Ok. Great points Russ. It all starts with what is between your ears. Profound as it may be and no matter how many books state it, many of tend to forget that part.
My first step would be to pick a vehicle. As I believe I'm well versed from a standpoint of getting started in a number of avenues, I would have to pick one and focus based on my circumstances.
With little money, I have heard/seen it done in real estate, internet, or trading.
1. Real estate - since the markets have cooled, flipping preconstruction homes in CA isn't going to be the option. Esp since I'm in Ohio, if I were to go this route my choice would be to utilize what contacts and knowledge I do have to partner up with someone/some people looking for big deals. This route would have to allow enough time, money, and energy to pretty much put all eggs in one basket. As MJ has said there will be some barriers to entry when dealing in bigger deals, but if committed enough I could do it. Being that real estate isn't as liquid and now is a time to buy, but necessarily not sell, this may not be the route I would take. The option could be to buy low enough to refi/cash out and put that liquid cash in the bank.
2. Trading. Here I would focus solely on futures. Being that I was trained in futures on the technical side, I have seen it done. The main points would be focus, plan, and money management. I wouldn't risk everything on one trade, but I would have to keep rolling my money over and really set my emotions aside and follow my system. Starting with 3K limits me to the markets, but one trade can make the difference. Obviously you have some downside risk to this too and can lose it all immediately, but that would be a learning experience worth learning. On top of trading, I would set up some sort of site/blog/ or something to track my progress that could eventually lead into a subscription based community site to discuss/track trades going forward.
3. Internet. I agree with many others. I have already sold everything possible on ebay - trust me I checked, so that is out to gain additional capital. I currently have an idea that would cost much less to start, but I would have to be super aggressive and really work the plan. It is a service and does cater to businesses - mostly service type businesses. It isn't real tech oriented, the market can be competitive, but not necessarily. I have seen others doing something similar in various markets making over half million a year, so in 15 months this woudl be possible.
As for research, I am looking more and deeper to ensure my strategy at least has some staying power and ability to get off the ground.
It is possible - hearing someone successful like Peter2 say, yeah I'm going to start another business soon - sounds so confident and makes you excited that it can be done.
Looking forward to seeing what kurtyordy does!
good luck
Joe
My first step would be to pick a vehicle. As I believe I'm well versed from a standpoint of getting started in a number of avenues, I would have to pick one and focus based on my circumstances.
With little money, I have heard/seen it done in real estate, internet, or trading.
1. Real estate - since the markets have cooled, flipping preconstruction homes in CA isn't going to be the option. Esp since I'm in Ohio, if I were to go this route my choice would be to utilize what contacts and knowledge I do have to partner up with someone/some people looking for big deals. This route would have to allow enough time, money, and energy to pretty much put all eggs in one basket. As MJ has said there will be some barriers to entry when dealing in bigger deals, but if committed enough I could do it. Being that real estate isn't as liquid and now is a time to buy, but necessarily not sell, this may not be the route I would take. The option could be to buy low enough to refi/cash out and put that liquid cash in the bank.
2. Trading. Here I would focus solely on futures. Being that I was trained in futures on the technical side, I have seen it done. The main points would be focus, plan, and money management. I wouldn't risk everything on one trade, but I would have to keep rolling my money over and really set my emotions aside and follow my system. Starting with 3K limits me to the markets, but one trade can make the difference. Obviously you have some downside risk to this too and can lose it all immediately, but that would be a learning experience worth learning. On top of trading, I would set up some sort of site/blog/ or something to track my progress that could eventually lead into a subscription based community site to discuss/track trades going forward.
3. Internet. I agree with many others. I have already sold everything possible on ebay - trust me I checked, so that is out to gain additional capital. I currently have an idea that would cost much less to start, but I would have to be super aggressive and really work the plan. It is a service and does cater to businesses - mostly service type businesses. It isn't real tech oriented, the market can be competitive, but not necessarily. I have seen others doing something similar in various markets making over half million a year, so in 15 months this woudl be possible.
As for research, I am looking more and deeper to ensure my strategy at least has some staying power and ability to get off the ground.
It is possible - hearing someone successful like Peter2 say, yeah I'm going to start another business soon - sounds so confident and makes you excited that it can be done.
Looking forward to seeing what kurtyordy does!
good luck
Joe
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