What would you do with $1,000?

[Steezy]

Hey fam, new to the forum. Currently reading the Millionare Fastlane by MJ and he talks about moving to a new city and starting from scratch with just $900 in his pocket.. If you were just starting out and you had $1,000 to invest, how would you spend it? I'm 19 years old, working a slow lane job and I am interested in hearing some responses. Got some money saved up ready to make my next move, just not sure what it is yet!

 

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[TonyStark]

Not spend it

Or,

......

Pay off bills

Crazy, right?

 

[Ravens_Shadow]

Well we can't make decisions for you, fam.

I started my software company on less than $300 so it's just up to what your skills are. Possibilities are endless. Money makes things easier at times, but doesn't mean that its necessary.

This type of question has been asked countless times. If I have $100, or $1000, or $50k in the bank, what should I do? We don't know what you should do. Stocks maybe? Tax Liens? Who knows? Only you know your skillsets.

 

[wade1mil]

Keep it in the bank until I knew what to do with it.

 

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[Steezy]

Well we can't make decisions for you, fam.

I started my software company on less than $300 so it's just up to what your skills are. Possibilities are endless. Money makes things easier at times, but doesn't mean that its necessary.

This type of question has been asked countless times. If I have $100, or $1000, or $50k in the bank, what should I do? We don't know what you should do. Stocks maybe? Tax Liens? Who knows? Only you know your skillsets.

Definitely given thought to those things, I appreciate your input Ravens!
These are the replies I was looking for, I was just curious about the business endeavors people on this forum have gone on starting with $1,000.

No real worries about bills here. Just been working and saving.. I started a review site earlier this year, but that was before I learned about the Fastlane.

 

[Fred Schrader]

No matter how much money you get, you should invest it in your future.

Spend your money wisely, so that your future self will thank you for that:

• If you buy food, buy good food, so that you keep in good shape and health.
• If you buy furnishings, buy quality products. Who buys cheap, buys twice.
• If you have debts, pay them off. There might come harder times, when you can't.

 

[KSR]

I'd invest it in myself.

- Learn how to write copy.
- Learn how to build websites.
- Learn how to do taxes.
- Learn how to market a product.
- Learn how to use Google Adwords.

You could probably do all that for ~$300 and use that $700 left over to build a product with new knowledge.

 

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[minivanman]

I started with $3.17, borrowed some window cleaner and some shower cleaner. Cut up bath towels in to smaller towels to clean with. Used an old junk vacuum that barely worked and headed out in my 1974 Nova hatchback that was so rusted the rear fenders bounced off the tires when I hit a bump. And on top of all of that.... the internet was not around as we know it today so I had 0 help from anyone about anything.

As for you... what do you like and know how to do? What happens if you loose the $1000? Will it have a huge impact on your life? Are you scared of losing the money or scared of anything business related? Don't worry.... there is a LOT to be scared of for new people. It's like anything, once you do it you will look back and see that it wasn't really scary after all.

My biggest advice would be to not go in to debt to start a business (or for anything for that matter). If you think of something you want to do and it costs $1200 and you only have $1000... you gotta work and save. I know some people went in to debt and have come out smelling like roses... live high on the hill (I do too but no debt) and drive a Bentley but I also know 10,000 people for that 1 that didn't come out smelling so good.

 

[Longinus]

With $1000 you can buy ~100 Udemy courses.

Good luck.

 

[Ika]

Right now, money is a safety net for me. It allows me to take 'riskier' opportunities.

The 1000€ allow you to take on freelancing jobs that you are not 100% comfortable in - if you can't solve the problem, you can spend the money to get another freelancer on board.

The 1000€ allow you to buy samples of a product you want to import - and if it sucks, you don't have to starve or die.

The 1000€ allow you to go the extra mile with your customer. If your product breaks when they use it, you can use the money to send a replacement for free.


This money is money you can loose or spend, without becoming homeless or entering starvation.
Use it to learn & grow.

 

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[Steezy]

Really appreciate the replies guys! A lot of good, eye-opening info. I didn't even know about Udemy. Thank you !

 

[KSR]

Really appreciate the replies guys! A lot of good, eye-opening info. I didn't even know about Udemy. Thank you !

Udemy is great, so much to learn. Reading is essential too. (you should read 'The Fastlane Millionaire'). If you're a little more strapped for cash, I found this website through FB ads (not often I find something of personal value there).

ScienceAlert

 

[G-Man]

I'd invest it in myself.

This.

Although 1,000 is close enough to zero that I'd still be looking for ways to learn for free.

Many people are 1 car repair/doctor visit away from being penniless. That ensures they stay on the hamster wheel of a job forever. Keep that 1,000, and add to it till you can feed, clothe, and drive yourself for 90 days, and that's what helps you stay more resilient to unforeseen FUBARS as you work on your skills and embark on the fastlane.

Boring answer, right?

 

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[KSR]

This.

Although 1,000 is close enough to zero that I'd still be looking for ways to learn for free.

You're absolutely right. In saying that, education can literally be free... but for me personally - I don't mind spending that $15-20 on a udemy course, it's well structured, you have someone explaining things to you and I'd be more inclined to use it since I paid for it.

 

[MJ DeMarco]

how would you spend it?

Is "spending" it your only option?

Serious question.

 

[Steezy]

Is "spending" it your only option?

Serious question.

No sir. Working in the slowlane but I'm blessed enough to have a mother who allows me to stay at the house rent-free. For the past 9 months I've been working minimum wage, saving up and then blowing it on trips to the beach and playing around too much. Silly 19 year old crap. Thankfully I found this forum and that is all going to change.

Shoutout to you MJ, I'm reading "The Millionare Fastlane" now.

 

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[Cwholesale]

1 : Open a ebay account

2: Research value of branded clothes visit flea markets and then just hustle and grinde 24/7

3: When you have double your money start looking for wholesale suppliers import products and keep selling

 

[KSR]

No sir. Working in the slowlane but I'm blessed enough to have a mother who allows me to stay at the house rent-free. For the past 9 months I've been working minimum wage, saving up and then blowing it on trips to the beach and playing around too much. Silly 19 year old crap. Thankfully I found this forum and that is all going to change.

Shoutout to you MJ, I'm reading "The Millionare Fastlane" now.

I like your attitude, it's refreshingly honest. Keep at it.

 

[ZF Lee]

With $1000 you can buy ~100 Udemy courses.

Good luck.

How about SELLING 100 udemy courses?

 

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[G-Man]

No sir. Working in the slowlane but I'm blessed enough to have a mother who allows me to stay at the house rent-free. For the past 9 months I've been working minimum wage, saving up and then blowing it on trips to the beach and playing around too much. Silly 19 year old crap. Thankfully I found this forum and that is all going to change.

Shoutout to you MJ, I'm reading "The Millionare Fastlane" now.

If you have that level of self-awareness at 19, you're about 6-7 years ahead of where I was. Good luck.

 

[MJ DeMarco]

If you have that level of self-awareness at 19, you're about 6-7 years ahead of where I was. Good luck.

+1.

No sir. Working in the slowlane but I'm blessed enough to have a mother who allows me to stay at the house rent-free. For the past 9 months I've been working minimum wage, saving up and then blowing it on trips to the beach and playing around too much. Silly 19 year old crap. Thankfully I found this forum and that is all going to change.

Shoutout to you MJ, I'm reading "The Millionare Fastlane" now.

Great attitude man, really nice groundwork to achieve some great things. And the $1,000 saved by a minimum wage job is indicative of many positive attributes: You don't fear shitty work (or the ego blow) and you have discipline. You'll fit in really nice around here.

 

[G-Man]

Great attitude man, really nice groundwork to achieve some great things. And the $1,000 saved by a minimum wage job is indicative of many positive attributes: You don't fear shitty work (or the ego blow) and you have discipline. You'll fit in really nice around here.

I'm trying to get over the fact that he realizes:

I'm blessed enough to have a mother who allows me to stay at the house rent-free.

It wasn't until I moved out that I understood my parents were actually just doing me a favor letting me stay at home, and could have booted my a$$ out at any time.

 

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[Steezy]

Appreciate the warm welcome guys! Gonna finish the book and report back.

Looking forward to my time on the forum.

 

[Scot]

We get this smart 19 year old adult compared to this 21 year old kid

Fastlane - How much cash to keep in the bank?

Glad to see we balanced it out today.

 

[minivanman]

1 : Open a ebay account

2: Research value of branded clothes visit flea markets and then just hustle and grinde 24/7

3: When you have double your money start looking for wholesale suppliers import products and keep selling

If you choose to do this, check and see if you have a Goodwill OUTLET Center near you. If so.... you have a gold mine. They charge only by the pound, they have no price tags. About 6 months ago I got my friend's sister in to doing this and she is averaging about $600 a week now. She isn't going to get rich doing it but she can now afford to pay him rent for his house and she likes doing it which could turn in to some other kind of business for her now that she knows what it feels like to be your own boss.

 

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[gdboijason]

With $1000, I'd probably use $500 to buy myself time to learn whatever the F*ck I wanted to, and with the other $500, invest in what I need to take action on whatever the F*ck I learned.

 

[policebaton]

Started a small side hustle in college teaching awkward people how to not be awkward anymore, because I used to be the king of awkward smelly kids at school and finally learned to make friends lol.

I started that with I guess around 250$ or so? Web design, hosting package, and a domain. Made around 2K or so after a couple months but was in Nursing school and stopped pursuing it.

Check out Udemy on a course, hostgator to set up a site, and use your computer to make some money.

I'm sure you have some skills you can monetize, a great way to find out people's needs is through Quora. Ask around or find people already asking for help!

 

[MJ DeMarco]

*UNSCRIPTED* - What's your focus? Making pennies? Or Millions?

 

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[Greg Jeffries]

I've been involved in online marketing for several years now, and I get a lot of people that ask me that same question, so I've thought a lot about it over the years and tried to come up with a few free or very inexpensive methods that I've used with success, that, with just a little bit of discipline and consistency can help you build up some solid passive income streams.

And then once you have some extra money coming in each month (even just a few hundred bucks) life will slowly start to get a lot better.

Here are a few really simple and very inexpensive methods for making passive income online that take almost nothing to get started.

1) Make a ton of YouTube videos based on long tail keywords. You can use a tool like KeywordTool.io to get ideas for long tail keywords. Long tail keywords are nothing more than long search phrases. The reason why it's worth going after them is because they're super low-hanging fruit, meaning, there's basically zero competition. Search for a product or service that you can promote (has an affiliate program), then go find a long list of keywords that you can make videos about and do a few a day until you've made one for every keyword you can find. The only tools you need for this are: computer, internet, screen recording software (camtasia or screenflow), and a usb microphone - all fairly inexpensive except for the computer)

2) Create a print on demand store. There are tons of platforms for this, and you don't even have to be a designer. There are companies that will create designs for you, or you could go to marketplaces like Fiverr and Upwork. Then as far as platforms to sell them, you've got: Printful, Zazzle, Cafepress, Spreadshirt, to name a few.

3) Create online courses. This is something that has generated me tens of thousands of dollars over the years and there's still a ton of opportunity for. All you need are the same tools I mention above for #1 and then just upload your content to platforms like Udemy and Skillshare. If you're stuck and don't have any ideas, subscribe to a service like Lynda.com or go browse Barnes & Noble.

Any one of the above ideas has the potential to make you at least $100-$200/day if you are disciplined to still with it. And it'll probably only take you about 12 months or less.

**OOPS, my mind went blank halfway through writing this and I forgot to mention another stupidly simple way to create passive income...Write Amazon Kindle eBooks - it's very simple and it's FREE to publish them.

 

[Aaron T]

@Steezy - it has been said here several times but this: Invest in yourself via learning. However you learn, go for it.

• Read - a lot.
  • Online it is often free to find a lot of material but beware the guru
• Watch a lot of YouTube videos around areas you are interested in such as Online Marketing
  • Don't buy into anyone's courses yet or spend money, just watch and learn
• After knowing roughly where you want to focus then maybe cautiously spend some of that money on a course at Udemy
• Definitely understand the metrics of the business you are going to want to get in so you know early as possible if your money is being spent well
• Did I say read a lot? Oh yeah.. I did
  • Seriously keep on with Unscripted when done with Millionaire Fastlane
• Keep that money safe until you have the education you need to go into the business idea of choice properly
• Stay on this Forum: Read, Ask, Help, Be Helped
  • Seriously there are a lot of good helpful people around here and as you get into something you might want to do the right person will likely appear and help in ways you can't imagine.

You seem to be in a great place and at a great age. Hold on to that maturity, but don't let the nay sayers pull you away from dreaming. Likewise keep up that willingness to do what it takes to succeed including having a Slowlane job. Just make sure you are learning, so when you make that leap, you leap far indeed.