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Passive Income

Discussion in 'Skills, Business and Finance' started by BurtMeister3000, May 30, 2016.

  1. Corvid

    Corvid Active Member

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    I agree with Mebs, sounds dodgy. APR on a credit card is 18.5% or more? Savings accounts are less than 5%? Unless you're talking about becoming a hardcore dealer of nasal decongestant, it's not likely you'll get the returns you need. No harm in reading about it and seeing if there is some way to turn 5k into, say 7.5k quickly without going to jail. Using a credit card, you'd get 1.5k out of that deal. If you were able to get a loan from a credit union, the interest would be lower, and you'd get more back.
     
  2. BurtMeister3000

    BurtMeister3000 Staff Member

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    No, it was just an idea.

    Can you go to jail for it though? Is there anything illegal?? I don't think its a fraud of any type, just an investment of a debt. Lots of people go into debt and take a risk with that money in order to reap the rewards to later pay it off.

    I know you wouldn't reap massive rewards from this, but it would be good to build your credit score for future borrowing.

    Where did you get 18.5%?
     
  3. Party

    Party Well-Known Member

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    Guys, it's time to say,"Passive Income" really can't occur to any real extent until you've made that first million. That's when you reach a certain comfort level and invest in more risky stocks or ideas. I was there for awhile, then came kids college, my wife messing up $150,000 bucks, so before that time I watched the market everyday, following maybe ten stocks looking for opportunities. For example, Exxon dropped ten bucks in one day, bought 30 thousand worth, rebounded and pocketed $10,000. But got nightmare missed opportunities too, I bought 100 shares of this company called Apple for $60 a share, went to $80 and patted myself on the back when I sold it. Ugh. Point being when comes down to it, some one once said there is no substitute for hard work, I'll say the is no substitute for smart work, if you are workin for "The Man" it's gonna be tough to get that first million. Unless you are near the top of your class in your field of expertise. I was a B student, nothing special in college, ironically most successful small business owners fit that profile. We try harder, not because we want to, but because there is no other choice.
     
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  4. Mebs

    Mebs Active Member

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    I have a friend who has lived YEARS solely on his earnings from the stocks. He gets to travel the entire world, never living in a country for more than a few months. He is living life to the full, I am very jealous!
     
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  5. BurtMeister3000

    BurtMeister3000 Staff Member

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    I'm jealous of your mate too. I have looked into things like that before, I see ads for trading apps and have been tempted, but looking at it I have no idea what I betting on so thought better of it.
     
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  6. Party

    Party Well-Known Member

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    I don't trade that often anymore and I don't follow the market much. Other things to do, recently before my daily hanging session when the sun is out I'm workin on my tan, butt naked of course but more often than not I'd just rather have a nice long romp with the Mrs. I figure I'm a heart attack away, i.e. No more ****** or prostate cancer and my little guy goes on permanent vacation. I guess I'll start following the market again then but now is just fun time. I'm still in stocks big time, but have taken a beating on a few, now all my money is in dividend funds, my Franklin Dividend Income fund I'm very happy with. I reinvest all the dividends.
     
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  7. Corvid

    Corvid Active Member

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    They did away with debtors prisons a while back, so you don't go to prison for it in this part of world. What I mean is that the easiest ways to quickly turn a few grand into more than a few grand might land you in prison- such as selling nasal decongestant.

    Apr varies, usually when I see an ad or a flier for a credit card, the Apr is 18.5% or higher. Sometimes there's a lead in, short term Apr of 13.5% for 6-12 months. If you use your property as a surety, you can get lower Apr, but that's risking your home.

    The stock market is a mess, you need serious money or plain luck there. It's gambling, depending on unknown variables.
     
  8. Cosmolot24

    Cosmolot24 Member

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