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How do I turn $1000 into $10,000 within a year?

Discussion in 'Process / Progress / Execution Threads' started by Walley, Nov 3, 2007.

  1. Walley
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    Walley New Contributor Read The Millionaire Fastlane

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    I've seen posts on turning few thousands to millions. What about turning $1000 to $10,000? It's probably no problem for you pros out there, but I'm a newbie! Thanks.
     
  2. Pinnacle
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    Pinnacle Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    As an example, I would try to educate myself as much as I can on real estate investing. I don't just mean investing in homes, either. I mean RE stocks, mortgages, options, etc. One the ways to turn small amounts of money into considerably larger amounts in record time is to seize the opportunites that arise during difficult economic times or to simply try to fulfill or improve the fulfillment of consumer needs. A more specific version of this example, try to figure out a way to capitalize on this current credit "crisis" the nation is experiencing...just as an idea.

    From a business perspective, try to create a business with as little startup cost as reasonably possible, that you can fashion to grow exponentially in revenue from month-to-month, quarter-to-quarter, etc. You would likely have to start out as an "S" or self-employed business owner (to borrow from the great Rich Pop philosophy) and committ your time to filling a need in the consumer market, or learning how to fulfill a need in a better way. Get your hands on the book "Blueprint to a Billion" by David Thomson. It's more than what the title sounds, and you don't have to aspire to that level of wealth. It teaches what some of the most successful companies have done to magnify their investment returns.

    Does any of this make sense?

    I can't really just give you the answer straight out for this, because there are numerous answers. But hopefully some of this can help begin guiding you in the right direction of thinking.
     
  3. snowbank
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    snowbank Platinum Contributor Speedway Pass

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    In poker you can turn $1,000 into $10,000 in much less than a year with just some hard work. If your goal was just to build some quick capital, and you didn't have something yet where you had an edge and could make some money quick, I'd try poker. Work hard to learn the game, and $10k would be very easy. Basically if you can break even at low stakes, you can make a couple grand a month just in bonuses or rakeback.

    Rakeback is the % of MGR you pay in rake that you get back. Example: let's say I paid $10,000 worth of rake for the month. Let's say my rakeback is 30%. So if I broke even for the month, at the end of the month I'd receive a payment of $3,000.

    There's some decent bonuses out there too. A lot of people want to gamble to much, and take shots at high stakes, or just don't want to put the work in. The people who put the work in to at least breakeven and stay within certain guidelines of play are rarely unsuccessful. Once you get to breakeven, the only place to go is up too, normally your earning power will only increase.
     
  4. Walley
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    Walley New Contributor Read The Millionaire Fastlane

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    Yeah it makes sense. I've read numerous books, but it seems like now it's hard to even get something with 10-20k. Maybe it's just me.


    I'm not a very good poker player. You'll probably end up taking all my money.:coolgleamA:
     
  5. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    Walley-

    Check out "Nothing Down for the 2000's" by Steve Allen. You can buy property with nothing down- there are just several factors that need to be present for you to do so.

    Most importantly you will need a motivated seller. Ideally, you will find a motivated seller who is willing to do some owner financing. Ex: There is a house around the corner for sale. They are willing to do owner financing. They want out. If I wanted to buy this house, I could ask them to finance the whole thing for me- but they would probably want a good chunk down. But what if I asked them to carry 20%? I could use this money as the down payment and get a loan for the 80%. The term no money down means use Other People's Money. This OPM can be in the form of:
    1. Credit Cards.
    2. Personal loans.
    3. Hard money.
    4. Money from friends/family/partners.
    5. Bank loans (mortgages).
    6. Seller financing.

    ...Just some of the ways a property can be financed. Always ask- a seller can always say no- and you aren't any worse off! ...Have you thought about joining your local REI club?
     
  6. Walley
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    Walley New Contributor Read The Millionaire Fastlane

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    Thanks for the info. Yes I've consider joining a REI club, but the closest one is about an hour a way and their meetings are during my work schedule.
     
  7. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    You could always start your own club. I just did. My local REI club is 3 hours away- so I just formed my own last week! I will get the word out through my local SBDC, SBA and local Realtors. I may place an ad in the paper targeting investors. Still TBD, but at least it is some action in the right direction.
     
  8. snowbank
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    snowbank Platinum Contributor Speedway Pass

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    :bgh:

    Did you read the whole post? You don't even have to make money at poker, to make money at poker.

    I wasn't any good at poker before I started working at it either. People sometimes dismiss things they haven't heard before without giving it a chance way too often.
     
    AroundTheWorld likes this.
  9. Peter2
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    Peter2 Bronze Contributor

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    You don't even have to have money in order to make money at poker. Play free rolls all day long. Place in the money once or twice, then take those winnings and play with.

    Your only investment is your time, and it's very possible to go from nothing to $10,000 in one year.
     
  10. LightHouse
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    LightHouse Platinum Contributor FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass Summit Attendee

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    Whats a free roll?
     
  11. JScott
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    JScott Gold Contributor FASTLANE INSIDER Speedway Pass

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    It's a tournament where you don't have to pay any money to enter, but can still win prizes (such as a seat in a real-money tournament or cash)...

    Free roles are held for various reasons:

    - To encourage players to play more
    - To reward players who play a lot
    - As a marketing incentive
    - Etc...
     
  12. Diane Kennedy
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    Diane Kennedy Bronze Contributor

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    I'm originally from Reno, Nevada. We're taught how to order drinks (call your liquor, mix, glass.....Absolut, Tonic, Tall or Grey Goose, straight up, a little dirty) and play cards early in life there... That said, I had a lot of friends who went to school, got a degree, and ended up playing poker. It was like a job for them and they made good livings. Growing up in Nevada gives you a whole different perspective on a lot of things.
     

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