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Choosing A Vehicle

NerdSmasher

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Aug 31, 2007
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In a great deal of threads on this forum, people talk about how they make their money. Those who already have success in an area obviously have already chosen their vehicle, and mastered it, or at least know how to make money with it.

But, for those of us who haven't been successful yet, and are still trying to decide on a vehicle to start with (as recommended by most, FOCUS), I was wondering if some people with experience in an area could post the pros and cons of their vehicle, as well as perhaps their reasons for choosing it, and what it is like using that vehicle.

I only ask this because I believe it may help some of us who have yet to really pick a vehicle decide on one that seems to fit our personality, strengths, risk tolerance, etc. better.

:thankyousign:
 

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nomadjanet

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Aug 28, 2007
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Start with Russ H's post on the plan. Finding your strengths & interests etc.
Then look for a need to fill that plays to those strengths & interests.
Lots of people want to do what they want; they have to realize that you must identify your client and what they want as part of identifying your vehicle.
For example, it does not good to want to open a B&B if you propose to do so in an area that has little to offer potential guests. Or why make a product that only 1200 people in the world may want or that is so difficult to ship that long distance sales are limited. These are extreme examples but valid none the less. We must remember to identify a true need before we develop the business model or vehicle.
Janet
 

aptohosting

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Damn,

I came in here ready to help you pick out either a porsche, ferrari, lambo, bmw, etc ;)
 
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NerdSmasher

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Read Millionaire Fastlane
Aug 31, 2007
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Damn,

I came in here ready to help you pick out either a porsche, ferrari, lambo, bmw, etc ;)
Well, I'll be sure to send you a message when I get the money :)

I know Russ's post is a great place to start, and to find a need in an area that I enjoy. I was more thinking of this topic as a reference point, or a place for people to explore what different "vehicles" for making money are - generally investing vehicles. Such as the stock market vs. real estate. I know they are completely different, but a lot of people may look at them as very much the same, and could do one much better than the other, if they only realized the key differences.

But, I don't believe I'm experienced enough in any area to say what these differences are. I've never done any real estate deals, and I haven't been investing in stocks for very long. And, business is a completely different topic altogether.
 

nomadjanet

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Aug 28, 2007
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I guess I think the plan is the way to uncover your proper type of vehicle. If you are not a people person, you might choose a vehicle that does not include lots of direct people contact. If you are not a tech person you might not choose a vehicle that is heavy on tech requirements but rather one that the tech requirements are secondary & can be hired out. I personally am a people person and have a love of real estate my tech skills are marginal at best recognizing this I can then search for a need based on my likes & my strenghts. My husband is a OCDC detail person his people skills are mediocre as he likes concrete facts and activites he must take this into consideration when choosing business vehicles and his role in them. I understand that real estate and paper and online and brick and mortor business are all vehicles to make money but the underlying issue of who you really are and what you really want is the key to finding the right vehicle. All of that being said once you make enough money to diversify your investments you need to do this, it's easy for us to get caught up in the industry that we have an affinity with. We need to have income streams from several areas in order to have a hedge against a problem within any specific industry.
 

snowbank

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I think poker is a great vehicle for people with limited start up capital, and a lot of work ethic. If you put the time in, you can make a lot of money starting with very little money. You need to have good money management skills, not go crazy if you go on a downswing, and need to put in a lot of practice, but it's easily one of the best ways available to make a lot of money from almost nothing.
 

AroundTheWorld

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It is difficult to have the discussion without taking into consideration your interests and competencies. What works for me does not work for some others, and visa versa.

You might be an ENTREPRENEUR if you.....

  • Like to Create 'something' from 'nothing.'
  • Always find yourself saying, "why hasn't anyone made x" or "x would make this easier"
  • Know or can learn how to manage people

I think that the passionate ADD type personalities make great entrepreneurs. If you have an amazing vision of the future and have a passion for making it happen..... and surround yourself with people that will actually follow through on your idea... then you might be an entrepreneur.

You might be a REAL ESTATE INVESTOR if you...

  • Love the 'hunt' and excitement of finding a deal
  • If you are a closet speadsheet junkie - REI may be for you`
  • You pride yourself on your ability to find a hidden gem.

There are literally HUNDREDS of vehicles. But YOU need to pay attention to your personality and interests.
 

kimberland

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Jul 25, 2007
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I think its like suit shopping.
You try on a lot of suits
and once you find the "one", you know.
It simply fits.

I'm all about building businesses.
Sure, the bulk of my net worth is in stocks
but they are bought based on a business evaluation,
rather than anything else.

I've alway had a business or two on the go.
Haven't had a big win yet
but it is only a matter of time.

Why did I pick business building?
Because I couldn't not.
I've always been a special projects girl,
even with school
(I'd have a talk with my teachers at the beginning of the year
and explain that I would be handing in extra projects.
I'd then negotiate for marks or credit.
Started doing that in grade 2 or 3).
 

JScott

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I think poker is a great vehicle for people with limited start up capital, and a lot of work ethic. If you put the time in, you can make a lot of money starting with very little money. You need to have good money management skills, not go crazy if you go on a downswing, and need to put in a lot of practice, but it's easily one of the best ways available to make a lot of money from almost nothing.
While I generally agree with you, as someone who is has poker professionally, let me add that, in the end, it's just a job. The hours suck (unless you enjoy playing on weekends when all the fish are out), you can't make money on vacation (unless you take your laptop), the environment sucks (if you play B&M), the benefits are worse than zero (it's tough to get loans if your occupation is "Gambler"), and your co-workers are oftentimes a bunch of degenerates... :smxB:

Okay, so these days it's not quite that bad (with online poker, at least), but not everyone is cut out to play online (personally, it bores the hell out of me!). So, for anyone who thinks playing poker professionally is glamorous, think again.

For me, it was glamorous for about 10 hours total...but for some reason, as soon as they turn the cameras off, it goes right back to being a job... :smxB:
 

snowbank

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While I generally agree with you, as someone who is has poker professionally, let me add that, in the end, it's just a job. The hours suck (unless you enjoy playing on weekends when all the fish are out), you can't make money on vacation (unless you take your laptop), the environment sucks (if you play B&M), the benefits are worse than zero (it's tough to get loans if your occupation is "Gambler"), and your co-workers are oftentimes a bunch of degenerates... :smxB:

Okay, so these days it's not quite that bad (with online poker, at least), but not everyone is cut out to play online (personally, it bores the hell out of me!). So, for anyone who thinks playing poker professionally is glamorous, think again.

For me, it was glamorous for about 10 hours total...but for some reason, as soon as they turn the cameras off, it goes right back to being a job... :smxB:
I pick my own hours, and love it. I play mostly online, but when I do play in casinos the environment is good at higher stakes, where it is mostly businessmen, other pros, actors, professional athletes, etc... instead of degen people playing with rent money which is definitely common at low-mid stakes in casinos. Benefits don't matter if you make enough money, you just buy health insurance, etc... on your own. I definitely don't play poker to be glamorous, I play to make money. I don't aspire to try to get on tv, I'd rather just make loot and retire young. In my opinion it is without a doubt one of the fastest vehicles with someone starting with nothing, to make a lot of money.
 

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JScott

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In my opinion it is without a doubt one of the fastest vehicles with someone starting with nothing, to make a lot of money.
For those who have the ability, I absolutely agree about how lucrative it can be. I started playing in college, paid my way through school, have netted nearly $1M in my poker career (tournaments and cash games), have sat in some of the biggest games in Vegas, and am friends with many of the big-name pros.

And despite all that, I still wouldn't want my kids to do this professionally... :)

That said, having spent my entire poker "career" playing B&M, I'm probably a little biased. While the conditions have improved (they used to allow smoking at the table when started!), it's still a rough lifestyle if you spend 60+ hours/week in a cardroom. In fact, the best quote I've ever heard about playing professionally is, "It's a tough way to make an easy living."

I imagine playing online has a lot of perks that B&M doesn't have, including better hours, better game selection, etc. So, maybe that's better...

The other issue that I believe most people don't have the ability to make a lot of money playing poker. There is a lot of variance, and for people who can't keep their emotions in check, things can spiral out of control very quickly.

Obviously, it *is* possible to make a living playing (you and I have both proven it), but it really isn't for everyone...
 
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NerdSmasher

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Read Millionaire Fastlane
Aug 31, 2007
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Now poker really is an interesting way of making money. I never really considered it as a possibility, but it most certainly is. Perhaps as I get closer to the gambling age (I believe it's 18) I'll look into it more. Since I'd do it online, I imagine it could be easy (once I'm good at it) to make money whenever I really want to, there are always games going on.

Thanks for the input!
 

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