Spreading knowledge and good vibes. There are a lot of things I do in life that make it easier for me, less stressful, more profitable, happier etc. Only 24, but going to give advice as if it were to a younger version of myself. Things I wish I had known earlier that might help some of you out.

I wanna hear what tips you guys have too.

Financial/Business
*You dont have to reinvent the wheel to come up with a successful and profitable business.
*Create value (or percieved value) and financial success will follow.
*You can release the same product as someone else but offer a better price, or improve the product, or better support/service etc and people will flock to you.
*Saying the above, never ever compete on price. I never want people to use my businesses because 'it is the cheapest' - compete on value, not price.
*Dont focus on saving (particularly), make sure you are profitable, but focus on making as much money as possible, not saving as much money as possible. For example, I have friends who will walk around a supermarket looking to save 23p on brocoli for 1.5 hours or something - my time is worth more than that. Same with gardening or something, Why would i spend 4 hours of my weekend doing it, when I can get someone who is better than me at doing it, to do it for like 40. If I can earn say 400 in those 4 housr, it makes more sense for me to pay someone to do it.
*DONT work your ass off for someone else. You are 100% replacable whether you like that or not. I was always under the impression 'If you work your ass off, you will always be guaranteed a promotion/pay rise and thats the way to climb the corporate ladder' - not true.. The first company I worked out, I went above and beyond in all my duties. I was the only person in the company that could do what I did and I bought about 6-7x my salary in for that alone, would come in early, stay late, study loads, find ways the company could be more profitable, automate more things, and it was all for nothing. Asked for a pay rise, wrote a letter saying what I was doing and how nobody else could do what I did and the finances im bringing in etc and didnt get one. So I handed in notice and setup my own company doing consultancy and guess who was my first customer? Then increase my day rate by 4x what I was originally being paid and automated all of my own work, so essentially got paid 4x what I was before for doing 6 hours less work per day.

CLIFFS: CREATE VALUE, ENSURE PROFIT, AUTOMATE PRODUCTION (to save you tons of time/stress/hassle) = MORE SPARE TIME FOR OTHER PROJECTS.

As a rule of thumb I will invest 80-90% of my earnings. 50% of that is aggressive, high risk investments, 25% of that is medium risk investment and 25% of that is very low risk investments. Sometimes I lose out on the high risk investments, but when they pay off im laughing.

In terms of starting up new businesses, I always use the following rules;
* Fly under the radar, stay modest/humble and dont be famous.
* Look to makeEXPOTENTIAL GROWTH within a short time frame. E.g. 1M under 5 years
* Has to be 100% scalable business model
* Cannot be regionally limited.. It has to be international (this makes your business recession proof)
*Online based, this means it runs 24/7 even when im sleeping, multi-currency, and highly scalable). When Brexit happened, most of my clients were from Australia/America and the pound plumetted 40% or so. All of my contracts were negioiated in USD, so for doing the exact same thing, my earnings went up 40% without anyone questioning it. Win Win.
*VIRTUAL PRODUCT / SERVICE only - Unlimited product range, ASAP shipping, no hassle with returns etc..
*Timeless based product/service, something that runs forever (24/7), not just when you are putting in time and sitting at a computer/phone. DO NOT SELL YOUR TIME.
*Needs to provide HUGE amount of value (or percieved value) to massive amounts of people.
*Has to solve peoples needs/desires/wants
*Control your own income stream/s , DO NOT rely on others.
*Have multiple different income streams. I currently have 4, 5 if you include investing. If **** hits the fan on one of them, then you still have others.
*Dont do the heavy lifting yourself, build a system that does it for you. Automate every aspect of your business so that you have more time and less stress.
*Your 20s-30s are the financial blueprint to the rest of your life. Start NOW
*Network, network, network..


General
*If it sounds too good to be true, it usually is.
*ALWAYS trust your gut instinct.
*When you speak to strangers, ask them how they are and actually listen, or ask them how their day is going so far. Honestly, with customer service you will be surprised how much quicker or more helpful they will be to you if you are polite and ask them about THEM and treat them as people.
*If you stop talking and continuing to look at someone in the eye during conversation they will usually continue talking and talking and give loads of information out to avoid the silences.
*Study Neuro-linguistic programming earlier. VERY interesting for persuasion and getting your own way. Works well.
*Money buys time, opens doors, gives you options.
*Capital Growth over assets held by the rich is what makes the rich - much richer.
*Make and set goals, annual reports, use excel spreadsheets to track all progress etc. I have annual reviews from 2013, 2014,2015 and soon 2016. It's really interesting for me to see what I wanted 3 years ago and what I had, to what I have now and what I want now.


Mental health/Stress coping/Problem Solving:
*Maybe it is the programmer in me, but whenever I get a problem I grab a pen and paper and draw/brainstorm it all.
Example:
Your car wont start in the morning
Solution A: Why is it not working? Batteries dead? No fuel? etc then fix those problems
Soluation B: Get a taxi, public transport and fix it later
Solution C: Get a friend or parent to give you a lift.
Solution D: Stay at home

Then I look at the pros and cons of each one to decide what the best solution is and go with that. I dont get pissed off, I dont get upset. Its just a problem and i have solved it. You can be 100% in charge of your emotions. IF you arent capable to be incharge of your emotions, then work on that. It will lead to a bunch of stress and problems.






Will update this later on. Was just writing this as stuck at the airport and want to use it as a scratchpad. Feel free to ask me anything, or add your own tips and stuff.

i think i possess more life knowledge than any 16 year old to exist (srs) even at the age of 14.

aware me on VIRTUAL PRODUCTS that you speak of

you forgot the ultimate wisdom, jews did 9/11

Life knowledge your way back to teen misc then you fuking *******

u jelly of my knowledge?

You mean, aware me on your business models and what has worked for you, so that I can copy it and make money because im lazy?

Over the last 8 years or so, I have tried (and failed) on maybe 100 different income streams. I have worked countless hours, felt like there was no progression, gave up, lost money etc .. If you cant think of one single 'virtual product' then i've got some bad news and youre not gonna make it.

For example, digital marketing would be a virtual product or service, web development/design, programming, app development, ebooks, drop shipping (virtual in the sense you dont have to see the product), online based websitse, affiliate websites, online gambling websites, online p0rn websites. Anything that is a service, or product that you dnt have to create, order in and ship out = virtual product/service.

The downsides to stuff like DM, web design/development/programming is that if you are doing it for someone else you are selling your time, so if you were to go into a coma then your income dies. If for example you build a really successful app, then bingo-bango you will continue making expotential growth.

Another tip;
AIM HIGH. If you want to save $1,000, make it $10,000. Chances are you wont hit $1000 because you'll be lazy, if you aim for $10K, then you may get 8-9K or so and be much better off. It also teaches you about scalability.

For instinance, if you offered bicycle repairs as a business, you will onyl ever have customers within a 10 mile radius and you will have to compete with those shops.
If you changed this business model and made bicycle clothing, or made handbuild custom seats, or something like that - then you can sell all over the world.

misc just cares about ass, titties, and memes OP.


you're better off posting this thread on teen miscelleanious

Think you're right. There are a handful of similar minded miscers though. Just gotta sift through all the basement dwelling, FA Autists first.

edit: well delete thread shortly unless it picks up and just continue to save my **** in evernote/google drive files.

an importart concept is that of the MVP, Minimum Viable Product. people get sucked into an idea/product they think will sell, invest too much time and money into it expecting others to love it like they do only to have it flop with no interest.

create something that showcases what you need to generate interest, improve it based on the customer demand. will often find the product changes significantly during this process.

im enjoying this thread

You could remake this topic in the education/career subsection if you're seeking like minded people

Read every word. Srs.



Interesting stuff and very informative, always wanted to work for myself, and I have a small purse for the foundations, but it's very hard with so many ideas and paths to follow, to concentrate on the right road to the horizon.

Imparting your knowledge for no personal gain is much appreciated, and respectable.

Tried to rep but I'm on recharge

I'd add trust yourself and you own research particularly with trading/investments.

You are in control of your decisions. Don't let the herd mentality compromise your ideas which may very end up being correct.

Disregard fear of missing out and always stay objective in your pursuits. Facts and figures tell truths and so do emotions. Get a grip of both you will be successful in life.

Good thread

Some great tips brah, saved them incase you delete. What are your credentials?

what's your net worth *******? 24 year old? Yeah, tell me about your experience on wall st. and business.

will read later.

OP. What hight risk investments are you talking about? stocks?

and how much liquid cash do you keep on hand? 6 months emergency? rest in investments?

Naice

He explains his experience in the op you bellend.


Lmao @ wall st, totally irrelevant ITT


Fukin misc autists I swear

too vague bud. good for noobs, not for me. I already have numerous online income source but some of them are getting saturated so no not lazy.

good luck

go fuk yourself you moron. I've better things to do than read basic chit about business that you find astonishing.

That's an awesome tip and so true! When I was 18 I knew I really wanted to make money. The reason this stems from isnt because I grew up poor, it was because my dad would work 90-100 hours every week. I would never see him growing up and when he had spare time, he would want to go to the pub with his mates or it was super late at night so we couldnt play football or anything. I want to be a father figure that has tons of time to spend with my kids, there to listen to them, to help grow them, to watch them grow as people etc..

I didnt know what the hell I wanted to do. I knew whatever I ended up doing would work out, but I felt like people wouldnt give me their hard earned money because I was young and they would think I was competent enough of earning it. I always (until around 21) viewed my young age as a massive burden. "I cant wait to be older, people wont double guess me in meetings, or will treat me with more respect in the work place, or I can earn more" but really its the opposite. People LOVE young, enthusiastic and ambitious people in the work place. You have SO many fkn doors you can open by being young and saying "look I love what youre doing here, can I join in and be part of the team" and building up experience.

Anyway, I wrote down on a piece of paper 10 different potential businesses that I could make money; it was like;
1) Open up a supplement company
2) Do photography for a living (big hobbie of mine at the time)
3) Do somethin fitness/personal training related
4) Open up a clothing line
5) Open up a consultancy company for digital marketing or web design, SEO etc
6) Affiliate marketing

I would then try and make 1,000 on each one. I found supplement company was too hard, too much competition, spoke to various milk distrubition companies and whey protein was expensive to buy and i'd have to sell TONS to make any real money, also tons of health and safety concerns and tests you have to do it was a nightmare, so ruled that out.

Number 5 proved VERY profitable, as did number 6, Number 2 was very good as well especially with wedding photography.
Number 4 was too much hassle with shipping out and designing and marketing it all.
Number 3 too much competition and I wasnt in good enough shape and it pays pants.

See where I am going with this? You will only end up in a solid position if you are VERYYYYY lucky first time around, or you just throw tons and tons of chit at the wall until something sticks and then go with it, then develop it, listen to the customer, adapt it, evolve it, profitise it, automate it etc etc.. Exactly what Ajax ^^ above has said.Yeah Iw as thinking that, but its often quite dead. Maybe a MOD can move it over there if it picks up a bit.Thanks brah.

It can be hard, but I wouldnt want it any other way. Its nice that I can just pick up my laptop, pack a bag and go anywhere in the world with an internet connection and still make bank. That being said, when I go on holiday I always leave laptop at home and just take phone for emergencies. Switch off all business stuff on holiday as its my break. The automation process ensures sales are still coming in though.

Im working on a VERY big project at the moment. I only have one competitor and they are a multi-billion dollar company. I have a chief marketing officer for a very, very large well known company as a share holder who is helping me promote it when the time comes. My plan is to get the billion dollar company to buy me out when they see that I am a threat.

Understand timing for going self employed can be very chit especially if married, with kids, have mortgage/renting etc. There is no real right time to do it. I am thankful that I started all mine and got the ball rolling whilst I was living at home and outgoings were low (sub 300 PCM).


Another Tip: Nobody except your girlfriend/wife/kids will be happy for you if you reach financial success, they will just ask for hand outs. I made the mistake of telling my dad how much I had made one month and he didnt even smile, just said 'Well I need to put your rent up' and told me that I needed to start paying from 250 to 750 because that is what I'd have to pay elsewhere for a bedroom in the area and then said actually maybe I should do it 10% of your take home salary'. 100% serious. Made me feel sick that he wasnt even happy for me, just thought 'what can i get from this'. He also threw a massive tantrum because I spent around 800 on his birthday present and he wanted me to pay an extra 500 so he could do a parachuting course or something and then said I have the money, so why cant i'. I love him, but if your life is better than someone elses, do not ever expect for them to want to help you.

I am posting my knowledge/advice here to help others out. I dont expect anything back from it. I'd like to hear what other people have to say. I have somewhat subsituted my social life for money. That's not saying I dont have any friends, I got a few friensd I speak to everyday on whatsapp/******** etc and go out maybe twice a week, but not as much as everyone else. At the rate I am going though, I will be able to retire between 30-33 with a networth of minimum of 5M IF nothing else changes. Like worst case scenario. Of course I will continue working for fun though, but just small scale things.

Current salary bounce around and change a lot, but absolute worst case scenario if I dont do anything is around 175K a year. And if I am putting in the hours and pulling a few all nighters, then it's around 450-650K PA - this is salary/profit, not what my companies turn over. My highest billing month was 65K after taxes, which works out roughly to 1.5M per year, but hasnt been that high since. It was just a lucky month.

Second tip: Pay a LOT for a great tax accountant and you will save tons and tons of money. My outgoings are around 600 per month all in, so its very profitable at the moment.Exactly. No when to stop.

With my high risk investments, say I put 10,000 down, I will wait for that to double, once it reaches 20,000 - I will remove my initial 10,000 out and leave the remaining 10k in. If it shoots up then happy days, if it plummets, no harm done.

Read everything, was a very interesting and similar to what many other people have said.

repped

My networth is my credential. I left school at 18, with plans on joining the RAF as a pilot. Got accepted all the way to the end and then conservatives came in and dropped the top 200 to top 100 and I wasnt in top 100.

If I had known that would happen, I would've left school at 16. Degrees imo are for monkeys. If you want to work for yourself, you dont need a degree. If you want to be a doctor, lawyer,banker etc, then yeah do it -but you will waste 5-9 years of your life, then start at the bottom of somewhere when youre like 30 years old on crap pay, have to work 100 hours a week etc. Boring/yawn - I cant be assed to that and play the corporate game of snakes and ladders. Meanwhile when the bankers/lawyers start earning decent money, I will already be retired. I've spoke to tons of bankers and bankers wives, top doctors etc as I keep my yacht in one of the most expensive marinas in the UK (tons of big ass yachts in there, like 2m+). Anyway, all the wives are MASSIVELY unhappy, the kids hate the dads, the dads resent the families but theyre all loaded. Its a disaster. Wives usually cheat on whoever the fuk gives them attention too.Around 1.2M at the moment, but a lot of that is tied up in my property portfolio.Stocks and shares arent volatile enough for my liking. Cryptocurrencies with lots of research however can be proven to be VERY good. I've made hundreds of thousands from cryptocurrencies in the last couple of years.

Saying all of this, I still drive a chit car that is worth about 2,000. My clothes (except buisness suits) are nearly all river island, all saints, asos (with the exception of ski coats, leather jackets and shoes).. I live an incredibly modest life. Only 2 of my closest friends and girlfriend know how much I earn/networth, nobody else expects anything and I like keeping it that way - for now anyway.

High risk: I also buy assets. When the recession was around I was rubbing my hands together. SO much stuff was selling WELL below market value. Anything remotely luxurious was selling for peanuts. Planes, boats, jet skis, motorbikes, limited edition bikes, old classic sports cars, new sports cars etc. So I bought a lot of chit with the intention of flipping it on. I bought the boat for myself though - but it was a good price.

Lol. The reference to NLP gives you away as a self help book reading, wannabe autist *******.

I like reading self help books. Theyre good. Granted they wont make you a millionaire over night and the majority of the authors got their networths from selling the books ironically.

Millionaire Fastlane is very good general business and teaching the important of scalability, Meditiation by Marcus Aurelius (great to do with your thoughts and controlling your mind), 4 hour work week is very good at teaching the importance of time and automation. Learning from other people and having mentors in life is such a golden ticket to success imo.

have you ever wondered why rich people and successful businessmen hang around with other successful businessmen and not losers working in walmart? You can bounce ideas off each other, network, share tips, share stock/trading tips all kinds of stuff.

Subbed. Got a question for you later if youre gonna be around

The most important thing in life is being really really good looking. Literally. If you are hot, everything else falls into place... if you are fat or ugly, life is an uphill battle for ever.

Lie on your resume, no one checks and it can help your career a lot