20,000 dollars and nowhere to go...

[billy]

Hey everyone, I am new here...obviously.

Before I ask my question let me explain myself...

I am 25 years old and I didn't want to become successful until 22 years. I was always taught go to school, get a job, buy a car, buy a house, save money, pay off your debt and retire at 65.

I worked from 21 - 22 years old and was like WHO THE HELL WOULD WANT TO DO THIS EVERY DAY FOR 40 YEARS OR MORE? I couldn't stand it for a year.

And the real sad part is, I actually liked my job. I sat in an air condition heavy equipment all day and shoveled dirt and made a lot of money on a poor mans salary.

I blew a lot of money... I considered 30,000 a lot. I know the amount because I would put everything on credit cards and pay them off at the end of the month to build my credit and I thought "earning points" was a cool thing to do.

Anyway along the way I managed to save 20,000 measly dollars. It's just sitting in my bank like water in a pond. I know something needs to be done with it...

Yes, I am scared of risk. - I'm trying to get over it...

I have never had to take it before and I feel that I worked hard for that money. But I know there is risk in everything. So I am willing to take it.

But where should I start? I have no clue what to do where to go... I have read a lot of books but it just seems like every body in the books are talking about the mindset and that you need take risks and to never have lazy money, but they never really tell you where to start.

Any suggestions as to what I could do to make more money with the little money I already have?

 

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[Samurize]

If you need money every month I'd invest in stocks with monthly dividend.

 

[CEBenz]

My best advice would be to read MJ's book if you haven't already. It should help you get your creative juices going. Also, pay attention to certain posters on here. RussH, zen*******, Sparlin, Runum, JacKEdwards, KWerner, Biophase, and many others here. If you pay attention, you'll quickly figure out who is worth paying attention to. Occasionally, MJ DeMarco himself will post and he is also a treasure trove experience. I apologize to those whose names I left out, there are just so many awesome people here.

My estimation is that you have far more than you need to launch your own enterprise. Jack has a diary on here of a business he started with $15k. There is a section on web biz. Just get lost reading on the forum for a while and see where it takes you.

 

[Talisman]

Make your first investment the book. Investing in stocks is not what the book is about (when your net worth is 20k).

 

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[Runum]

Welcome to the fastlane. Please take your time to educate yourself first or you will be separated from your $20,000 fast. A good start may be the legendary threads. Good luck.

https://www.thefastlaneforum.com/general-business-discussion/31674-legendary-threads.html

 

[RichD]

First of all, you need to change your language. When you speak fear, you create fear. Fear comes from a lack of knowledge or understanding.

20,000 is enough money to start a good business. Many people have started with far, far less and been successful.

If you have read MJ's book, you would know that, should you decide to go into business, you need to make sure that you are providing a good or service that is satisfying a real want or need for a sizeable group of people. You also need to make sure it is scalable for growth and flexible enough to meet the inevitable changes in market demand.

(Removed by Mod.)

Best regards,

Rich

 

[Sparlin]

RichD....

That's good advice, however being this is your first post I need to warn you that solicitation by new members is not allowed. You may be acting in good faith and have the best intentions. If that's the case, great and thank you. However, we as moderators try to protect members who broadcast they have some money from predatory solicitations. We simply don't know anything about you yet. Please take the time to introduce yourself to the forum so we can understand where you are coming from and what your entrepreneurial interests are.

 

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[kwerner]

Also, pay attention to certain posters on here. RussH, zen*******, Sparlin, Runum, JacKEdwards, KWerner, Biophase, and many others here.

Don't pay attention to me, I'm a rookie still trying to find my way. Take advice from the guys / gals on here that have had success and learn from their experience.

And welcome to the forum Billy.