20k cash. What business would you start?

[Ahrens]

You have to start over.
You have:
- Your knowledge
- 20k cash.

Everything is possible except an internet company.

What business would you start...?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Tekniq]

Down payment + closing + renovations to a simple 4 bedroom home in a popular area in my city. Rent out the other 3 rooms to live for free, and use the passive income from there to grow real estate portfolio and launch other less predictable businesses.

 

[Ahrens]

@Tekniq
Thanks for your response! Sounds like a very good plan to get your living cost covered. Care to elaborate how you would grow your real estate portfolio?
Because the passive income won't be high. Or would you grow it by putting the profit of your less predictable business in more properties?

 

[CPisHere]

@Tekniq
Thanks for your response! Sounds like a very good plan to get your living cost covered. Care to elaborate how you would grow your real estate portfolio?
Because the passive income won't be high. Or would you grow it by putting the profit of your less predictable business in more properties?

It would be enough to cover a low cost of living, then you could invest 100% of the income from a job.

$20k cash isn't able to do much more than that.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Tekniq]

Well tbh, I'm not particularly sure. I like to try things first, and figure it out once I'm presented with the reality of the situation.

But if I had to pick, I'd take the ~$500 / month residual income from the first home (pretty reasonable in my area after living expenses), save up enough for an "emergency buffer" for maintenance and vacancies in the home ($10k sounds reasonable), then start to funnel it towards down payments on other living spaces.

It's very slow, but the beauty of this idea is that it allows me to free up my time and work on other businesses (local services, mobile apps, drop shipping) without worrying about paying the rent. It sets some really fertile soil for the money trees to grow

Worth noting that this isn't my original idea, search the real estate forum and read the full details there - one of the best threads on here.

 

[Tekniq]

It would be enough to cover a low cost of living, then you could invest 100% of the income from a job.

$20k cash isn't able to do much more than that.

Exactly. If (in this imaginary scenario) you could have a stable job, everything speed up dramatically.

 

[GPM]

Hookers and Blow... that business will never go out of style (this will officially be my answer to all "I have $$$$$, what would you do?" threads)

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[AubreyJ]

Down payment + closing + renovations to a simple 4 bedroom home in a popular area in my city. Rent out the other 3 rooms to live for free, and use the passive income from there to grow real estate portfolio and launch other less predictable businesses.

I would do something similar to this, but I'd rent the rooms on Airbnb. You'd make more money doing month to month rentals as opposed to a yearly lease.

 

[Ahrens]

Exactly. If (in this imaginary scenario) you could have a stable job, everything speed up dramatically.

Exactly, and which job would you prefer?
A job as a real estate agent because it's real estate oriented?

 

[Tekniq]

Exactly, and which job would you prefer?
A job as a real estate agent because it's real estate oriented?

Well if this were me (and I had to get a job), I'd get a job in software because (1) I know how to code, so getting a $100K+ job would be trivially easy, and (2) it's highly tied to my Fastlane businesses.

If tech is completely off the table, then real estate (or marketing) would make sense.

In reality though, I'd avoid the job entirely and focus on traction + product development with my various side businesses.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Vigilante]

You have to start over.
You have:
- Your knowledge
- 20k cash.

Everything is possible except an internet company.

What business would you start...?

Is this a HYPOTHETICAL exercise, or something you are really working towards?

 

[Ahrens]

Is this a HYPOTHETICAL exercise, or something you are really working towards?

It's a hypothetical exercise. To look at other options then the internet road.
I know you made your money with ecommerce. May I ask you which business you would start if you had to start over? (can't be an internet business)

 

[Vigilante]

It's a hypothetical exercise. To look at other options then the internet road.
I know you made your money with ecommerce. May I ask you which business you would start if you had to start over? (can't be an internet business)

I wouldn't start a non-internet business with $20k of seed money. I need the scale element and passive element the internet provides overnight.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Ahrens]

I wouldn't start a non-internet business with $20k of seed money. I need the scale element and passive element the internet provides overnight.

All right, that's understandable. Nothing has as much scale and passivity as the internet. So how would you start over if an internet business is possible?

 

[RunWithIt]

All right, that's understandable. Nothing has as much scale and passivity as the internet. So how would you start over if an internet business is possible?

I would start listening to the people around me in my everyday life and find a cheaper/Higher quality way of bringing those problems to a close..

OR

I would read some of the exisiting idea/what would you do with $$ threads that are already on TMF .

Chances are if I find a gold ticket item that I can turn 20k into 200k+ I am most likely not going to share it when being asked.

 

[RunWithIt]

I would start listening to the people around me in my everyday life and find a cheaper/Higher quality way of bringing those problems to a close..

OR

I would read some of the exisiting idea/what would you do with $$ threads that are already on TMF .

Chances are if I find a gold ticket item that I can turn 20k into 200k+ I am most likely not going to share it when being asked.

On Second thought, You should hire bikini clad house cleaners and start a house cleaning business! I would definitely pay for that.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Newpollz]

Invest in myself.

 

[Kung Fu Steve]

Sorry to be a dick... but why are you wasting time with this mental masturbation?

I'll take your 20k and I'll turn it into $2 million.

But I'm not willing to pay more than 0% interest on my loans these days...

 

[GPM]

I would design an auto [HASHTAG]#landfill[/HASHTAG] feature as my business...

Not to be a dick but these, "what would you do with $XXX,XXX to invest" threads come up so often. If you even get to the point where you have that much money to *invest* I think you will have it figured out by then.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Tekniq]

Although I'm relatively new to this forum, I find these kinds of exercises are quite interesting. Always nice to get creative in coming up with new financial strategies (as long as the action isn't being replaced of course).

 

[SmoothFranko]

Hookers and Blow... that business will never go out of style (this will officially be my answer to all "I have $$$$$, what would you do?" threads)

 

[TonyStark]

Hookers and Blow... that business will never go out of style (this will officially be my answer to all "I have $$$$$, what would you do?" threads)

I'm in.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[wade1mil]

I'd spend in on gas and suits building my downline.

 

[lowtek]

I would do a book buyback.

That shit is a gold mine.

You set up shop on a campus at the end of a semester and offer the students $1 more than the book store for their books.

You then flip it on amazon for 2-3 times what you paid for it.

 

[Newpollz]

I would design an auto [HASHTAG]#landfill[/HASHTAG] feature as my business...

Not to be a dick but these, "what would you do with $XXX,XXX to invest" threads come up so often. If you even get to the point where you have that much money to *invest* I think you will have it figured out by then.

Oh come on if you didn't want to be a dick then why did you post. I have that much money right now and I swear I don't know wtf to do with it and I'd love to know what the guys HERE with the same mindset as ME would do with that amount RIGHT NOW. Not last week, not in 2007.

Although I'm relatively new to this forum, I find these kinds of exercises are quite interesting. Always nice to get creative in coming up with new financial strategies (as long as the action isn't being replaced of course).

Me too buddy.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Newpollz]

Oh come on if you didn't want to be a dick then why did you post. I have that much money right now and I swear I don't know wtf to do with it and I'd love to know what the guys HERE with the same mindset as ME would do with that amount RIGHT NOW. Not last week, not in 2007.




Me too buddy.

We should actually do these exercises regularly, to train our ''idea muscle'' as long as action isn't replaced like the guy above me mentioned.

 

[GIlman]

I wouldn't start a non-internet business with $20k of seed money. I need the scale element and passive element the internet provides overnight.

Agreed with this. 20K for anything brick and mortar or local market is just a drop in the bucket. You might be able to create a business but this would be the type that's just a job masked as a business.

For 20K i'd be looking to leverage the Internet only. Now if you up it to 200K. Actually no I'd still be looking to leverage the Internet.


Sent from my iPhone using Tapatalk

 

[BlakeIC]

[HASHTAG]#landfill[/HASHTAG]

I wish tagging a thread as landfill would actually remove it from your own feed

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Supa]

Another one of those mental masturbation threads... How about thinking of ways to make those $20k first before you think about how you gonna invest it as soon as you have it?

 

[Kung Fu Steve]

Okay, let me clarify my thought process and share a couple of things.

First -- a little background. This forum hears this question many, many, many, many times. And MOST of the time it's not an idea-building exercise, it's a "I have money and I'm terrified to lose it but I'd like to grow it!" -- which sounds like that's the case. But don't worry, we've all been in this position so you're not alone. Just realize most of the time it comes form lazy people who don't bother to educate themselves before asking.

But on to some practical advice:

1. Congratulations. 20k in savings is more than most people will ever have in their life. You'll quickly find making money is not difficult -- KEEPING it is. Kiyosaki was right when he said:

"If you have money that you don't know what to do with -- SHUT UP -- don't talk about it because everyone and their grandmother will have an idea that will see you spending it all."

2. I jokingly said I could take your 20k and turn it into 2 million. It actually isn't far from the truth -- but to get to this point I've had to spend hundreds of thousands of dollars and blood, sweat, and tears -- voracious reading, studying, deconstructing, 18 hour work days 7 days a week for YEARS without a vacation -- etc. etc. etc.

What I'm trying to tell you is there is no WAY I could translate all of that experience, knowledge, and know-how in order to show you what to do with 20k that will turn it into something bigger. It would take years and years -- and on top of that guys like @Vigilante and @GIlman could do the same but they have VASTLY different ways of doing that than I would. Their 10,000 hours in entrepreneurship was very uniquely different than my 10,000 hours.

Does that make any sense?

3. If you're looking for real advice you can use TODAY, I would say "get an education"

But that comes in two parts: one is the reading, studying, and deconstructing successful people. Understand how they think, why they did what they did in order to become successful in business (if that's truly your mission). Understand the psychology of successful people in order to view the world in a different way.

Once you view the world differently now you need to get out into the world. Biophase has the best business rules and one of his says "you don't come up with ideas sitting on the couch" -- you have to get out into the world and experience it to see where there are problems you can solve.

But let me be clear by saying the only way you can see those things is by looking at the world through a different lens. Then the next time you're wanting a cab but can't flag one down and the place you called said "it'd be 2 hours" you sit and think "man... I wish this was easier..." -- and there starts an idea...

TL;DR - get educated and then get out into the world to find your ideas.