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Tired of Living Check to Check...

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sakinnuso

Rising Star
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So I'm not making much money and I'm single with no children. I don't have much expendable cash, but I'm tired of using what little I do have to buy food and trinkets. I'm not dating, so I might as well make some money. I have subpar credit, and the only way out of my situation is to start planning to make some significant money for a future before this country goes to the shitter.

I'm not going to sell drugs.

How can I begin investing even $100.00 a month into something that will grow revenue? I've been seriously considering short-term stocks, but know nothing about it. I don't mind investing in something now, waiting a few years, and having it return to me. There are some very intelligent brothers on this board, and at my age of 33 in Los Angeles, I've seen too many black men go into their 40's living check-to-check.

My ultimate plan is to accumulate a little money, create a business that sustains itself, then move to a country with a lower cost of living but where my money elevates me to a better lifestyle. I'm willing to sacrifice and live VERY modestly NOW, for the payoff later.

How in the world do I begin this? Suggestions? I started to do some research into e-trade and that type of thing, but i figured I'd ask first.
 
I started off with a Divident Reinvestment Plan (DRiP) back in the day. I put in $50/month and any gains would be automically reinvested. You may want to look at an investment club for gaining knowledge and sharing risk and costs. Many people will tell you to not do short term stocks. I, however, say go for it. Just diversify if you can. Try stacking your 100/month for 6 months and then open up an online account if possible. Allocate a portion of your $ for short term stocks and a portion for long term such as mutual funds. If you don't have enough for a mutual fund, just keep stacking that portion until you do. Try sites like fools.com and google finance and hit their message boards.
 
good question Im in the same boat

Im a junior in college I dont have any real expenses (food/utilities)

and I make about 100 a week just doing a bullshit workstudy

I have 1100 to invest but I dont know what to put it into. I thought about an

online store that dropships (nevblog) but I cant find a good product or

dropshippers
 
Many recommend that we have an emergency fund ranging from 3 to 6 months. If you have an emergency and lose income, you will be able to maintain your bills for the 3 to 6 months. In this day and age, some are saying that is why they have a credit card and don't keep as much liquid assets. I personally keep my emergency fund at ING. The interest rate may not be as high as other online accounts, but it is higher than a B&M bank.
 
new 2 this said:
Many recommend that we have an emergency fund ranging from 3 to 6 months. If you have an emergency and lose income, you will be able to maintain your bills for the 3 to 6 months. In this day and age, some are saying that is why they have a credit card and don't keep as much liquid assets. I personally keep my emergency fund at ING. The interest rate may not be as high as other online accounts, but it is higher than a B&M bank.
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yea but besides that
 
if you are a beginner investor there are a couple of things you need to do first. like someone mentioned earlier on the board, the very first thing you need to do is build an emergency fund. now i dont know how much you have saved up but if you dont then u need to have at least 3 months worth of your living expenses saved up for a rainy day (i.e. you lose your job, etc etc). it is very very important and once u have that amount saved, put that in a money market account and dont every fucking touch it. now as to where to open that money market account, you can either ask your bank...u do have a bank account, right? or you can try opening one at www.sharebuilder.com
now, that done, then u can start thinking about investing. a beginner investor like you, you have a couple of options. i dont know what kind of job u have but if you can afford to open a roth ira, then do that. again ask your bank if u are eligible to open a roth ira account with them. u can invest up to 4000 a year or less. whatever u can afford. do that for about 5 years and then stop and it'll grow by itself. you are in your 30s so by the time you are ready to retire, there will be a lil bit of change in there for u. and if u want to invest by yourself on the side too, u can still tuck away 50 bucks a month into ETFs. just put in 50 bucks every month for about 5 years and just leave it be. and then let them both grow. good luck playa.
 
sakinnuso said:
So I'm not making much money and I'm single with no children. I don't have much expendable cash, but I'm tired of using what little I do have to buy food and trinkets. I'm not dating, so I might as well make some money. I have subpar credit, and the only way out of my situation is to start planning to make some significant money for a future before this country goes to the shitter.

I'm not going to sell drugs.

How can I begin investing even $100.00 a month into something that will grow revenue? I've been seriously considering short-term stocks, but know nothing about it. I don't mind investing in something now, waiting a few years, and having it return to me. There are some very intelligent brothers on this board, and at my age of 33 in Los Angeles, I've seen too many black men go into their 40's living check-to-check.

My ultimate plan is to accumulate a little money, create a business that sustains itself, then move to a country with a lower cost of living but where my money elevates me to a better lifestyle. I'm willing to sacrifice and live VERY modestly NOW, for the payoff later.

How in the world do I begin this? Suggestions? I started to do some research into e-trade and that type of thing, but i figured I'd ask first.
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Have you tried your hand at affiliate marketing? You can make a killing if you know what you're doing, and you can use $100 a day for something like google adwords to drive traffic to your site that has your products. When someone makes a purchase you get a commission. It's like your own 24/7 ATM machine. Don't get me wrong, it requires hard work but the beauty of it is that it's perfectly suited for a second income, you set the hours and work from home. Plus this can become your main source of income the better you get at it. There are some hardcore affiliates making 6 figures monthly!
 
Not to throw a plug for my own business but have you ever thought about doing network marketing on the side? Its always good to have multiple streams of income and with a network marketing company you can get US home based business tax benefits too
 
Try this easy way to make additional income. I found out about it from someone running a blog on forex(foreign currency exchange) trading. It's easy and no risk, check out the movie(about 40 mins) and give me holla(yusef10@yahoo.com) if you have questions. But do watch the movie first. Let's make some money...together!!!

http://www.freedom.ws/yusef2def
 
Sell tees to your friends and colleagues. I can get you all you need at a good price. If you are interested in sneakers, hoodies, etc. I can help with that too. Also electronics, I got em. Main thing is to get busy, pay your dues and take risks. Don't talk about it, be about it.
 
The internet is a easy way to make easy bread...DO SURVEYS ONLINE or close to where u stay...They pay anywhere from 50-75 dollars for an hour...My folks was living good off doin this alone..When u do em online, they mail checks to your house...It's 50-75 an hour...Boring as fuck, but if u do enuff of em...well add it up yourself:yes:
 
nittie said:
Sell tees to your friends and colleagues. I can get you all you need at a good price. If you are interested in sneakers, hoodies, etc. I can help with that too. Also electronics, I got em. Main thing is to get busy, pay your dues and take risks. Don't talk about it, be about it.
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What type of electronices you have? and whats the deal on them?
 
No legal, 100 dollar a month, investment is going to make a significant financial impact on your life.

Think of yourself as a corporation. You Inc. Only 2 ways to improve your current financial situation.

Increase Revenue or Cut Spending

Turn off the cell phone, turn off the cable, turn off whatever you don't really need. Take the savings and your 100 monthly capital and INVEST IT IN YOU!!

Take a class, take a course, take a seminar, get a degree. Do something that will put you in a position to EARN more money. That is increasing revenue. That is the best investment you can make with this money.

Good luck
 
BadKredyt said:
No legal, 100 dollar a month, investment is going to make a significant financial impact on your life.

Think of yourself as a corporation. You Inc. Only 2 ways to improve your current financial situation.

Increase Revenue or Cut Spending

Turn off the cell phone, turn off the cable, turn off whatever you don't really need. Take the savings and your 100 monthly capital and INVEST IT IN YOU!!

Take a class, take a course, take a seminar, get a degree. Do something that will put you in a position to EARN more money. That is increasing revenue. That is the best investment you can make with this money.

Good luck
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DING! DING! DING! we have winner.

Trying not to spam here but check out my blog (in my signature) on this very subject.

Somehow, get Total Money Makeover (by Dave Ramsey). I got the audio book and it's done wonders since day 1. It hurt me (eventually helped) to write $25k worth of checks last year paying everything off. But recently I got laid off from Sprint and haven't lost one ounce of sleep over the layoffs before we were notified of the possibility of layoffs or after.

I blog it all and will only ask that you get the Dave Ramsey TMM book or audio book (if you don't want to check out the blog). Feels good to be (almost) debt free.
 

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