I need to know the secret...

Wayne

Wayne

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I need to know the secret to making money that everyone seems to already know.

Lately, I have been craving to get a CNC machine to start a side hustle making stuff (and having fun with it) but coming up with the initial buy-in is proving difficult for some reason (life sucks, monitarily speaking these days).

I really want a Laguna 4 foot x 8 foot Swift, but that would stack in at around $25k and pretty much take over my garage, which is fine, because it would also allow me to reliably build pieces large enough to become furniture such as tables, cabinetry, and entertainment centers. Failing that, I have my eyes set on a OneFinity CNC machine which basically has a cutting area of 32" x 32" (1000mmx1000mm) which would be perfect I suppose for things like trays and other pieces I could sell on Etsy and eBay. Even that however has a buy-in of around $2600... Well $2600 plus about $150 to build a 5-foot table for it out of 2x4 lumber and MDF.

My Dream machine, the Laguna Swift -- https://lagunatools.com/cnc/swift-series/vacuum/
My Starter-Kit standby, the OneFinity CNC -- https://www.onefinitycnc.com/

I have been trying the stock market, but I don't have the luck of getting in early on a GME, or crypto coin and flipping it for enough to pay off my house. So far with about $5k invested, I'm about 7% up depending on the day (today I seem to be around 2% for the year, last week it was 9%), so I'm perplexed. What am I missing and why does every idiot on YouTube seem to know how to pull thousands of dollars out of their hat and become millionaires?

Wayne
 
Wayne said:
[...] why does every idiot on YouTube seem to know how to pull thousands of dollars out of their hat and become millionaires?

Wayne
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You don't see all the idiots who couldn't pull thousands of dollars out of their hat.
Youtube generally only shows you the people who have been successful on youtube.
 
Wayne said:
I need to know the secret to making money that everyone seems to already know.
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I'd like to know that too. Please share if you find out.

crypto coin
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I have had a bunch of friends and acquaintances suddenly asking me about bitcoin over the last few months, as though I'm an authority on the matter. All I can tell them is I tend not to gamble much with investments of any kind these days, following some extremely chequered results years ago.
for enough to pay off my house.
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That'd be nice.
Following a period of extreme skintness 20 years ago, which resulted in me having to rent out a room, I've been squirrelling a little here and there away whenever I could afford it. Turns out this was just as well as the missus is incapable of saving a penny. I recently got to the stage where my savings caught up with the outstanding amount on my mortgage. That sounds a little better than it is - it'll be paid off in a few years anyway. Nonetheless, it was a nice feeling knowing I can sort of relax a little without worrying about the bank taking my house.
 
@Wayne

Well if you don’t mind putting your money in the market for 5 or 6 years you could make some nice returns on EV stocks. Major disruption will be going on in the car industry all this decade.
 
Pyromania said:
@Wayne

Well if you don’t mind putting your money in the market for 5 or 6 years you could make some nice returns on EV stocks. Major disruption will be going on in the car industry all this decade.
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This is where I pull Veruca Salt out of my hat and start whining "but I want it NNNOOOWWW!" :)
 
Wayne said:
I need to know the secret to making money that everyone seems to already know.
Click to expand...
I have been trying the stock market, but I don't have the luck of getting in early on a GME, or crypto coin and flipping it for enough to pay off my house.
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"Fear of missing out" leads to terrible investment decisions.

When you get the feeling that everyone is making money by speculating, it is usually time to get out of the markets.

Giant asset managers like Black Rock have stated in public that their cash reserves have reached new all-time high levels because there is simply not much out there that is worth buying, i.e. the markets are generally overpriced and overbought.

You can still make money out there but it is very risky.


I have been trying the stock market, but I don't have the luck of getting in early on a GME, or crypto coin and flipping it for enough to pay off my house.
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The real heros were not merely lucky but incredibly patient and waited many months or even years.

You have to figure out whether you have the patience to be an investor or not. Most people do not. 90% of retail investors end up losing money then get out for good or switch to passive investing (S&P500, etc).
 
@JoBBo -- I'm fairly comfortable where I'm at now with my decisions. I do fight the occasional "flee" instinct, and I have had to make a few adjustments along the way (dumping Tesla for one) but it's all good. It's just disheartening to see that one day you're up 9.24% for the year, the next day you're literally down nearly 3% for the year (hence the flee instinct kicks in).

The biggest thing I face is that I follow a few people online trying to get a glimpse into how it all works. One of them, well, a few of them really, are constantly baiting their videos with headlines like "This is the beginning of the end", then go on for -- in some cases -- over an hour talking about the looming stock market collapse along with the real estate collapse, hyperinflation, etc...

They don't get political about it at all, but they are continually sounding the warning bell, and honestly, I don't have enough money in this world to play too many games with it, so I get a little stressed.

All I want right now is enough to buy a woodworking CNC machine to help me maybe start a side business making stuff, or building cabinetry, or...??? I have enough in the market that I could take a bit out and make the lower-end of that goal happen (The smaller OneFinity CNC setup), but I don't really know which would be the better decision in the long run... Starting a side hustle with the potential of building it into a business, or sitting and watching my investments bounce up and down, up and down while all the stock market pundits are trying to send everyone into a panic about the pending collapses.

Wayne
 
Am I crazy, or didn't someone mention Cardano (crypto) here the other day?
 
I just want to make sure everyone knows my link to Jeff Brown’s investment company was a joke. Don’t sign up and give this guy hundreds or even thousands of dollars for advice. Past customers complain that this is probably a scam company.
 
Pyromania said:
I just want to make sure everyone knows my link to Jeff Brown’s investment company was a joke. Don’t sign up and give this guy hundreds or even thousands of dollars for advice. Past customers complain that this is probably a scam company.
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I wasn't about to buy in, but thanks for the clarification.
 
Wayne said:
Am I crazy, or didn't someone mention Cardano (crypto) here the other day?
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red had mentioned the project's founder Charles Hoskinson in the discussion thread about Elon Musk.

Right now, Cardano is a technology leader but it looks as if Ethereum will catch up in 2022. Plus, despite much lower transaction fees, adoption among developers appears to be extremely slow.

Personally, I would not hold ADA longer term. The current price is far too high considering barely anybody uses Cardano.
 
You essentially need opportunities, capabilities and an easy going tongue as far as I know.
I only lack the easy going tongue (we don't talk in these regions).

Opportunities are basically luck+actively spreading your chances to increase luck. And opportunities are only opportunities if you CAN SEE them (something a lot of people have a lot of difficulties with). I must say I haven't much advice regarding being able to see opportunities, but it has a lot to do with practicality.

Capabilities, the thing that makes you stand out in the end, are gained with continuous training and re-envisionining your perspective on the subject you want to deliver. A nice comparison is the capability to make a smartphone. Microsoft was one of the first to enter that market, though back then it was called MDA (Mobile phone + PDA). And it was rubbish and it flopped as they didn't have the capabilities to actually create something that is useful. Which Apple did with it's Iphone. They had a sharp view on how people were going to use such a system with their fingers, what kind of difference it's system was going to make for people. Nobody wanted a device with a miniscule start button to start Excel with miniscule cells to work with. If they would have to use that themselves they'd have immediately understood this wouldn't work out.
An interesting part of history is that there was at one time a Roman emperor, emperor Elegabalus, who was from Syrian descent, and therefore he was used to a very exquisit cuisine. He gave great rewards to anyone who came forward with delicious sauce recipes. If he disliked the sauce however, the person who came up with the recipe had to eat nothing but that sauce for a year. Think like that. If what you make is food, do you want to eat it for a year? Would you use yourself that app/application/tool/whatever you made for a long time? Like, years?

Oh and you need TIME so no netflixing or facebooking around.
 
So, regarding opportunities, I'd pass for the bitcoin and it's contenders. Sorry. The hype's nearly over. The bitcoin rage is pretty much the tulip rage all over. Yes you could've gotten a lot of money out of it (I refuse to call it earning)
IMO the bitcoin and it's contenders stands either for mainly criminal transactions and wasted energy (the technology is very useful however)
However, there are great shortages right now in the chip market since the China-US relations got sour. Intel is planning to create a chip factory in the US. Maybe it's time to invest in things like copper and other materials used for chips? As when this factory is up and running, there'll be a HUGE demand to live up to. I wouldn't invest in gpu's however, because of the risk of when these cryptocurrencies fail, the market might be flooded with cheap second hand GPUs. Embedded chips, PLC's and such will be in huge demand nevertheless.
 
Ugh... This is proving to be maddening. I have fallen down the OneFinity CNC rabbit hole and have a million ideas for projects in my head but I can't seem to figure out a way to come up with the now approximately 3k buy-in (they're releasing a rolling stand and/or wall mount for it tomorrow)...

I would never jeopardize my life or my marriage but the whimsical kid in me that started Amiga.org, this site, and others, sometimes REALLY misses the ability to just spend money without consideration of the consequences...

It's either sit here and whine like a bitch over my wants and gotta-haves, cash in my investments, or just STFU and deal. All three seem to be shite options. :(
 
There is no quick way to fabulous wealth unfortunately. But if you have a five or six years of patience and money to invest, EV stocks are a good bet. I don’t just mean Tesla, there are many others to choose from that are a lot less expensive.
 
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