How do you make money.

If you invest in Vodka, you always get a 40% return.








:creep:

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Originally Posted by Greyblades

Well... I've been thinking over the last 2 days, there was this chinese buffet that had recently closed near me, maybe I should get a loan; buy it, open a restraunt. It's a really good area: it's part of the bus station across the road from the rail station, 15 minutes from the mainstreet and there's a mini tesco right next to it. high traffic and easy access to food if we run out some nights, I could see it paying itself off in a year or two.
Worth thinking about, I guess, though it will probably require loads of night classes on management.

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I wouldn't recommend opening a restaurant. Opening a restaurant is a hit or miss. And a miss has quite large complications.

I will give you advice no one has given here before.

Buy really good Yu-Gi-Oh cards to make a deck, and play in tournaments. I've earned about 6000 AUD from selling cards to Yu-Gi-Oh crackheads.

bet on sports. easy money.

and ye restaurant not a smart idea, will take awhile before it will become profitable and if its ur only establishment it is very hard work. generally the food business is not a very smart choice if u want to make a quick but big buck.

poker online is also a good idea if u are good at maths.

Go on a reality tv show.

Spoiler Alert, click show to read: 

Don't worry, it's The Onion guys.

https://www.youtube.com/watch?v=0App7QizQCU

Quote:

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Originally Posted by Greyblades

Well... I've been thinking over the last 2 days, there was this chinese buffet that had recently closed near me, maybe I should get a loan; buy it, open a restraunt. It's a really good area: it's part of the bus station across the road from the rail station, 15 minutes from the mainstreet and there's a mini tesco right next to it. high traffic and easy access to food if we run out some nights, I could see it paying itself off in a year or two.
Worth thinking about, I guess, though it will probably require loads of night classes on management.

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Restaurants are one of the worst businesses to invest in. 90% fail within their first year.

In any case, you probably couldn't even get a loan to begin with. In order to get a loan, you need to have collateral or an income to offset it, preferably both. Banks aren't going to just give you money because you've got an idea.

Plus the fact the buffet recently closed shows you how successful the area actually is and they probably invested far more time and money than you probably would be able to do so yourself, perhaps even with far greater experience.

You could always do the 'tasks' from the Apprentice. They usually get assigned like £200 and they compete to earn as much as they can from it or run your own start-up business. Many universities do have schemes where they could help you set up a business and one at my old university which was successful was home-made soup which was sold during the University rush times.

Quote:

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Originally Posted by a completely inoffensive name

Go on a reality tv show.

Spoiler Alert, click show to read: 

Don't worry, it's The Onion guys.

https://www.youtube.com/watch?v=0App7QizQCU

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lol XD

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Originally Posted by TinCow

Spoiler Alert, click show to read: 

Well, the first and most important step is to learn how to budget. You need to categorize your income into three separate areas. First, determine how much money you need to pay for essentials, such as food, housing, transportation, etc. Do not include any luxuries in here, only the bare minimum necessary. Second, set yourself a specific level of savings to put away for the future. More on this later, but a good rule of thumb is 10% of your income. So, with an income of 500 GBP per month, this would be 50 GBP. Third, everything else left over is your disposable income. If you do not already have them, open two bank accounts, a checking account and a savings account. Every month, deposit 450 GBP into the checking account and 50 GBP into the savings account. Ignore the savings account for now; pretend it doesn't exist. Pay your bills exclusively from checking. Your disposable income will remain in checking and will slowly accumulate. You can do multiple things with your disposable income. First, you can spend it on luxuries, like entertainment, a good meal, or some nice item or piece of clothing which is not covered by your essentials. Second, you can save it for bigger luxuries. For example, you might want to buy a new computer which costs 1000 GBP. Obviously one month's of disposable income is not enough to pay for this. So, don't spend your disposable income for several months and instead save it up. When you've got enough got the computer, then you buy it. Third, make larger than normal deposits into savings.

Do not run up debt. Credit cards are good things, and I recommend using them. They are easier than carrying around cash, will build a credit record for you (which is important in future years), and you can even save money with them if you've got a card that gives you some kind of cash-back or reward system. The important thing, though, is to NEVER run a balance on the card. Always pay the balance of the card in full every month. If you do this, the credit card costs you nothing (avoid annual fee cards like AMEX, you don't need them). If you cannot afford something based on the amount of money in your checking account, you just don't buy it.

Continue this way until your savings account has enough money in it to allow you to live off of that account with no other source of income for six months. That money is now your emergency fund, and you will never touch it. It exists to bail you out of bad situations, such as unemployment or unexpected medical expenses. It is a safety net for your financial life, and you should always keep it safe in a savings account and never invest it or put it someplace where you cannot access it immediately and in full. From this point on, your monthly savings can instead be diverted into investments. These are the stocks and bonds that you hear so much about. There is a lot to learn about this stuff, but you're still at the beginning of the process so you don't need to worry about it yet. When you get there, find someone who's knowledgeable about it and pick their brains. As your income level increases, your lifestyle will increase as well and you should regularly rebalance the 'essentials' and the savings to ensure that they keep up with your means and your needs. Also make sure that your six-month emergency fund remains a six-month fund. If your lifestyle has changed such that your emergency fund will now only cover four months of living, you need to spend some time topping it up again. You also want to immediately top it up if you ever have to take money out of it.

Above all, do not go into debt for unnecessary things. You will probably need a loan to buy a house or a car, but those are special cases and worthy of their own discussion. Other than that, if you cannot pay for the item in full, do not buy it.

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I'll just second Andres in saying that this is some of the best starting financial advice I've ever heard expressed. Very well and succinctly said.

Ajax

I was doing some financial work today and in the process noticed this article: 13 Steps to Investing. It's a very good primer on investments and money management and is worth the read if you're interested in doing something with your money. Note that this is what you do with your extra money AFTER you've taken care of the things I discussed earlier.

I don't trust anyone giving me advise on how to make money, because anyone who actually knows how to do it has no reason to give away his/her secrets.

giving advice on how to make money (or happiness), is one of the best ways to make money :)

ptc :)

Mate. Relax. If you're focused on how nothing makes sense you'll eat yourself up inside.

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Originally Posted by Greyblades

I want to know about the alternatives I didn't even think existed 3 years ago.

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Affiliate marketing? (You'd need HTML and CSS skills, plus a domain name, and a niche with resalable ebooks or similar. Quite some effort for unreliable results.)

Exploiting currency differentials? (I.e. work in a Western nation with a strong currency for 4 months a year, live the rest of the year in a country with a weak currency.)

In any case save whatever you can now and keep an eye open for opportunities, maybe you can invest a bigger sum in a year's time? Maybe you can go into business with that capital? Maybe you'll decide the UK is not the place for you and use the cash on a ticket somewhere else? Just keep calm. Your decision(s) will be better if you're calm.