic needs (food,housing, transportation) which they have a difficult time making. So in the area of transportation these people can not typically afford to buy a decent car outright (for cash) but they also cannot (typically) get a loan to buy one either. Now hand in hand with this comes the fact that the automakers in this country have built so many vehicles (and continued to make them even when sales were down) that I believe there is a glut of cars that can be purchased cheap. My idea is to buy some cars and open a buy here pay here car lot geared to the those who people I mentioned earlier. I have thought about starting such a lot with no cars over the price of $5000. Then finance them myself, of course at higher rates than a bank would charge because of the high risk. Oh I should also mention that one of my closest friends owns a towing service so Repos would not be difficult for me to obtain. Because my cost on cars such as thses would be low within a year i would more than cover my initial investment and anything after that would be pure profit. If I have to repo then I keep the money they have paid me and resell the car in the same fashion. There is a company that has this business model (and it started in IN) but I believe they have been shady about things. I want to start this because I truly believe that I could do this and actually help people who ordinarily have a difficult time getting reliable transportation. Here are some links: http://en.wikipedia.org/wiki/J._D._Byrider
another one:http://www.businessweek.com/magazine/content/07_21/b4035001.htm
 

camski

Contributor
Jul 24, 2007
247
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Noblesville, IN
Here are some numbers to put this into perspective. I buy a car wholesale lets say a Ford taurus (a good reliable car that will typically be good for a lot of miles, I had one that went over 200k) for $2000. I sell the car for $4000 financed over 2 years. The monthly payment ( I would actually require weekly payments for the added time value of money) would be $192.05 for the buyer, less than $50 per week. By month 11 I would have my inital investment back with 13 more payments to go. That would amount to almost $2500 in profit. Now I realize that this is just basic math and there are other things that come into play (operating costs,repos that cannot be resold) but I think you could also encompass daily rentals into this business model as well. My whole point is that i think you could start this for a relatively low investment (less than $100K) and turn it into a real cash cow. Please keep in mind that this is a general premise (but I have put a lot of thought into it) and i dont know everything about the car business but in my mind the general premise is sound.
 
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Steve K

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Jan 9, 2008
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new york city
camski , that idea is good
but at the same time, with the domestic manufactor's making such cheap cars, you can lease a brand new american car for less than $200

as far as why i want $200k, its just an arbitrary number.

i know im sounding negative, but thats the reality of things..

something i really enjoy is advertising and marketing...
 

andviv

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camski , with the domestic manufactor's making such cheap cars, you can lease a brand new american car for less than $200
If you have the credit, and the downpayment, then yes. Otherwise you are out of luck. If they even consider a loan the rates will be very high.

Camski's idea has been implemented many times in many places, and I know people making a living out of it. It has worked for many, and will probably work for many more, especially these days when there are many with credit problems.

But again, your 'reality' is one of scarcity. There is not enough money. This world sucks. Only rich people make more money. Employers are bad, they ony exploit employees, poor victims of this unfair society... so yes, your reality is very negative.

It is up to you to see the glass half-empty. There is too much money to be made.

So, about what you like, marketing and advertising... what experience do you have? You seem to know very well what you want, even if you have no idea why you want it. I am pretty sure you also know very well how to accomplish your goal, but are unsure of yourself and your capabilities to make it, so are looking for validation from others here. So tell us, what is your basic plan and let's see if we can help you somehow.
 

Allthingznew

Contributor
Aug 26, 2007
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Yesterday I would not have had the least inkling to suggest this, but today is a different day! I've been looking for sales people. In a conversation I had in an interview two days ago, I thought about the possibility of outsourcing my sales and started a thread asking if this type of business existed. It does, and may be the trend of the future.

That said, if you enjoy sales, build a sales business around it. You could sell multiple companies, hire your own people and work yourself out of doing it yourself. Build it as big as you can dream.

Just a thought.
 

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