Make Some Extra Money While In Lockdown

[montecristo]

keep in mind robinhood is totally free, no need to raid your ira, with options even a position of few hundred dollars can have massive upside. risk is capped at what you paid for the position. It's a really neat little game.

tomorrow I'll be buying puts on SPY (the s&p 500 index) and calls on uvxy. my sell price targets will be 3-400% of what i paid. There is also a company called Gilead Sciences that has a very effective treatement for the coronavirus that I am holding calls on that im pretty excited about, ticker symbol is GILD.

call options are a bet the underlying stock will rise, put options are a bet that it will fall.

[supremeyingyang]

11 hours ago, Average Investor said:

@supremeyingyang I currently just sell on eBay and Facebook marketplace. I halted Facebook sales for now though. Which kind of sucks because I actually bring in pretty good money locally. I just sell big lots of dvds lol. Both are really good platforms to sell on. I would like to cross post to mercari though too. Possibly a few others. I have an amazon account, but have not bothered to sell there yet. Most of the stuff I sell I don't really have a chance to be ungated on amazon to sell.

Thanks for you useful and kind reply. That I gathered:

• use whatever platform seems to work
• even dvds can bring money - search for the not obvious items
• develop a great knowledge of the marketplace

 

11 hours ago, Average Investor said:

That is a lot of stuff at once. While I admit I am guilty of running a bit of stuff at once it sounds like you already do the coding for the software development? If so and you want to do coding I would honestly just go right to that. But that is totally up to you. Investing is good in general. If you can make money while you sleep you are going to get much further financially. A business brings in the most money the fastest usually though and you can control it, so keep that in mind while investing.

Yes, I do Software Development as a Rookie and I earn good money with the perspective of yearly raises. The problem is that: The more you get absorbed into this domain the less you tend to care about consciousness work. In my Mind is it more clever to work dedicated, but not the crazy overtime like some colleagues of like 60+ overs a week in total.

• It is a lot and I possible that I won't be able to maintain it over a long time. My overall goal is to be a good programmer - but I want a secondary and tertiary hustle for safety and variety. Like that: Income = Programming (70%) + Hustle 2 (20%) + Hustle 3 (10%). So I need only 3 Hustles to 'make it'. I want to work now while I'm still relatively young to have a more and more time for politics and conscious work when I get older.
• Programming is really valuable, but I feel that there will be a change in a few years in the industry and it is possible that the low-level self taught programmers won't be needed any more. I want to be financially prepared and have alternatives at hand. Plus I feel more alive when I'm my own boss:)

12 hours ago, Average Investor said:

You can totally get some stuff cheap. You could even buy stuff from people on eBay cheap now and resell it. I bought myself a book that typically goes for $30+ for $19.5 for personal use. But before this I would not even of had a chance. The only one left of that same book for sale is $37. I could resale that because shipping is like $3 media mail. But I actually want the book. That and if you have really good knowledge of certain items you can favorite search results. Let's say if you realize people list lots of stuff without knowing much about it using certain phrases. Let's say a lot of toys. The seller may not be aware of individual values on those toys and could sell them really cheap and that is a good way to pick up lots. Or some people will buy from ebay, then sell it on amazon or the opposite because there is quite a price gap sometimes. Just something to keep in mind for a way you can do at home. 

I really thought about buying valuable books, because I read a lot and there are many books that don't exist in digital form yet.

[Average Investor]

@montecristo I never really understood options. But I suppose leverage would cause you to have the high risk? I have not really researched it that much either. I am fairly familiar with price trends and such from watching price predictions and stuff on cryptocurrency for so long. I do have robinhood, but have not logged on in years. I am more worried of that fact of adding more taxes and more complications for filing. 

[Average Investor]

13 hours ago, supremeyingyang said:

Thanks for you useful and kind reply. That I gathered:

• use whatever platform seems to work
• even dvds can bring money - search for the not obvious items
• develop a great knowledge of the marketplace

That and having a lot of something makes the difference. I can buy picked through lots of dvds that require more work as I buy them 100 0pounds at a time mixed with music cds and load them into my car, which takes about an hour and half. But sometimes I hit it really good on those. But I always profit from the common stuff. I bundle 100 random movies together with a dvd player that I pay about $3 for and sell the bundle for $45 locally. I put in 4 good seasons to up the value too lol. I can also buy 4000 dvds delivered and easy to unload. I actually take a good amount of those to the panw shop and get .5 each for the good ones and I am only in .1 each. I can pay off all of them almost entirely through them and have a ton of lots locally to sell. Not to mention the app decullter would typically pay me more money than I paid too. 

13 hours ago, supremeyingyang said:

Yes, I do Software Development as a Rookie and I earn good money with the perspective of yearly raises. The problem is that: The more you get absorbed into this domain the less you tend to care about consciousness work. In my Mind is it more clever to work dedicated, but not the crazy overtime like some colleagues of like 60+ overs a week in total.

• It is a lot and I possible that I won't be able to maintain it over a long time. My overall goal is to be a good programmer - but I want a secondary and tertiary hustle for safety and variety. Like that: Income = Programming (70%) + Hustle 2 (20%) + Hustle 3 (10%). So I need only 3 Hustles to 'make it'. I want to work now while I'm still relatively young to have a more and more time for politics and conscious work when I get older.
• Programming is really valuable, but I feel that there will be a change in a few years in the industry and it is possible that the low-level self taught programmers won't be needed any more. I want to be financially prepared and have alternatives at hand. Plus I feel more alive when I'm my own boss:)

Good for you! I have been there a lot. I am starting to see more value in focusing in one one thing, but it is rough to do so. I now that if I just did reselling I would be doing really well right now. But I am going to be hiring help to assist me in the time I am using for other ventures. I also need it to pay the bills. But do what you think works best. I think investing is always wise as that will help prepare your financial future and I see that as a very good use of time and energy now because it is more valuable the sooner you start. 

13 hours ago, supremeyingyang said:

I really thought about buying valuable books, because I read a lot and there are many books that don't exist in digital form yet.

Old bibles do well I know for sure. It is not my category at all, but you can invest in like a $40 scanner and get the app scoutiq and quickly scan through books. There are certain first editions that bring in a ton of money. For example earlier editions of alcoholics anonymous can bring in thousands for example. But that is not one that will have a barcode. 

I should mention too that you can find big things of free books from colleges possibly that are worth a lot of money. There is a lot of educational media items out there. If you look around enough you might find a big gayloard of books from a whole seller who would deliver. The most important tip I can say is find what is in abundance in your area. I would not particularly chose dvds for example because I can count on my hand how many times a year I really sit down to watch a show. 

Oh and dvds, cds, and books qualify for media mail with usps and that is the cheapest shipping option! 

Edited March 29, 2020 by Average Investor

[supremeyingyang]

@Average Investor

Thanks a lot.

I focussed on Programming for 2 years 100 % and now is room to build a second income source. The Danger is that you code 12 hours every day (I like beeing on the computer) and health and conscious work tends to go down. For 6 hours/5 days a week is effective and healthy. In the rest of the time I do hustle, work that is more mundane (if you will) and I mean mundane in a positive way.

I think I'll buy a book with a listing of valueable books that I'll want to buy (lol)

 

[montecristo]

@Average Investor

It's only high risk if you abuse it, options are leverage the difference is your risk is capped at the premium you pay for the option unlike using margin or true leverage where you risk your whole account being liquidated if the trade moves against you.

Options are contracts to buy shares of a security at a certain price and date in the future that act like insurance policies. For example if you are an oil mining company and you have $100 million invested in a site with heavy equipment and years of expense and overhead you can set aside $1 million to bet that the price of oil will crash before next year. If it does, that option will be worth 100 million, if it doesnt you lose that million but your operation was profitable anyway so you chalk it up to insurance that you didnt end up using. 

 

[Average Investor]

@supremeyingyang It is good to have a good balance. I try not to do more than 6 hours of so of constant work with reselling, when I go to do it in a day. I find that I can get a lot done with that many hours though if I am fully engaged the entire time. Well rested and I take plenty of breaks through the week before I come back. 

If you are looking for a price guide I would honestly suggest watching youtube videos. Don The Auction Professor is probably my favorite. See if he has any videos on books and it would be well worth your time! I bet he does have some. 

 

[Average Investor]

@montecristo That makes sense and how you could use that to hedge your investment. I like the sound of that. I will do some more research on that in the future. 

I did see oil prices were taking a beating. I am trying to just stick to areospace, but that did look appealing too lol. 

[supremeyingyang]

@Average Investor

Thanks again. I have a vacation for 2 weeks beginning friday evening. I'll refresh, plan, learn and meditate and spend quite a bit of time to research into this kind of side hustle. After that time I'll know if I do it and if yes what I want to sell specificly. That's the plan. I'll report then because I don't want to go Online to the forum in that period of time(too distracting;) )

Edited April 1, 2020 by supremeyingyang

[Average Investor]

@supremeyingyang No worries. Feel free to message me, when you get started up!