Business and Finance, Crypto-Friendly!

Financier

Hello everyone,

I wanted to create a 'safe space' to discuss entrepreneurship and the general discussion of wealth, both maintaining and growing it. I found this to be an exciting new place for people to be able to share ideas, strategies, and tactics, helping other people and bringing hope to a world sorely in need of it. Bonds, Stocks, Commodities, Cryptocurrencies, Securities, and good old-fashioned backbreaking labor in exchange for internationally accepted currencies are welcome and encouraged.

sungen

Just a tip from a young entrepreneur for any other potential young entrepreneurs, do research into any competing businesses near you. It's common sense but I mean really dive into it, because owning an LLC is fun but not when it's just one of tens trying to stand out lmao

GANDALF

step 1 - put your life together so you resemble a responsible adult
step 2 - work at something that has career potential - even if you work a trade like a carpenter you could eventually branch out and run your own little business and hire an assistant
step 3 - get paid. you need money to go out and invest and risk. this took me about 6 years working in IT and eventually I hit a mark where I had a consistent flow of extra money - money to grow.
step 4 - put a wedge in your spending. Cut yourself off and commit a certain amount to investing. easiest way is to get an index fund and have it automatically pull $$ each payday so you don't ever see it in your account
step 5 - either get a mentor or do research that will give you the inside scoop / angle on an investment strategy or field. Real Estate. Securities. Crypto. Energy stocks. I got into Real Estate from my parents' experience, and my own doing home repairs and buying houses I lived in.
step 6 - generate leverage to make bigger moves when you see a timing. Remember when covid crashed the stock market, and then like 10 days later there was that big article that Warren Buffet bought in big? I was sure it was the right move to copy him but I didn't have the leverage. Now I have a line of credit on one of my properties I can dump up to 30K in if I feel the timing is right.
step 7 - ?????? I will let you guys know when I know what next. boggles my mind the chasm between me and actual real rich people.... Billionaires...

thanks for reading my blog

Financier

GANDALF

This is very good advice.

Basile

GANDALF step 1 - put your life together so you resemble a responsible adult

If I ever figure out this step there might be no time left in my life to invest lol

GANDALF get a mentor

GANDALF generate leverage to make bigger moves

Isn't that a bit quick ? I understand that you might know your shit and not fall for scammers and stupid moves, especially if your parents educated you for that. But history shows most people don't. For a beginner I would have put an highlight on step 4, researching what kind of socks are safe and why, improving credit score, understanding that trying to beat the market comes at a risk, researching if there is local saving accounts that are worth putting some money into every month (in France for example life insurance is pretty cool), and also understanding you taxes scheme. I think everyone needs to do that, before deciding if they want to go to step 5 ? What seems obvious to you might not be at all for people reading.

GANDALF

Basile Its a rough outline I just shit out for general advice I would have given myself when I was 20.
For the mentor thing - you can't go looking- you just have to realize it when you meet someone who's experienced and you can trust. someone you know in real life who clearly knows better than you or anyone else you know. I didn't meet mine until after I turned 30. If I met him at 24 he would have nothing to teach me as I was too green.
Inflation eliminates the viability of putting funds in savings accounts. Don't ever do this, unless its emergency money. People who pile money into savings accounts their whole life are throwing away 1/3 their savings or worse over a lifetime. look at inflation. all accounts lost 8-10% of their worth to inflation in the last year alone. Rich people don't have savings they have assets, and when they need money they liquidate assets or borrow.
your point about having a good accountant is a very good one. This would go in with step 3. The government in the USA taxes the poor nothing, the rich next to nothing, and bends over the upper middle class percentage-wise. A surgeon in the USA who makes 250K per year will not see 125K of that money after all taxes are applied unless he has set himself up properly

Basile

GANDALF fair clarification ! I agree with you, not sure if you are talking about this but life insurance in France has some props that keeps it good even with inflation, don't know all of them but I know that it's tax free amongst other things. The general guideline was to see if there is some good products you could benefit from, that could even be a loan to buy property with a good rate or whatever.

Anonicus

I'm actually planning on getting into some High Yield Dividend stocks real soon. My focus is more of gaining income passively. Sure, I could buy ETF Stocks, Which I will also do, But having passive income would be really nice. And I aint shitting around with just a measely 2% div either, I'm talkings 10%+ Div rates. Hell, there's some I'm looking at that has a consistent record of giving divs that nets a whopping 20% or more. Is this degen levels? Probably, But I'm willing to risk.

Financier

Anonicus

Care to share with the rest of the class? My alpha is that I got involved with a token pool on BeethovenX called Dante Symphony. The idea behind it is that it connects blue-chip cryptos like Bitcoin, Ethereum, and Fantom to a token that burns 1% of every transaction it's involved in called Statera. Over time the token gets more valuable due to scarcity, and puts positive price pressure on the token. I'm working on getting it off the ground now, but if you want your dividends in crypto I wouldn't recommend anywhere else more.

sol

Financier

statera shill

Gross... next you will start shilling RSR 🤮 ...
I made 2k the last 2 days just gambling Solana shitcoins and frontrunning ansem.

Best way to make money in crypto (as a cat who started from ₃₀₀ dollars and now sitting at 370k from altcoins)

Start with a small portfolio and throw <10% of it at shitcoins each time (low risk management) or just dollar cost average into something and throw 5% of it at something (pretend its gone forever when you do so).
ALWAYS BE EARLY unless you want to throw a lot of money at something.
Most good plays are posted on Telegram, find a channel and track someone who posts consistent calls.
Always take initial profit out of a trade, then sell 25% when it pumps giga hard. Never get caught roundtripping your bags (you will rope). Something I learned when I sold my SHIB for 2k instead of 1.5 million.
Safest investments is farming yield from stablecoins or buying BTC during bear market. Now that Wall Street is actively buying BTC there is no chance of rugs. Stop being a midwit redditor. Left curve or right curve. This is what minted multi-millionaires.
Always buy the first coin on any new chain, I knew some people who made 6-7 figures doing this. At worst you will be down 1k.
Unironically, your network is your net worth. Stop hanging out with poor people or fringes of society who dabble in niche political ideologies. The richest guy I know is some 8 figure autist who spends his entire days just staring at charts and shitposting.
Law of Attraction is real.

Dunno, this is just surface level knowledge of the crypto landscape... crypto is a scam btw.

MrBanana

I've finally gotten back on my PC and started looking around more than before.
Do you (The Royal You) still invest in crypto? Do you use it as a currency or as purely an investment?

I've been trying to put some money away in stocks and such but I have not been certain on what are good bad times to buy or simply what good investments there are.
Currently I just throw 10 bucks on occasion at a company I like.

Sheepishpatio.net is a forum running on the Flarum software, use of the forum is free. Please enjoy your time.

Friends of the site Here

If you are interested in creating imagery for the site, the resource page is Here