I was going to do my own simulation playing but decided heck why not create one others can join if they are interested to.
The site and details about the competition can be found here http://43stockgame.infogami.com/
I put it on this seperate site cause I’m sure not everyone here cares about stocks, but I care about you :)
Never thought of the house as a liability before.
Going to start looking at things as Assests (things that make you money) and Liabilities(take money away)
Invest in Assests (ie stocks,bonds,mutual funds, income generating realestate, anything that brings you money)
Then use the money coming in from assests to purchase and pay expenses.
Once my assets produce enough income to pay my expenses I’m on my way. So I will stick to my guns and dont buy items on credit , use the money coming in for Assests to purchase those items.
Boils down to Money working for you instead of you working for money.
Really made me want to get out of the rat race.
Re-skimmed this morning and saw two points jump out at me, (ie friends, pay myself first) I need to work on those.
I am going to continue to take in financial knowledge.
Investopedia.org seems to have a good list of the top financial books I should read. So I will.
Then hopefully I will have a broader foundation for what I am going to do and why, not just going at it blind.
I believe possible but will take to long if I work for someone else. So I am most likely going to run
My definition: No mortgage, No debt, Being able to Live off my investments interest.
A) my software consulting (would like to keep my fingers in this in the future so once I’m at the point where money doesn’t matter I could do just part time jobs at fun interesting things(ie nanotech/genetics software)
Plan is to just get/take small jobs for those hours after my day job is over. As I increase my knowledge and skills in the sciences try break into or concentrate on jobs for companies that are in fields I’m interested in.
B) do stocks (I’ve done it before as a daytrader and came out a little more then even after 3 months 5k initial cap and 120k worth trades per month), I dont believe I’ll do day trading anymore as its to time consuming (for me at least) and I’ll stick to more short term volatility/rolling trading.
Plan is to be 90%+ successfull paper/game trading before actually using real money.
But while I am working for somone else(the man) I will
a)Live below my means
c)Keep out of debt and pay off current debt