Secondary Income or other sources of income

Discussion in 'Professional Trading' started by WDGann, Jun 22, 2003.

  1. Let's discuss about how you get other sources of income that is not related to trading...

    Do you own a franchise? (Like Subway)

    Invest in real estate?

    Have a second job? (Bartender, Mortgage Broker/Consultant, etc.)

    Despite of what some think, having an income other than trading is very helpful and alot of established traders actually get into this to protect their capital from the market...

    Any thoughts?
     
  2. funky

    funky

    currently my unemployment checks will run out in october. my girl pays the rest. we saved up enough $$$ to get by for a year or so. expenses are extremely low -- we don't go out or eat at any restaurants. its the price we have to pay :) we are wanting to move to florida now, but its hard b/c moving is so expensive.
     
  3. nitro

    nitro

    I think that taking the pressure of having to make money from the markets is one of the no-brainer things you can do that will improve your trading almost immediately.

    The hard part is the constant work that you have to do - it could lead to burn out if not done right. If it were me, I would work doing something that was "orthogonal" to the way I trade. So, if I think trading is mostly intellectual and pretty sedentary, I would go and get a physical type job like at a meat packer or at UPS loading packages.

    If I worked in the pit standing up all day long as was physically exhausted at the end of the day, I would stuff envelopes at night. You get the idea.

    If you had boundless energy, then getting the job that pays the most IN CASH, e.g., barternder, so that you can save a years worth of expenses is the route to go.

    nitro
     
    lemarche likes this.
  4. Commission overides, Consulting, begging on the street :)
     
  5. Have you tried begging? I think that would be a good ego adjuster too, just don't know if it's worth the time...:D
     
  6. nwtrader

    nwtrader

    I hear the guys standing on the street corners with the cardboard signs make upwards of $50/hr :p
     
  7. Brandonf

    Brandonf ET Sponsor

    Real Estate and websites.

    For me the education I do on the sites has helped me a lot, but also having the income from that and the real estate is great when the trading is not. It keeps me from panic and doing something stupid.

    Brandon
     
  8. bubba7

    bubba7

    I'm a gopher for my partner.

    We do a thumbnail thing to determine if another person is suitable for her method of working. If they qualify from the thumbnail review then they can be considered for working. We have had failures in this because we were not able to assess their moral and ethical positions.

    Our lower income cut off is 350,000 a year starting. This can be done during off market hours 100% so it would fit your query.


    a typical person we see has thefollowing numbers in the categories:

    Leads: oversupply.

    Calls: 125 and 50 knocks

    Appointments: 15 to 20

    Closes: 3 to 4

    Av commission: 700 bucks

    Annual income: 100,000

    We shifted the market and changed the appointment/ close ratio greatly.

    The new # trurn out to be: oversupply, 25, 18, 30, 5,000, 2.1m.

    This is how we get to a 350,000 starting level. Doing one sixth of what a pro does is a good starting point.

    We make only calls to people who have no objections (they are more intelligent nd informed); we deal with both partners of the residence as individuals (thus doubling the closes); the commissions went from 700 to 1,984 in,the first market move and then to 5,000 in the second market move (this was done by looking into who had greater needs and who could think more easily).

    If a person planning on investing wants to jump start his plan; it is a good idea to get into something very lucrative initially. The start up of investing has fewer safe opportunities initially so a person is less active in the mrket. By adding another 350,000 a year to the plan, it is easier to get to a good place. The clients you see also expectyou to know what is what about the world and investing as well. by ploughing part of the secondary job into investing, you can get to a reasonable level of wealth to be able to do what you want.

    you can see here that most people here do not have very good secondary jobs. It also looks like their investing ROI is marginal at best. Both these situations do require a change of orientation ASAP.
     
  9. Prostitution.
     
  10. I do that for free though... maybe i should be getting some extra income from it :)
     
    #10     Jun 22, 2003