22 and I have 100k in the bank, but really not sure what to do with it.

[RockyBaby671]

I am 22 years old and have 100 k in the bank, and like the title says I really have no idea of what to do with it. I know what your saying "how the hell do you get 100 k in the bank and not know what the hell to do with it you spoiled asshat". But the truth is my father has been saving money for me ever since I was a young child. I owe all the money to him saving on my behalf.

Now that I have this money, I want to be smart with it. I want to grow it into the millions obviously like we all do. I understand and recognize how blessed I am to have a father who has been looking out for me. I have been studying vigorously of different ways to invest it such as stocks, bonds, the usual. But still I do not know, and I want to be careful to not mindlessly blow this money. I would really appreciate any advice or mentorship on what I could do with this money to help me amass wealth.

Thank you

 

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[fastlanedoll]

Have you read 'Unscripted '?
There's a small section at the back on investing. Though I reaally wish MJ would write a more detailed book on investing

 

[Trevor Kuntz]

Well, first, what type of business interests you? You generally choose between an e-commerce business or a services business and then there are subgroups within those categories.

Normally I recommend cutting your teeth on a small investment. You can easily start an ecommerce business or services business for less than $1k and spend 60 days working on it. It may not be successful, but you will probably know within 60 days and you will learn a lot. My first business was not successful and I knew it within 90 days and I broke even, but it helped me learn exactly what business I did want to start and I still have that business 8 years later.

 

[ramonorencio]

If you're scared of blowing your money away, you can always start a business from scratch with as little money as possible.
Then you can invest your money once you know for sure that you can be profitable.

 

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[Jardo]

By far the best investment you can make is in your own education. Start by watching this series: Hidden Secrets Of Money

 

[Ismail941]

You have to read Demarco's all books and a couple of times.
As he says: "Money is your Army" in Chapter 20: Recruit Your Army of Freedom Fighters.

 

[AFMKelvin]

Invest in Bitconnect.

 

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[daniel_m]

Not to burst your bubble but 100K is not much and turning it "into millions" via passive investing or other methods that don't require much skill is next to impossible. Pretty sure MJ touched on that in the book. If you wanna make money with money, you have to bring something to the table.

 

[Envision]

All on Black.

 

[ygtrhos]

It depends a lot on what you want and when you want.

For me, half a million dollars would be more than enough to do what I want to do. I would put that money in dividend stocks and I would probably not have to work anymore.

But this is me. I do not want to be tied to a job for my income and I just want a decent and completely passive income on the side. The absolute minimum for this strategy would be to save probably 100k€.

So I can advise you only about my own dreams and aspirations.

 

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[RazorCut]

Well, first, what type of business interests you? You generally choose between an e-commerce business or a services business and then there are subgroups within those categories.

Plus there is property, either as a long term rental investment , AirBNB or buying and flipping.

You haven't shared what your skill set is. What do you do now? What skills have you acquired? What skills can you exploit in an entrepreneurial environment?

If you haven't read either of MJ's books then that would be a good place to start:

MJ DeMarco Books

The Three Books Behind the Fastlane Forum

www.thefastlaneforum.com

 

[Sanj Modha]

Start investing it!

Look at REITs, Bonds, Equities, and of course - Gold. This is what I'm doing but I wish I had 100K when I was 22 years old!

If you're not sure where to start - read I Will Teach You To Be Rich by Ramit Sethi. This book really helped me.

 

[Real Deal Denver]

If I was going to start over, I'd find a business that I would want to get into - and then I'd buy into a business like that. Buy a job, more or less, and learn the business from the inside out. The knowledge you could get from running the biz hands-on would be priceless. By buying in, you can be a manager/part-owner right away - not a drone worker bee. Starting at the TOP has its advantages!

After you are able to start your own biz, you can then choose to increase your investment where you are, or move to a hot market area and set up shop. Either way - away you go. Fast track and learn from the pros actually doing the work.

Don't start some business that you will be competing against seasoned experts with. Join the club - learn how to play the game - and THEN you will have the knowledge and skills to control your destiny and chart your own course. Do NOT gamble by jumping in a business you don't understand fully - or putting your money in somebody else's hands to use for THEIR business, i.e. the stock market.

I spent many years mastering different business ventures. I could have done so much better, much faster, using the approach I described.

The keys are this - find a business you can fall in love with that will not lead to a dead end. And then find out where you would love to live. Put it all together in the end - and you will be in the cat bird's seat. Five years, and you should be "on top of the world" using this method - withOUT putting too much risk on your money. Do NOT invest in something you are not an expert in and that you cannot control. That eliminates almost EVERYTHING - except YOUR business.

By the way - business ideas are everywhere. I spent over $100 on a nice plant for Mother's Day. I was in the grocery store a few days later and saw BEAUTIFUL bouquets (no vase) for $9.99. I'd have to say that those bouquets were better than what I sent. Damn - is there money in the flower biz! Another idea - I know a guy that does commercial printing for businesses - except he doesn't do the printing. He gets the customers and has some print shop actually do the work. He spends ALL his time marketing - and NO time printing, and also has NO overhead for a printing shop. Smart dude. These are just two examples. There are millions more - just LOOK around a little bit.

Damn - if I could get my time machine working, I'd go back in time and do exactly this...

 

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[SEBASTlAN]

I'd make and test a few MVPs for a few grand each and then run with the winner.

 

[Andy Black]

All on Black.

You rang? (Munsters voice.)

 

[L.Rüdy]

well i guess lending with an interest would be a good idea. you don't have to work day and night. Just lend it, get paid monthly . sit tight and let your money work for you. Earn while you sleep, eating, playing games, hanging out with friends and your money will just pop in. But lend it genuine people not to some frauds.

 

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[Kevin88660]

I am 22 years old and have 100 k in the bank, and like the title says I really have no idea of what to do with it. I know what your saying "how the hell do you get 100 k in the bank and not know what the hell to do with it you spoiled asshat". But the truth is my father has been saving money for me ever since I was a young child. I owe all the money to him saving on my behalf.

Now that I have this money, I want to be smart with it. I want to grow it into the millions obviously like we all do. I understand and recognize how blessed I am to have a father who has been looking out for me. I have been studying vigorously of different ways to invest it such as stocks, bonds, the usual. But still I do not know, and I want to be careful to not mindlessly blow this money. I would really appreciate any advice or mentorship on what I could do with this money to help me amass wealth.

Thank you

You studied stocks and bonds..use 10k to invest in it. Learn market and grasp some market experience before you dive more money in.

Keep most of it as cash until
1) You experienced (burnt making some mistake)

2) Saw good opportunity to invest.

You never fully learn about investing and market until you have your money in to feel the Emotions and experience the greed, fear and regret.

 

[juresesko]

Website flipping. That's what I would do. Buy a website with cashflow that is distressed hire seos that will drive traffic to it sill it for profit.

 

[Boychamp]

Frankly, I have no idea how you should spend/invest your cash. I know nothing about you: your skills, your mindset, your ability to manage finances.

What I would say though: be PATIENT. Don't just feel that now that you have this cash you HAVE to do something with it now to "turn it into millions". Now I'm not saying sit on it for 20 years but take your time. Learn about different things. Connect with people that have knowledge about what you're interested in pursuing. You can always put it into a high yield CD/savings account for the meantime and keep it liquid as you learn, vet, connect, and decide what you wish to pursue.

That's my .02 cents anyway.

 

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[Deleted78083]

I think the best is to pretend you don't have it and build a business regardless. Alternatively, you could read unscripted .

 

[inputchip]

I think the best is to pretend you don't have it and build a business regardless. Alternatively, you could read unscripted .

This pretty poor advice. Money is a tool, a tool you need to build most businesses. If you have a hammer and nails, you wouldn't ignore them and try to build a house without using them. You would pick them up and start to learn how to use them effectively to build the house.

 

[ZCP]

start with 'what is your why?' ........ all will line up once you have that in place

then you go to 'what is my specific outcome?' ..... do for each area of your life

then 'how do i obtain that outcome?' ....... this will start the how

then 'what three things can i do this week to help achieve my desired outcome?' ..... this will lead to what

then 'what do i need to know to be able to do those things?' ..... this leads to what to study / learn

TLDR; here is your step by step....

now go get it done!

 

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[PapaGang]

start with 'what is your why?' ........ all will line up once you have that in place

then you go to 'what is my specific outcome?' ..... do for each area of your life

then 'how do i obtain that outcome?' ....... this will start the how

then 'what three things can i do this week to help achieve my desired outcome?' ..... this will lead to what

then 'what do i need to know to be able to do those things?' ..... this leads to what to study / learn

TLDR; here is your step by step....

now go get it done!

*use the flowchart, Luke.

 

[lobo]

Its your money so you will have to choose what you want to do. But I also agree with the idea of service-businesses / self - education.

There are so many blue-collar service businesses you can start with little to no cash (Cleaning, pressure washing, painting, etc). If you don't feel enough interest in that, learn a high-paying skill. Preferably one that you can use to start a business that can be remote: (Software Development, Web Design, IT, Marketing). Then you can start a business in those fields.

You should start picking up a valued skill anyways. That way if you aren't working on a business you can at least work a high-paying job and continue saving and not eating away at your cash.

Stock trading can prove to be really profitable , but you will need to do lots of studying and practice paper trading. (I wouldn't get into this until you have a consistent/reliable source of income coming in).

 

[ZCP]

@PapaGang feel like i'm the early version of mapquest or something in here.......

 

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[PapaGang]

@PapaGang feel like i'm the early version of mapquest or something in here.......

 

[sparechange]

Start investing it!

Look at REITs, Bonds, Equities, and of course - Gold. This is what I'm doing but I wish I had 100K when I was 22 years old!

If you're not sure where to start - read I Will Teach You To Be Rich by Ramit Sethi. This book really helped me.

Stupid advice from a bum that sells online marketing services.

There's tons of companies that have started with under $5k, create something of your own and don't touch the cash. Keep it tucked away for now.

 

[ChrisV]

My suggestion? Don't touch it. I'm a firm believer in bootstrapping businesses. It forces your business to adhere to natural selection (survival of the fittest)

Think of it this way. You havre this great idea. So you sink 70K into it. Except it's not that great of an idea and no one cares. This is in contrast to a bootstrapped business where you start from scratch. Investing money into a new business will help it grow. But you have to have the right type of plant. It's very easy to dump water and nutrients into a nothing-plant that nobody wants.

Wait until you have more experience. Once your business starts becoming profitable then you'll know if it's worth sinking money into.

Like those guys on Shark Tank. They want to see sales before they sink money into a business. Take the same approach.

 

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[PapaGang]

@PapaGang feel like i'm the early version of mapquest or something in here.......

"SQUEEZE THE ORANGE!"

 

[PapaGang]

My suggestion? Don't touch it. I'm a firm believer in bootstrapping businesses. It forces your business to adhere to natural selection (survival of the fittest)

Think of it this way. You havre this great idea. So you sink 70K into it. Except it's not that great of an idea and no one cares. This is in contrast to a bootstrapped business where you start from scratch. Investing money into a new business will help it grow. But you have to have the right type of plant. It's very easy to dump water and nutrients into a nothing-plant that nobody wants.

Wait until you have more experience. Once your business starts becoming profitable then you'll know if it's worth sinking money into.

Like those guys on Shark Tank. They want to see sales before they sink money into a business. Take the same approach.

^ This.