I’m sure that many homeowners will say that their house is the biggest investment they’ve ever made, right? Well there is a way to make real estate not only a long term investment, but a low risk, short term investment with huge returns! And you have the added bonus of bragging to your friends that you have two houses. What’s the catch? No, really, I’m asking you, what’s the catch?
So it’s a very simple process. Do some research on the houses you like. How old it is, how much the previous owners paid for them, stuff like that. Then take out a mortgage with as low interest rates as possible, and purchase it. It is preferred if it’s a fairly run-down house so you can get it for cheap. Ask your friends to help you fix it up, then rent it out.
Here are some numbers to get the juices going. If you buy a fairly run down house for 225,000 dollars, and you fix it up and you collect 1,500 dollars rent each month, it would take about 20 years to pay it off. After that you would be getting an extra 1,500 dollars a month, plus the house should be worth about 600,000 dollars! There’s a big chunk of your retirement fund, right there!
12.31.2006
Fun Ways to Get Rich For Adults and Kids
Well, I must say that if you are addicted to MMORPGs, and play them often in your spare time, check out eBay to see what people are paying for accounts and gold. ConquerOnline, in my opinion, is the best game for making money if you sell accounts, which are easy to level, but another extremely good one is MapleStory. Clerics are easy to train, and sell for much more than other magicians or other classes. I saw a level 68 cleric selling for 130 dollars! I know that it is cheating to hack, but if you do feel like making a level 90 in a few weeks, here are some tips:
-Make sure the hacks don’t have viruses
- The best two hacks to get are the range hack, which attacks everything on the map from one spot, and the item vacc hack, which sucks all the items on map into your character.
-Don’t bother with float hacks, seeing as you might as well get reported anyway. You need 9,999 reports to get banned!
Another easy one is RuneScape, but only if you have a few friends that play that you know in real life. Just sell them some of your in-game stuff for real money. Or ask if you could train their account for some money.
-Make sure the hacks don’t have viruses
- The best two hacks to get are the range hack, which attacks everything on the map from one spot, and the item vacc hack, which sucks all the items on map into your character.
-Don’t bother with float hacks, seeing as you might as well get reported anyway. You need 9,999 reports to get banned!
Another easy one is RuneScape, but only if you have a few friends that play that you know in real life. Just sell them some of your in-game stuff for real money. Or ask if you could train their account for some money.
12.30.2006
The Holy 10 Percent - The Key to Success
As my good non-personal friend Dave Chilton talked about in his book, The Wealthy Barber, a major key to having a good nest egg (retirement fund) when you grow up is saving at least ten percent of what you own.
Let’s put it this way. You make 50,000 dollars a year, the taxes already been taken out. So that means you earn about 4,150 dollars a month. Ten percent of that is 415 dollars. If you save this little money for 30 years, or 360 months, you will have put in 149,400 dollars. But with an average of 8 percent compound interest, you should have over 150,000 dollars! Oops, did I say that? I meant over 1,500,000 dollars! People could live off that amount of money for their entire life.
But of course, this is just getting started. I mean, there’s no fun in being rich if you can’t splurge! 1,500,000 dollars probably would last me a month to a week. So if you would just bring it up by a mere 85 dollars a month (about 5 hours of work) for an extra 5 years, then you would end up with, in only 5 years, more than 1,100,000 dollars, leaving you with 2,660,000 dollars! Think about going for 40 years of saving. 3,910,000 dollars. an extra 1,250,000 dollars in another short 5 years.
From what I’ve heard, people who use this strategy of saving money at first think it’s a lot, omygosh my standard of living is in danger, uh oh no more treats, D’OH! But then 5 months later, you ask about it and they say, what extra 500 dollars? I like reading this section over because it has so many huge numbers.
Let’s put it this way. You make 50,000 dollars a year, the taxes already been taken out. So that means you earn about 4,150 dollars a month. Ten percent of that is 415 dollars. If you save this little money for 30 years, or 360 months, you will have put in 149,400 dollars. But with an average of 8 percent compound interest, you should have over 150,000 dollars! Oops, did I say that? I meant over 1,500,000 dollars! People could live off that amount of money for their entire life.
But of course, this is just getting started. I mean, there’s no fun in being rich if you can’t splurge! 1,500,000 dollars probably would last me a month to a week. So if you would just bring it up by a mere 85 dollars a month (about 5 hours of work) for an extra 5 years, then you would end up with, in only 5 years, more than 1,100,000 dollars, leaving you with 2,660,000 dollars! Think about going for 40 years of saving. 3,910,000 dollars. an extra 1,250,000 dollars in another short 5 years.
From what I’ve heard, people who use this strategy of saving money at first think it’s a lot, omygosh my standard of living is in danger, uh oh no more treats, D’OH! But then 5 months later, you ask about it and they say, what extra 500 dollars? I like reading this section over because it has so many huge numbers.
12.29.2006
So I've Never Made a Blog, Eh?
I guess I haven’t… But there’s a first time for everything, right? Well, I guess my reason to have a blog is because I’ve heard that some people actually can live off their blogs, making hundreds of thousands of dollars a year off them! And the subject of my blog is financial security for kids and desperate adults (or really smart ones) and how kids can make money.
I found this really cool website where they use bills to create things. Here is the link to the website:
http://members.cox.net/crandall11/money/index.html
I found this really cool website where they use bills to create things. Here is the link to the website:
http://members.cox.net/crandall11/money/index.html
Subscribe to:
Posts (Atom)
