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[Method/Memoir?] How I make an extra $500-1000+/year doing practically nothing

Discussion in 'Making Money' started by Kyle787, Jun 27, 2011.

  1. Kyle787

    Kyle787 Junior Member

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    Occupation:
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    Location:
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    Just thought I would share this with you. I am 19, in college, and BHW has given me more than enough information to make a little extra dough while in school. Hell, this is all I do in class most of the time. I don't make fortunes but I definitely out earn all of my classmate except for the ones who get money whenever they ask their rich Blackhat parents.

    Let me start by saying I am a huge saver. I spend money pretty much only on gas, food, car insurance for my 2011 KIA Sorento (grandpa paid half, BHW covered the rest :D) and occasionally whatever my friends are doing. I always get crap about the money I make because of pure jealousy. Haven't had a girlfriend for more than a week because I simply haven't met someone worth my time, effort, and money (mostly time)(although I do like this one chick at the moment).

    But enough with that, here is what I wanted to share. Over the last couple years I've put aside $10,000 that I have made from birthday money, graduation money, and internet money. Then took it and dumped it all into my stock brokerage account.

    I started trading with my dad when I was 17. Put in a measly $1,100 and made a 120% return in 12 months! So sitting one day with $2,300 in the brokerage and $14,000 rotting in the good ol' bank, I thought why the hell don't I turn that bank money into something? I ended up taking $10k and rolling it over into the brokerage.

    From here there are two options:

    Risky Method: Research and Invest most of the capital into speculative stocks. i.e.: Risky health care or oil companies who supposedly have a new wonder drug coming out in the next few months. This has the potential to make you insane returns but also can make you lose a lot too.

    Safer Method: Research high dividend paying securities. Ones that aren't going to disappear like General Mills. If you spread $10k over stocks paying 4%-10% and say average a 7% dividend payment per year, that's $700 for sitting on your ass doing jack. (I know in the US at least the regular banks pay like 0.00000005?% interest) You just have to keep an eye on them though. And dividends are cut in quarters & paid out 4 times a year.

    But just be careful as with any investing there comes big risk. You need to teach yourself how to work the market by learning terms, strategies, and when opportunities present themselves. If you put in the time, it could be well worth it.

    I also wouldn't recommend hiring a broker unless you are playing with a crap ton of money or you are a total lazy noob. I mean if you want you could pay some dude $50+ every time you buy or sell but I don't and that's just me.

    Thanks for reading and good luck on your future ventures :)
     
  2. oirartnoc

    oirartnoc Newbie

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    thanks for this =)