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20k cash. What business would you start?

A detailed account of a Fastlane process...

GIlman

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I completely agree with @Kung Fu Steve

The truth is that the money is irrelevant. It's the force behind the money that matters.

If you want 20K to invest and passively grow with little or no effort, don't expect much.

If you bust your butt, then carefully apply that 20K to round the edges where your effort isn't cutting it. You've got a great shot.

Look at most the smart experienced business people. They don't use money to build businesses. They build businesses through lots of work, then use the money to backup what they have built.

One last thing I find interesting. Comments like this and Steve's above get very little "like"-love because it's not sugar coated or easy. But it's the truth, and it's the fact that the majority won't accept it that keeps them from progressing. Easy things rarely net you great value.


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Tekniq

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Agreed with you until:

One last thing I find interesting. Comments like this and Steve's above get very little "like"-love because it's not sugar coated or easy. But it's the truth, and it's the fact that the majority won't accept it that keeps them from progressing. Easy things rarely net you great value.

They're getting little "likes" because they're simply parroting the common narratives of this forum without a deeper examination. Anyone can say "don't bother with thought experiments and focus more on doing", but looking past that towards the nuanced reality that sometimes it's okay to strategize and dabble in theory is the more reasonable approach.

I get the underlying concern though: apparently this happens all the time and people are tired of seeing it. This is a problem, and it needs a solution other than people parroting the narrative in the threads themselves. A separate section of the forum would be a natural and obvious solution. Clearly there is demand for these kinds of posts, perhaps giving them a non-landfill area to post them would solve both problems (both the demand and the fact that people are tired of seeing them in the "fastlane" forum).
 

Kung Fu Steve

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Agreed with you until:



They're getting little "likes" because they're simply parroting the common narratives of this forum without a deeper examination. Anyone can say "don't bother with thought experiments and focus more on doing", but looking past that towards the nuanced reality that sometimes it's okay to strategize and dabble in theory is the more reasonable approach.

I get the underlying concern though: apparently this happens all the time and people are tired of seeing it. This is a problem, and it needs a solution other than people parroting the narrative in the threads themselves. A separate section of the forum would be a natural and obvious solution. Clearly there is demand for these kinds of posts, perhaps giving them a non-landfill area to post them would solve both problems (both the demand and the fact that people are tired of seeing them in the "fastlane" forum).

Yeah... don't think I'm "parroting" anything here.

Although it could have been worded more eloquently I think I gave him solid advice. Take it or leave it. I'm back to work.
 

Get Right

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I like reading threads like these. It reminds me of when I didn't "see" how important mindset was.
 
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The-J

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Wisith

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I like reading threads like these. It reminds me of when I didn't "see" how important mindset was.
I agree. Even though I've been on this forum for several months, it completely changed the way I look/see things.

People, most of them, are lazy and want to be spoon fed. I have friends, some that are highly educated and hold post doc degrees, that would say I need to know how to flip the $30K I have into more money. This is how those late night infomercial are spawned...buy my course and you can become rich too (the maker's fast lane)!

I once heard that if all the wealth in the world were evenly distributed, the percentage would slowly reverse itself. I never understood how it would happen until I realize that mindset is everything.
 

Ahrens

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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.

No offense taken. I actually have an ecommerce business in which i invest my money. I know where to invest my money in. I wanted to look at other roads except the internet road. Just to expand my thinking.
 
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AustinS28

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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.

God posts like this make me realize how much more expensive living in NYC is to other places. Maybe it's time to buy property outside of it.
 

Ahrens

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For everyone that is reading this thread:

This isn't some mental masturbation. I have an ecommerce store where most of my money is invested in. It's moving all right. 1.5k a month, started it a year ago. Started it after I read the millionaire fastlane . Thanks MJ for writing such a great book. I understand that everything worth it in life requires a process. I’m not looking at a get rich sceme whatsoever.

I’m asking a humble question to all of the many value givers at this forum to talk about roads outside of the internet. It’s an idea building exercise. There are so many EXPERIENCED entrepeneurs who I’d like to learn from and I’m sure a lot of people here would like to learn from them as well because of the broader views and experiences from these people. It’s 1 year ago that I read the Millionaire Fastlane and I started my business. There are a lot of years needed before I will succeed. But I know that my chances will improve with every swing at the plate.


Thanks to everyone who’s giving value out here. Excuse me if the thread was misinterpreted.
 

Gadwall

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I own a custom home business in Texas and often we have to have drilled piers done for our foundations. Normally the piers are 12" across, but I had one home that called for 18" diameter piers. Now a lot of small guys who own skid steers can drill the 12" all day, but for an 18", I had to call a specialty driller. I finally found one and he wanted $50 per pier. So we made a deal and he came out. His rig was an auger mounted on an old flat bed truck that raised and lowered via a hydraulic piston and chain assembly. It was a pretty simple design. In about 10 hours, he completed about 44 drilled piers. I paid him over $2200 for the work.

I assume this guys expenses were about $120 for his helper and $100 for the diesel his truck ran threw during that day. So he easily cleared $2000 for one days worth of work. He had claimed that he built that rig with his Dad about a decade earlier, and he is the one who always runs the jobs. But I'm sure whatever capital was invested in that machine had been recouped many years before.

This guy was in a specialty business and could pretty much call his own numbers. He could easily work 4 days a month and clear $8000. Anyways, your post made me think of that guy and what a great business that was. I bet he didn't have more than $30k into that machine - probably less. It's not he was doing fabulous work, but he was providing a service that almost no one else could do.
 
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mrarcher

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I feel these threads have it backwards. You see it in many other situations too. I've had a few pet snakes in my time so another forum I frequent is to do with that subject. The same thing crops up. "I have X size tank, what can I get that'll fit in it?" I always give the same answer. Figure out what you want then worry about tank size. Same goes here. Figure out what you want to do then worry about costs. Million dollar companies have been started with just a few hundred so why set a price range? If anyone here could tell you how to make an income by just throwing 20k at something without any work they would be vastly famous, rich and everyone would be doing it.
This kind of mental exercise is more of a waste of time than anything else.
 

throttleforward

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They're getting little "likes" because they're simply parroting the common narratives of this forum without a deeper examination. Anyone can say "don't bother with thought experiments and focus more on doing", but looking past that towards the nuanced reality that sometimes it's okay to strategize and dabble in theory is the more reasonable approach.
Stuff like this really pisses me off. Three people (Gilman, KFS, and vis a vis Biophase) who are very successful are offering their opinion, all borne from incredible experience and sacrifice, and instead of just STFU and listening, you have to argue with them.

After 7 years of continuous failure, I finally started to just listen to people who were more successful than me and stop questioning everything. It was only then that I started to experience true success. I don't know you or how successful you are, but I suggest you just listen to what they are freely volunteering and change your perspective.
 

csalvato

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After 7 years of continuous failure, I finally started to just listen to people who were more successful than me and stop questioning everything.

Whoa whoa whoa @throttleforward. You know I have much respect for you, but let's not get carried away here! Questioning things is really freaking good. Having the fearlessness to question things in public is also a very good and undervalued quality.

It's how you question these things that matters.

Is it from an "I'm right, you're wrong" vantage?
Or an "I want this to make more sense to me, please explain" vantage?

The former is dangerous. The latter is necessary.

To me, @Tekniq actually appears to be in the latter category (though there is some reactionary defensiveness, which is normal when being attacked in public, I think)

The main thing that @Tekniq says that I feel is wrong is this:

They're getting little "likes" because they're simply parroting the common narratives of this forum without a deeper examination. Anyone can say "don't bother with thought experiments and focus more on doing", but looking past that towards the nuanced reality that sometimes it's okay to strategize and dabble in theory is the more reasonable approach.

@Tekniq: That bolded comment is hyper aggro, dude.

These people aren't 'parroting' common narratives. They are sharing their own experience and viewpoints. Those viewpoints tend to be shared by people who have been here for a while, so it just seems like everyone here is parroting and circle jerking...

That may seem suspicious, so continue your questioning...Do you see these themes elsewhere?

As I explore other successful people I know personally (who have never heard of this forum) and billionaires (via their biographies/news articles/interviews, etc.) seem to also "parrot" this theme.

When I follow this mindset, I personally get results. I find that it's not 100% accurate, personally...but the inaccuracy is mostly in my perception, not in what was actually said.

In other words, you aren't seeing a bunch of lemmings repeating after their noble leader. You're seeing a group of people (who I personally think are just as discerning as yourself), who have all come to the same conclusion.

It's your job to determine whether that conclusion is accurate, bullshit, or slightly off.
 
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throttleforward

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That bolded comment is hyper aggro, dude.
That's why I reacted so strongly...because it's clear that the questioning is coming from a place of "I know better than you guys" as opposed to "I respect your opinion, but I disagree because (insert well thought out reasoning)"

Edit: I question EVERYTHING...but when I decided to give heavy weight to the opinions of those who've been there before me, especially when multiple people from different disciplines all say the same thing, is when I started to become successful.
 

biophase

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$20k isn't enough to really do anything with. I would keep growing your internet business. Wait till you save $100k, then start looking at other things.
 
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Harchitect

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

Everything is possible except an internet company.

What business would you start...?

I would invent an automatic alcoholic mixed drinks making machine that people could buy for their homes. Not sure if the engineering and everything would cost more, but I'm sure there's demand for it.
 

GIlman

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TL;DR;

Find what makes you happy and then find people that have similar life desires and have also been successful..then try to copy they methods they have used to achieve this success.

-----------------------------------------

The question I would ask first is, what is your relationship to money, what does it mean to you, and why do you want more....I mean deep down.

What the right thing for you to do with 20K, 200K, 2M has everything to do with your answer - there is no universal right or wrong, only right (or wrong) for you.

If you want to invest your money so you don't have to work, then a lot of the "advice" or suggestions people like me have for you is not good advice for you - you would most likely be miserable following it.

Personally, I have no work life balance - work, play, life are so mixed I can't really tell where one ends and another begins. And, I personally LOVE it this way, I am very happy being completely engaged all the time.

I will share with you why I want money, because I want to open up opportunity to build products/businesses (even bigger and better than the last), money gives that opportunity.

Usually I decide to build a product or enter a market because I'm totally disgusted by the available products, and I want to do better...

I build to sell so I have the money to build more and sell more, so I have the opportunity to start something new and repeat the cycle.

I have no exit strategy because I don't want to exit, I want to keep doing this because I love doing it...but this isn't right for a lot of people - and may not be right for you.

This is my own life motivation, it's not really money -- creating cool shit makes ME excited, money can't buy this feeling and satisfaction...the money that comes from it is just a perk.

But, I have no desire to sit on the beach and sip on margaritas...

For a day or a week - sure and I do for about a week or two a year.

As a life style, heck no. My dreams are to expand my projects and businesses...

...but, none of this really matters at all, this is just my own personal ramblings, what is important to ME isn't and shouldn't be what's important to YOU.

For YOU all that matters is YOU...what makes you happy, what do you want out of life, how much do you want to work or not work, how involved or uninvolved do YOU want to be...Answer this and then find the ways to make it happen.

Then find people that have the life, perspective, attitudes you have plus have already the success you want...Then copy their methods to start you on your journey. Their advice is far better and relevant to you than mine or anyone else's is that doesn't share your common desires and goals.
 

GIlman

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I would invent an automatic alcoholic mixed drinks making machine that people could buy for their homes. Not sure if the engineering and everything would cost more, but I'm sure there's demand for it.

https://www.kickstarter.com/projects/bartesian/bartesian-the-first-capsule-cocktail-machine

https://www.kickstarter.com/projects/somabar/somabar-automated-craft-cocktail-appliance

https://www.kickstarter.com/projects/monsieur/monsieur-the-artificially-intelligent-robotic-bart


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Vigilante

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Agreed with you until:



They're getting little "likes" because they're simply parroting the common narratives of this forum without a deeper examination. Anyone can say "don't bother with thought experiments and focus more on doing", but looking past that towards the nuanced reality that sometimes it's okay to strategize and dabble in theory is the more reasonable approach.

I get the underlying concern though: apparently this happens all the time and people are tired of seeing it. This is a problem, and it needs a solution other than people parroting the narrative in the threads themselves. A separate section of the forum would be a natural and obvious solution. Clearly there is demand for these kinds of posts, perhaps giving them a non-landfill area to post them would solve both problems (both the demand and the fact that people are tired of seeing them in the "fastlane" forum).

Clearly you are an eight post expert in the decade long history of the cycles of this forum and an investment expert to boot. Why listen to people that have walked the road before you? All these guys are doing is parroting what they have learned from first hand experience. It is a far more noble and worthwhile mental exercise to delve into the ethereal with people that have never done this before. Rather than listening to real, successful entrepreneurs... lets hypothesize together on alternative, untested paths. That will help the OP significantly answer his original question.

You've managed in one post to supersede the knowledge of three invited speakers at the recent Fast Lane forum, including three (or more?) self made and respected entrepreneurs, and one national motivational speaker and business coach. Perhaps you should listen more and post less until you get the hang of this place lest some of this "parroted" drivel penetrate your seemingly overcritical armchair analysis.

It is unfortunate we don't have a tool to dump specific posts to the landfill.

Thank you to all who have constructively contributed to this thread and added value to those who are coming behind you.
 
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AllenCrawley

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Stuff like this really pisses me off. Three people (Gilman, KFS, and vis a vis Biophase) who are very successful are offering their opinion, all borne from incredible experience and sacrifice, and instead of just STFU and listening, you have to argue with them.

After 7 years of continuous failure, I finally started to just listen to people who were more successful than me and stop questioning everything. It was only then that I started to experience true success. I don't know you or how successful you are, but I suggest you just listen to what they are freely volunteering and change your perspective.
Whoa whoa whoa @throttleforward. You know I have much respect for you, but let's not get carried away here! Questioning things is really freaking good. Having the fearlessness to question things in public is also a very good and undervalued quality.

It's how you question these things that matters.

Is it from an "I'm right, you're wrong" vantage?
Or an "I want this to make more sense to me, please explain" vantage?

The former is dangerous. The latter is necessary.

To me, @Tekniq actually appears to be in the latter category (though there is some reactionary defensiveness, which is normal when being attacked in public, I think)

The main thing that @Tekniq says that I feel is wrong is this:



@Tekniq: That bolded comment is hyper aggro, dude.

These people aren't 'parroting' common narratives. They are sharing their own experience and viewpoints. Those viewpoints tend to be shared by people who have been here for a while, so it just seems like everyone here is parroting and circle jerking...

That may seem suspicious, so continue your questioning...Do you see these themes elsewhere?

As I explore other successful people I know personally (who have never heard of this forum) and billionaires (via their biographies/news articles/interviews, etc.) seem to also "parrot" this theme.

When I follow this mindset, I personally get results. I find that it's not 100% accurate, personally...but the inaccuracy is mostly in my perception, not in what was actually said.

In other words, you aren't seeing a bunch of lemmings repeating after their noble leader. You're seeing a group of people (who I personally think are just as discerning as yourself), who have all come to the same conclusion.

It's your job to determine whether that conclusion is accurate, bullshit, or slightly off.
Clearly you are an eight post expert in the decade long history of the cycles of this forum and an investment expert to boot. Why listen to people that have walked the road before you? All these guys are doing is parroting what they have learned from first hand experience. It is a far more noble and worthwhile mental exercise to delve into the ethereal with people that have never done this before. Rather than listening to real, successful entrepreneurs... lets hypothesize together on alternative, untested paths. That will help the OP significantly answer his original question.

You've managed in one post to supersede the knowledge of three invited speakers at the recent Fast Lane forum, including three (or more?) self made and respected entrepreneurs, and one national motivational speaker and business coach. Perhaps you should listen more and post less until you get the hang of this place lest some of this "parroted" drivel penetrate your seemingly overcritical armchair analysis.

It is unfortunate we don't have a tool to dump specific posts to the landfill.

Thank you to all who have constructively contributed to this thread and added value to those who are coming behind you.



9vuRtVj.jpg
 
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Tekniq

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As I'm sure you all do too, I understand how forum culture works, so I'll not belabor this further than this last reply simply because I noticed a few things in various posters comments that I'd like to address.

Clearly you are an eight post expert in the decade long history of the cycles of this forum and an investment expert to boot.

I understand that looking at my post count is a simple way to discredit me - the post history on here however is public information, and I spent quite a bit of time reading through the post history before deciding to start posting on my own. I'm simply commenting on the theme I observed:
  1. Someone posts a "I have $XX,XXX, how do I spend it?" thread.
  2. People call for it to be moved to the landfill in various (often abrupt & rude) ways.
  3. Circlejerk ensues.
Yes, these posts more often than not are fear-based, but assuming that they are all like that is short-sighted. An alternate solution (similar to one I proposed earlier) makes sense here given the apparent demand.

Further, assuming that all of these posts are fear-based (this one certainly didn't sound like it) and should be moved to the landfill is negligent to new members (like myself) who are interested in hearing what others would do in situations like these. Often, you need an outside perspective to center the discussion and dissemble the bias that a positive feedback loop offers.

Why listen to people that have walked the road before you? All these guys are doing is parroting what they have learned from first hand experience.

I'm all for learning from what others' have done before me, that's why I made an account here. Though this statement confuses me: in this specific instance, listening to those that have had more experience from me teaches me nothing in the realm of business. Those that are "experiences" are asking the post to be moved to the landfill, not participating in the actual thought exercise. That would be more valuable to the forum, and that's something I'd listen to.

It is a far more noble and worthwhile mental exercise to delve into the ethereal with people that have never done this before.

Nobody is saying that only novices post on comments like these. Then again, it's worthwhile to have input from less experienced entrepreneurs as they may have some unique insights that veterans would normally overlook. The point I'm making is that there is value in some of these posts, looking past the narrative of "asking how to spend money? must be a scared wantrepreneur...LANDFILL!" is what I would expect from the type of person on this forum - it's strange that this is not the case.

Rather than listening to real, successful entrepreneurs... lets hypothesize together on alternative, untested paths. That will help the OP significantly answer his original question.

I'm listening to successful entrepreneurs, and fortunately some of them have given legitimate answers on the thread, but asking me to listen when someone is calling for censorship of an interesting discussion simply because they are more experienced is short-sighted.

Finally, this statement presumes that there's no value in "hypothetical and untested paths". Really? You surely must see the issue here.

You've managed in one post to supersede the knowledge of three invited speakers at the recent Fast Lane forum, including three (or more?) self made and respected entrepreneurs, and one national motivational speakerand business coach.

I'm not superseding anything, I'm simply arguing a point. Superceding would imply that I've replaced their knowledge, I'm not: rather I'm contesting their assumptions and throwing alternatives in the ring.

Others are free to believe what they wish, and that's okay!

Perhaps you should listen more and post less until you get the hang of this place lest some of this "parroted" drivel penetrate your seemingly overcritical armchair analysis.

As I mentioned earlier, I've read all the relevant posts on this forum. I'll concede that it was not really the best use of my time, but it was incredibly-valuable nonetheless.

The underlying concern here seems to be that you're defacto defaulting to the opinions of individuals who are more successful that I am (which in and of itself is a fallacy of argument from authority), but more importantly, it forces us to think in a vacuum without actually examining the reality of the situation - it's a dangerous place to be.

The reality is that hypothesizing does have value to it. It promotes creativity and opens up neural pathways to alternative methods of wealth creation. As long as the exercises don't replace any action, there is no problem.

Switching gears...

@Tekniq: That bolded comment is hyper aggro, dude.

Yea, it was. I tried to think of ways to phrase that in a more tactful way, but I dropped the ball. Sorry if I offended anyone, I figured you all would appreciate it given the context that this is a forum centered around cutting away BS and getting to the point (a primary pillar of TMF ).

These people aren't 'parroting' common narratives. They are sharing their own experience and viewpoints. Those viewpoints tend to be shared by people who have been here for a while, so it just seems like everyone here is parroting and circle jerking...

You took the definition of parroting and typed it out instead of using the word itself.

Either way, the initial point I was trying to make was that if anyone had looked at OP's post, they would immediately realize that this had value to it. The sudden surge for "LANDFILL!!!" is what I'm referring to as "parroting". It's the neglect of a deeper analysis that bothered me, defaulting to the narrative because the post title fit the format.

As I explore other successful people I know personally (who have never heard of this forum) and billionaires (via their biographies/news articles/interviews, etc.) seem to also "parrot" this theme.

Yea, I wouldn't be surprised TBH. An affinity towards action tends to lead to financial success (check out most of the success threads on /r/entrepreneur). I would be willing to bet that they don't disregard these kinds of creative exercises though: they'd understand the value of balance.

In other words, you aren't seeing a bunch of lemmings repeating after their noble leader. You're seeing a group of people (who I personally think are just as discerning as yourself), who have all come to the same conclusion.

First, they're not repeating MJ, it's more complicated than that. It's the culture that a forum format promotes that leads to this behavior.

You're seeing a group of people (who I personally think are just as discerning as yourself), who have all come to the same conclusion.

This is where I disagree. If thousands of people came to the same conclusion without one of them suggesting an alternative (like I suggested earlier re: the separate section of the forum), it would be a statistical feat. People are by nature social creatures (as I'm sure you're aware), and we naturally default to social narratives when presented with excess information. It's a very effective survival mechanism. But again, I'm preaching to the choir here so hopefully the idea is clear.

It's your job to determine whether that conclusion is accurate, bullshit, or slightly off.

Well, that's exactly what I did.

=========

Anyway, I've said what I wanted to say and made my point very clear. Any further discussion would be frankly a waste of time better spent building dat fastlane. I'm un-following the thread, though before I go I'd like to extend my apologies to anyone I offended! I should have chosen my initial words in a more tactful manner, but hopefully I was able to convey my message regardless.

Have fun out there in the business world guys! :)
 
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mrarcher

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This is where I disagree. If thousands of people came to the same conclusion without one of them suggesting an alternative (like I suggested earlier re: the separate section of the forum), it would be a statistical feat. People are by nature social creatures (as I'm sure you're aware), and we naturally default to social narratives when presented with excess information. It's a very effective survival mechanism. But again, I'm preaching to the choir here so hopefully the idea is clear.
There is a separate section for these kind of threads. Its called the landfill, mainly because no one is interested in reading or answering as it provides no value and the answers are the same every time. (investment property, stock market, etc) except the OP always wants a massive return on investment with little or no risk which I hate to tell you but its damn near impossible. The problem with these threads is they achieve in and on itself nothing. What can you do with $20000 that you cant to with $0-100000. That's even if they have the money, as had been answered before. If you found a way to make that kind of money you would know what to do with it. The answer to this thread and the same ones that come up before and after is simple:
(1) Find a scalable need you can solve and base a business around it.
(2)Figure out how much it will cost to do so. If you have enough great get started! If no find a way to raise finance (which are many) should be easy enough if you already have £20k sitting in the bank. (NOTICE THIS IS STEP 2 NOT STEP 1)
(3)Execute
(4)???
(5)Profit
 

Raoul Duke

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(1) Find a scalable need you can solve and base a business around it.
(2)Figure out how much it will cost to do so. If you have enough great get started! If no find a way to raise finance (which are many) should be easy enough if you already have £20k sitting in the bank. (NOTICE THIS IS STEP 2 NOT STEP 1)
(3)Execute
(4)???
(5)Profit

Like this?

bY6wuva.jpg






or would this be better?




rKXZDLL.jpg
 
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Almantas

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Simple solution for you: go around your location and look for problems that most of population is dealing with. Senior citizens have trouble taking care of their yard? Many cars have scratches and dents that might bother its owners? Many people prefer restaurant meals at home? These are just few potential issues folks in your area might have trouble dealing with.

Offer service to make people lives better and hire someone to make this promise a reality.
 

mrarcher

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jon.a

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