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cwar · #1 (**permalink**) 11-16-2007, 09:29 PM

Im looking to get into investing/real estate or something related to do on the side. I play and coach poker for a living but I guess I want to get into something else so that its not poker poker poker all the time, a little financial security would be great too. Heres the thing, I know nothing about nothing, really any of these fields I would be getting into with little to no understanding but I am intelligent and can learn pretty fast. I would have no problems investing a lot of time if it were worthwhile. What would you recommend based on a few stipulations:
-I live in Vegas and probably wont be living there in 5 years
-Im 20 and dropped out of college (for poker)
-Can probably only spare 15-20 hours per week initially probably less over the long run

What would you recommend and how would you go about learning it? Any recommended reading would be great too.

Isura · #2 (**permalink**) 11-17-2007, 02:29 AM

Start reading and researching. I think for now put your money in an index fund (Vanguard) and keep learning until you feel comfortable putting your money 'into action'. In the long run it takes a significant amount of work to get to a 20% return vs the ~10% in index funds, and the time investment may be better spend in doing other things like poker or maybe running a business. With the exception of index funds, there is really no such thing as passive income. The markets are kinda like poker since most people lose money. But what most don't realize is that it is much easier to make pretty good money in poker, but with a lower ceiling. The converse is true about the market.

For reading, I think subscribing to the Economist is a must. And for books, depends on what you're interested in (eg value investing, trading, real estate). I'm really interested in trading because its kinda mathy and seems very deep (well compared to poker at least). Here is a sick thread about reading recommendations http://forumserver.twoplustwo.com/sh...=0#Post2953485

xd40 · #3 (**permalink**) 11-19-2007, 07:33 PM

i just think its better to choose just one specific field, then invest time and effort to become proficient at it.. because like poker, most lose money and u wont want to invest underskilled.

cwar · #4 (**permalink**) 11-19-2007, 10:53 PM

I definitely have the ability to learn one of these the problem really is picking which one.

crunchi · #5 (**permalink**) 11-20-2007, 03:07 AM

Real Estate is easier to learn than stocks, however, it will require a larger amount of capital in most cases.

MYNAMEIZGREG · #6 (**permalink**) 11-20-2007, 04:53 AM

Also RE will most likely be heading down (not up) in the next 10 or so months

cwar · #7 (**permalink**) 11-20-2007, 06:38 PM

Yes but isnt the point of that longterm?

Ryan · #8 (**permalink**) 11-20-2007, 06:45 PM

It seems that the market as a whole will hit bottom sometime in mid to late next year (from the limited amount of things I've read) meaning that next summer/fall/winter would be some of the best times to invest in real estate. That should give you more than enough time to learn the ins and outs, at least well enough that you can make a high EV investment cwar.

Another thing to consider, which I'm sure you have, is trading coaching services for real estate knowledge. I'm sure there are more than a few 2+2/leggo people with enough real estate knowledge that would find your poker knowledge at least as useful. I wouldn't hesitate to come up with some preliminary candidates if I were you.

Also note that the real estate market is very focused. As a whole the market is down and may be at the lowest late next year, but there are so many individual markets (especially in major urban areas) that may be hitting bottom now, or may be continuing to grow. I'm not an expert by I do know a few people in the business and am interested in getting into it myself in the next few years, so take my advice accordingly.

And I'm sure you know this, but there's a ton of different ways to "play" the market. You can buy and sell land short, medium and long term, same with houses. You can also do rehabs or "flips" and pretty much any combination of the things I've mentioned. That will likely be determined more on the time you have and the type of investment you're looking for than the market, however, as there's going to be profit in any of those ventures.