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kinda in a pickle here, trying to get some insight from you guys. If you had $50,000, what would you do with it to help you financially. I was thinking of buying an established deli with this money that grosses about $120,000 a year and maybe nets around $70,000 with not much room for growth. Or would you guys take this money and maybe start a couple of other businesses.
What do you guys think? what businesses out there would you guys start with $50,000. What are some success stories you guys know about, I never went to college, so what would guys recommend this 21 year old to do... such a big pickle i'm in....
thanks in advance guys
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depends on what your skills are, and how hard working you are. you could start a detailing shop. mobile oil changing service. any number of different businesses.
I'm pretty skilled with my hands, my dad had me helping him since i was like 11 yrs old remodeling beat houses and renting them out. that was my first idea, to follow in his foot steps, but in that business you have to a good number of units to cover your expenses. my passion is cars, i thought of maybe buying cars from auctions and and selling them on the side, while i still work a full time job, i can hopefully make some good money on the side buying and selling used cars. my dream would to own a big used car lot, that would be awesome. have a garage beside it for oil changes and detail work like lurch said. so many options out there...
start flipping properties. get some money in the bank, then start renting the units out. buy em cheap, fix em up some, rent em out for 200 to 300 more than the mortgage, meanwhile keeping your regular job till you have like 10 or so properties, then do it full time. once you hit a certain point, you really start making some loot, and if you hit hard times, you can always sell, and as long as you dont get screwed up big time, real estate always appreciates in value.
that's exactly what my old man did, but instead of hiring workers to help him out, he had his 5 kids work for him as a daily chore... haha i have to say tho, it's taught me about hard work and i wouldn't trade in my experience for any other. most likely i will have a foot in the real estate business, since it's pretty much what i know best.
lurch you going to be working tomorrow, i might stop by! got my car back for the second time now, kinda want your opinion on something.
yeah, im working, but the kop store is no more. im am happy and sad at the same time, no more 100 miles a day on the 8 :D. but dont have the fun of trying to run the store
im working in our bear, de store tomorrow, if you arent working, you can take a road trip, i dont know where in the philly area you are, but it shouldnt take more than 45 minutes to get here
kinda in a pickle here, trying to get some insight from you guys. If you had $50,000, what would you do with it to help you financially. I was thinking of buying an established deli with this money that grosses about $120,000 a year and maybe nets around $70,000 with not much room for growth. Or would you guys take this money and maybe start a couple of other businesses.
What do you guys think? what businesses out there would you guys start with $50,000. What are some success stories you guys know about, I never went to college, so what would guys recommend this 21 year old to do... such a big pickle i'm in....
thanks in advance guys
id speculate in FX market options. You could end up with 10 times your investment in one day or lose it all and then some in 5 minutes!
closed down, business was slow, boss made the decision to shut it down, was costing more to keep it open than the store was making. the kop area rent is killer
I would head to Vegas and put half of it on your favorite number on the roulet table and cross your fingers! Then I would take the other half you still have left and get completely trashed and get 10 hookers for the weekend, have a big drunken orgy fest to remember for life (along with gonaherpasyphalaids for life). Or maybe you can start a business you are interested in and work hard to live the american dream
I would head to Vegas and put half of it on your favorite number on the roulet table and cross your fingers! Then I would take the other half you still have left and get completely trashed and get 10 hookers for the weekend, have a big drunken orgy fest to remember for life (along with gonaherpasyphalaids for life). Or maybe you can start a business you are interested in and work hard to live the american dream
I'd invest it in SNE stock (1,400 shares). Sony is fixing to kick-*** in the external memory market....which is fixing to launch for the moon. After 1 year. sell, take your original 50K and 10K profit, then send me the rest. THEN invest in real estate.
Anyone use one of them jumpdrives? I can carry a gig of work with me around in my pocket.
It;s gone up 4 cents a share since I've been typing this post!
kinda in a pickle here, trying to get some insight from you guys. If you had $50,000, what would you do with it to help you financially. I was thinking of buying an established deli with this money that grosses about $120,000 a year and maybe nets around $70,000 with not much room for growth. Or would you guys take this money and maybe start a couple of other businesses.
What do you guys think? what businesses out there would you guys start with $50,000. What are some success stories you guys know about, I never went to college, so what would guys recommend this 21 year old to do... such a big pickle i'm in....
thanks in advance guys
The numbers are not adding up. There are a lot of facters that go into a valuation, but a general rule of thumb is a purchase price 3 x the yearly profit. In your case, 210,000. So 50k makes me nervous.
Subways are good, and I think the most inexpensive franchise there is. BUT, I have seen them fail.
On the bright side, a deli is a cash buisness. On the down side, no room to expand.
But it is very, very hard to make 70k, especially at your age and with no collage.
so look at long term growth verses what you could do with a collage education. Real estate is good, BUT ONLY if you do your research. I have seen plenty of folks get burned.
One problem with a Subway Franchise is that the food is so blah to the taste. It's like generic cardboard meat and fake tuna. And the way it is *ice cream* scooped out to exact proportions is awfull. If you are into vehicles and have a knack for sales. Take small amouts of the cash and buy *good title* only vehicles out of the local newspaper. Know what each vehicle is worth and look for distressed sales. Get a CarFax account and do hours of homework. Pay 65% of loan value value as the max. Look for people that are moving, divorced, death in family etc. By only if it is a deal. Have no emotion or feelings about the vehicle. Start small and work your way up. Look at any vehicle that meets the requirements of profit available. Remember, someone bought the car as a new vehicle, and there is an *** for every seat. Just because you wouldn't drive the car doesn't mean that someone out that wouldn't love to own it. Never pay what it is worth. Obey margins and have no emotion. Bring cash and have a way to take the vehicle from the owner on the spot. You will make money in the car business if you follow those rules.
Im self employeed, I started a digital media company about 2 years ago almost. The main thing we do here is CD and DVD Duplication and Replication in small or large quantities. We do all the printing of the inserts, disc printing, packaging, shrinkwraping and so on we also print posters.
But the only thing I out source is the printing and right now i am trying to get enough money together to get a Xerox DocuColor 250 and it is going to run me about 38,000 and along with that i will need a cutter and a scorer which will take me to about a 50,000 dollar investment but it's a safe investment because of my cost of printing inserts and posters will drop dramatically and with the work flow here i should be able to make the money back within 1.5 - 2 years and thats just off printing. So if i had 50,000 dollars right now that is what i would do.
I like the idea of buying rental properties that need some work. I'm in the investment business, so I would usually say "stocks and bonds" but if you want to use this $$ as seed money to start a career, and you know real estate and how to fix things that's great. Down the road I suggest you put some money into stocks and bonds.
The last 5 years have been a huge real estate run up (kind of reminds us of the tech stock bubble, doesn't it?) if prices stagnate, it'll screw up a lot of people who were counting on being able to sell their properties quickly. Don't put yourself in that position!
such a big pickle i'm in....
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