This may shock you — but our unconventional ideas sometimes provoke questions.
A lot of questions.
While I promise I read each one, answering all of them would be a full-time job. So from time to time, I like to run a sampling of questions we get a lot of, or those that are especially thought-provoking.
And today’s the day! Welcome to our first reader mailbag…
I am 76 years old — been a pioneer all my life, but like most “pioneers” I’ve been left in the dust. I introduced giant-roll TOILET PAPER to the U.S. and then all the big paper companies dwarfed me.
I pioneered milliCare for Milliken, and then they franchised it and gave others franchises in my “exclusive territories ” like San Francisco and Los Angeles.
I did OK but now have come out of my third retirement and am working as a security officer for minimum wage. Not complaining — I’ve been able to put 60 grand to work with Agora; my goal is to make $2K or $3K a month with that (not happening yet). But my question for you is is UCW only for those who are already rich or should I be following you for income opportunities?
I think you can discern that “unconventional” is a term that would attract me. If you have time, I would appreciate a reply. I’m just not at the place or time where long-term stamp investing works for me.
— Ken P., Platinum Reserve
Ken, wow, I’d like to buy you a beer and pick your brain. It sounds like you’ve had a fascinating career. Make that three careers? More?
I can sniff out stories — and you, my friend, would be a story machine!
And I hope we give you plenty more over the coming years.
To that end — yes, Unconventional Wealth can absolutely help you add income streams.
Sure, we love investing in rare tangible assets that grow over time… But as you say, that’s not for everyone.
You want to add $2,000–3,000 a month in income? We can do that.
Indeed — if you purchase a car to list on Turo, you can pay off the entire cost in about half a year and then clear about $1,000 a month from renting it out.
That’s $1,000 a month after all expenses are accounted for. And if you can find a zero-money-down lease, you can start earning from day one.
Don’t want to worry about cars? Or front that kind of money at the start of a venture? You can rent out just about anything you own on sites like Fat Llama and turn your dusty closet into a nice monthly stipend.
Don’t want to worry about physical goods at all? Try putting some money into tax liens. It will take a few months before you start to get paid back but as you build up your portfolio, it will soon turn into a dependable income stream.
Don’t find any of those options appealing? That’s all right — we’ve got plenty of other income ideas. You’ll find many of them in the “Make Money” section of our website.
Since our website just launched, we’ve only got a few in there at the moment. But keep checking back — we’re adding more at a fast and furious pace.
And Ken, please let me know if you decide to try any of these income-generators — and how they do for you.
I like it. I’m game. You sold me! Your argument makes sense.
Is there an auto sales dealer in Connecticut (known to you) who may be engaged in lease/sales arrangements at this time that you might suggest I (we — my wife and I) should contact to start building (purchasing) a small fleet of “service” vehicles? Probably a half dozen or so cars during the next 12 months to place in the service of Uber?
This could prove to be an answer to a “jobs creation” program we administer in Bridgeport. Please respond promptly and keep the lines of communication open. Thanks again for confirming and putting in writing a practical solution to one of our most pressing community problems (employment opportunities).
— James D.
James, you’re doing the Lord’s work. Glad to know that our ideas could soon help put people to work.
While I didn’t specifically mention buying cars to drive for Uber, that is absolutely a great strategy. In fact, if you enjoy driving and find yourself with time to spare, you could easily wind up making more money driving for Uber (or Lyft) than just renting out cars with Turo!
Unfortunately, though, I don’t know any dealers in Connecticut.
I can tell you that offers are coming and going all the time. Keep your eye out for holiday sales (like Fourth of July blowouts).
With cars, there will often be special deals on both sales and leases when a new model year is about to be released. Dealers need to unload their soon-to-be old stock to make room for the latest and greatest.
Of course, there isn’t much rhyme or reason to when those models get released — it varies by manufacturer and by model as well. Some companies are already selling their 2020 models, while others haven’t yet released their 2019s.
The best way to keep track of this is to pick a favored manufacturer (like Ford or Toyota) and see what scuttlebutt you find in automotive blogs. The folks attending auto shows throughout the year generally have a good idea what’s up.
As for our open lines… unfortunately, the lawyers don’t allow me to respond directly to reader mail — we can’t give personalized advice.
But we can give generalized advice in these mailbags! So let us know how your plan goes and everyone else can get a taste of how you’re doing (and how well they can do themselves).
There are plenty of other responses I’d love to get to, but we’re out of space today. But worry not — we’ll run another mailbag soon. Until then…
Editor-in-chief, Unconventional Wealth
P.S. Have a question you’re dying to have answered? Can’t wait to share how our ideas are playing out in the real world for you? Give me a shout at firstname.lastname@example.org and you could be featured in our next mailbag!
Ryan Cole is the editor-in-chief of Unconventional Wealth. He’s been covering the alternative investment space for nearly a decade and writing about finance and investment for almost 20 years.
Ryan has walked the walk for years, living a very unconventional life. He’s led snowmobile tours through the mountains of Colorado, settled in Japan for five...