Australian (ASX) Stock Market Forum

Turning 5,000 dollars into 50,000 dollars

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dj_420 said:
hey insider what do plan on doing once you reach 50 k, sell or hold?

and are you re-investing into shares or have something in mind with some of that nice earned cash?

just curious, well done mate, you held on a lot longer than i did. i sold my MTN at just under $2 :mad:
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What are you holding now?
 
insider said:
It's very exciting... I'm so glad I found the share market...:D
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Until is corrects again....Or MTN go into receivership....It's not 50K yet, and even if it was, you haven't crystalised it, and when you do there is capital gains tax..blah..blah...Sorry, you just have MTN don't you?
 
insider said:
yes I certainly dooo
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I'm holding it too so I hope it keeps going, but anything can happen in this crazy world. Putting all your eggs in one basket is certainly the way to make a lot of money. Or, lose it all. I've never had the conviction to do it, which may mean I'm never going to be wealthy and semi retired, volunteering as a moderator on an internet forum at 37. Hang on.....:D Good luck mate, I'm actually waiting for a tie up between MTN/AGS/Quasar (Heathgate etc) which will be one hell of a U company.

Your other option is to take $25K out of MTN and go and put it on black at Crown. :)
 
That's EASY!
Put Einstein's 8th wonder of the world in your favour!!!
ie: "The Power of Compounding"

Step 1
Turn $5000 into $10,000 within 3 mths

Step 2
Turn $10,000 into $20,000 within the next 3 months

Step 3
Turn $20,000 into $40,000 within the next 3 months

Step 4
Turn $40,000 into $80,000 within the next 3 months

Pay your fair share of Taxes
Game over!
It's as simple as that!
 
kennas said:
I'm holding it too so I hope it keeps going, but anything can happen in this crazy world. Putting all your eggs in one basket is certainly the way to make a lot of money. Or, lose it all. I've never had the conviction to do it, which may mean I'm never going to be wealthy and semi retired, volunteering as a moderator on an internet forum at 37. Hang on.....:D Good luck mate, I'm actually waiting for a tie up between MTN/AGS/Quasar (Heathgate etc) which will be one hell of a U company.

Your other option is to take $25K out of MTN and go and put it on black at Crown. :)
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Yeah but the rules were using the share market... I guess that may also include the stock tipping competition so add another $25 for second place the other month... :)
 
Re: Turning 5000 dollars into 50,000 dollars

MichaelD said:
Your chances of doing this are essentially zero. It's probably pointless telling you why since you won't believe the naysayers.
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Don't you love going back and reading old posts like this??

First time I have read this thread. Well done insider - you are almost there.

In working for the govt for 7 years I accumulated $60k super ann. Created a DIYSF with my wife and parents, and I have more than doubled this amount in 6 months! Goes to show we are in a golden period of the stockmarket. Make hay while the sun shines as they say.

Good luck with the $50k.
 
Re: Turning 5000 dollars into 50,000 dollars

MichaelD said:
And this.
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Actually the main reason I fall behind in Uni is because I work for my parents Five days a week "For FREE"... It's called family business... You wouldn't understand... That quote of mine was referring to that particular week... I'm up to date mate :cautious: Thanx for asking

Don't worry I'll finish with High Distinctions again and a GPA of 3.2
 
Insider, great to see that you've learnt the lesson the market tried to teach you.

(oh, you didn't)
 
I've only just happened upon this thread; it's provided an interesting read, thanks to all who've contributed their thoughts.

Insider... congratulations, you've had the conviction to stick to your guns and do it your way.

I'd have to agree with some of the other sentiments that your strategy was inherently one of high risk, and possibly akin to gambling. But as we here all know, risk and reward are closely related. Gambling/speculating... we all do it from time to time and as long as we do it with our eyes open, who is anyone else to say that what we're doing isn't an appropriate course of action for us to take at the time.

You understood and accepted the risk from the outset and chased an appropriate reward. Whilst some of the naysayers might be approaching their golden years, you are young and have an entire working life ahead of you. Naturally your tolerance to risk is going to be a lot higher than some of the grayhairs who have put you down. You don't have kids to feed, a mortage to service or any of those other things that might lead you to avoid higher risk investment strategies. If things had gone the other way, you're certainly in a position to build up the bank again and have another go.

It reminds me of some of the financial planners we sought advice from a while back... they were aghast that we were going to throw more than a million bucks at the market, and tried their best convince us that it should be placed into the hands of fund managers. Of course, I'm sure it has at least as much to do with entry fees and trailing commissions as it does any desire to protect us. They fully expected that their own ideas in relation to risk and their own risk tolerance should be adopted by us, how could we think any differently to them. After all, they're the ones with the DIPLOMA. (LOL)

I think perhaps some of those here who've bagged you out may be just a tiny bit jealous that they're not in a position to have your attitude to risk...

Well done, dude!
 
investforwealth said:
It reminds me of some of the financial planners we sought advice from a while back... they were aghast that we were going to throw more than a million bucks at the market, and tried their best convince us that it should be placed into the hands of fund managers. Of course, I'm sure it has at least as much to do with entry fees and trailing commissions as it does any desire to protect us. They fully expected that their own ideas in relation to risk and their own risk tolerance should be adopted by us, how could we think any differently to them. After all, they're the ones with the DIPLOMA. (LOL)
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You are so right about the fees and trailing commissions. I'd say the same about some full service stockbrokers - very little genuine interest in the client actually making money, (e.g. "charts are rubbish", "oh, we still have a Buy on that" - this when the SP has been dropping for three months!. - but lots of interest in increasing the number of transactions and hence their own income. I actually lost money during the brief time I was a client of a full service broker!

Insider: Glad you are doing so well. Hope you reach your goal.
 
To steal a quote from the great Warren Buffett.
"The stock market is the only place where people drive up in limousines to get advice from people who catch the subway to work". This may not be the exact quote however I think it is appropriate and that you would agree with the idea.
 
Thanks for your valued support everyone... :)

How much money is enough money to invest with to achieve a sizable income of ($30,000 a year)?

I don't expect to have the gains I'm having at the moment forever... Soon the market will go sideways and then it will go down and then up and a around... you get the point
 
Re: Turning 5000 dollars into 50,000 dollars

insider said:
Actually the main reason I fall behind in Uni is because I work for my parents Five days a week "For FREE"... It's called family business... You wouldn't understand...
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Wrong attitude brother.
Its actually "For the FAMILY" not for free.
Its supporting the business that pays for bills/food/expenses. My family has a business also and im very proud to help my dad in his venture and in what he has achieved so far. For me actually its more 7 days.
Its about a bit of self-sacrifice of your own personal monetary gain, i mean, come on, its for you and your family.
The money the business earns will go back 2u.
 
kennas said:
Until is corrects again....Or MTN go into receivership....It's not 50K yet, and even if it was, you haven't crystalised it, and when you do there is capital gains tax..blah..blah...Sorry, you just have MTN don't you?
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MTN go into recievership? Is that just a scary thought or are you serious? I can't see them going into recievership, there are normally signs of that happening many months or years before it happens which also then reflects on the share price dropping over that period of time.

(Capital gains tax) If Insider holds his shares for 1 year or more he only needs to pay 25% tax on the gains made so he only needs to hold on for a litle longer for larger gains to offset the tax as well.
 
Re: Turning 5000 dollars into 50,000 dollars

nizar said:
Wrong attitude brother.
Its actually "For the FAMILY" not for free.
Its supporting the business that pays for bills/food/expenses. My family has a business also and im very proud to help my dad in his venture and in what he has achieved so far. For me actually its more 7 days.
Its about a bit of self-sacrifice of your own personal monetary gain, i mean, come on, its for you and your family.
The money the business earns will go back 2u.
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I know what you're saying but If I didn't state 'for free' people would Assume they were paying me...

They are the most ungrateful people on the face of the planet... I have to do everything for them and I'm expected to be quiet and put everything everything aside for the business... To most people they wouldn't understand what working for the family is... they understand paid or unpaid...

You're right... it's the wrong attitude... Their attitude
 
champ2003 said:
MTN go into recievership? Is that just a scary thought or are you serious? I can't see them going into recievership, there are normally signs of that happening many months or years before it happens which also then reflects on the share price dropping over that period of time.

(Capital gains tax) If Insider holds his shares for 1 year or more he only needs to pay 25% tax on the gains made so he only needs to hold on for a litle longer for larger gains to offset the tax as well.
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Kennas was being Hypothetical...
 
insider said:
Thanks for your valued support everyone... :)

How much money is enough money to invest with to achieve a sizable income of ($30,000 a year)?
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Depends how you want to invest it. A very conservative person, wanting to live off bank interest, e.g. is going to need nearly $600,000 to produce $30,000. Before long inflation will render that amount inadequate if all the interest is needed for living expenses.

If you assume capacity to earn, say, 10% p.a. then $300,000 will do it.

What I wouldn't be doing is calculate the capital required on the basis of gains made over the last couple of years.
 
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