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I won 30k. What to do?

Anything related to investing, including crypto
D

Deleted2BB3x9

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Hey guys,

So as you tell tell by the title, I just won 30k. I was gambling the other night playing blackjack and ended up getting up all the way to 30k. I don't want to talk about gambling. I'm more interested on hearing your perspectives on what you would do with 30k if you were my age (19 years old).

My plan so far is to put it in a TFSA, collect interest and invest in the vanguard index funds. I would rather invest it as opposed to start another business. All my businesses have failed.

So what would you do with 30,000$ if you were 19 years old?

Thanks guys
 
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JAJT

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So what would you do with 30,000$ if you were 19 years old?

Call your gambling career a huge F*cking success and stop gambling immediately.

Honestly, if starting a business is off the table I don't really know what you expect to hear from a group of entrepreneurs?

If you don't want to start a business, sure, go throw it in an investment and go find a job you like doing for the next 40 years. Lots of people do this without 30k to start with so you're off to a great start.
 

AstonMartinOne77

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Hi BusinessBen,

Just like JAJT said, stop gambling immediately. Your lucky to have won 30k, gambling is designed so that you lose your money. So, it's great that you won 30k. I had my first 30k at 23 years old.

Your afraid you will lose your money if you start a business ? Thats fine.

Get a job and learn how businesses work on the side, so that eventually, you start your own.

In the meantime, invest your money in the stock market, real estate, etc.

Find a unmet need, improve on an existing product or service.

Have you red The Milionnaire Fastlane or Unscripted ?
 

luniac

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karakoram

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Learn a skill to make more money. Learn it extremely well (get really good at it). For example, I had some windfalls and I've decided to focus all of my energy (outside of my day job) into becoming a consistently profitable trader. Its something I've been interested in for a very long time. I'm not saying you should become a trader, I'm saying I decided that this is the skill I wanted to get really good at to make more money with my windfalls. Please understand that its taken me a LOT of "screen time" and losses to be profitable. Most people can't even trade as profitably as I have so far (5 figure profits). Now I just want to compound that into becoming REALLY profitable (6 and 7 figure profits).

You could start some kind of business instead. You could do a lot of different things with that money. Decide what really interests you. Make sure what interests you is something you can make a lot of money at if you leverage your skills/time and become really good at that skill. There are some really great stories on this forum of other entrepreneurs that turned a skill into a business.

My day job is engineering, and I happen to be really good at it. If I was interested in pursuing that, I might consider designing a new product and bringing it to market. Of course, this requires a lot of other additional skills besides engineering, but I hope you get the general idea. I used to do a few consulting projects, and I used to get would-be entrepreneurs bringing me ideas for products they want me to design for them. Its ironic to me because they don't have the skills to get something made, but I do, but I'm not really interested in doing it myself (I've considered it though).

My engineering background does give me a great understanding of the statistics, data, and math behind trading, and I find the subject of trading very interesting and exciting, so its what I would rather focus on.
 

minivanman

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Ok, so what I think you should do with it since you suck at starting businesses is to send it to me in cash. Just message me for my address!
 
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minivanman

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Jesus Christ

I've never been the strip bar type of guy but I'm guessing it's a strip bar but it could be just a normal bar with the females dressed skimpy.

Better than the strip bar in Council Bluffs, Iowa called Lip Sticks & Dip Sticks.... both male and female dancers. lmao
 

Raoul Duke

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Hey guys,

So as you tell tell by the title, I just won 30k. I was gambling the other night playing blackjack and ended up getting up all the way to 30k. I don't want to talk about gambling. I'm more interested on hearing your perspectives on what you would do with 30k if you were my age (19 years old).

My plan so far is to put it in a TFSA, collect interest and invest in the vanguard index funds. I would rather invest it as opposed to start another business. All my businesses have failed.

So what would you do with 30,000$ if you were 19 years old?

Thanks guys

Sign up for @biophase's deal.


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WJK

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My plan so far is to put it in a TFSA, collect interest and invest in the vanguard index funds. I would rather invest it as opposed to start another business. All my businesses have failed.
It's sounds like you already have a good plan. Pay the taxes and invest the balance for the moment until you have a strong feeling to do something else with the funds. Most of all, quit gambling while you're ahead. The odds are against you continuing to win.
You have lots of time. Get some experience under your belt. Educate yourself. Live large. Love deeply... Best of luck!
 
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JM35

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Lets be honest, he's not going to claim that on his tax return. You would be stupid to do so.

Put it in the markets if you don't know what to do yet. I'd personally wait for a pullback, but that's just me. Most of my stuff is in fixed income until we see the correction we have all been waiting for. Buy a bunch of Morningstar "All-Star" ETFs. Let it sit and grow until you have a good idea of what you want to put it into.

Investing in the markets isn't ever a bad idea. I know a lot of people here would rather put it to Fastlane techniques and opportunities, but not everyone has the same risk appetite.

You don't have to have an idea right away. If you put it all into some opportunity tomorrow, I'd be a little scared for you. Hold your breath for a second and wait for the right opportunity to put it to work.

I would personally spend ~$15K on a website on Flippa that is somewhat passively making $500/month or so and then focus on growing that.
 
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JAJT

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Lets be honest, he's not going to claim that on his tax return. You would be stupid to do so.

You heard it here first folks. JM35 is willing to personally cover for any tax fraud costs associated with not claiming it!

Super generous of you - not everyone would take that kind of risk for another person.

The season's magic is certainly in the air.
 

Eisenstein

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Congrats! I have to agree with JAJT, though. Stop gambling immediately!
This is what I'd do: $10k to the stock market, so vanguard index funds sound great and reasonable. The other $20k are for business, books, and development. Even if there are further failures, you buy experience and this gets you closer to your goal :)
 

Scot

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God I hate stupid questions like this. Isn’t there a gold sticky thread on here somewhere, deliberately saying not to post these?

But seriously, you’re on an entrepreneurship forum and you asked what to do with a $30,000 windfall...

I’ll just say, I can think of all the things a $30,000 injection to my business would do.
 
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JM35

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You heard it here first folks. JM35 is willing to personally cover for any tax fraud costs associated with not claiming it!

Super generous of you - not everyone would take that kind of risk for another person.

The season's magic is certainly in the air.
Ah my bad, I misread the sentence where I said I was a CPA and would indemnify and hold harmless anyone who acts upon my opinion.

The gambling site he won the money on is in Malta. I highly doubt they are reporting his earnings to Canada. If you find $100 on the ground, do you stash $25 of it in your mattress for your tax liability?
 

JohnBuffet

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Call your gambling career a huge F*cking success and stop gambling immediately.

Honestly, if starting a business is off the table I don't really know what you expect to hear from a group of entrepreneurs?

If you don't want to start a business, sure, go throw it in an investment and go find a job you like doing for the next 40 years. Lots of people do this without 30k to start with so you're off to a great start.
lol
 

Niptuck MD

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God I hate stupid questions like this. Isn’t there a gold sticky thread on here somewhere, deliberately saying not to post these?

But seriously, you’re on an entrepreneurship forum and you asked what to do with a $30,000 windfall...

I’ll just say, I can think of all the things a $30,000 injection to my business would do.


there is a gold thread i reckon thats exactly what i was thinking;
 
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JAJT

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If you find $100 on the ground, do you stash $25 of it in your mattress for your tax liability?

Is he receiving these funds in the form of an anonymous briefcase filled with cash under a park bench?

Or an easily traceable digital transfer?

Come on...
 

Kak

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Go buy physical gold. It’s harder to liquidate than an equity fund since you’re allergic to having money.

If you don’t know what to do with 30 grand how are you going to ever handle more?
 

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