5
   

I was bankrupt 2 years ago. Now I'm well off......again.

 
 
Reply Thu 19 Jan, 2012 05:01 pm
I thought I would give a little back to this board since people on here helped me out in my relationships. If you are in a bad financial situation, I can help. No this is not spam and I am not selling a thing. I'm just giving free advice because I spent over 10 grand on shrinks and didn't get anywhere when I was going through problems and this board was free. So, I owe it some good stuff. Not going to bore you, but this is long-story-short. I lost everything approximately 2 years ago. But my knowledge I gained from losing it all has netted me close to 2 million in 2 years. Yes I am part of the 1% everyone hates, but I work for myself and yes I only pay 15% in Federal Taxes, but I work for myself. Here are my top 10 rules
1. Don't sell anything that Wal-Mart or Best Buy sells. You can't compete.
2. Don't sink too much(or any) money into "SAFE" mutual funds. The stock market basically crashed and it brought me to my knees because I was leveraged.
3. If it's a product you are selling, stick to the higher end more expensive stuff.
4. As a buyer of products to sell, you must only handle products that can average you a 80% profit markup or more.
5. Little profits and selling in bulk is stupid and there are too many people doing that.
6. Don't play the stock market or be a day trader. I don't care if you have a background in finance or have been a stock broker. My stock broker is behind bars.
7. Everything is considered insider trading on the stock market. Just don't trade period. Mutual funds will maybe pay 12%. We want 100% per month on our investments. In other words, if I put $20,000 into something, I want it to be $40,000 in a month or a 1200% per year on my investment.
8. Make your savings account something that natually appreciates. It used to be houses, but we all just learned our lessons on that one. Buy an antique all original car for a savings account, but pay 40 to 50% of appraised or book value.
9. Don't listen to Dave Ramsey. He is a financial retard and talks too much about the damned stock market that everyone got screwed on. He is a big reason I went from a 5 million net worth Zero and owing 1.7 million and had to file bankruptcy. So, if you see Dave, punch him in the nuts for me.
10. Multi-Level systems don't work. Period. And they self emplode. I have never tried it, I'm just a math genius.
Your Welcome. Please ask questions if you have any.
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Type: Question • Score: 5 • Views: 19,547 • Replies: 124

 
Rockhead
 
  1  
Reply Thu 19 Jan, 2012 05:35 pm
@FenderJackson,
"8. Make your savings account something that natually appreciates. It used to be houses, but we all just learned our lessons on that one. Buy an antique all original car for a savings account, but pay 40 to 50% of appraised or book value."

good luck with that...

the antique car market has crashed with all the other things that depend on people spending their extra money freely.

and if you have to pay someone to maintain it, you're screwed...
FenderJackson
 
  1  
Reply Thu 19 Jan, 2012 07:10 pm
@Rockhead,
All my friends that are well off are investing in gold. Gold is too high right now. But bargain basement antique cars are at an all time low. I just bought a 1967 Camaro RS/SS all original in good shape for $8300. I have it sold for $17,000 at the end of this month if I want to sell it, but I know that I can get the mid 20's for it if I hold out. I am also buying other antiques. I have a 6 car garage, so there isn't a problem housing it. I am a master negotiator and when I make an offer I can explain it like no other and I carry cash. (and a gun) I can move anything in any market though.
jcboy
 
  4  
Reply Thu 19 Jan, 2012 07:22 pm
@FenderJackson,
Quote:
All my friends that are well off are investing in gold. Gold is too high right now.


It is now but for how much longer?

If you were bankrupt where did you get the capital to start up again?
Just asking.
Rockhead
 
  4  
Reply Thu 19 Jan, 2012 07:23 pm
@jcboy,
he writes letters for Penthouse...
jcboy
 
  4  
Reply Thu 19 Jan, 2012 07:26 pm
@Rockhead,
Penthouse won't get a dime from me lol Wink
0 Replies
 
FenderJackson
 
  1  
Reply Thu 19 Jan, 2012 11:13 pm
Capital to start again came from me liquidating some items for cash. I was down to owing more than I was worth, so naturally I hid money. If you want to know what I do for a living is basically BARTERING. You need very little money to do this. This is something I actually learned from a neighbor that sold cars from his house when I was growing up. He never had a job and always had money. I don't deal in just cars. I buy houses from bankrupt banks that have been seized by the government. I capitalize on others misfortune. Remember Hurricane Katrina? I bought over 200 RV trailers for 5 cents on the dollar from the Government. Had them sold when I bought them. I only was out paying for transporting them. I made 5 times what I paid for them. Forclosures are a fine art and you have to know your area. I play banker when I sell a house and taught myself how to collect my own fees and hold the note. Then I sell the note back to a bank. That is harder than it sounds. I am also into high end antiques. I do own some gold now, but only about 3 pounds of it and I am going to sell it. I bought the inventory of a doll store and found a doll collector and doubled my money. The list is endless. But I buy and sell things I have taught myself to be on the look out for. I don't look at the classifieds, I look for individuals and drive around a lot. I coined this phrase, "there is no single town in america that you could drop me in that I couldn't buy a high ticket item, house, car, boat or antique that I couldn't double my investment in a week" I have won bets on this. I watch "Storage Wars" and "Pawn Stars" and it's comical to me that these people have to call in or go to "experts" to find out if it is a deal. First off, buying storage buildings is a gamble. I know what I am buying and what it is worth before I even talk to the person. I barter my way into basically getting it for a steal. I carry plenty of cash and flash it to the prospective sellers. I only get stung on a deal about 10 percent of the time. Here is my secret.....know your products!! Know their worth!! Look for desparate sellers!! Flash the cash!! Have a buyer before you buy!! Set-up Set up Set up.
FenderJackson
 
  1  
Reply Thu 19 Jan, 2012 11:29 pm
Okay, I made it sound easy. But I am 45 and it takes a while to learn what to buy and what to walk away from. I still make bad deals, but one out of 10 isn't bad and I usually recover my investment back at least. I walk away from 7 deals before I buy one. I pay the price I want to pay and I do NOT give an inch passed my mark. I first ask how much they want for the item. Pull out the wad of cash. Make the offer while I'm counting $100 bills, stop, shove the bills in my front pocket and don't say a word.
0 Replies
 
Butrflynet
 
  5  
Reply Thu 19 Jan, 2012 11:37 pm
Have you ever considered how much commonality there is in your financial strategies and your relationship strategies with women?
FenderJackson
 
  1  
Reply Fri 20 Jan, 2012 12:58 am
@Butrflynet,
No I haven't. But you make a good point. I do sometimes negotiate with women, but if I am trying to buy something from them that I will profit from, I look at them as I would a man. My relationship strategies don't require much thought, it's all reaction. In business, it requires all my senses and very planned precise plans of attack. I sell everything I buy. Nothing has sentimental value that I buy. When you do what I do, you loose the ability to have sentimental value. Everything is for sale. The women I get involved with aren't for sale and I don't look at them like they are something to profit off of. Women spend money. No profit there at all. A lot of times I'll buy a piece of Art and hang it on a wall. But it's usually a very expensive piece. My wife falls in love with it. She knows not to get attached to it because it will be gone soon. But in Art it's a slow sale usually and I have a few buyers, but they are hard negotiators and I walk away from more offers than I take. But rich people have to think they are getting a bargain, unless it's a Picasso. I do have an real authenticated Picasso that I will take $22,500 for that my wife absolutely loves. But not because it's a good painting. Because it is a real Picasso.
Butrflynet
 
  2  
Reply Fri 20 Jan, 2012 01:08 am
@FenderJackson,
I think you missed my point. Here's a hint.

In the five posts you authored in this thread, including this last one, you used the words


myself = 3 times
me = 4 times
my = 9 times
I = 84 times

FenderJackson
 
  1  
Reply Fri 20 Jan, 2012 01:27 am
Yes I use I alot. I'm referring to myself. I am describing what I do. I hopefully will help some people out with this post. I have a few friends that do similiar things that I do, just different products. I, I , I ,I me, me me me me me, myself.
FenderJackson
 
  1  
Reply Fri 20 Jan, 2012 01:29 am
@FenderJackson,
OCD.....................LOL!
0 Replies
 
FenderJackson
 
  1  
Reply Fri 20 Jan, 2012 01:35 am
@Butrflynet,
I am arrogant.
Butrflynet
 
  1  
Reply Fri 20 Jan, 2012 01:41 am
Keep processing. You're getting closer.
0 Replies
 
fresco
 
  1  
Reply Fri 20 Jan, 2012 01:46 am
@Butrflynet,
Well said !
Bancrupts who conveniently disregard the problems they might cause their creditors are playing games with their self-integrity. That is especially true if they have borrowed from friends and family.
0 Replies
 
FOUND SOUL
 
  1  
Reply Fri 20 Jan, 2012 04:48 am
@FenderJackson,
Quote:
I, I , I ,I me, me me me me me, myself


Yessum darling, we go that in the other thread:) Where your wife gets a $100k car really cost you what $36, there abouts and she's about to get a new one for being a good girl and putting the house under your name, when / just before you went bankrupt and now you are focused again on money that your girlfriend will stand in your way of "time" and so, the wifey will do:) She takes your trade in'sSmile

So you have charisma
You dress like a dude and women are curious
You have a sense of humor to keep them interested
You know how to cheat the law
You know how to screw everyone and lie to your wife
You know how to hide things
You know how to have two women at once, and "assume" your wife will stay due to the money
And, she owns your house:) So you know.


Bartering does not make you money...It's an exchange.. of goods or services, so you barter with your girlfriend for goods and services, "could not help myself", in any event, it does not pay the bills.... It's a good concept to some degree but can send you bankrupt as well. I had a business that included bartering... I chose not to exchange some things, restaurants for instance, stationary is a good choice.

They say, every millionaire has failed 3 times to become successful.. Be careful, you've only gone down once...

I made reference in my post on your other thread that you "had money" guess I was right... That does not buy your wife, nor your girlfriend for ever... It does not buy happiness either and I am for one? Am not impressed that you still had assets beat the system for self gain...

Like I said on your other thread... You are self obsorbed, think only of you, money and women and gain, all gain...

Money can be the object of all evil..Or it can be made honestly and through darn hard work.. We all do the last bit...

You seem to break every rule there is in the book,...

Sorry....

MonaLeeza
 
  1  
Reply Fri 20 Jan, 2012 05:36 am
@FenderJackson,
Well I don't think there's any pretending that you're a saint but I for one found this very interesting. I have my own business and don't share your ruthlessness or lust for money - but then I don't have very much of it either. I'm also the kind of person who'd keep the Picasso. Still I enjoyed the insight into how you make your money. I know a lot of people in the business of buying and selling who are equally ruthless but less honest about it. The criticism was inevitable but thank you for sharing.
FenderJackson
 
  1  
Reply Fri 20 Jan, 2012 09:01 am
@MonaLeeza,
I don't consider myself ruthless. People don't have to take my offer or do they have to buy my wares. In a recession, there is just more stuff to profit off of. In a good economy, you pay more. I paid too much for some things before the recession. I am honest when I buy and sell. I just do my research. I pay my taxes and I pay alot. I can't gripe about the 15% capital gains tax at all. I do my quartery statements and send them a check. My CPA loves me. He is a gun collector and all my services are paid for by me giving him guns. I am not even incorporated anymore. If I was, it would save me money, but for simplicity reasons, I don't. When I make a deal, I put 35 percent of the profit in the bank. I pay my State, Federal, Social Security and all my taxes out of this account. I don't mind paying taxes at all. It's the price we pay for living in the United States and for me being able to do something that I love. I have heard that the love of money is the root of all evil. But the truth is, I'd rather be crying in my Mercedes than in my cardboard box.
0 Replies
 
FenderJackson
 
  1  
Reply Fri 20 Jan, 2012 09:24 am
@FOUND SOUL,
Why does everyone say that money doesn't buy happiness? I have filed bankruptcy twice in my life. The first time I was at zero with nothing. The next time I put some stuff away for a rainy day. The rainy day came and I had to cash out and take a loss to have the ability to start up again. The first time I had to get a job to build myself out of it. Yes, the first million will kill you getting there. The 2nd million was easier. I got depressed and felt like a total loser when I went bankrupt. But, I came from nothing. I was raised by my aunt and uncle who didn't really provide anything for me. But now that I have money, I found out I had relatives that I didn't even know about. I was a bother to my Uncle and they didn't "love' me like a son. I found out I had a half sister. She now does what I do. Weirdly enough, even though we never knew each other, she was basically doing the same thing I was, except she was using Ebay and an online store to move her wares. When we first met, I found out that we were obviously very much alike. But I taught her how to do what I do, now she incorporates real estate from her town into what she does and she will reach millionaire status by the end of this year. She may buy my Picasso, but I have a hard time profiting from my sister. She is a barracuda negotiator. She wants to trade me a Mustang Shelby Cobra GT500 1967 with no engine but mostly all original and it's a little rusty in spots. As soon as I locate a frame with the original engine, I'll probably do the deal. I know that she has only 5 grand in it. I know an original would bring a fortune. She knows that making it original is going to cost me 100K. But she also knows that that I will easily double my money on the risk. But there is a risk. That is why I am hesitant to trade the picasso for it. In a good economy the Picasso will bring 5 times what I paid for it. She will keep it and not sell it. God I love my sister! She is such a bitch! And she calls me a bastard. But in a loving way.
 

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