Welcome to ECCIE - Sign up today!

slims099 · 08-07-2011, 01:38 PM

If anyone knows of any investment groups, real estate investors, or just somewhere I could invest money where I'd see some sort of monthly return, on down the line, Please let me know.

I'm currently in Odessa trying to work hard and save a ton of money to invest, not even being 30 yrs old yet, I want to start investing now, but not all for retirement. I'm looking for something I can invest in now such as companies, real estate, stores, or looking to find an investment group.

PM me or just post here for any advice. For example, I know 2 friends (which are not on eccie) who own Metro PCS stores in the Dallas area. They love them to death. They're doing great, not a whole ton of maintenance. Of course they work 50+ hours a week or more managing their stores, but they still have plenty of time to do things they want, while also bringing in a decent income.

Any other ideas? Thanks fellas!

IIFFOFRDB · 08-07-2011, 05:59 PM

Just be carefull. Stay away from Nigerians that need help and have huge returns. Do not go into the Flooring buisness. LOL. Good Luck.

slims099 · 08-07-2011, 06:28 PM

LOL, thanks man. I almost got scammed by those idiots once about 8-9 years ago. I'm just trying to save and invest. Not blow it all and go overdraft, or have to borrow from others.

TexTushHog · 08-07-2011, 09:03 PM

Put your money in reputable no load mutual funds that are ranked four or five stars by Morningstar. Accept a level of return that is acceptable for your tolerance for risk and your situation in life. Use the power of dollar cost averaging.

If you want to own a business, proceed with great caution. I would recommend that you get a college degree in business first. It's not essential, but it certainly helps. For every business idea that works and for every business model that succeeds, there are dozens upon dozens that do no and dozens of scams. If you don't learn to distinguish one for the other, the sharks will soon part you from your money.

And find a banker, an accountant, and an family lawyer that you can trust. Those three people can keep you out of a lot of trouble. They have seen many failures and quite a few successes. Take advantage of their accumulated wisdom.

Good luck.

Boltfan · 08-08-2011, 12:17 AM

For once TTH posts something reasonable.

There is very little money in owning a business that you don't also put in hours upon hours of sweat equity. In the short term speculation with your money is not likely a good idea, especially considering it is all you have. Be patient.

Lust4xxxLife · 08-08-2011, 12:40 AM

You can't legally invest in a private business unless you become an 'accredited investor'. This means something like either $200K+ annual income or net worth of $1M+. If someone tries to take your money without verifying that, it's illegal.

A workaround is to make you a member of the company before you invest. The law protects grandmothers, not co-founders.

Boltfan · 08-08-2011, 02:40 PM

So the $10K investment my former company got from an aunt in 1995 was illegal? That makes zero sense.

seventonine · 08-08-2011, 03:47 PM

Find someone you trust for investment advice. Hang up on the person that calls on the phone telling you he has found a great stock that is about to go gangbusters in the market. He is as full of $hit as the Nigerian dude that just sent you the email that you should have deleted without even reading it.

I tend to agree with TTH. Find a reputable no-load mutual fund in the interim until you've built some cash value.

Take time to research and learn about the markets you want to play in and only then invest the cash that you can live without if it's gone tomorrow. Periodically, take portions of the winnings and dump them into safer investments to hedge against the riskier stuff.

slims099 · 08-08-2011, 06:35 PM

Yah I think I'd rather invest into a business in which I can get returns almost immediately, but like Boltfan said, work it hard for awhile also. Get it stabilized. Manage it correctly, and then move ahead with my 2nd one.

Boltfan · 08-08-2011, 08:16 PM

Things take time.

I was in my industry from 1992 to 2004 before I ventured into ownership.

slims099 · 08-08-2011, 09:30 PM

I just want to turn 200k into a million, LOL! 200k is hard to come by these days, but ya never know. Gotta be disciplined and save! 1 hobby a month!

TexTushHog · 08-08-2011, 11:46 PM

Quote:

Originally Posted by slims099

Yah I think I'd rather invest into a business in which I can get returns almost immediately

You don't think you get returns on mutual funds "immediately." They are required by law to make dividends and capital gains distributions yearly.

And I assure you that all "get rich quick" schemes are just that -- schemes.

But if you want to turn $200k into $1,000,000 quick, your best bet is to go to Las Vegas and get some chips and go to the roulette wheel. Bet your $200k on red or black. If you win, bet it again. You have a .47368 chance of winning each time. A 22.435% chance of winning twice in a row. Your odds at the casino are much better than investing in some scheme that somebody tells you will get you "immediate returns" such that you can turn $200,000 into $1,000,000 in less than 22 - 25 years or so.

Good luck. With your investment expectations you're really going to need it.

slowmover · 08-09-2011, 12:30 AM

Asking about saving money here is like asking about car care tips on the demolition derby website.

Lust4xxxLife · 08-09-2011, 01:39 AM

Quote:

Originally Posted by Boltfan

So the $10K investment my former company got from an aunt in 1995 was illegal? That makes zero sense.

Whether it makes sense or not, it's the law and it's pretty clear. If a private company takes investment in exchange for equity, the investor must be 'accredited'. Here's the link:

http://www.sec.gov/answers/accred.htm

If you're not really a company (i.e., not registered), then the law doesn't apply.

If it's considered a loan and not investment in exchange for equity, the law doesn't apply.

Otherwise, it does.

Lust4xxxLife · 08-09-2011, 01:43 AM

Quote:

Originally Posted by TexTushHog

You don't think you get returns on mutual funds "immediately." They are required by law to make dividends and capital gains distributions yearly.

And I assure you that all "get rich quick" schemes are just that -- schemes.

But if you want to turn $200k into $1,000,000 quick, your best bet is to go to Las Vegas and get some chips and go to the roulette wheel. Bet your $200k on red or black. If you win, bet it again. You have a .47368 chance of winning each time. A 22.435% chance of winning twice in a row. Your odds at the casino are much better than investing in some scheme that somebody tells you will get you "immediate returns" such that you can turn $200,000 into $1,000,000 in less than 22 - 25 years or so.

Good luck. With your investment expectations you're really going to need it.

I agree with this advice with one suggestion: don't go to Vegas, go to the Bahamas. In the Bahamas, your odds are slightly better because the roulette wheels only have one green landing spot.