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Thread: What are you doing to improve your financial condition??

  1. #1
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    After looking at lil ray's post about buying stocks in the current market, I think it important for us to discuss:

    "What are you doing to improve your financial future?"

    If you have money you can start a record label, a club, a radio station, a promotions company and CONTROL you destiny. You can more effectivly serve God, your family, yourself and your community.

    What is your financial plan?

    Please respond....and if you dont have one:

    1. Thats ok (for now) ... admit you dont have one ... step #1 is admitting you have a problem.

    2. Seek counsel and research on how to get one. Plenty of folk around here can get you some sort of info. And you dont have to have boookoo $$ to make money.

    Ill post my plan a little bit later..

    Who's first?

    peace and money
    julian kelly

  2. #2
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    401K..stock fund..savings...and accelerated payments on my revolving credit debt...6 months earnings salted away in emergency fund...a home...also own a couple thousand shares in my company waiting for my tearget price to pop up
    As for the charges against me, I am unconcerned. I am beyond their timid lying morality, and so I am beyond caring.

  3. #3
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    Financial plans and investment and the future.

    End of each month is as far as it goes for some.

    Salaries and your outgoing keep people from looking too far into to future, what a depressing post (for some).

    If I wanted to talk about money I would be on an accountants message board, how boring would that be ?

    Muisc can be an escapism from every day toil.
    Wolfes from door, i wish daddy was a investment banker then i've have a studio a record label and a club.

    My priorities are probably music and travelling over investments, silly me hey !

    Oh well I am an artistic sought, more so than a mathematician sought

    Interested to hear your plan all the same.

    [ May 15, 2002, 06:28 PM: Message edited by: Martin Red ]

  4. #4
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    A well diversified Goldman Sachs managed portfolio with about 60% geared towards long term steady growth stocks, 20% towards short term higher risk stocks (and thus possibly higher gain), and 20% in bonds.

    Beyond that I research and do some short term higher risk investing on my own, but only when I have really done my homework.

  5. #5
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    i spend all my money on vinyl and weed.
    \'Here comes the sun, shining brightly through the haze.\'

  6. #6
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    This is a depressing post?

    Youll definitely be depressed financially for the rest of your life with that attitude.

    You talk about music being your escape...but you cant even afford to buy enough of the music that is 'your escape'

    You CAN have the studio and club that you desire....learn how to make money and it can happen

    People need to get out of the 'broke mentality' and get a new way of thinking...folk need to stop being scared to talk about money....its nothing but a tool thats attainable

    ....you just gotta know how to play the game and its a cryin shame most people dont want to learn how to play the game and end up losing BIG TIME by default.

    julian kelly

    Originally posted by Martin Red:
    Financial plans and investment and the future.

    End of each month is as far as it goes for some.

    Salaries and your outgoing keep people from looking too far into to future, what a depressing post (for some).

    If I wanted to talk about money I would be on an accountants message board, how boring would that be ?

    Muisc can be an escapism from every day toil.
    Wolfes from door, i wish daddy was a investment banker then i've have a studio a record label and a club.

    My priorities are probably music and travelling over investments, silly me hey !

    Oh well I am an artistic sought, more so than a mathematician sought

    Interested to hear your plan all the same.

  7. #7
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    My financial plan is detailed and centers around several things.

    1. WHY….. Why do I want to make money? Why is it important?
    In my opinion, if you don’t know the reason why you are doing something, you wont be happy. In a nutshell, the primary reason that I have been inspired to build wealth is to support and advance the growth of my Christian beliefs and second to financially help the underprivileged. Basically, my goal is to make gobs of money to give it away to folk who need help. After helping people, my main reason is freedom. I hated working a job… hated it. I want the freedom to do what I want to do when I want to do it. I hate having people tell me what to do. In addition, I wanna live a prosperous financial life and enjoy life’s trappings – and there’s nothing wrong with that if you keep everything in perspective

    2. HOW? My plan centers around: 1. business ownership and 2. investing the profits in my business in other assets.

    One thing a guy I know who is worth over $10 million told me is that a “job only provides for food, clothing and shelter….rarely anything else….. and usually if you do land a job with a huge mega salary, it comes with a price,” ie. long hours, too much responsibility, politics, stress etc. The only jobs I know where you can make serious cash with no strings attached are sales jobs that are incentive/commissioned based. Other than that it will be extremely hard to get ahead financially.

    In today’s times, it’s close to impossible to ‘get paid’ or let alone ‘make ends meet’ with merely a job. How many people do you know who worked for forty years and retired wealthy? It doesn’t happen…period. If you aren’t efficiently investing your salary, and/or looking to create another stream of income you will never get ahead….that’s just the way the game is played… gotta understand capitalism or you get crushed.

    Therefore, on a part-time basis I started a marketing and consulting business that I ran during the night and on the weekends. After six years, I quit my job to pursue it full time. I like running my own business because it gives me the freedom to do what I want to do. Also it is the one investment where I can truly control my income and not depend on anyone else

    I invest the profits from my business in 1. the stock market and 2. real estate and also arrange everything I do into making money short term and long term

    Short term for me is one week to six months. I like making money now and not later; if I have more money now, I will definitely have more money later; I deal with the tax consequences by forming proper shelters, deductions and giving. In the market, I will purchase some call or put options if I want to make immediate cash ($2,3,$500 to a few thousand) with a time frame of a week to a few months. To find these deals, I simply look in the paper for big newsy items; its also good to have a relationship with a broker. If Im dealing with a real estate and want immediate cash I will look to do a lease option or assign a property for a few thousand dollars. The real estate short term time frame is usually two to six months. Heck… a while ago, I took a three day course and paid around $200 to get an insurance license. I don’t use it much, but if worse came to worse and I needed to make a thousand or two in a week, I could run 10 appointments, close 2 a few and have a G or two in my pocket. Making money is just a change in mindset

    For long term money, I again invest my short term profits in the market and real estate and let it sit there without touching it. I dollar cost average into a s&p fund every month as well as a janus fund. I also consistently buy shares of Microsoft, Cisco and Intel. As far as real estate, I dabble in rental property. Pretty soon I'll start buying notes.

    3. HOW TO GAIN THE KNOWLEDGE?

    READ !!! READ !! READ !! READ !! READ !!! READ!!

    Increase your financial literacy.

    You can tell a person by the books they read… If I came to your house and looked in your bookcase and saw no money books there, I would immediately assume that you are broke. Am I correct?

    You can go to the business section of a bookstore or the library and find 10 ways to make a million dollars in an hour. The problem is most folk don’t read. You can search on the internet and find tons of ways to make money

    GET A MENTOR. Find someone who has what you want and copy them. Youll be surprised at the help someone will give you if you simply ask.

    4. GIVING. To me giving is the #1 way to achieve wealth. I strongly believe in tithing. I give away at least 10% of everything I make. Its mind boggling how I’m blessed in return. Wealth doesn’t mean anything if you don’t help others along the way

    I’ve been fortunate to know several millionaires and folk worth several hundreds of thousands of dollars. It blows my mind the types of things they can do because they have financial freedom. I remember one day recently everybody on DHP was complaining about how hard it was to start a club. I called up a guy I know who’s a millionaire and asked him “How difficult would it be for you to get a $2million dollar loan? He replied “I can have it done in about a week or less if I push it” I then asked him “If you wanted to open a million dollar nite club, how long would it take you to do it?” He replied “Not long…maybe six months to put together a plan and build the thing….the biggest hurdle I would have to deal with would be a liquor licence, codes and political support…but that’s no big deal….I have money.”

    Folks… you don’t have to be rich if you don’t want to, but at least have some control over your your financial destiny...most people have none... lose your job....miss two paychecks and thats it...over...done....finished

    Learn to change it

    More ramblings later

    julian kelly

  8. #8
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    Originally posted by julian_kelly:
    This is a depressing post?

    Youll definitely be depressed financially for the rest of your life with that attitude.

    You talk about music being your escape...but you cant even afford to buy enough of the music that is 'your escape'

    You CAN have the studio and club that you desire....learn how to make money and it can happen

    People need to get out of the 'broke mentality' and get a new way of thinking...folk need to stop being scared to talk about money....its nothing but a tool thats attainable

    ....you just gotta know how to play the game and its a cryin shame most people dont want to learn how to play the game and end up losing BIG TIME by default.

    julian kelly

    </font><blockquote>quote:</font><hr />Originally posted by Martin Red:
    Financial plans and investment and the future.

    End of each month is as far as it goes for some.

    Salaries and your outgoing keep people from looking too far into to future, what a depressing post (for some).

    If I wanted to talk about money I would be on an accountants message board, how boring would that be ?

    Muisc can be an escapism from every day toil.
    Wolfes from door, i wish daddy was a investment banker then i've have a studio a record label and a club.

    My priorities are probably music and travelling over investments, silly me hey !

    Oh well I am an artistic sought, more so than a mathematician sought

    Interested to hear your plan all the same.
    </font>[/QUOTE]Thanks Julian, It's always the people that have It that tell you it's attainable, I can afford the music, (most of the time), depends what is released .
    I am taking note of your advice all the same.

    ;)

  9. #9
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    Originally posted by bitonti:
    i spend all my money on vinyl and weed.
    Adda Boy !!!!
    <a href=\"http://www.funkjunk.notlong.com\" target=\"_blank\">http://www.funkjunk.notlong.com</a>

  10. #10
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    Plan:
    Maxmized 403B thru my Job, Automatic additions to Mutual Funds outside of retirement, 4 months emergency fund, Home, except for my mortgage I have zero debt. I refinanced recently from 7.25 to 6.35 and went from a 20 Year to 15 year home loan. We send in an extra principle payment every month in order to pay down the mortage faster. I need to open a ROTH IRA.

    One key point in investing is to have your investments automatically deducted from your check or bank account so that you don't have to think about them.
    (\\_/) <br />(O.o) <br />(&gt; &lt;) \"Swim at your own risk\"

  11. #11
    matt b Guest

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    What I think we all should do.

    1. Try to get rid of the FED that is printing counterfeit money and creating this national debt that we have. The stock market is over valued and is a propaganda tool used by the Government to make people think the economy is on the right track. The myth that money can be made by shuffling paper around has to be debunked.

    2. We need to get back to the Silver and gold standard as our Constitution prescribed. Currency backed on precious metals always has a definitive value that no one organization can inflate or deflate. When the money runs out we will learn to live within our means, prices will drop and everything will become affordable. We will then begin to pay off our national debt.

    3. If we don't take the above steps, we're likely to see 50, 60 or maybe even 70% personal income tax rates. What are we willing to bear? At a certain point, the stock market will collapse and all the mutual funds, Social Security, IRA's and other worthless paper won't be able to help us (or your children).

    4. Everybody’s 'plan' should be to collaborate and speak out loudly about why our government sold us out to foreign investors. With enough of us complaining about this, it may be possible for someone to arise and actually makes changes like this without the fear of being assassinated as was J.F.K.

    [ May 16, 2002, 12:48 AM: Message edited by: matt b ]

  12. #12
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    Its all good martin. Actually I've been as poor as the next man. Time when I couldnt pay bills...no insurance...stress....headaches...phone cut off...creditors calling me... all that stuff; but with Gods help and some effort on my part, Ive been able to make some changes.

    Nothing was handed to me. Ive struggled. For the six years that it took for me to get my business ideas up, I didnt buy any records lol!! Im just like the next man. And I still have a looooooooooong way to go. All I'm tryin to say is that it can be done. So many folk need to be freed from poverty and lack.

    As long as people are afraid to talk about it, they will be captive

    Lets keep the good dialogue rolling..

    hope all remains well
    julian kelly

    Originally posted by Martin Red:
    </font><blockquote>quote:</font><hr />Originally posted by julian_kelly:
    This is a depressing post?

    Youll definitely be depressed financially for the rest of your life with that attitude.

    You talk about music being your escape...but you cant even afford to buy enough of the music that is 'your escape'

    You CAN have the studio and club that you desire....learn how to make money and it can happen

    People need to get out of the 'broke mentality' and get a new way of thinking...folk need to stop being scared to talk about money....its nothing but a tool thats attainable

    ....you just gotta know how to play the game and its a cryin shame most people dont want to learn how to play the game and end up losing BIG TIME by default.

    julian kelly

    </font><blockquote>quote:</font><hr />Originally posted by Martin Red:
    Financial plans and investment and the future.

    End of each month is as far as it goes for some.

    Salaries and your outgoing keep people from looking too far into to future, what a depressing post (for some).

    If I wanted to talk about money I would be on an accountants message board, how boring would that be ?

    Muisc can be an escapism from every day toil.
    Wolfes from door, i wish daddy was a investment banker then i've have a studio a record label and a club.

    My priorities are probably music and travelling over investments, silly me hey !

    Oh well I am an artistic sought, more so than a mathematician sought

    Interested to hear your plan all the same.
    </font>[/QUOTE]Thanks Julian, It's always the people that have It that tell you it's attainable, I can afford the music, (most of the time), depends what is released .
    I am taking note of your advice all the same.

    ;)
    </font>[/QUOTE]

  13. #13
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    Originally posted by julian_kelly:
    Its all good martin. Actually I've been as poor as the next man. Time when I couldnt pay bills...no insurance...stress....headaches...phone cut off...creditors calling me... all that stuff; but with Gods help and some effort on my part, Ive been able to make some changes.

    Nothing was handed to me. Ive struggled. For the six years that it took for me to get my business ideas up, I didnt buy any records lol!! Im just like the next man. And I still have a looooooooooong way to go. All I'm tryin to say is that it can be done. So many folk need to be freed from poverty and lack.

    As long as people are afraid to talk about it, they will be captive

    Lets keep the good dialogue rolling..

    hope all remains well
    julian kelly


    P O S I T I V I T Y

    Traits!
    from travelling to U.S I noticed people have a lot more go, dreams, posivity, encouragement.
    U.K moans, and being in that enviroment rubs off.

    Thanks for reminding me julian.

    Keyword "attainable" :D

  14. #14
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    Man you need to GET OUT OF MY HEAD! For years I've been saying "you'll never get rich working for someone," yet that's what I do. Far too few investments. Bill collectors interrupting my TV time. Too many "gotta haves."

    I'm hoping to change all that very soon (this month). First, quickly eliminate credit card debt (6 mos). Then double-up on the student loan I should never have taken out in the first place butwasjusttoolazytodotheresearchtogetascholarshipa nd/orgrant. Simultaneously start investing in the stock market. Now's the time as it's dropping. I know this. What I don't know is why I haven't done it yet. My only excuse is that I really and truly don't have a grand to plunk down for an account. That's what I've been told it takes. As an extra measure of security, open a savings account and don't touch it. Every time it gets to $500, buy a CD or some other high-yield instrument.

    I'm pretty good on the retirement front (right now I'm on track for 3 different types of retirent checks) so that if worse came to worse, I could at least support myself in my old age, but right now I'm broke as a joke, even though I make a decent living wage.

    Things gotta change.

  15. #15
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    Where I "was" back around age 31 (I am now 42):

    1) Defaulted student loans (I wasn't paying nothin back, just..just try and get if from me)
    2) Credaholic ( 4 credit cards charged to the max). Only making the minimum payment
    3) Bill collectors calling all the time. Afraid to answer the phone.
    4) Bad stuff on my credit report
    5) Just constantly worrying about money
    6) No savings or investments

    I was able to fix all of the above by age 34. I burried the bad credit under a mountain of good credit. I also challenged some things that were correct on the credit report but they could not verify them in time so they had to remove them (hehehehe) ;) Now my credit report is perfect\excellent and everybody wants to give me money but they can all kiss my ass.

    If I only knew in my 20's what I know now.
    (\\_/) <br />(O.o) <br />(&gt; &lt;) \"Swim at your own risk\"

  16. #16
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    i currently work in the highly profitable fishing industry!! there are no big financial plans for me (as stocks and such, frankly, it bores me [img]graemlins/sleep.gif[/img] ) just working from 4in the morning til noon...life is hard, but music keeps it sweet [img]graemlins/grinyes.gif[/img]
    heard some new stuff lately?

  17. #17
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    I'm not sure about reading materials help make it...
    The only thing I'm sure is that risk is not a big factor, let's say not in all cases. I think it's more the way you think, the way you act.

    You have to be smart as a squirrel (as we say in France), and sure of what you are doing.
    I mean that in 2 ways SURE :
    - sure that your plans are good,
    - sure, as "convinced", determinated.

    And meet the good persons, and never get down in front of someone, even if this person looks heavily smarter than you are. Always take the "ascendance" on someone always think you're smarter, or it will be equal to equal discussion, whatever the discuss is about.

    In France we call it "audace" (audacious ?). When you do things that nobody did think to do, or dared to do.

    And I'm 100% with Wild I : no money can be done when working for someone.
    I don't know if it cost much to beggin an.."industry"? "society"? "Company"? (damn' dunno the word for) in the US, but in France, you can start with only 2000$. Then you own all the money you worked for (except the state's part - 20%)

    I'm starting my own web agency the 228 of may.

    go go go go go !

  18. #18
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    Got a 401k from when I used to work for somebody its 100% Aggressive, high risk/high return
    Stock Portfolio
    SEP Plan

    Currently reviewing real estate deals. One in particular is to buy in a depressed area that is slated for growth, but still under the radar.

    G have you considered buying rental property in Chicago? just curious, peace, mark

  19. #19
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    M,

    No, but I am lightly considering buying some rental property here. I do need more knowledge about the in and outs of buying rental property.

    -Gerard

    Originally posted by mhd:
    Got a 401k from when I used to work for somebody its 100% Aggressive, high risk/high return
    Stock Portfolio
    SEP Plan

    Currently reviewing real estate deals. One in particular is to buy in a depressed area that is slated for growth, but still under the radar.

    G have you considered buying rental property in Chicago? just curious, peace, mark
    [ May 16, 2002, 12:26 PM: Message edited by: Gman ]
    (\\_/) <br />(O.o) <br />(&gt; &lt;) \"Swim at your own risk\"

  20. #20
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    With regards to paying down a mortgage faster (via making larger than necessary payments), I choose not to as I make more interest keeping it invested than I lose over time paying off the mortgage. I am lucky to have scored a low mortgage rate which makes this possible though.

  21. #21
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    1. Leaving my dream apartment for a cheaper, more practical one as I save for a multi-family, income-generating property.
    2. Consolidating my debt.
    3. Working Underneath.

  22. #22
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    Julian had an excellent thread going here a couple of months ago about real estate, with some great links and books. I had considered Chicago since family is still there, I think a lot of the speculation has already occurred. One thing you can do is take a look at the plan for your area to get some idea of what's ahead. Also university towns are great for the constant influx of people, peace, mark

    Originally posted by Gman:
    M,

    No, but I am lightly considering buying some rental property here. I do need more knowledge about the in and outs of buying rental property.

    -Gerard

    </font><blockquote>quote:</font><hr />Originally posted by mhd:
    Got a 401k from when I used to work for somebody its 100% Aggressive, high risk/high return
    Stock Portfolio
    SEP Plan

    Currently reviewing real estate deals. One in particular is to buy in a depressed area that is slated for growth, but still under the radar.

    G have you considered buying rental property in Chicago? just curious, peace, mark
    </font>[/QUOTE]

  23. #23
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    1. Recently paid off all revolving credit card debt.

    2. Contribute monthly to two ROTH IRA accounts and three mutual funds.

    3. Participant in retirement plan at work (although I need to start making additional contributions).

    4. Entered into two 529 plans for my kids so that their tuition will be paid by the time they're ready for college.

    5. Refinanced my mortgage and home equity loan to drop the rate from 8% to 6.875%, saving us $300 per month (which will be plowed in paying off a graduate school student loan)

    6. Beginning plan to pay off a car loan one year early, after which the extra money will go towards a principal payment on my mortgage each month.

    Peace,

    Doug
    95 North on Facebook

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  24. #24
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    Originally posted by Doug:
    1. Recently paid off all revolving credit card debt.

    2. Contribute monthly to two ROTH IRA accounts and three mutual funds.

    3. Participant in retirement plan at work (although I need to start making additional contributions).

    4. Entered into two 529 plans for my kids so that their tuition will be paid by the time they're ready for college.

    5. Refinanced my mortgage and home equity loan to drop the rate from 8% to 6.875%, saving us $300 per month (which will be plowed in paying off a graduate school student loan)

    6. Beginning plan to pay off a car loan one year early, after which the extra money will go towards a principal payment on my mortgage each month.

    Peace,

    Doug
    Doug, #4 is brilliant, could you explain it here so peeps can understand, and #3 if your employer matches, you know what I'm going to say, everybody has their own strategy but you wonder is it better to pay down debt or invest and grow, especially with someone elses money, peace, mark

  25. #25
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    Originally posted by mhd:
    Doug, #4 is brilliant, could you explain it here so peeps can understand,
    In short, a "529" college savings plan allows you to pay for your child's college tuition at today's rates. By the time my kids are ready for college, we will have paid into the plan the equivalent of two 4-year university tuitions at the 2001 tuition rate instead of the 2016 and 2019 tuition rates. The beauty of it is that they don't have to use the money for an in-state school. And if they choose not to go to school (which would prompt a serious ass whuppin' on my part), you can still withdrawal the money (paying penalties and taxes, of course) Here's a link that probably explains it better than I could:

    http://money.cnn.com/pf/college/features/529plan/

    and #3 if your employer matches, you know what I'm going to say, everybody has their own strategy but you wonder is it better to pay down debt or invest and grow, especially with someone elses money, peace, mark
    My philosophy over the last few years has been to focus on paying down debt. However, I still have tried to invest, even it has been small amounts.

    Peace,

    Doug

    [ May 16, 2002, 02:10 PM: Message edited by: Doug ]
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