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Hey /biz/, today I talked to a very intelligent gentleman. He

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Hey /biz/, today I talked to a very intelligent gentleman. He was an older gentleman who had approached me at my job and just started bullshitting with me. Anyways, he was in his 70s, had 5 houses, boats, a plane, and could buy any car he wanted. At first I took his story with skepticism, but he had proof with him.

Eventually we had got onto the topic of money, saving, banks, and retirement. Now, I've never once thought of investing in my entire life, doing anything other than putting money into my bank account. From what he explained though, I'm being a complete idiot. I'm only 22, I've got some credit card debt and a card to pay off so the thought of investing anything anywhere never crossed my mind.

He told me three things that he did to be successful:

1. Invest in stocks the pay dividends
2. Real Estate - renting property
3. Roth IRA

He claims he was making 12% returns on average on his stocks, and when he was in a group of 15 guys it was more like 20% and sometimes even 50% on his investments.

He said he would make money renting houses and then even more money when he would sell them later.

Finally, he claimed he was making 15-19% returns in his IRA account.


All of these things really peaked my interests.

So /biz/, I know nothing about anything at all. What are some good materials to pick up and read to learn about these topics? Right now I work about 50-60 hours/week + Uber during a lot of my free time, and I want to start hitting up the gym again, so I feel like my time is very limited. So I'm wondering if anyone has advice to be able to fit learning about these topics into my schedule and eventually get started.

Thanks guys
>>
>>1507296
Since your post is well written, my advice is:

1. Listen to audio book when you're driving around uber or at work

2. Learn about long term investment

3. DO IT.

It's overly simple but the action part is the hardest for most people.
>>
Look up on youtube, rich dad poor dad audio part 1. You will know how to get started.
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>>1507296
>+ Uber during a lot of my free time
Can you please tell me more about this? I am thinking about doing it, but I have read that some people get paid less than minimum wage (in Australia) after they factor in all the costs, such as fuel, maintenance, insurance etc. As a trade, I will tell you what I know (which is not much).

Yes I've read investing in stocks that pay dividends is a good idea for basic investors, unless you know enough about the company and its future direction to know its stock will go up a lot. Buying and selling stocks very often will just result in very high broker fees. Better to let your money sit tight for a while and collect dividends. If you are worried about the risks in stocks, you could invest in an index fund or mutual fund. There are varying funds with varying levels of risk. Rent from real estate is a no-brainer, but don't sell an asset that is bringing in a profit unless you have to or you find a better deal (and everytime you sell there are fees etc, just like with stocks).

So yeah that uber thing... my town only has 120,000 people but they are advertising for uber drivers. I heard most people use the service on weekends, which would be good. But how much does it pay? How does it work?
>>
>>1507296
First thing you should do is wipe his numbera from your memory. Those sorts of returns (while not impossible) are unrealistsic for the vast majority of investors. You can make money investing, but if you go into it with his numbers in mind you will only end up disappointed.

As far as learning goes, Investopedia has good info on the basics of it all. And there are plenty of more in depth books out there. Or audiobooks as>>1507320 says.
>>
>>1507320
Sounds like a plan. I'm in sales, and I actually listen to sales audio books while I drive and they have really helped me a lot.

Do you happen to have any suggestions on good books to read/listen to?

>>1507327
Thank you for the advice anon, I will definitely take a look into it for sure!

>>1507332
I appreciate the advice anon.

Well, with uber you make, depending on where you are, about 80% of the price of the fare for the ride. The fare prices fluctuate depending on supply and demand, and when there is high demand they call it "surge" pricing, and those are the best times to drive. Surge pricing just means that they're charging higher for fares because they can. Events like football games, concerts, etc. end up leading to the higher prices which means more money for you. So if the normal ride might cost $10 to go to the city, it would cost maybe $20 or $30 on surge pricing for the same trip, and that's where you make your money.

Sometimes they will guarantee how much you will make per trip minimum too for big events.

In the US you can take .40 cents per mile as part of a tax deduction, which helps a lot.

Factoring in fuel, as long as you're getting 25-30mpg you should be a-okay with that. Oil changes, just do them yourself and save money, drive like a grandma, and you'll come out on top.

For australia it's a bit more difficult, but I find it's pointless to drive unless they're having surge pricing or guaranteed rates, because you're getting the most money per mile on your car.

>>1507343
Understood, making any amount of money on money that would otherwise just be sitting there sounds better to me. I'll check out investopedia for sure, and if you have any specific books you've liked, please feel free to share!
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>>1507353
I don't actually read much but I'm doing a finance degree ao I've picked up info along the way. That being said I'm certainly not an expert in any of this, but through a bit of sensible thinking I'm averaging 15% on my stocks. I know I wont keep this up over my lifetime however. The only book I have read is Benjamin Grahams The Intelligent Investor. Its very well known and (I think) highly regarded. If I had to say what my investment “style” was, it would probably be close to Value Investing, which is one of the main takeaways of the book. Good luck anon. As long as you keep your expectations realistic and ignore the crypto shills and too good to be true stocks then you should be fine.
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>>1507296
>piqued my interests.***

learn how to spell words. then worry about investing.
>>
>>1507362
Kek, I knew something seemed wrong. I've gotten so bad at spelling since I've been out of school.

Thank you for pointing out my mistake though, you're probably right, my knowledge in general has gone in the shitter since I haven't applied myself in years.
>>
>>1507362
>being pedantic about spelling in an international chinese cartoons board
>>
>>1507413
>replying to someone being pedantic about spelling in an international chinese cartoons board
>>
I'mma bump
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>>1507296
>peaked my interest
It's 'piqued' you fucking tardicle. Read a book.
>>
>>1508333
That was already pointed out about three posts above yours, so I'm sorry that someone stole your thunder already to look cool.
>>
>>1508376
They stole my thunder to look cool? That doesn't make any sense you fucking moron.
>>
>>1508500
Why else would you post then? Surely an intelligent man, such as yourself, wouldn't waste time reading the OP, then take time to reply just to point out a spelling mistake and say how much more intelligent you are for noticing. The spelling mistake, which was pointed out earlier in the thread by the way.

So basically, all you're doing is wasting your own time. I don't see what you're trying to accomplish here. As for me, it's free thread bumps if you want to argue about it more.
>>
>>1508517
It wasn't a spelling mistake. It was the complete misuse of a word you fucking complete idiot.
>>
>>1508754
Lol damn OP getting hammered over homophones.

>homophones
>homo
>phones
>>
>>1507353
>uber
I drive a lot in the city and it is where I'm working currently. Recently, I got hooked up by some Uber ads on radio and one of my friend even invited me using his referral link to join this thing. I'm doing a lot of thinking right now of whether or not I want to join to be a driver for a part time job.

So what do you think OP? Is it good to do this for a part time job, considering I work 9-6 and start driving during night time, just around the city, then go back home and sleep, repeat. It should pay higher on the weekends, do they?
>>
>>1507296
So did he pay you to suck his dick or what
>>
>>1507296

read books while you're walking on treadmills at the gym.

you get exercise and education, that way.

not sure what books to suggest to you, though. Do you have an interest or hobby you think you can turn into something profitable?
>>
>>1509341
It is a pretty good part time job as long as you're driving when the payouts are higher, see
>>1507353

>>1509364
My only hobbies really are cars and boxing right now, both of which I've kinda put on the backburner to make more money. I was hoping one day to open some sort of automotive service business with my friend, but that's something further down the line.

Right now I sell cars and make pretty good money doing so. Despite what older people think, the job isn't to rip people off at all which is why I'm happy doing it.
>>
>>1507296
start your Roth IRA right away. it's super easy. really.
just go to vanguard.com and follow the instructions to start and fund your Roth IRA.

make it a priority to max out your roth every year ($5,500). it isn't much but it seems like a lot when you're young, just starting out, and have all those other cool 'things' that you want.
anyway, once you have transferred money from your bank to your roth, you can follow Warren Buffett's advice to the trustee of his wife's estate for when Warren dies:

>My advice to the trustee could not be more simple: Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund. (I suggest Vanguard's.) I believe the trust's long-term results from this policy will be superior to those attained by most investors -- whether pension funds, institutions, or individuals -- who employ high-fee managers. - Warren Buffett

so... buy 90% VOO and 10% BND every year (until you have learned more about investing and can afford admiral shares).

START NOW.

RIGHT NOW.

www.vanguard.com

fly, you fool!!!!
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>>1509378
stop fucking around and do this >>1509389
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>>1509389
the buffett quote is from the middle of page 19: http://www.berkshirehathaway.com/letters/2013ltr.pdf

and here is a nice article explaining it: http://investorplace.com/2014/06/warren-buffett-vanguard-funds/


you getting your account set up yet?
>>
>>1509389
>>1509390
>>1509397
Because anon, I'm just about to go to sleep. I have off tomorrow so I can do this tomorrow.

Thank you though, that's some pretty specific advice!
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>>1507296
Dude invested during a time when all the markets where going to get skewed in his favor.
>>
>>1507296
the problem with /biz/ (myself included) is we dont wanna be millionaires by the time we're in our 50s to 70s.

Fuck that, we want get rich quick shiet right now. Memestocks and cryptoshit for life
>>
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>>1509389
>not living life on the edge with no savings
Thread posts: 29
Thread images: 2


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