NEWBIE WITH INHERITANCE
#12
02-01-2007, 01:35 AM
As someone who has been Blessed with more success than I truly deserve, here is my advice to you, in the order of importance.
1st.) The very best, and most excellent advice I can offer you is this; Hand your inheritance money over to ME!! I PROMISE that I will treat it as if it were my own!! 8) 2nd) Real Estate. Invest in it properly, and you can not go wrong. Unless you know the real estate business, find a reputable real estate broker. and a competent agent. DO NOT engage in any type of "Contract For Deed" deals, and NEVER close a deal at an attorney's office, or anywhere else but a Title Company Office. FORGET about these "Get Rich In Real Estate By Selling Real Estate At 1:00am While Sitting In Your Underwear" scams that are promoted on television infomercials. 3rd) Mutual Funds; now is the time to put your money into them, the sooner the better. The market usually experiences a nice uptake between now and mid-April. Starting out, stay away from stockbrokers; they will enrich themselves at your expense. Stay away from individual stock picks starting out. Stay FAR, FAR Away and Run Like Hell from ANY Options and Commodities programs. They are an excellent way to go broke very quickly. STAY AWAY fom investing in a business or a company in which you lack knowledge.
#14
02-01-2007, 04:43 AM
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I had to read your original post over again. From he replies I assumed you were asking for investment advise???
I think all the information you need is posted in one form or another in this forum with enough information to answer all your questions. I don't think anyone can give you hard facts on what your going to make. There are too many variables involved and I think if you read enough you will get a good idea.
#15
02-01-2007, 06:54 AM
If you want to get into driving I would find a small company or O/O to work for. Do this for 6-9 months and you'll gain some perspective.
Start reading the Wall Street Journal its quite possibly the best paper on the planet for business & finance. Read the books Millionaire Next Door & the Millionaire Mind. You should be able to pick up both for nothing at most any used book store. Get a good CPA, Lawyer and fee-only financial advisor. BE PARANOID. All sorts of hucksters crawl out of the woodwork for $. My Step-Grandfather managed to piss away a $500k windfall (early 1970s money) with all sorts of stupid exotic investments. I've been in this racket for 10 months now as a driver and I'm just now have mastered being a company driver. While I've enjoyed his posts and wish him the best of luck, I don't know if the Steve Booth school of jump into the deep end to learn to swim method is right for all.
#16
02-01-2007, 11:48 AM
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Originally Posted by Ian Williams
While I've enjoyed his posts and wish him the best of luck, I don't know if the Steve Booth school of jump into the deep end to learn to swim method is right for all.
That's how my friends father learned how to swim. He came over on the boat from Italy and was told to stand in line at Ellis Island. Next thing you know, he's forced to join the Navy. Ok, everyone who can't swim on this side of the boat. He was one. Then they pushed them all over the side. He learned to swim that day. lol
#17
02-01-2007, 01:58 PM
Originally Posted by Snowman7
Originally Posted by BanditsCousin
You can lose money, or make money, there is NO guarantee you'll make money.
If you got an inheritance and want to start a business, invest in a Quizno's franchise or something, especially if you know NOTHING about trucking AND US regulations in general. My .02  LOL.. I was going to make a similar comment about Quiznos. Supposedly the franchise hounds you to death and dictates your pricing for product, so you can't compete localy. The guy I know is going bankrupt and wishes like hell he opened up a SUBWAY instead. Yes, Real Estate is the safer ticket.
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#18
02-01-2007, 09:38 PM
Thnaks
Thanks guys for all your replies... I decided to get in to trucking bussines because my brother.. He is in Colombia and he has 9 trucks ... and each truck gives him 8.000 US dollars net. in a month .. but here in USA the trucking business is very different .. a lot of laws .. well the only thing i can say is wait.... im not in a hurry .. i will learn more about trucking.. i thing is an intereting investment.... real state dont get my atention.. anyway thanks for all your replies..
Mauricio
#20
02-01-2007, 10:52 PM
If I could run 100 miles a month, I might be able to get by on 8,000.
Its not what the truck brings in, its what the truck has to do to make the $$. If its running 2000 miles per week, thats $1 a mile  I grossed over 55,000 this summer in 2 months, however I kept about 40% after expenses. Smoke and mirrors, man. Smoke and mirrors :wink:
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