Trading full-time -- 2nd job and other streams of income?

Quote from Bolimomo:


The thing is: if you lose $5000 on a bad trade during the day, how many hamburgers do you need to flip to make it back? That's why I said if the OP has been losing money trading, seeking for a second job to get income would only drain it more in losing trades.
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On the flip side imagine him losing $5000.00 and still being able to pay the bills by flippin' burgers....
 
Quote from Bolimomo:

Having a backup plan is fine. One usually seeks for something comparable. You do your website, EBay selling or whatnot. But seeking for a labor job to supplement trading seems odd. If you are a CEO making over $100,000 a year would you seek for a second job as pizza delivery at night "in case" you get laid off? People do accept it "when it comes to it" but geez wouldn't it be easier to save money into a family emergency fund while life is still good?

The thing is: if you lose $5000 on a bad trade during the day, how many hamburgers do you need to flip to make it back? That's why I said if the OP has been losing money trading, seeking for a second job to get income would only drain it more in losing trades.
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I actually agree with the concept but in reality...

Many don't agree even if they are making millions via just two celebrity examples out of hundreds.

Please explain why someone making millions and has star status will need to supplement their million dollar incomes by doing underwear commercials, someone else starting a perfume company, someone else starting a landscaping firm, someone else side gig as a professional motorcross racer, someone else selling real estate (condos) et cetera...

All already making millions as celebrity athletes with an existing source of incredible income.

Are they paranoid, true capitalist, greedy, volunteer work, boredom or being advised to have a backup plan or what ???

Heck, even old Warren Buffet has an occasional garage sale where he's actually selling for cash to get rid of old junk he's accumlated in his house.

Surely a guy like that doesn't need pennies and dollars he gets from the locals stopping by to pick through his stuff he has put out at the curb with a for sale signs.

With that said, I have no clue if the OP is losing money or not because he didn't specifically state such in his first message.

P.S. My neighbor a high ranking military officer owns a popular local garage repair business (he has employees).

Mark
 
Anybody guessing how much Michael Vick was making on the side via his dog fighting business ?

I heard between 30k - 100k per year until he forgot to pay someone. :D

Mark
 
That's a really bad analogy. Top professional athletes actually make more money from endorsements than from their sports winnings/salary.

Nonetheless, it is always a good idea to have a plan B or C.

Quote from NihabaAshi:

I always wonder why all those celebrity athletes making millions each year playing sports would have second businesses on the side or doing TV commercials for extra dough that had no relationship to their sports (e.g. Michael Jordan doing Hanes underwear commercials, Maria Sharapova new perfume business et cetera).

Simply, why do people that make millions per year would want to spend the time & energy having a second business on the side ???

My point is this...why do people question someone that has a backup plan (plan B) just in case something goes wrong with their plan A especially during the current global economic problems. :confused:

We should always be prepared for the worst case scenario because shit does or can happen.

P.S. I have a darkroom photography business (plan B) and a website (plan C) just in case my trading (plan A) goes down the toilet.

All three provides a consistent steady income for many years from the home.

Mark
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Quote from bellman:

That's a really bad analogy. Top professional athletes actually make more money from endorsements than from their sports winnings/salary.

Nonetheless, it is always a good idea to have a plan B or C.
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Not all...but some do.

The two specific examples I mention did not although they did make a bundle on the side via such.

However, Mr. Jordan was once asked why he did it when he wasn't under contract to do such...

His reply...

"It may open the door to other opportunities".

Maybe Nike folks thought he looked cute in those underwear. :p

Regardless, many top athletes do in fact have businesses on the side that are not related to endorsements nor contract obligations...

Reason why I made such an example. :cool:

What about other celebrities such as hollywood (actors and actresses) that have successful businesses on the side or businesses that have failed while they are stars making millions...

Those too are not endorsements nor contract obligations.

P.S. Too bad Mike Tyson didn't have a real second gig of a job after boxing went down the toilet.

Maybe George Clooney will hire Tyson at one of his resturants, production company or fashion design company. :p

Mark
 
Quote from KING_HARDCASTLE:

interact/meet new people. Would need it to be in evening - night.
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If you are an artsy craftsy kind of fella, it may be that body artist, just might meet those requirements. The tattoo parlors that I drive by seem to be open only at night. Tattooing would also seem to have a high level of interaction and you could meet new people. After all, you cannot just tattoo the same old tattoo on the same old person time after time.

Where I live the number of tattoo parlors seems to have grown to be equal to that of the number of McDonald's.
 
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