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 !!!
Early Retirement Extreme Forums » ERE Journals
"Blue Collar Trading Account"
(7 posts)-
Posted 1 year ago #
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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.
Posted 1 year ago # -
That sounds like so much fun. I love watching Wheeler Dealers on the Velocity channel on TV. They make it look easy.
Posted 1 year ago # -
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.
Posted 1 year ago # -
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.
Posted 1 year ago # -
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.
Posted 1 year ago # -
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.
Posted 1 year ago #
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