April 29, 2009
Sowing the Seed
10:44 AM | 
Posted by
db
A slight interruption in Internet access caused a bit of a delay in getting this post out, but here is an outline of how I was able to secure $1500 in one day to start off my million dollar project. I understand most people are not able to acquire this kind of money through the same means, but it does show that if you are willing to make some sacrifices, you can build a starting point.
First, I took advantage of a bank offering my $125 to open a checking account with direct deposit. It was nothing for me to fill out some paperwork to earn an almost instantaneous $125. It's a reputable bank with what I consider to be a secure future, so the decision there was easy.
Next, I gathered up all the scrap copper I could find and took it to the recycler. After about 30 minutes I walked out with $145 and some change for my efforts. I did have the benefit of having a large spool of copper wire dumped on my porch, but even the other scrap was worth about $6, so there is something to be said about recycling.
My initial estimate for the copper was $100, so I made out better than expected.
I then gathered up all my precious metal bullion as well as some other random coins I have collected over the years. There was a time when I was unsure about the fate of the American dollar, so I started investing in precious metals. When I was investing in Gold, the price was under $500 an ounce, and today it is close to $900 so I basically doubled my money.
I found a shop willing to take all the silver and gold I had, along with all the coins for $966. My initial estimate was closer to $800 so that made me quite happy indeed.
After that, I took my jar of pennies to a bank to have them turned into paper. I had counted them at one time, and estimated the value at close to $100, so I was expecting to get at least $97 after the 3% processing fee. I am fully confident I got screwed over, because they took the jar to the back room and came out later with a total I was disappointed with.
$87.04 for my pennies, which is a lot of money considering, but certainly skewed from my initial estimate of $100.
After all was said and done, I collected all the cash I had and went to the bank to deposit it. In total I had made $1362 while my goal for all of these endeavors was $1300. I spent about $5 in gas to travel to all the places I needed to go, and it took me a little over 3 hours to get it all done.
I decided to use some of my bonus money from work to flesh out the total to a clean $1500, though I add in the 4 pennies as they will hang around only long enough to get rolled into a 50 count and turned in that way. No more collecting several pounds of the stuff.
Lastly, I went to the public library to find some information on Forex. They had one book, and luckily it was in stock, so I took that one along with two books about investing, and the book Freakonomics which is a statistical look at sociology. Interesting reading, and I recommend it to everyone with even a slight interest in how things work.
I have not carved enough time to begin researching Forex, but I did grind through the investment books pretty quickly as they had nothing new to tell me. I am most of the way through Freakonomics, and should start the Forex book this weekend.
Aside from all of this, I purchased a new car. I had to resolve issues with the car I was driving, and even though this wasn't the best financial decision to make, it does relieve a lot of stress in regard to transportation. I bought the cheapest car I could buy with the best warranty, and now have a worry free vehicle for the next 100,000 miles.
I also started the process of refinancing my mortgage. This will serve two purposes. One, it will give me an immediate break from making my mortgage payment which will allow me to satisfy some debt. It will also free up more month to month money so I can better afford the new car. When all is said and done, with only a minimal lifestyle change, the new car should not affect my monthly finances at all.
I suppose my only advice to people trying to manage their finances is this. If you have the will, there is a way. You simply have to be realistic in your goals, and take the necessary steps to not get too far behind. You can go through life in debt so long as you are able to manage it properly. It's when you live beyond your means that you start to get into serious trouble, and that trouble can snowball in a hurry.
First, I took advantage of a bank offering my $125 to open a checking account with direct deposit. It was nothing for me to fill out some paperwork to earn an almost instantaneous $125. It's a reputable bank with what I consider to be a secure future, so the decision there was easy.
Next, I gathered up all the scrap copper I could find and took it to the recycler. After about 30 minutes I walked out with $145 and some change for my efforts. I did have the benefit of having a large spool of copper wire dumped on my porch, but even the other scrap was worth about $6, so there is something to be said about recycling.
My initial estimate for the copper was $100, so I made out better than expected.
I then gathered up all my precious metal bullion as well as some other random coins I have collected over the years. There was a time when I was unsure about the fate of the American dollar, so I started investing in precious metals. When I was investing in Gold, the price was under $500 an ounce, and today it is close to $900 so I basically doubled my money.
I found a shop willing to take all the silver and gold I had, along with all the coins for $966. My initial estimate was closer to $800 so that made me quite happy indeed.
After that, I took my jar of pennies to a bank to have them turned into paper. I had counted them at one time, and estimated the value at close to $100, so I was expecting to get at least $97 after the 3% processing fee. I am fully confident I got screwed over, because they took the jar to the back room and came out later with a total I was disappointed with.
$87.04 for my pennies, which is a lot of money considering, but certainly skewed from my initial estimate of $100.
After all was said and done, I collected all the cash I had and went to the bank to deposit it. In total I had made $1362 while my goal for all of these endeavors was $1300. I spent about $5 in gas to travel to all the places I needed to go, and it took me a little over 3 hours to get it all done.
I decided to use some of my bonus money from work to flesh out the total to a clean $1500, though I add in the 4 pennies as they will hang around only long enough to get rolled into a 50 count and turned in that way. No more collecting several pounds of the stuff.
Lastly, I went to the public library to find some information on Forex. They had one book, and luckily it was in stock, so I took that one along with two books about investing, and the book Freakonomics which is a statistical look at sociology. Interesting reading, and I recommend it to everyone with even a slight interest in how things work.
I have not carved enough time to begin researching Forex, but I did grind through the investment books pretty quickly as they had nothing new to tell me. I am most of the way through Freakonomics, and should start the Forex book this weekend.
Aside from all of this, I purchased a new car. I had to resolve issues with the car I was driving, and even though this wasn't the best financial decision to make, it does relieve a lot of stress in regard to transportation. I bought the cheapest car I could buy with the best warranty, and now have a worry free vehicle for the next 100,000 miles.
I also started the process of refinancing my mortgage. This will serve two purposes. One, it will give me an immediate break from making my mortgage payment which will allow me to satisfy some debt. It will also free up more month to month money so I can better afford the new car. When all is said and done, with only a minimal lifestyle change, the new car should not affect my monthly finances at all.
I suppose my only advice to people trying to manage their finances is this. If you have the will, there is a way. You simply have to be realistic in your goals, and take the necessary steps to not get too far behind. You can go through life in debt so long as you are able to manage it properly. It's when you live beyond your means that you start to get into serious trouble, and that trouble can snowball in a hurry.
Labels:
