Hi Guys,
watching Oprah today.. intersting show about.. “selling yourself for cash” (no not prositution)
http://msnbc.msn.com/id/3949869/
very lucky for us in this country, we are.
Cheers,
sisOriginally posted by geo:Hi to all,
I was wondering if we could list and detail creative ways to generate money besides the listing of renting, shares etc. – perhaps we can go into more detail.
Any clues out there?
Regards,
Geo.Hi Geo, you say you want to hear creative ways to generate money.
I can tell you what is not creative, and that is to exchange hours for dollars. That is clearly not creative at all, it is called a job, and there are a lot better jobs out there than refilling vending machines or washing other peoples cloths.
So you must decide first if you want a lineal income or a residual income.
Lineal income, I suggest the Sydney Morning Herald on Saturdays, many jobs there each according to his ability.
Residual income…Now we are talking.
Write a book.
Invent something that adds value to people’s life.
Write a song or music.
Write some special software.
If you don’t have any talents in the above category, you can build a residual income by going into network marketing.You will need to sort out the best industry, company and team leader from the rest, but I can tell you that fortunes are being made every day in the network marketing industry whilst the herd slaps each other on the back, laughing about stories of Pyramid schemes and Amway reps.
May God prosper you always.[biggrin]
MarcHI all,[biggrin]
“selling yourself for cashâ€
Hi sis, perhaps I could become a stripper and get people to pay me to put my clothes back on.[confused2]you can build a residual income by going into network marketing.
Hi Marc1, I will be talking about network marketing but using a different slant on the subject. Also network marketing has been covered before in the forum and may be found by searching.Glad Financial Advisers now have to start disclosing fees and commisions,
Prior to any financial advice being given, clients must be given a financial services guide. This must be accompanied with details of the advisor (name, qualifications, and any types of products they are qualified to advise on and authorized representative registration no).
The FSG must include The Australian Financial Services License number, any details of remuneration, trailing commission, other benefits and third party relationships. It must also include details of internal and external complaints procedures and company details.We are not allowed to give any advice until a “Fact Finder†is completed. This has a minimum of 3 main parts to it. Your complete financial details, Goals and Risk profile.
As the process goes on there is more specific disclosure via a Statement of Advice and Product Disclosure Statement
The industry is subject to Statutory Laws as which includes Superannuation Laws, Insurance Laws, Company Law and Privacy Laws.
We also have fiduciary duties as reflected in the Corporations Law, the Financial Services Reform Law, ASIC policy statements and the Financial Planners Association Code of Ethics and Rules of Conduct.
All of the above may not be a complete list, as Compliance issues are complex but is offered as a simple explanation.Not saying all are like that, as a good financial adviser would be a bonus, however, how, apart from word of mouth do you find a good F.A?
This is difficult to answer due to the recent major changes that have been made within the industry so that even word of mouth is inaccurate. Also a lot of Financial Advisors do not deal with direct property as a product.The Financial Services Reform Act set out to clean up this industry and its focus is on consumer protection. ASIC feels that the first stage of compliance is complete i.e. licensing of the industry and is starting the second stage to “remove unlicensed people offering financial adviceâ€
A study in progress conducted at the firm I work for has found the following compliance issues. This study may not be accurate due to the small sample involved but will give some indication as to the progress of licensing.
Financial planning companies
Total interviewed 35
Licensed 20
Authorized Rep 13
Unlicensed 2Wealth Creation Companies
Total interviewed 19
Licensed 6
Authorized Rep 3
Unlicensed 10Property Investment Companies
Total interviewed 23
Licensed 1
Authorized rep 2
Unlicensed 20From the above it can be seen that the ASIC model of consumer protection is more limited to financial planners but that will be changing over their next phase to include anyone who gives financial advice.
Regards
Bryce Inglis
Investment Advisor
[email protected]Replies on this site are intended as general information only, as any specific investment solutions/advice must only be given in accordance with the requirements set out in the Financial Services Reform Act 2001 and the ASIC guidelines as set out in PS175.An appropriate professional should be consulted for specific advice
New book out “101 ways to get RICH quicker” by Phil Sigglekow (Dymicks)
Hi Marc1, I will be talking about network marketing but using a different slant on the subject. Also network marketing has been covered before in the forum and may be found by searching.
Talking about network marketing … well … I take then that you are succesfuly building a network marketing business, congratulations, which company are you with?
I did search the BB for references to network marketing only to find the usual biased and ill informed opinions from people who have no personal experience or who’s experience refers to a remote encounter with a second cousin who happened to know someone who did Amway for 2 weeks and quit, or that heard about some Pyramid scheme on the news, and as you know there is no difference between pyramid schmes and NM and therefore … [baaa]
Geo you posed the question, many expressed diffeent possibilities in a well intentioned manner I am sure.
Yet … Ideas are cheap, action is what counts, and I mean action from you of course [biggrin].As for advice, try to get ideas from whoever volonteers them but advice only from those who are making money from what they promote.
After all can you imagine me giving advice on shares? I don’t own shares, use to own a few thousands that were given to me and I sold them when I wanted to change cars with total disregard to the market.
However … I have a friend who is very successful in share trading and he blabs to me a lot abou them and I do remember some of what he said… so … I am organising a talk on share markets and share trading with myself as the main speaker,… come along … NOT! [cigar]
May God prosper you always.[biggrin]
MarcThanks for your post Bryce and Marc1,
You both seem to have a lot to offer on the forum
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorSo do you Redwing!! [biggrin]
Hi to all[biggrin]
In the last post I said that it is not in the banks interest to inform their clients, indeed although they are governed by law regarding disclosure of fees .although at times we may feel them to be excessive, ridiculous or incomprehensible.
It is not what the banks tell you, but what they omit to tell you, and if you feel you are paying too much for fees, then don’t bash the banks, become educated in how to reduce your fees and then apply your knowledge. You may be able to reduce your fees substansually.
Banks are in business, and they are successful in making profits, that’s their responsibility to their shareholders. If my personal bank lost money, then would I want to place my money into their safekeeping?Now back to credit cards. Incidentally the most dangerous system to be in is with LOC which can be regarded as a giant credit card and the only defense against overspending is by strict budgeting.Banks adore LOC as scource of income for them. Only 15% of people reach the advertising blurb line “reduce your home loan from 25 years to 8â€.The banks omit to tell about this do because its not in their best interests. If you have a LOC and the balance hasn’t dropped by much over a period of time, allowing for the purchase of investments or extraordinary situation i.e. Wedding etc. Then you may be better off investigating a reverse mortgage type of facility or by budgeting to reduce your outgoings.
I received in the mail the other day, a flyer from Virgin offering a credit card deal, basically offering to only charge me 4.9% interest for 6 months and at 12.4% thereafter. What I don’t know is what percentage of people transferring their credit cards, personal loan etc, that end up with a zero balance at the end of 6 months, or whether I should even look for it in the fine print, to see if this important to me detail , has been omitted.
Some of these deals can finish up with very high interest rates after the honey moon period is over or on additional purchases after the initial amount is deposited. This could finish as a come in spinner type of scenario and must be carefully researched.
.
There is a quirky twist to this situation and involves a short discussion on Network Marketing .Citibank have a similar type of product. The Omegatrend network marketing company has a business agreement between themselves and Citibank, that if an Omegatrend member transfers their cards, or introduces others to apply for a card (being irrespective of them becoming members of Omegatrend themselves).then that low interest rate applies not for 9 months but to the life of the balance of the amount transferred (but not on additional purchases). Now this becomes more interesting.
Searching within the hallowed walls of this organization shows that people are divided evenly between those that don’t mind Omegatrend, and those that regard network marketing as a form of witchcraft or waste of time etc. So whilst not getting into that debate by simply accepting that people have a right to have their own opinion, lets examine it a bit more.
Ok so let’s suppose you theoretically find an Omegatrend member and are introduced for a special deal, examine the ramifications and consequences of you’re doing so, what it means to you in your circumstances. Are you better or worse off? Are you comfortable with your decision .This is what should determine your action on this suggestion, or any others made throughout the whole topic, together with seeking professional advice if it is felt to be needed or warranted .Talking about network marketing … well … I take then that you are succesfuly building a network marketing business, congratulations, which company are you with?
Hi Marc1.Thank you for your reply, as you see your comments were not in line with what I had intended to discuss and are a good illustration as to why financial planners are not allowed by law to give any specific advice before fully knowing and understanding their clients. It is very hard to give accurate replies based on assumption
I appreciate that you have a good understanding of network marketing based on the comments you make, although now I am the one making an assumption. [blink]Until next time
Regards
Bryce Inglis
Investment Advisor
[email protected]Replies on this site are intended as general information only, as any specific investment solutions/advice must only be given in accordance with the requirements set out in the Financial Services Reform Act 2001 and the ASIC guidelines as set out in PS175.An appropriate professional should be consulted for specific advice
How credible is the opinion of a tenant who has never owned a property, talking about Real Estate Investment and how to make money with it?
Why should anyone opinion about Network Marketing be any more credible if their knowledge comes from a third cousin or a month in Amway or Omegatrend before dropping out disillusioned because the millions did not roll in just then?
Ok so let’s suppose you theoretically find an Omegatrend member and are introduced for a special deal, examine the ramifications and consequences of you’re doing so, what it means to you in your circumstances. Are you better or worse off? Are you comfortable with your decision .This is what should determine your action on this suggestion, or any others made throughout the whole topic, together with seeking professional advice if it is felt to be needed or warranted .What on earth does this mean?
Oh be careful, the evil Omega people may trick you, “seek professional advice”
I would like to know if you have even bothered checking for the details of this offer from Omegatrend. (not my company dont ask)Your post is advertising plane and simple, shake people’s confidence so someone may fall in your net.
How can anyone ask for advice from a financial adviser unless he wants to become a financial advisor himself is beyond me.I say, want to be a RE investor? Ask the people who make REAL MONEY in Re investing, seek a millionaire for good advice.
Want to make money in Network Marketing? Find someone who makes 50,000 a week in Network Marketing not someone who makes 50,000 a year by telling others to do what he does not do himself.
A very simple strategy if you ask me.
May God prosper you always.[biggrin]
MarcOriginally posted by Marc1:I say, want to be a RE investor? Ask the people who make REAL MONEY in Re investing, seek a millionaire for good advice.
Want to make money in Network Marketing? Find someone who makes 50,000 a week in Network Marketing not someone who makes 50,000 a year by telling others to do what he does not do himself.
A very simple strategy if you ask me.
May God prosper you always.[biggrin]
MarcWhat should we ask you about Marc1 [biggrin]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator>>Want to make money in Network Marketing? Find someone who makes 50,000 a week in Network Marketing not someone who makes 50,000 a year by telling others to do what he does not do himself.<<
AHAHAHAHAHAHAAHA! These are the last people I would trust to tell me the truth about Network marketing!
Ha ha, I see that Amway haters have organised themselves.
Not my thing I am not in Amway either.
Nor will I tell others to join my (conceded very successful ) venture.
This is not the appropriate site to do so.
I am here to learn about RE investing, that is where I place the money I make with NM.My suggestions are to people who take advice from unqualified sources, and who still think NM is selling laundry powder door to door, is a pyramid scheme or other misconceptions. There are thousands of people who make a decent living from NM in Sydney alone, a few hundred that make a very good living and some who make it big. The difference between all this people and the rest is that they checked the reality of NM rather than asking their next door neighbour’s cousin.
It is the same with RE, shares, business, industry, inventions, you name it.
Research is the key, you don’t dispute this basic truth when it comes to RE, the topic you all are interested in. Well allow me to react against bias and misconception when it comes to what I know better than most because I make a living from it.May God prosper you always.[biggrin]
Marcmost people would assume planners would act in their best interests, not their own. this is impossible when their commissions come from the products they sell
So I assume that you also don’t like or use Finance Brokers, Real Estate Agents, Property Managers, Insurance Agents, Stock Market Brokers , etc.
For independent advice:
Finance brokers – yes but tread carefully
RE agents – no
Property Managers – no
insurance agents – big no
stock market brokers – big noJust because I don’t consider their advice as independent doesn’t mean I don’t use them. I just know full well that they are sales people with their own interests at heart. Does the general populace realise that an FP is in the same category? I honestly don’t know… I hope so. I still think the industry is disfunctional and should be based on hourly rates – true independent wealth creation advice; but this is a whole new debate. From the people I have spoken to, this is what they thought they were getting when they went to the Financial Planner aka Sales Agent.
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
Hi to all[biggrin]
I would like to address some issues raised by marc1.
How can anyone ask for advice from a financial adviser unless he wants to become a financial advisor himself is beyond me? Those that wish to discuss superannuation, estate planning setting up trust structures and syndicates, diversification of portfolio for risk reduction, advice with all asset classes such as shares, property, fixed interest and cash. This is just a sample of what they do.How credible is the opinion of a tenant who has never owned a property, talking about Real Estate Investment and how to make money with it? ???
Why should anyone opinion about Network Marketing be any more credible if their knowledge comes from a third cousin or a month in Amway or Omegatrend before dropping out disillusioned because the millions did not roll in just then? ???
Oh be careful, the evil Omega people may trick you, “seek professional adviceâ€. I am obliged by law to include statements such as this; otherwise ASIC may interpret this as giving specific financial advice without following procedures, which can result in prosecution.
I would like to know if you have even bothered checking for the details of this offer from Omegatrend. (Not my company, don’t ask). I am a member of Omegatrend and Australian Longevity but I have not discussed this with you or anyone else, or pushed my views regarding Network marketing on any one. Ha ha, I see that Amway haters have organized themselves. Do you want me to congratulate you? Not my thing I am not in Amway either. Nor will I tell others to join my (conceded very successful) venture. We may not want to or even care. This is not the appropriate site to do so. I agree, why do you keep bringing it up?
Your post is advertising plane and simple;advertising what?? Shake people’s confidence so someone may fall in your net. Sorry if this has shaken your confidence, I am only trying to make a contribution to the forum.
I say, want to be a RE investor? Ask the people who make REAL MONEY in Re investing; seek a millionaire for good advice .Why not seek out their advisors as well?
.
Regards
Bryce Inglis
Investment Advisor
[email protected]Replies on this site are intended as general information only, as any specific investment solutions/advice must only be given in accordance with the requirements set out in the Financial Services Reform Act 2001 and the ASIC guidelines as set out in PS175.An appropriate professional should be consulted for specific advice
Hi ausprop, [biggrin]
You have raised an interesting topic which is complex to answer, and it may vary from company to company.
All commissions including hidden commissions must now be declared prior to advice being given to a potential client and this is part of the Financial Services Guide (FSG).
The complaints procedures are also covered within the FSG.Not all services provided by financial planners are commission based. Some products are commission only, some are fee only and others are a mixture of both.
There is a general movement across the industry to introduce fee for service, with the Financial Planning Association openly discussing this controversial issue.A high level of trust and interaction between the adviser and investor is required; therefore, financial advisers are now required to adopt a high standard of accountability to their clients.
Anyone who now gives financial advice in any form must be an authorized representative of an Australian Financial Services license holder (AFSL). These are granted by ASIC, they are also removable.Under the new act (FSRA) the Financial Services industry has undergone huge changes and this is a continuing process. The new laws are being vigorously enforced by ASIC.
Let us hope that in time the perception of this industry changes so that the questions you raised are unnecessary.Regards
Bryce Inglis
Investment Advisor
[email protected]Replies on this site are intended as general information only, as any specific investment solutions/advice must only be given in accordance with the requirements set out in the Financial Services Reform Act 2001 and the ASIC guidelines as set out in PS175.An appropriate professional should be consulted for specific advice
Originally posted by geo:Hi to all,
I was wonderring if we could list and detail creative ways to generate money besides the listing of renting, shares etc. – perhaps we can go into more detail.
Any clues out there?
Regards,
Geo.There is a new clue Geo,
you must ask a financial advisor.
Drop the creativity and join the herd.May God prosper you always.[biggrin]
MarcWOW!
Some great posts by you all and great discussions from Marc and Noddies.
Oh be careful, the evil Omega people may trick you, “seek professional advice”Look I know a fair bit about Network Marketing and seen most of them…Herbalife, Amway, Network21, Omegatrend, Usana etc. The only real way to know how something works is to try it so let me put my 2 cents in from experience…
Some of the Network Marketing companies out there are good (I’m NOT promoting any as I think it’s the wrong kind of work – let me explain)…what gave them (especially Amway) a bad name is the people. People were promoting it wrong and thus gave some of the Network Marketing companies a bad image. They were trying to force people to buy products of them – now sure, some of the products may be better quality than the supermarket (they all say that) but they were approaching potential customers in the wrong fashion.
Here is the nutshell of it all…I have researched many Network Marketing companies and it comes down to this. With most of them for you to make money, you have to do one of two things. You have to either get people to buy products off you or you have to get others to get others to buy products from them and you get commissions.
Now, like I said, some companies are good but I can’t see myself convincing people why they need to buy a certain shampoo, soap or viatmin via the internet or a 1300 number and why it’s better then the local Safeway or Coles…hhhmmm…
Kind Regards,
George.I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
Originally posted by geo:WOW!
…I have researched many Network Marketing companies and it comes down to this. With most of them for you to make money, you have to do one of two things. You have to either get people to buy products off you or you have to get others to get others to buy products from them and you get commissions….I can’t see myself convincing people why they need to buy a certain shampoo, soap or viatmin via the internet or a 1300 number and why it’s better then the local Safeway or Coles…hhhmmm…Kind Regards,
George.George George George, it is called marketing!!! ….meaning…. you must find customers.
And what you sell is always better than the competitors[biggrin]If you don’t like the concept of selling, teaching, running seminars, talking to groups or large gatherings, run boot camps, interviews, phone calls, making money …forget NM… such is the lifeblood of this method of marketing.
I suggest to watch Tuesdays “backyard inventors”(not sure of the channel) and Wednesdays on ABC “the inventors”. Very inspiring, if you put your mind to it you will come up with something new, get a patent and find a manufacturer, there are millions waiting for the right idea and the following action behind it.
Remember that wealth is infinite only limited by what you claim as yours.[cap]
May God prosper you always.[biggrin]
MarcI reckon the most interesting/creative way to make money is the method Dick Smith uses. Find a reatil business/resteraunt etc that is run really poorly, but satill makes money. buy the business, improve the systems, custome service, make it efficient, effective and fun – improve the results – and then sell it for a profit.
not for everyone but it appeals to me because its short term – allows me to get stuvck in to something – get quick results and then go onto something new – b4 boredom sets in.
not perfect for everyone – you need to know the industry well, need an appreciation for marketing, and a good feel for what people / customers really want.
not that hard really.
quick example. coffee shop below where i work. never busy. previous owners whinged that due to the building being 30 pct vacant there just wasnt a market for there business to keep them going. sold the shop to gloria jeans coffee. 2 months later i have never seen so many 20 something wqoman spending 3 bucks on a caffe latte, skinny, half decaf – in my life. these people have come from 2 blocks away to drink coffeee.
amqazing what a bright coat of paint, conscience marketing and customer service and a half decent product can do…
and the best bit is that there are poorly run/profitable businesses everywhere….
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