Supplemental Income Stream Ideas...
Hi all,
Turning to WSO for ideas on a supplemental income stream.
I have pretty big student loans and it would be great to be able to start paying them down with a supplemental income.
Thank you!
Start a pyramid scheme
cough Herbalife cough cough
Diversifying Sources of Income (Originally Posted: 04/23/2017)
Hi everyone,
I recently have been thinking about ways to diversify my sources of income. I have read in many places that this is pretty much necessary in order to build real wealth. I'm currently a 22 year old about to graduate from College and start in NYC FT. My buddy and I have been discussing the idea of potentially purchasing a laundromat together. I was curious to see if anyone on this site has any ideas, tips, advice about potential investments to diversify your income sources. Also, if anyone has any first hand experience owning/running a laundromat I'd love to hear about. Thanks
You're 22 years old and about to graduate from college. Start by focusing on your initial source of income before worrying about diversifying income streams.
Just take any extra savings you don't need and buy mutual funds in the stock market.
Easy to manage, low cost to get in, and you can cash out relatively easy if you need to. Don't start buying businesses that you don't know how to run until you have enough money to pay someone to run them for you.
Prostitution
What businesses/additional income streams do you have outside of work? (Originally Posted: 01/24/2018)
Hi all,
Just curious to see if what you guys do to make additional money outside of work?
I am new to the US (NYC) and work in MO at a BB so my hours are not too bad (probably 60h/w max) so I do have quite a bit of time and most definitely looking at what’s next.
Back home a few of us owned a couple of uber cars and had drivers for us, and a few other small ventures which didn’t pan out as expected (haha).
Made a resolution to start a business in 2018, also interested in hearing what others are up to.
Likewise.
I do hope this forum suddenly just pops haha. Regardless, even getting a group of people together to discuss/brainstorm could be good.
almost $500/month on a web based biz.
completely passive now but it took 20 hrs week, 4 months, and 2-4k to get rolling
its growing pretty rapidly at this point and i work on it probably 10-20 hours a week to keep it growing.... i'm hoping it grows to xk/xxk/mo but that this point i'm happy its profitable.
What worked for me was to try one biz model until I found something that made sense and just tried it. I'd give a venture 1 year before seriously giving up unless it was something stupid and simple (like uber driving not being worth the cost).
Also something you can build up over time a lot like owning multiple rental properties. Freelancing is all fun and games until you realize its just like a second job.
that way you can build it up over time and grow it instead of being a glorified job.
Solid suggestions you guys - set myself up for that one I think
How difficult is it to make external passive/residaul flows of income while in IB (Originally Posted: 04/09/2017)
As an IBD analyst how difficult is it to maintain and somewhat manage external investments? Im talking RE, passive index funds or something of the sort.
To give a little context, Im a sophomore and have been vested across a couple of asset classes: equities (I realize this is more-or-less prohibited in IB), options (might sell some calls if Im expecting price action consolidation on one of my holdings), fx and looking to get into RE as soon as the Toronto RE market starts to slow down. I am really curious as to whether I would be able to maintain this if I successfully break into the industry next summer.
Has anyone on here ever been able to manage their own investments while in the industry. If so, how?
Thanks!
What are your skills?
Tutor? Uber? Part time somewhere on weekends? Bartender? Personal trainer?
If you're looking for constructive answers, you're not going to find them here. Half the proponents on this forum are 19 year old trolls who don't even work in finance.
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