I have decided start tracking my side business, which is also my hobby. This account has balance of $18,000, which of $2228 is in cash and $15,772 is in money "owe to me". I will be Buy and Selling, and Loaning money. Most of the money that is owe to me is secured by title on trucks and cars. I have few small loan that that are not secured,but are due less than two weeks. I have a few rules that I have set for my self. First, I will add no new money, and second, I can borrow from my line of credit, and third, I can partner up will a friend to do bigger deals. Most of the buy and selling will be: cars, trucks, boats, 4 wheeler, misc. So let the trading begin !!!
"Blue Collar Trading Account"(7 posts)
I like the idea..
Does your state have laws against buying/selling vehicles that are titled and registered with the state? I think there are laws against it in Washington State.. Sounds like a good way to earn a decent return on a small amount of capital though while you're building the larger nest egg.
I'm interested in doing that with bicycles and high-value antique furniture..if/when we have a place with some storage.
That sounds like so much fun. I love watching Wheeler Dealers on the Velocity channel on TV. They make it look easy.
Or "Storage Wars"...of course, TV makes it look easier, and they never account for the time-value or the gas, or the overheard of their stores, etc.
Looks like you're following the adage to invest in what you know, and having some fun with it too. I like your rules; it keeps you from getting in too deep.
Just really wanted to say how good it is to see you post again; I followed your journal and wondered how you were doing.
What about govt regulations?... Some states charge sales taxes and fees (registration, emissions, inspection) with every new owner.
I just paid 7% of what I paid for a car to register it.
Wow !!! They have a TV show on wheeling and dealing.
@JohnnyH @livinlite - When I buy a car, most owner just sign the title, and then I give the new owner the title. This works only because I buy from private owner. If I don't sell more than 6 cars in a year "in my name" I dont need a dealer license. The new owner pays the registration, our $5 inspection sticker is good for 1 year, and we have No Emission test.
@Hoplite - I am glad to be back. I need to update my journal. I start a new business with a partner and it when down hill fast. I guess I hate posting negative saving rates.
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