michael515
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- Aug 27, 2007
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My advice...
Don't spend your money on a Porsche. The biggest mistake I see us young folk make is when they have a little money they spend it on stuff they don't need. Wait as long as you can and buy the cheapest RELIABLE car that you can. Buying expensive stuff early just keeps you stuck in the rat race. Make the money before you spend it.
Remember this too. Statistically less that 1% of people are rich. If you want to be wealthy don't do what the 99% do. Do just the opposite.
Publishing. I have a little experience with this as I've written a book. Self publish if you want to make money. Go mainstream through a traditional publisher if you want to the credibility of being published. It's a pretty tough process going the trade route - be prepared. Also, most traditionally published books make no money and the company do little if any marketing for you. I did print on demand and it was very effective and you couldn't tell the difference in quality.
Penny stocks - mutual funds? I used to have a Series 6 and sold MF's. Now I'm not so much a fan anymore. Too many are much too diversified to get real gains. Maybe an International Fund with a small amount of companies with high growth potential - but that's still a bit longer term.
I see most MF's throwing a bunch of mud at the wall and some will stick - doesn't take much rocket science to do that. If I recall most S&P 500 indexes actually beat most MF's. Or the Beardstown Ladies - that's great stuff on a group of older women who beat the S&P on their own with a 23.4% overall return from 1983 to 1994. That's very solid.
Penny stocks are high risk because most are junk. I've researched and it seems too much like gambling.
Don't spend your money on a Porsche. The biggest mistake I see us young folk make is when they have a little money they spend it on stuff they don't need. Wait as long as you can and buy the cheapest RELIABLE car that you can. Buying expensive stuff early just keeps you stuck in the rat race. Make the money before you spend it.
Remember this too. Statistically less that 1% of people are rich. If you want to be wealthy don't do what the 99% do. Do just the opposite.
Publishing. I have a little experience with this as I've written a book. Self publish if you want to make money. Go mainstream through a traditional publisher if you want to the credibility of being published. It's a pretty tough process going the trade route - be prepared. Also, most traditionally published books make no money and the company do little if any marketing for you. I did print on demand and it was very effective and you couldn't tell the difference in quality.
Penny stocks - mutual funds? I used to have a Series 6 and sold MF's. Now I'm not so much a fan anymore. Too many are much too diversified to get real gains. Maybe an International Fund with a small amount of companies with high growth potential - but that's still a bit longer term.
I see most MF's throwing a bunch of mud at the wall and some will stick - doesn't take much rocket science to do that. If I recall most S&P 500 indexes actually beat most MF's. Or the Beardstown Ladies - that's great stuff on a group of older women who beat the S&P on their own with a 23.4% overall return from 1983 to 1994. That's very solid.
Penny stocks are high risk because most are junk. I've researched and it seems too much like gambling.