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€40,000 Sitting In Bank...Don't Know What To Do!

Discussion in 'General Entrepreneur Discussion' started by Empire, Mar 7, 2019.

  1. Kevin88660
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    Kevin88660 Bronze Contributor I've Read UNSCRIPTED

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    Thanks for your response.

    Despite having the obstacles you are still looking to ways to take care of your family members. You are a nice person.

    I guess you have to work hard and do both nice- get money for vacations once a year and save up for rainy days, so you have no regret in the future. Have you been to Thailand? It is nice and cheap there. Malaysia is affordable. With budget airline nowadays plus airbnb these days you wont spend too much.

    There are many people who can teach you on how to create the income stream.

    Good luck!
     
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  2. raritee
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    raritee New Contributor

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    I don't think there is anything wrong with letting it sit in the bank until you think of something to do with it. A certain amount of money is ok to have in cash. It is an emergency fund. I have a bank account that gives me 2% return. I don't know what they have in Spain unfortunately. I'm impressed you make a modest living on the internet. I'd like to know how to do that to make some extra money.
     
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  3. Empire
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    Empire Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Thank you for your advice. You have been very helpful.

    I think I need to control my thoughts and look towards more responsible answers than are currently floating around my head. I guess I have too much going on up there to allow me to make a good decision....which is why I am here trying to get outsiders viewpoints...from some real smart people.

    Right now I cannot pick up and go anyway because I need to take care of my dad...so I guess I need to push the thoughts of "travel" and "living life" aside for now.

    If I do that then I guess I am left with "stay, work your a$$ off, earn and save!"
    That would probably be the sensible thing to do.
    Work on what I have now and work on my habits, build a system to push towards scaling up what I already earn.

    I have come this far....starting from literally no earnings...struggling to make even a meager living online for over three years before I saw any "reasonable earnings", (I didn't even know how to use a computer properly!), with no support from anyone around me.

    If I can get to the level I am now, finally earning enough online to be able to live "ok" then I should damn well be able to push myself to the next level where I am living "pretty damn good".

    I know, it's my mindset.....filled with garbage. It's the negative voice inside me telling me that I am not a business person, I am not meant to have a successful business, etc..

    I need to set up a system. I need to begin baby stepping towards growing my income!
     
    Last edited: Mar 10, 2019
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  4. Empire
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    Empire Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    I agree about saving money, earning more....taking your time to invest it wisely. However, when my dad began getting sick with HD and then my sister and I diagnosed with it....well....I guess it scared me and put a fire under my butt. My perspective on life just suddenly changed.

    Life has always been about time, about doing the best you can in the time you have. Well, I took it for granted and so now I have have a steeper curve to climb....now I have to make sharper turns rather than gradual turns to change the way things are for the better.

    Getting started online was not an easy road FOR ME but I know there are many others who succeeded in a short period of time or didn't struggle as much.

    I had no knowledge of computers or anything online. I literally had to learn how to use a computer correctly, search engines, Word docs, emails, using image software, etc...all that stuff....while also learning all the "new" ways of earning online.

    Took me a year to earn my first $1 online. That was from Amazon affiliate marketing. Took me a couple more years to scale things up to a point where I could actually work from home....BUT I still had to be frugal with my spending.

    Now I earn an "average" wage for here in Spain. I don't have an egotistical boss to listen to and I work when I want. So yeh, I guess I achieved that goal of being free to work where and when I want. However, I am doing "OK" because I am not living beyond my means.

    It is time I got to the next level of earning where I can begin to LIVE a bit more AND still be financially secure.

    If you want to earn a little extra online it is certainly possible. You can try Amazon affiliate marketing as that doesn't have much of a steep learning curve. Self-publishing is good too. There are tons of things you can do online these days to bring in a little extra cash.

    Thanks.
     
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  5. Kevin88660
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    Kevin88660 Bronze Contributor I've Read UNSCRIPTED

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    I see.

    Your story is inspirational. You are very positive.

    My advice is keep accumulating cash in the bank. Liquidity is king. When you see that opportuntiy again then you can invest. Only buy bloodpath bottom of things you believe in.

    Im accumulating some Asian high yield divident stocks. Some gold/silver. Some bitcoins. I believe in these. I still keep lots of cash.

    Good luck!
     
  6. windchaser
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    windchaser Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    First of all, put your savings on a savings account with interest (I know several, pm me if interested, happy to share with you the ones I have, I don't get any commission, I promise :)).

    Where in Spain do you live? With that rent you pay I assume in a smaller city, right? I would not discard the idea of an investment property with a mortgage (now that interest rates are super low you can get amazing conditions at a fixed rate), and with a tenant pay the mortgage and even make a profit, then, worst case scenario you own a home and will have a roof over your head.

    Depending where in Spain you buy them you wouldn't need to use all your savings.

    Maybe a good option would be buying a small investment property (and potential home if things go south) with half of your savings, then leave a small amount in savings account for emergencies and invest the rest in scaling your business.

    Considering your age, that you value security and that you don't own a house, getting one sounds like a good idea, even if you use it as a home, as in Spain, (with very few exceptions) is way cheaper buying with mortgage than renting.

    Just some thoughts, hope you find them useful
     
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  7. COSenior
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    COSenior Gold Contributor Speedway Pass

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    Diabetes and stroke worse than Huntington's? You obviously know nothing about Huntington's. The OP was gracious in his reply, but your response left me gobsmacked. You should look it up.
     
  8. COSenior
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    COSenior Gold Contributor Speedway Pass

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    @Empire, based on your responses in the thread, I'm assuming you have been diagnosed and not simply thinking about the odds, which I'm aware are not good, of developing the disease. I'm very sorry to hear it. Your intention to keep from dwelling on the future is admirable.

    However, it is practical to consider providing for yourself when the inevitable occurs, and irresponsible not to.

    I see everyone talking about scaling your current self-publishing. Would that it were that easy! But whenever your 'product' requires that you, yourself, continue to produce it, scaling that may not be the right thing. There are ways, to be sure. James Patterson and others have found them. May I ask whether you write fiction or something else? And whether you continuously market your backlist?

    Consider whether turning your writing skill to something you can monetize beyond your own writing would be feasible. Off the top of my head, I can think of several that work together. Blogging is the foundation, then online course creation, affiliate marketing in your space, i.e., marketing writing courses, etc. With 10-15 years, you can build something that lives on and is automated, can be outsourced when you are no longer able to manage the work, or sold for enough to support you later.

    It's taken me far longer than I want to admit to learn how to put it all together, so I understand what you said when you mentioned having to learn everything over the past few years. But you now have a solid foundation. It only requires that you put it together, brainstorm your options, and yes, put a little money into it. Not much. I wouldn't risk more than the five thousand you mentioned. You may be able to do it with much less.

    I know little about investing, but I do know there are relatively secure and liquid investments where the bulk of your emergency fund should go. It's unfortunate that life insurance or an annuity for lifetime income will no longer be an option for you, with your diagnosis. However, with your frugality and a little boost in income, you should be able to build that nest egg.

    Lastly, do give yourself permission to have some adventures. Find someone who can care for your dad while you take a little time for yourself. You deserve some carefree joy in your life. Everyone does.
     
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  9. Empire
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    Empire Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Thank you. Yes this has been very helpful. Your info helps me look at things differently.
    I live in Costa Blanca right on the coast. I live in a nice 2 bed apartment and have been here for a few years but I hate having to pay rent.

    I am just finding it hard to take a path. With all that is going on I feel like half my brain is filled with worry about my dad - (even though I know there is zero I can do to make his life less crappy), and the other half is desperately trying to sort my own life out now that I see what my future holds....be it many years from now.

    I know people say never make big decisions when you are stressed and it has taken me a year to come to terms with adapting my life to include caring for my dad. He came first no matter what I had planned for this year....but I am not going to spend this year in a mess as I was last year.

    Many people have been able to be a success, (whatever that may be for them), regardless of the tough things going on in their lives. They had the strength to do that...so I need to make this year a success.
     
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  10. Empire
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    Empire Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    I am not really a writer I just do this as a means to an end. It is a way of building up a recurring income source so as I can build it up enough to move onto finding another income source. I also earn from course creation and a tiny amount from affiliate marketing. publishing and course creation are doing most of the supporting so far so if anything they are the ones that need scaling.

    Yes you are right I pretty much know the ropes now and I am earning a "living" but there hasn't been much growth over the last year or so. Yes, I understand that last year i didn't put out much work due to my dad getting sick and me not handling all this very well....so maybe that is one of the reasons why I have hit an earnings "wall".

    Truth is I think it is because my mind is just so filled with junk thoughts that I hardly have enough room to focus 100% when I work. I know I am not working/thinking with a clear mind and i know that is slowing me down.


    Thank you, I am fine. If things get bad I just go to the beach. I can't really see myself going anywhere knowing my dad is spending his days bedridden. I share responsibility with my elderly mom who is also getting very tired looking after dad. So, I have her to worry about too.

    Anyway, thank you for your advice and kind thoughts.
     
  11. Kevin88660
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    Kevin88660 Bronze Contributor I've Read UNSCRIPTED

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    In no way I am trivalising his condition and I apologise if I made it sound so.
     
    COSenior likes this.

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