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Looking for some ideas for making some extra money. What kinds of ways have some of you made extra money besides cutting grass. What's a good way to invest small amounts of money like 1 thousand at a time? Have you done small stocks, if so which stocks are good? Is there a good financial planning company you have had success with? Have you made money online?
Using ones skillset is probably the most advantageous. Good at painting for expample paint houses, pressure washing services seem to be big around here this time of year. Handyman repair sevices work well. A lot of people these days lack the knowledge or desire to do there own small repairs. Maybe a hybrid approach would be best. Earn money doing something and invest the dividends. Along my skill set I have done electrical jobs, welded racks for trucks, built truck beds. Overtime at work also provides money at times. Met a medical professional recently that buys boats in winter and early spring when demand/ prices are low then sells them off in the spring when femand and prices are higher. Probably had 20 rigs sitting there to be sold. The sky is the limit if one has the desire. I like to invest in fishing tackle and hope I can get some memories, smiles, and a good meal in return.
As an afterthought probably one of the best investments that could be made is in education/skill. After all knowledge is power or so School house rock told us
I suggest investing in an index stock fund with one of the major fund companies: Vanguard, Fidelity, Schwab or T. Rowe Price.Quote:
Originally Posted by crappieseeker
Most of these funds have a minimum initial investment amount of $1,000 - $3,000. After the initial investment, you can deposit whatever amount whenever you want to.
There are many index funds: large stocks, small stocks, foreign stocks, etc. For starters, I suggest a total stock market fund or an S&P 500 fund. (The S&P is up 15% this year and up 36% over this time last year. As they say, though, past performance does not guarantee future results.)
FWIW, I would pay off ALL consumer debt (car loans, boat loans, credit cards, school loans) before investing in the stock market.
I’m up 31.2 % this year with my broker. I have Roku, Shopify, Amazon, Apple, Tesla, Moderna, Pfizer and American Airlines, just to name a few! If I was going to invest a grand tomorrow, I would invest about $200 in some cannibus stocks and the rest in top tier tech stocks.
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so is a total stock market fund or an S&P 500 fund an index stock fund or something different? Do the major fund companies do the S&P/
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Originally Posted by deathb4disco
I pay off my credit cards every month. I do not have any school loans, I do have a boat loan but might not keep the boat so I do not really want to pay it off early, because then I might want to buy something else lol. I do pay extra on my car loan. I have one small house paid for and pay a little extra monthly on the home I am living in.
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Originally Posted by deathb4disco
Where do you find cannibus stocks and are those you mentioned like Amazon top tier tech stocks?
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Originally Posted by icehouse1
They're index funds. The S&P 500 is 500 large US companies. When you invest in the S&P 500, you are buying a portion of each of the 500 companies.Quote:
Originally Posted by crappieseeker
The total stock index holds about 4,000 US stocks. When you invest in that, you are buying a portion of each of the 4,000 companies.
All of the companies I listed above sell a variety of index funds, including the S&P 500 and total market.Quote:
Originally Posted by crappieseeker
If you like to read, I highly recommend this book:
Amazon.com
Whatever happened to the old,theory of investing in the 3 things that will never lose it’s luster,,, liquor, cigarettes or woman’s beauty products?
The S&P 500 has got them covered. ;)Quote:
Originally Posted by Takeum
if i was a young man i would invest in rental property . i bought a house 12000.00 lived in it 30 years . put vinyl siding on it was 12,000.00 bought another house to live in and rented it and paid for my newer house with the rent then sold it for 25000.00now i have a house worth 60.000.00.
Property is always a good move
X3!Quote:
Originally Posted by DockShootinJack
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real estate for sure , they aint making more dirt ....we are about to pull all our stock market dollars and buy more property , we have easily doubled if not tripled a 150,000 dollar investment in 3 years on the last property and the first one tripled in 9 years .
one thing for certain there are some windfalls in the stock market , but they can go away as quick as they come .
dirt aint going away ....just saying .
$1000 won't get you anywhere in property. Honestly real estate seems like it's in a huge bubble right now and I don't want any part of it. This much growth just doesn't seem sustainable, at this rate in another 5 years nobody will be able to afford anything.
As far as stocks go, you are best to go with a low fee mutual fund or ETF. Even the best swing/day traders struggle to beat these. There are several mobile apps that make it easy as can be, Fidelity, TDAmeritrade, Robinhood, etc.
I wouldn't be so quick to pay off low interest debt with it, the stock market averages around 10% APR, any loans with an APR less than that are better left alone, you will make more by investing it. This is why a lot of really well off people still borrow money, their liquid cash is invested, earning more of a return than the loan. Things like credit cards, payday loans, personal loans, etc with a high interest rate, absolutely pay it off first.
Crypto is not a bad choice either, as long as you stick with established coins like Bitcoin or Ethereum. Buy and forget it for 10 years, the volatility will make you crazy.
As far as side gigs go, that will depend on your skill sets. Could be anything from photography, website design, computer repair, welding/fabrication, mechanics, handyman stuff, tax prep, HVAC, etc. I am a mechanic by trade, and will do side jobs from time to time for $50 an hour. When the going rate for a shop is $100+, that makes me a bargain and I am usually turning away work.
You can start mowing lawns with a couple thousand bucks, that business is generally pretty lucrative if you have time management skills and are able to work on your own equipment. A small trailer and a second hand mower don't cost that much.
Side gigs have sort of become the norm, just about everyone I know has one of some kind. That's just life as a millennial in this crummy economy.
Very well said
Number 1 - eliminate all debts. This includes mortgage/rent, vehicles, boat, etc. Pay zero interest on anything. This may be an issue due to not having credit history for those have none - like me. Buy something on occasion and pay off promptly.Quote:
Originally Posted by crappieseeker
Number 2 - capitalize on the matching 401K program at your employer if still employed. Diversify the 401K programs you have. I gain an average of 25%/year on investments.
Number 3 - land. Multiple acres, high ground, on water.
Number 4 - what you are good at - consulting, contract labor, etc.
I did this with one rental house. It has already paid for itself so when I sell it then it will be all profit. I had an opportunity at one time to buy the one next to it and passed it up. I wish I would not have now. I could have turned a good profit on it. Someone else bought it. Right now property is over valued and will go back down some. It's not a good market right now in my opinion.
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Originally Posted by papasage
I totally agree with you on the real estate thing. I see people paying 300,000 for homes that use to cost about 150 thousand or less. Once the market settles and lumber prices go down, so will the value of those homes. In the past real estate was always the way to go, and it will be again in the future, however I'm not going to risk an investment in real estate right now.
As far as crypto is it really worth it or just a big gamble? I have read so many negative things about it that I am too nervous to try it.
As far as mowing goes I have considered that. I just bought a real nice zero turn mower and nice weedeater. I thought about buying a trailer to haul and do some mowing however in my area it seems like every 3rd person is doing this and not sure I would get any jobs if I bought a trailer.
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Originally Posted by Atimm693
Why not stock mutual funds?Quote:
Originally Posted by crappieseeker
An investment in a well known and established crypto really isn't any different than stock in a company IMO. Investing in whatever coin is hot at the moment is essentially gambling, you could win big but could also lose it all. That said, I would not put all of your eggs in that basket, diversify, crypto is a lot more volatile than the stock market. And like I said, buy it and forget it, it will go up and down.Quote:
Originally Posted by crappieseeker
Even if you bought the peak in 2018 before it crashed hard, you would be sitting on 100%+ returns right now.
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Originally Posted by Atimm693
I disagree. Bitcoin is "a well known and established crypto", and it's only been around for about twelve years. We have stock market returns, OTOH, for at least two hundred years. When you buy a stock, you're buying part of a company. That company will have earnings and pay dividends. You can buy their products or use their services. It's a much more tangible investment than cryptocurrency.
Agree with that.Quote:
Originally Posted by Atimm693
Agree with that, too.Quote:
Originally Posted by Atimm693
If you invest in crypto, I would make it a small portion of your portfolio. Caveat emptor.
That is going to terrible for those saddled with that debt when the housing market correctsQuote:
Originally Posted by crappieseeker
The Cash App is a great way to get into investing in the stock market. Super easy. Very little fees. You can also buy Bitcoin on the app.