# Looking for ideas on how to generate income quickly



## black cat (10 Jun 2008)

Looking for ideas on how to generate income quickly. I am in debt but have clarity on what my situation is & strategies for paying it down at an accelerated rate. My major concern right now is that I am not earning anything, apart from rental income on a couple of apartments I own & the rental just about covers the mortgages. I would only consider selling as a last resort as I know that if I was earning I could start to address the debt issues quickly & stabilize my financila situation. I have not worked for a while due to ill health & do not want to work a 9 - 5 job or permanent contract type employment. Am looking for some creative ideas or business opportunites. Any ideas? Hope I'm in the right forum... Any feedback would really be appreciated. Thanks!


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## MrMan (10 Jun 2008)

Where do your talents lie?


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## eileen alana (10 Jun 2008)

Beggars can't be choosers, go and get yourself a job.


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## Mr DT (10 Jun 2008)

Sounds like you are asset rich............cash poor.

What is the investment logic of having apartments that only just cover the mortgage and don't give you a return? How much equity could you free up?

Cash is king at the momment. Liquidise your assets sell sell sell.


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## extopia (10 Jun 2008)

Why is this a key post?

Why not sell those rental properties if you need to free up some cash?


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## dazza21ie (10 Jun 2008)

Lotto jackpot is €11 million tomorrow night if that helps!


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## DrMoriarty (10 Jun 2008)

extopia said:


> Why is this a key post?


It shouldn't be, but I assume it's an unintended consequence of the recent vBulletin upgrade. I've edited the thread title and brought it to the attention of the site admins.


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## black cat (10 Jun 2008)

I have made a lot of money on the apartments over the years & see them as a long term investment. In 5 years I will have no mortgages on any of them which is why I want to keep them. I am looking for ways _apart from _selling them to generate income. I believe in holding property over the long term. The same with stocks & shares that I own. Yes, I could sell them but I don't want to. I want to be creative & think of something else. I am an entrepreneur & have an enterprising spirit. I am currently setting up an internet business but this will take a month or two to start generating income. I am NEVER going to "get a job" - I couldn't work for someone else. Sorry...but it just ain't me!


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## paddyd (10 Jun 2008)

This is a very strange thread. You don't want to work for someone else, but haven't said what it is are your talents. What skills do you have?

if we had creative business idea's we'd be doing them ourselves!


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## cancan (10 Jun 2008)

Could you be a bit more clear.
You have assets, appartments, shares, no job and a heap of debt, yet are starting an internet company that will instantly generate income which would be a world first....

Fill out the money makeover sheet if you want help with your debt.


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## ClubMan (10 Jun 2008)

Mr DT said:


> Liquidise your assets


How do you get a house into a blender/juicer?


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## LouisCribben (10 Jun 2008)

Are you trolling ?

You say your rental income only just covers the mortgages on your rental property, yet later on you say you will be mortgage free on your apartments in 5 years.

Surely if your mortgages are only 5 years from being paid, your apartments would return a positive cash flow ?

You also say you are in debt, with no job and all your capital is tied up in apartments and shares.

OK, you're probably not trolling, but your situation is unusual. What is your internet business area ? You are lucky to have valuable assets, and you should sell them if you can get a better return on the capital from your business.

Also you have answered your own question, you will generate income quickly from your internet business (hopefully).


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## newirishman (10 Jun 2008)

Going into trade is still the best business. You only need to find the right things to buy and sell with a profit. 
Unfortunately the highest profits usually comes from trading stuff that is illegal (drugs, weapons), but you would expect to be able to make a very fast buck there.
Note: High return = high risk. Always.


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## ClubMan (10 Jun 2008)

black cat said:


> Looking for ideas on how to generate income quickly. I am in debt


What are the details of your debt(s)?


> but have clarity on what my situation is & strategies for paying it down at an accelerated rate.


What are these?


> rental income on a couple of apartments I own & the rental just about covers the mortgages.


Are the mortgages interest only so that you can write the interest costs off against rental income?


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## rmelly (11 Jun 2008)

ClubMan said:


> How do you get a house into a blender/juicer?


 
A hand blender might work?


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## rmelly (11 Jun 2008)

Any organs you can donate on the black market?


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## mercman (11 Jun 2008)

This is brilliant !!! Won't sell apartments. Won't sell shares. Doesn't want to work, Not him !!! About to start Internet business with What ?? If you are looking for charity try the St.Vincent de Paul. Otherwise there are more deserving people who need cash quickly and do not have your asset profile, but will work to make money, and might not be so laid back if they had an idea. From what you say it wouldn't surprise me if you only get out of bed to go to the bog.


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## rmelly (11 Jun 2008)

mercman said:


> only get out of bed to go to the bog.


 
why even bother? there's tubes for that.


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## sam h (11 Jun 2008)

I have the perfect solution, low set up cost, minimum work involved, high profits.  Just PM me your bank account details & a bank draft for €20,000 (I'll return any surplus) and all will be revealed


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## so-crates (11 Jun 2008)

black cat you are being foolish. You are currently ill in some way shape or form but are probably working full time for no pay on a new start up. In the interim before it starts generating the income flow you envisage (which few start ups can guarantee) you are looking for a way to provide yourself with money for day to day expenses (especially to repay loans?) without too much effort on your part (as you want it quickly and you will still need to invest time in your startup) and without any compromise on your part (cos you don't want to be reasonable). Logically the way to do this would be to liquidate an asset and use this (wisely) to support yourself until your new business is up and running. 
I think you need a serious reality check though. YOU say that you have debts and no income. You THINK that you can clear this down quickly when you start earning but are basing your potential to do this on a startup business? 
I agree with cancan and Clubman, I think you need to list your debts, list your assets, list your arrears (since I am suspecting that you have some, you seem too gung-ho about the whole thing not to) and start dealing with the problem in front of you instead of blue-skying grandiose schemes for yourself. You need to learn to compromise with fate and reality occassionally instead of approaching life like Walter Mitty.

mercman, if he goes to the bog he could cut turf


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## ClubMan (11 Jun 2008)

rmelly said:


> Any organs you can donate on the black market?


Maybe hook up with this guy?

What do I do with my organ? (!)


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## Bosshog (11 Jun 2008)

black cat said:


> I want to be creative & think of something else.



yes, except you want other people to be creative & think for you.


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## ClubMan (11 Jun 2008)

One creative idea might be to get a _TV _company to do a documentary on your situation? They show all sorts of rubbish on _TV _these days so it might be a runner.


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## rmelly (11 Jun 2008)

Have you applied for this yet: http://www.askaboutmoney.com/showthread.php?t=84182


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## MrMan (11 Jun 2008)

> yes, except you want other people to be creative & think for you.



in fairness the guy is looking for ideas its not a crime, why all the negativity from posters on this one?


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## ClubMan (11 Jun 2008)

Not everybody is being negative.


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## mercman (11 Jun 2008)

I would tend to agree with Clubman. It is very hard to help somebody if they don't want to help themselves. Read the original Post. Has property -- won't sell, has assets -- won't sell. Has no job -- won't get a job. No Money -- wants other persons ideas. The only person that is negative is the OP.


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## so-crates (11 Jun 2008)

rmelly said:


> Have you applied for this yet: http://www.askaboutmoney.com/showthread.php?t=84182


Not an option rmelly, OP doesn't want to work for anyone else


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## ClubMan (11 Jun 2008)

so-crates said:


> Not an option rmelly, OP doesn't want to work for anyone else


Maybe _rmelly _meant as presenter?


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## so-crates (11 Jun 2008)

might have to work for someone there too


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## ClubMan (11 Jun 2008)

Independent online version?


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## so-crates (11 Jun 2008)

sounds like a get rich quick scheme to me


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## MrMan (11 Jun 2008)

> I would tend to agree with Clubman. It is very hard to help somebody if they don't want to help themselves. Read the original Post. Has property -- won't sell, has assets -- won't sell. Has no job -- won't get a job. No Money -- wants other persons ideas. The only person that is negative is the OP.



I guess thats a different way of reading it. I did say *everyone *was being negative, but the advice has been more sell your assets than answer his question. Suggesting that he probably would only get out of bed to go to the bog might have been bordering on negative wouldn't you agree?


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## mercman (11 Jun 2008)

_*"I am NEVER going to "get a job" - I couldn't work for someone else. Sorry...but it just ain't me!"

*_No, with the comment as above how else are other posters be inclined to answer. What does the OP want ?? Hold his assets for the long term and suffer short term. I would say that a reality check is required and pretty soon.


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## black cat (11 Jun 2008)

The rental income barely covers the mortgages as I have set it up that way in order to pay off the mortgages as soon as possible. The rental is actually more that the mortgages but instead of taking the extra rent as income I decided to put it towards paying the mortgage quickly & then having an income from that in 5 years. I have said from the start that I am looking for ways other than selling assets (property/shares) to generate income. The internet business will be profitable within 3 months. I have several very good friends who are successful internet marketeers & I am following their guidance on setting up. As I said before, I have been ill & I am now trying to get back on my feet. I never said that I didn't want to work. I said I don't want to work for someone else because I am an entrepreneur. I know the employee/entrepreneur mindsets are very different & some people may have misunderstood what I was saying as a result. I do not have huge debts, simply one credit card & one overdraft - so I cannot justify selling assets to pay these. I have worked extremely hard to have what I have today. Like I said, recovering from a serious illness & trying to get back on my feet & was hoping for some support & positivity. If I seemed cavalier in my attitude that is not the case at all. I am very grounded in reality. I have been around a lot of negativity & I prefer to concentrate on the positive & on ways to move forward, rather than being negative or looking for a quick fix. Thanks to everyone for the feedback - it all helped...


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## Guest114 (11 Jun 2008)

Think of Charlie Sheen in the film 'Wall Street'. There's no easy way to make money....


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## cancan (11 Jun 2008)

I think that without being more forthcoming with regard to your financial situation, nobody here can offer assistance.

The extent of your financial situation is not that clear, so advice is impossible to give. This section of the forum is for helping people with financial problems, but the information given must be enough for that advice to be provided.

Very few internet businesses are profitable in 3 months, and of those that are, the level of revenue they generate in a small market like Ireland, where internet penetration and usage is low, would not be great.


Also, how are you funding the internet venture if you have no money - proper web design does not come cheap, and startup and runup costs could put you under further pressure?

Is some of your reluctance to sell your property and shares linked to the performance of those assets over the past year?

Also, as self proclaimed entrepreneur with a web business coming on line, you must have a very weird view of the internet/entrepreneurship if you think people are going to come along with great ideas and tell you on a public forum so you can make money! 


Best of luck with it all either way.


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## z103 (11 Jun 2008)

> I never said that I didn't want to work. I said I don't want to work for someone else because I am an entrepreneur.


If you start your own business, you will end up working for all your customers.


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## rmelly (11 Jun 2008)

I suspect he will be relying on advertising revenue rather than providing any 'real' service - see OP's 'internet marketeers' comment.


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## black cat (11 Jun 2008)

The internet business is fully automated & therefore will not require a huge amount of time to set up/run. The overheads are minimal - can all be run from a laptop. Selling products/information online to a global market. I have web designers who are professional & very reasonably priced & good friends guiding me through the process. 
I realise that my situation is perhaps too complex to go into fully here so I'm going to talk to a professional IFA about it. Thanks again to everyone, especially those who genuinely tried to help.


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## ontour (11 Jun 2008)

get a taxi plate or if it is short term maybe an ice-cream van 

or if you have expertise in the property game, become an agent for remax or one of those estate agents where you could make a couple of grand by flogging other peoples houses

or look around your house and find everything that you do not need or use and sell it on ebay to generate cash


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## extopia (11 Jun 2008)

Perhaps it's time to remortgage those properties over a longer term to make it possible to live off the rent until your internet startup goes into profit.

"Automated" Income (web style) sounds a little unlikely, although a very small number of people have managed this.

Best of luck.


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## ClubMan (11 Jun 2008)

black cat said:


> The rental income barely covers the mortgages as I have set it up that way in order to pay off the mortgages as soon as possible. The rental is actually more that the mortgages but instead of taking the extra rent as income I decided to put it towards paying the mortgage quickly & then having an income from that in 5 years.


Sorry - the above points seem to contradict each other and make little sense to me. If, as you seem to imply, you have annuity/repayment rather than interest only mortgages on the rental properties then that too seems a bit odd to me as I mentioned earlier.


> I never said that I didn't want to work. I said I don't want to work for someone else because I am an entrepreneur. I know the employee/entrepreneur mindsets are very different & some people may have misunderstood what I was saying as a result.


Do most entrepreneurs post on a discussion forum like this looking for business ideas rather than building their own better mousetrap?


> I do not have huge debts, simply one credit card & one overdraft


And the small matter of mortgages on two properties presumably?


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## irishlinks (11 Jun 2008)

Making a good income from websites is not as unlikely as some people think. There are probably hundreds of thousands of people doing it all over the world . If you can just hang in there till the website(s) bring in some money.
 What are your planned main sources of income? Google Adsense? Affilliate Schemes? or selling actual products or Advertising?


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## extopia (11 Jun 2008)

irishlinks said:


> Making a good income from websites is not as unlikely as some people think.



Sure. But not as easy as some people think either.


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## rmelly (11 Jun 2008)

And I think you need a bit more than a laptop


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## extopia (11 Jun 2008)

I've a feeling the OP may have read "The 4-Hour Work Week"


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## ClubMan (11 Jun 2008)

What's a good income in this context? Subsistance living or being able to cover the rental income shortfall on two properties? As I and others mentioned above it would help if the original poster posted some hard figures relating to existing unsecured debts, mortgages, rental income etc.


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## rmelly (11 Jun 2008)

extopia said:


> I've a feeling the OP may have read "The 4-Hour Work Week"


 
4 hours seems excessive...


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## irishlinks (11 Jun 2008)

rmelly said:


> And I think you need a bit more than a laptop



That's all I have - and I'm doing OK with it thanks.


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## rmelly (11 Jun 2008)

Also, should this be a key post as there are some good ideas covered.


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## rmelly (11 Jun 2008)

irishlinks said:


> That's all I have - and I'm doing OK with it thanks.


 
So your website is *hosted* on your laptop?


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## irishlinks (11 Jun 2008)

No - of course not - but I can access them from it . You can get hosting and 5 domains for under 200 euro a year. You can also get free blogs .


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## rmelly (11 Jun 2008)

irishlinks said:


> No - of course not - but I can access them from it . You can get hosting and 5 domains for under 200 euro a year. You can also get free blogs .


 
Sure, but that's not what you said originally, you even corrected me on it.


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## z103 (11 Jun 2008)

> _Making a good income from websites is not as unlikely as some people think._
> Sure. But not as easy as some people think either.


No, it certainly isn't easy. You have a global market, but you're also in competition with the world.


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## Bronte (12 Jun 2008)

OP if you are short of cash flow at the moment why don't you stop overpaying your mortgages for now and when the business is up and running you can start to overpay again.  Getting a taxi plate is another good idea as you would be working for yourself.  You haven't said what level of income you need, or what you are good at, could you cut lawns for the summer,  hours to suit you etc.  Only cost is the purchase of a lawnmower.  You must be doing something right if you have built up a property and share portfolio.


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## Flax (12 Jun 2008)

black cat said:


> I said I don't want to work for someone else because I am an entrepreneur.


 
Nonsense.

I'm an entrepreneur but I work a day job while I build my internet business.

It has nothing to do with employee vs entrepreneur mentality. It's called not having a chip on your shoulder.

You're in debt. Get a job.



black cat said:


> The internet business will be profitable within 3 months. I have several very good friends who are successful internet marketeers & I am following their guidance on setting up.


 
Get ready for disappointment. I know the internet industry really well, and you will not be making a profit in three months. You do not understand what you are doing.


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## mercman (12 Jun 2008)

I really do not understand the OP. One thing certain is that he is full of enthusiasm. However,nobody in their wildest dreams is going to paste on a forum, easy ways of legally making cash. And in this regard, there are very view easy quick ways to generate cash without either breaking the law or acting immoral. 

Remember it is only money which is required for a short period of time. Has the  OP considered his Bank Manager for a loan ?? If he is that good as an entrepreneur, the Bank Manager should happily lend him the money.


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## so-crates (12 Jun 2008)

black cat said:


> The internet business will be profitable within 3 months. I have several very good friends who are successful internet marketeers & I am following their guidance on setting up. As I said before, I have been ill & I am now trying to get back on my feet.


 


black cat said:


> I do not have huge debts, simply one credit card & one overdraft - so I cannot justify selling assets to pay these.


Given that you have been seriously ill and your friends are already willing to help, have you considered approaching some of your "successful internet marketeers" for a short-term loan to cover you until your business is up and running. If they are advising you, surely they will have confidence in the outcome and be more than happy to help you on the way.



black cat said:


> I never said that I didn't want to work. I said I don't want to work for someone else because I am an entrepreneur. I know the employee/entrepreneur mindsets are very different & some people may have misunderstood what I was saying as a result.


Money is money when you need it and work is work when you can get it. You need to be less precious about your own view of yourself and more practical about what you need. You wouldn't be sacrificing your entrepeneurial nature, you would be using your talents to bring in an income while waiting for your own business to take off. It is entirely possible for you to give up salaried employment then.



black cat said:


> ... was hoping for some support & positivity. ... I am very grounded in reality. I have been around a lot of negativity & I prefer to concentrate on the positive & on ways to move forward, rather than being negative or looking for a quick fix....


Ah I see negativity has no place in reality? Everything about the world must be positive? What a silly attitude. Negative responses are not necessarily wrong because they are negative or unwelcome, sometimes they are right because your premise is wrong.


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## rmelly (12 Jun 2008)

> rather than being negative or looking for a quick fix


 
So you DON'T want to generate income quickly?


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