Secondary Income or other sources of income

With respect to selling cars, go to http://www.edmonds.com/ and search for the word "salesman" This will return a number of articles about car salesmen. The most significant of these is a 10-part series of articles:
Confessions of a Car Salesman
http://www.edmunds.com/advice/buying/articles/42962/article.html

UPS is widely known for hiring college students to work the night shifts in the sorting centers. The pay is supposed to be above average for a warehouse type of job, but friends I know who worked there said it is physically exhausting.

For other kinds of shift work, consider businesses which run long hours or 24x7. i.e. hospitals, airlines, transit agencies, computer datacenters. Advantages of being employed in a normal company is getting someone else to pay health insurance.

Alternatively, why not have your "second" job be during normal business hours and instead trade markets in different time zones? You could wake up several hours earlier to trade the ESTOXX50 in Europe, or else stay up late to trade the Asian markets. The Korean Kospi becomes active at 8pm. You have to open Korean trading accounts remotely overseas, but this year may see them authorized to be available for US domestic accounts. (See related Kospi thread under "Index Futures" Forum)
A "regular" during normal business hours tends to pay better than shift work.

If you're gonna do a day job, and it happened to be gopher or clerk for a trading firm, does anyone know if the pay is livable, or is it just over-glorified internship?
 
Quote from Achiever:

I've heard that some people can make a living playing poker. Can anyone with experience comment on this? I would imagine that it is very similar to trading. [/QUOTE

I think that the skill sets for being a successful gambler are probably inline with being a successful trader. If you can't make a living at one you will probably have a hard time making a living at the other.

I always felt if I was fired tomorrow, I would go full up on my side businesses but if those failed I would go full CFP (certified financial planner). (always have a backup)

Valet Parking is a great side gig (did it in college). With the right attitude and hustle. You can pull down 150-300/a week night in the right spot/city tax free :p and you work mostly weekends lot of free time.
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Quote from cornholetrading:

It was kind of funny because there were several responses on why TA still works but nobody addressed the real question.
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If you're currently working and trading, continue. Hopefully you're making money @ trading. Some people will take their gains to buy a new car, big/better house, furniture, parties, vacations, the list is endless. The smart person will take their gains and invest in something that provides cash flow. Franchises require hands on, real estate... you can hire a manager. I prefer the latter. Toys etc. can come later.

"A double minded man is unstable in all his ways." Decide if trading is what you want to do for the rest of your life. Do you have the mind set to be a trader. If so, put your heart and soul into learning it. You can't get a college degree by attending class and not doing the homework. You can't become a journeyman until you've gone through an apprenticeship. The same applies to trading.
 
Quote from kc11415:

With respect to selling cars, go to http://www.edmonds.com/ and search for the word "salesman" This will return a number of articles about car salesmen. The most significant of these is a 10-part series of articles:
Confessions of a Car Salesman
http://www.edmunds.com/advice/buying/articles/42962/article.html
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Great article, kc11415. It took me a couple hours to read it all, but it was fascinating. I'll have a new understanding of what car salemen are doing next time I'm at a dealership. Thank you for the reference.
 
I started a window cleaning company with an old truck, a ladder and a bucket. Cold-called building owners and knocked on doors to get work. After a few years I was making $3-400/day regularly. It's a good job, you can schedule your own hours, work out in the sunshine, and it's good exercise.

I also know a few guys who have a knack for cars who are buying damaged vehicles from insurance companies and fixing them up in their garage and making a couple grand re-selling them.
 
Real Estate,
I used to be a landlord. Owned & managed several properties, bought with little $$ down. (look at Robert Allen books on amazon for ideas on that). Creativity is important in the initial financing - Cash is king in that industry, try to buy with as little $$ as possible. If you just want to use it as a cash cow, go for the highest term mortgage possible (25 or 30 years) you won't pay down much in principal but you'll create a nice cash flow. You don't have to be a rocket scientist to do this, as a matter of fact a friend of mine who I got started in this 3 years ago now has about 30 houses and has about 3/4 of my IQ, and is making more then I am vs. trading! :confused: Frustrating as hell, but I love trading and am slowly, consistantly improving. If you don't qualify for anymore mortgages then look for sellers who are willing to finance you in an 'agreement for sale' contract. Where you pay the owner x$/month with nothing/little down. After a while where you have established a payment history you may be able to put a mortgage in place. Again key is creativity - you can structure a custom deal for your needs IF you find the right seller - find someone who has to sell eg. divorce, death(estate), moving, foreclosures etc. Maintaining houses is actually very little work once you get used to it, I had 10 rental props and spent an average 5 -10 hours/week (this includes picking up rents)

Also another excellent way to make $$ in real estate is to find houses that need a bit of work eg. paint, carpet, drywall and resale at a profit. If you are not inclined to do the work, go to your local Salvation Army and see if there are any down on their luck carpenters (you'd be surprised) they will work for minimum wage or lower (one guy I knew only wanted me to buy him food & beer for small jobs) One man trash is anothers treasure. You would be very surprised to find out how little is costs to rehab an average house.

Nice thing about both of these jobs is that you are the boss, you call you own hours etc. Once you learn this business like any other, you can always fall back on it if need be in the future. Good Luck. :) :)
 
Quote from nwtrader:

I hear the guys standing on the street corners with the cardboard signs make upwards of $50/hr :p
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Freakin' oath! I know a guy who owns a real estate empire including a couple of high-rise buildings. This dude goes to main street for a hobby and does the most classic beggar I've ever seen. People just seem compelled to throw cash at him, I had no idea how he does it.

I asked him, and he said: "That's easy. Most beggars project an image of misery and poverty. People don't want to see that, because it holds them the bad mirror. They don't want to give, either, they just look away. Instead, I project an image of success. People always want to give to successful people, that's what they do, it's how they identify themselves. Take from the poor and give to the rich. In order to be successful, you must project an image of success at all times."

This was like one of the biggest lessons in my life. It sure stuck. I applied it to my whole life. And yes, it works. It always works. It works to get business, it works to get women, it just works.

The "beggar" still frequents the streets every so often and does between $500-$2000 per day. And I have no reason to be kidding.

As for secondary income, I am still running a part-time business as a jewellery designer, manufacturer and retailer, which is mostly independent / self-running now. I also like other forms of art, and I am planning to get out some heavy jewellery designs in the future, and some really nice paintings, like work towards an exhibition. Gives me a break from trading sometimes. But trading is great, and it pays for the ever-more expensive gems and metals I like to work with.
 
Quote from Scientist:

I asked him, and he said: "That's easy. Most beggars project an image of misery and poverty. People don't want to see that, because it holds them the bad mirror. They don't want to give, either, they just look away. Instead, I project an image of success. People always want to give to successful people, that's what they do, it's how they identify themselves. Take from the poor and give to the rich. In order to be successful, you must project an image of success at all times."
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Interesting theory! How does your friend project an image of success as a beggar? Where a suit and tie and stand up straight?
 
" In order to be successful, you must project an image of success at all times.

This was like one of the biggest lessons in my life. It sure stuck. I applied it to my whole life. And yes, it works. It always works. It works to get business, it works to get women, it just works. "

As an aside , and as a UK resident, this has always interested me as I have a sales/training background.

Basically you cannot take the American ethic of projecting an image of success and expecting it to work globally. Here in the UK it is very rarely that such a direct translation would work, even though we speak the same language. FWIW I always had to tone down any American sourced sales pitches and add a bit of uniquely British (aka sarcastic) humour.

An interesting quote was once made by the actor Michael Caine. He basically said that if he went for an audition in the USA he would hire a limo and put his best clothes on. If he went for one in the UK he would drive up in a clapped out old mini and dress like a tramp. That just about sums it up. Public displays of success are frowned upon.

You're an Aussie, right? So I guess this must work more there too.
But I know you guys have the same sense of humour we do !
 
What? They have those marsupial things over there. It has to be a much funnier place than here!

Quote from Funster:

" You're an Aussie, right? So I guess this must work more there too.
But I know you guys have the same sense of humour we do !
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