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I'm new and I've recently quit work.... what next.... ideas welcome

Discussion in 'Introductions' started by Sunshine Yellow, 5th Sep, 2018.

  1. Sunshine Yellow

    Sunshine Yellow Member

    Joined:
    5th Sep, 2018
    Posts:
    5
    Location:
    Sydney
    Hi Everyone, My name is Linda and I'm a newbie. Signing up here was not easy, my husband suggested I do it. I'll try and keep it as succinct as possible, but as my username suggests I like to talk (if you follow the colour presonalities test).
    So in Feb I said good-bye to a perfectly good job to work on me, spend time with my boys and work for myself. Now that I've had time to recoup, catch my breath, be a better mother and wife, it's time to work on the $$$ part of it. Has anyone here done that or have partners that did? Quit a PAYG and started out for themselves? Any ideas as to where to start? Our ultimate goal is for my husband to quit too and our objective is multiple streams of passive income (isn't everyone's?). Thanks in advance!
     
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  2. twisted strategies

    twisted strategies Well-Known Member

    Joined:
    3rd Nov, 2013
    Posts:
    844
    Location:
    QLD
    welcome to InvestChat ,

    not for me , i was starting to slow down , so applied for sickness benefits while the medicos investigated my health , after sending me for a review with a medical consultant ( December 28th 2016 ) they granted me a disability pension ( 4th January 2017 to be reviewed sometime after January 2020 )

    now i am a bass-player , so some suggest i have a personality bypass ( or is that charisma )

    but one suggestion that might help is to learn the ways of financial contracts ( you will need that for investing , signing up customers and for any loans contemplated )

    sometimes the problem is keeping some of the money that you make

    good luck on your adventure , you will need to learn a lot quickly

    cheers
     
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  3. Katie

    Katie Member

    Joined:
    21st Mar, 2010
    Posts:
    6
    Location:
    Sydney, NSW
    What is your previous experience? What do you like to do? What are you hobbies? How much money have you got to invest for passive income?
    Why worry about income after you quit your job? Why not to enjoy your life as is, I assume that you quit because money was not a problem.

    I haven't quit my job, but I had 5 years break long after I have invested into properties and they became cash positive + lots of shares and crypto. The whole portfolio went up and I was able not to work and buy a better and newer house. Now I work part-time and learning about day trading because my spending habits went up :) Day trading is my hobby, so in about a year or so, if manage make my paper trading profitable I will start doing it full time.
     
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  4. Sunshine Yellow

    Sunshine Yellow Member

    Joined:
    5th Sep, 2018
    Posts:
    5
    Location:
    Sydney
    Hi Katie, my experience sits in sales and Marketing. I have been in product/brand marketing for the last 7 years. I can't say I have too many hobbies that I can turn into income. I am looking at drop shipping, Amazon etc as well.

    When we decided to take a break our portfolio was at a point that it could support us for a little bit and well things have changed since then. It was always the plan to take a few months off and then find income by other means other than PAYG. We want the flexibility to be there for the kids. At the time money was not so much of an issue. We thought my sanity and the sanity of our family was more important.

    So with your day trading, how much are you hoping to make before you start doing it full time? How long have you been day trading for? I'm interested in day trading and looking into shares in general as we don't have investments there as yet. Any helpful tips?

    As for how much money, not much now as our circumstances have changed.
     
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  5. twisted strategies

    twisted strategies Well-Known Member

    Joined:
    3rd Nov, 2013
    Posts:
    844
    Location:
    QLD
    Sunshine Yellow,

    share trading does NOT have to be 'day-trading ' there are several other styles that can be used ,

    since you have experience in sales/marketing that can be used as a positive ( and negative ) filter in share selection ( i call it a BS filter , but i am sure you can define it your way )

    now i am male , but i have missed some opportunities in female focused retail ( due to no input from a female point of view ) ( so don't be afraid to consult your partner for points of view )
    retail is facing challenges currently but is not a toxic wasteland ( but definitely a minefield )

    your previous experience here MIGHT be a useful edge ,

    your experience in brand marketing , might also help you cut through the hype in generic investment presentations ( they are still SELLING shares to the punters )

    if you intend to trade ( over any short time period ) see if you can find some tipping competitions ( THAT DO NOT INVOLVE REAL CASH ) , i have found them unreliable in finding winning strategies , but very useful in discovering flawed strategies ... and NOT losing money can be a very nice edge

    cheers ,

    it is a steep learning curve ... use what you already know and add to that knowledge , good luck
     
  6. Sunshine Yellow

    Sunshine Yellow Member

    Joined:
    5th Sep, 2018
    Posts:
    5
    Location:
    Sydney
    I must admit I find myself "selling" the benefits of things without even realising it. Like why packaging is so important to getting ppl to buy (but I'm not about to start a debate on that).

    Thanks for the feedback! These tipping competitions... I like the sound of that. Any you would recommend?

    So you trade shares? What's your style?
     
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  7. twisted strategies

    twisted strategies Well-Known Member

    Joined:
    3rd Nov, 2013
    Posts:
    844
    Location:
    QLD
    the ASX ( itself ) is currently running a trading game , but i am not in that , but it seems to happen twice a year

    the ones i have participated in previously are not currently running

    Commsec MIGHT run their one again but i can't be sure on that ( i am guessing it is for clients only but check if they run it again )

    now i don't normally trade but i do buy shares and then take opportunities ( unexpected windfalls )

    however i do have three shares i think i can channel trade

    they are QBE , ( successfully so far ) SUN , (still a work it progress ) and BPT ( which has been very profitable , but technically a poor choice for this style as i don't see it returning to circa 70c anytime soon )

    Channeling Stock | TheStockBandit.com

    Channeling: Charting a Path to Success

    now this all looks complicated but it doesn't need to be

    for QBE i buy some when it dips below $10 and sell some when it goes above $13
    now my variation with QBE is ... first i participate in the DRP

    secondly i only sell HALF of the previous buy(s ) slowly building up a core holding

    now those buy and sell prices are flexible , if the price keeps sliding i will buy at say $10 , $9.50 $9 , etc , but NOT large amounts QBE is a stock that is ALWAYS liable to be hit with a disaster . ( i class it as a higher risk stock )

    if the stock looks like it will rally strongly i might look to sell down at $14 or $15 ( as examples )

    now this technique will NOT happen regularly enough to give you a regular income ( at my spending levels ) but it has tripled my holding ( of QBE ) in 5 years and averaged my buying price down .

    SUN is in profit BUT is so far not volatile enough to call it a success .

    BPT is now in very nice profit , but apart from the DRP the fun times look to be over ( for me )

    don't worry about the debate i started out as a teenage paper-boy and have have some other sales jobs in my diverse CV ( i call it the black arts .. specifically mind control for sales ;) ...)

    now the 'opportunities ' is normally a share i like but i think will rally 150% ( roughly )

    i only buy shares i intend to keep ( some of ) forever , at the time of buying ... things may change later )

    IF they go 150% above my buying price , i look to sell roughly 40% of the holding the recover my investment cash and other costs .

    now obviously if i could pick which shares would rally like this ( say 50% of the time ) i could become fairly wealthy , but i can't but i DON'T let that opportunity go wasted if it happens to a share i am holding . ( and i have been lucky rather than skillful here )

    i hope this gives you some ideas .
     
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