20yo, 50K cash and don't know what to do..

[ALC]

Hi everyone,

Some may know me from my previous posts about my clothing brand (W.I.P) and the coffee shop project i have, i told you about this project because working in a coffee shop, in itself was an escape from school, which i'm very bad at it.

I know i can bring value to the coffee industry, as posted previously, i'm a Barista, very skilled Barista, and so i had this idea of creating my own coffee place and later on try to franchise, if people want it.

But deep down, i don't think i want to do that for the next 10 years, even if i'm very good and can make something very cool from my ideas, but i mean, i'm not happy doing it, i can't see myself preparing coffee / chocolate / food that i don't eat/drink.

My parents got me 50k to invest in R.E / Business / Studies, but i know i'm very bad at school, but i can't think of something else, excepted the clothing brand that i'm building at the moment.

How would you invest 50K if you were me at my age ?

Do i need to invest everything in my strenghts and my knowledge while adding value to the market even if i don't 'like' it ?

As i'm in France and a Barista, i thought why not try to get a job in Monaco, where the money is and try to get myself between successful people..(like working at Starbucks or a prestigious Coffee Place)

I'm lost in my thoughts, i know it's a strenght to be able to go in an industry you don't actually like that much but go for it anyway because there value to add...but it's huge for me.

Thanks for those who will take the time to read, it means something to me.

 

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[Dan_Fastlane]

Hi everyone,

Some may know me from my previous posts about my clothing brand (W.I.P) and the coffee shop project i have, i told you about this project because working in a coffee shop, in itself was an escape from school, which i'm very bad at it.

I know i can bring value to the coffee industry, as posted previously, i'm a Barista, very skilled Barista, and so i had this idea of creating my own coffee place and later on try to franchise, if people want it.

But deep down, i don't think i want to do that for the next 10 years, even if i'm very good and can make something very cool from my ideas, but i mean it don't fulfill myself, i'm not happy doing it.

My parents got me 50k to invest in R.E / Business / Studies, but i know i'm very bad at school, but i can't think of something else, excepted the clothing brand that i'm building at the moment.

How would you invest 50K if you were me at my age ?

Do i need to invest everything in my strenghts and my knowledge while adding value to the market even if i don't 'like' it ?

As i'm in France and a Barista, i thought why not try to get a job in Monaco, where the money is and try to get myself between successful people..(like working at Starbucks or a prestigious Coffee Place.

I'm lost in my thoughts, i know it's a strenght to be able to go in an industry you don't actually like that much but go for it anyway because there value to add...but it's huge for me.

My parents want me out for December, working for someone or working for me.
I choose. (In itself, being able to choose is considered as luxurious..)

Thanks for those who will take the time to read, it means something to me.

This is not a clear statement. Just one question, what you want to be??? Entrepeneur??? than you should know where this goes for you....

if no entrepeneur than maybe you should take one year off and go to monaco....

EDIT: GOLD - The final solution to all "I have some money what do I do?" threads.

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

 

[ALC]

Actually, i don't really know, i just know i'm good at what i'm doing right know, but in the long term this doesn't bring enough money, or said differently, you need to open 50/60 franchises to have 150k$ (royalties).

I also keep doing back and forth because a lot of people have been successful via online business and they don't needed to get 50k to start.
Even for the bank, 50K to start the coffee shop is not enough for them and want more...

I know the money will end up in a business, not in studies. I just don't know which one, i think it's also the fear of losing 50k if it won't work, but i know that this is a risk, you gotta try to know.

 

[sparechange]

you dont need 50k to start a business

i launched a tiny landscaping business for the cost of a lawnmower ($270) it made me a little bit that could scale to an infinite amount.

recently i had an idea to sell a product and made a profit with less than a days pay of work (im in construction) investment.

what you do is start off ''investing'' small amounts and scaling up, the advantage of 50k is you are able to scale quicker and have bigger room for error.

been following you around on the forum a bit and you seem to be insanely indecisive.

stick with one thing *preached a million times on this forum*

make someones life more convenient/easy

improve an aspect of they're life

bring them a temporary joy

cater to an impulsive shopping decision

make them feel better about them self

id love to see you in person so i could shake you and scream super loud reciting the CENTS commandments


since you are more indecisive than a teen girl figuring out what to eat maybe real estate could be a good option for you. 50k could be a rental property investment and id imagine RE is the ''easiest'' way to go fast lane.

@StevieB < here is someone with a lot of knowledge on the topic, i suggest you look into his thread recently created

 

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[ALC]

you dont need 50k to start a business

i launched a tiny landscaping business for the cost of a lawnmower ($270) it made me a little bit that could scale to an infinite amount.

recently i had an idea to sell a product and made a profit with less than a days pay of work (im in construction) investment.

what you do is start off ''investing'' small amounts and scaling up, the advantage of 50k is you are able to scale quicker and have bigger room for error.

been following you around on the forum a bit and you seem to be insanely indecisive.

stick with one thing *preached a million times on this forum*

make someones life more convenient/easy

improve an aspect of they're life

bring them a temporary joy

cater to an impulsive shopping decision

make them feel better about them self

id love to see you in person so i could shake you and scream super loud reciting the CENTS commandments


since you are more indecisive than a teen girl figuring out what to eat maybe real estate could be a good option for you. 50k could be a rental property investment and id imagine RE is the ''easiest'' way to go fast lane.

@StevieB < here is someone with a lot of knowledge on the topic, i suggest you look into his thread recently created

Dude of course it's hard for me to make a decision and i know that i need to make quick decisions, like building a coffee shop does not cost the same amount as an online business and that's what i'm afraid of, because it's a one shot.

Excepted my clothing brand, i'm not able to put some ideas on the table, i can't see the value i can bring and that's frustrating me, that's why i'm indecisive.

I'll take a second look at the books

Thanks for the suggestion

 

[Greg R]

@AlessioLC, you may remember me from your coffee thread...

From what you told me, you made yourself a commitment to see it through. Stop giving yourself all these excuses. You are going to have these same feelings no matter what business you do. It is up to you to change your opinion and overcome what you appear to be true. Giving the timing of when you decided to go all in on coffee and now, I would say your effort was weak. Grind it out man because if your going to quit here, no business will get you to your goal because you won't push far enough to see it through.

Going all in is riding with the ship and dying with the ship.

Good luck.

 

[Bourbons]

Start small while you learn, just because you have 50k doesn't mean you should spend it all on one investment.

You're probably not going to get very far with the first few business ideas, and people will probably want to use your money for all sorts of half-baked investment ideas they come up with.

Until you really know that you know what you're doing, and you've seen some money come back to you which you can scale up, spend buttons.

 

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[Chef]

Why not automate your coffee shop? Is that a possibility?

You are a skilled barista. That means you know exactly what to look for in a person to make him a good employee for your particular business. You can also teach him, strengthen the bond between owner and employee. Make him/her feel like at home. Under no circumstances would you want to make his/her life horrible as that automatically impacts your business.

Find and cherish that person.

 

[sparechange]

Building a coffe shop is one in the easiest things in the world, lease a shop and order in inventory for a few thousand dollars. Anyone can do it. Scaling it like Howard Shultz? That's like winning the Super Bowl.

 

[BlakeIC]

It seems like you are putting a gun to your own head and saying something along the lines of 'get creative or I am gonna shoot!'.

It sounds like you need to give yourself a mental break. Do whatever the F*ck you want to do for the next several days and focus on things you like to do.

 

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[WJK]

Hi everyone,

How would you invest 50K if you were me at my age ?

Thanks for those who will take the time to read, it means something to me.

]You need to go get a job in real estate and hoard your money until you get some real world experiences.

Can you be a salesman? Can you learn to appraise or assist on appraiser? Can you learn about investments in the real estate market? Can you buy a bunch of books on the real estate subject -- and read them cover to cover, taking notes all the way? Can you work for an escrow company and learn about title issues? Can you learn from other people's successes and failures?

Most of my education over the last 41 years in real estate has been in the rough and tumble world of the school-of-hard-knocks. At this point, you wouldn't even know what classes to take to help you on your road. Yes, I have a lot of formal training and college education -- 4 degrees including my Juris Doctorate -- BUT, I wouldn't go to college today to further my real estate career. The information is widely available out there in the form of books, professional classes and on the net. It's free or close to free for taking. That information, dove-tailed with hands-on experience, will get you a lot further for almost no up front money investment -- opposed to going to college.

Here's a good plan... Find the smartest investor in your area, and ask if you can help him with anything he needs. If he says no, go on down your list and find someone else. Work for free for the first few months. It doesn't have to be full time. Fetch his coffee. Wash his car. Do his errands. While you are doing all of this, listen to everything he has to say. Ask to drive him to his appointments - that way you get to know what properties he's looking at. Use you ears and your mouth in the proportion in which God gave them to you. Listen. Talk only to ask open ended questions. Ask him why, why, why! Have him introduce you to someone in his circle where you can learn another aspect of the business, for whom you can also work. Ask these people how they got in the business. Ask what their biggest problems are. What have been their biggest successes? Everyone's favorite subject is themselves. Talk to him about him -- his favorite subject . Be the best helper you can be and soak up the real world education in exchange for your time.

 

[alecs]

 

[ALC]

@AlessioLC, you may remember me from your coffee thread...

From what you told me, you made yourself a commitment to see it through. Stop giving yourself all these excuses. You are going to have these same feelings no matter what business you do. It is up to you to change your opinion and overcome what you appear to be true. Giving the timing of when you decided to go all in on coffee and now, I would say your effort was weak. Grind it out man because if your going to quit here, no business will get you to your goal because you won't push far enough to see it through.

Going all in is riding with the ship and dying with the ship.

Good luck.

I remember you, i didn't give up this idea, i'm searching for a commercial space again, because i can't find a good one for my activity.
I admit making excuses, but only because i know i will not be happy, i'm great at it, i can do every beverages at a light speed and with perfect consistency, i know i can bring value to the market but i don't like it that much.
The problem with me, is that i can't let go this idea because i know there is some value to add, but this value will be created on 10/20yo, it's more a lifetime project than something else, and that is f' scary, and i definitly don't want to do that all my life.

 

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[ALC]

Building a coffe shop is one in the easiest things in the world, lease a shop and order in inventory for a few thousand dollars. Anyone can do it. Scaling it like Howard Shultz? That's like winning the Super Bowl.

Agree, his execution was not far from perfect and even today, he know what he's doing, even if he's retired, he's still behind the scenes.

 

[ALC]

Why not automate your coffee shop? Is that a possibility?

You are a skilled barista. That means you know exactly what to look for in a person to make him a good employee for your particular business. You can also teach him, strengthen the bond between owner and employee. Make him/her feel like at home. Under no circumstances would you want to make his/her life horrible as that automatically impacts your business.

Find and cherish that person.

The plan was : Build a Coffee Shop (a new/old concept that a lot of people seems to seek), open a second one in the first 3 years, and a third one if the market want it, then open the franchise, hard work for 10 years while everything is beginning to be serious, and then retire myself from my own coffee place and then working in background, markerting, suppliers, deal and earning the royalties.

 

[ALC]

]You need to go get a job in real estate and hoard your money until you get some real world experiences.

Can you be a salesman? Can you learn to appraise or assist on appraiser? Can you learn about investments in the real estate market? Can you buy a bunch of books on the real estate subject -- and read them cover to cover, taking notes all the way? Can you work for an escrow company and learn about title issues? Can you learn from other people's successes and failures?

Most of my education over the last 41 years in real estate has been in the rough and tumble world of the school-of-hard-knocks. At this point, you wouldn't even know what classes to take to help you on your road. Yes, I have a lot of formal training and college education -- 4 degrees including my Juris Doctorate -- BUT, I wouldn't go to college today to further my real estate career. The information is widely available out there in the form of books, professional classes and on the net. It's free or close to free for taking. That information, dove-tailed with hands-on experience, will get you a lot further for almost no up front money investment -- opposed to going to college.

Here's a good plan... Find the smartest investor in your area, and ask if you can help him with anything he needs. If he says no, go on down your list and find someone else. Work for free for the first few months. It doesn't have to be full time. Fetch his coffee. Wash his car. Do his errands. While you are doing all of this, listen to everything he has to say. Ask to drive him to his appointments - that way you get to know what properties he's looking at. Use you ears and your mouth in the proportion in which God gave them to you. Listen. Talk only to ask open ended questions. Ask him why, why, why! Have him introduce you to someone in his circle where you can learn another aspect of the business, for whom you can also work. Ask these people how they got in the business. Ask what their biggest problems are. What have been their biggest successes? Everyone's favorite subject is themselves. Talk to him about him -- his favorite subject . Be the best helper you can be and soak up the real world education in exchange for your time.

Thanks for your post, i already thought about that, or even going to work for someone on a yacht or something like this and try to understand how things works. But i don't really think real value is there, it's just following someone to end up with a job and not a business, but why not. We'll see

 

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[ALC]

It seems like you are putting a gun to your own head and saying something along the lines of 'get creative or I am gonna shoot!'.

It sounds like you need to give yourself a mental break. Do whatever the F*ck you want to do for the next several days and focus on things you like to do.

Nope mate, i can't escape like that, I need to find a solution.(even if it's that exact situation i'm living)
I'm already doing the thing i like, doing workout, working on my clothing brand from scratch (know nothing about this industry but going for it), driving sports cars (Automotive world is my passion since i'm little) and going for nightdrives to clear my head and just thing about something else.

But the truth is, MJ is right about the scalability and how the money is made, and it's not by driving sports cars or working in a car dealership, at least not the kind of money i want to make to support my lifestyle, but by building franchise or building big business.
And i'm not fancy at all, it's not huge house or expensives things that i seek, but freedom.

 

[Spstepp]

Dude of course it's hard for me to make a decision and i know that i need to make quick decisions, like building a coffee shop does not cost the same amount as an online business and that's what i'm afraid of, because it's a one shot.

I'm still working on this but I keep it in mind. Don't know the source of the quote but here it is:

Successful people make decisions quickly (as soon as all the facts are available) and change them very slowly (if ever). Unsuccessful people make decisions very slowly, and change them often and quickly.

 

[ALC]

I'm still working on this but I keep it in mind. Don't know the source of the quote but here it is:

Successful people make decisions quickly (as soon as all the facts are available) and change them very slowly (if ever). Unsuccessful people make decisions very slowly, and change them often and quickly.

I now this quote, i've seen this many times and in many articles/books, and it's true.
But at 20yo, for the first business, it's mentally hard to handle the pressure of choosing the right industry, i've been in the coffee industry for 5 years now, i know a lot, but i actually don't know if it's the right decision, and i've got that fear of losing this 50K on a business that will not be fruitsful, it's a one shot.

 

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[Spstepp]

I now this quote, i've seen this many times and in many articles/books, and it's true.
But at 20yo, for the first business, it's mentally hard to handle the pressure of choosing the right industry, i've been in the coffee industry for 5 years now, i know a lot, but i actually don't know if it's the right decision, and i've got that fear of losing this 50K on a business that will not be fruitsful, it's a one shot.

You don't have to pick the "right" industry, you have to decide and act. If you are expecting to never make a mistake you'll never get anywhere. Decide the amount of time, effort and treasure to start with (risk), make a decision and ACT. If it blows up in your face so be it. Learn and do it better next time. If you don't like the idea of not KNOWING it will work maybe you should reevaluate your goals and the method you choose to reach them.

I don't mean to be disrespectful but I do mean to be blunt.

 

[ALC]

I may need to change the method to reach my goal, but no my goals won't change.

 

[BlakeIC]

Okay, this is getting a tad annoying, it seems like you have an objection to EVERYTHING anybody has to say.

What the F*ck are you doing here? At this point, you are just wasting these people's precious time.

You ask for advice and you make excuse after excuse.

You can lead a horse to water, but you can't F*cking make him drink can ya?

 

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[MarekvBeek]

I know your thoughts, I had the same. Just go and follow your gut!

 

[Spstepp]

I'm going to offer one last post and then I'm done.

Ask yourself these questions.

1. Does the world, or your town/city, need another coffee shop?
2. If I bring a coffee shop to the market what is my USP?

At 20 I came into a nice chunk of change, probably about 50K in todays dollars. I spent the next three months getting rid of it as fast as I could. I sometimes wish I could remember more of those 90 or so days but they are a blur. Young, stupid with money and no idea what to do with it - not a good combination for future success.

You are already miles ahead of where I was. Make a DECISION and then take ACTION. If you fail who gives a damn. You are 20, pick your self up, dust yourself off and do it again, and again, and again if you have to.

You are sitting on 50K you are afraid you are going to lose, you might as well not have it. You don't have to set the world on fire but you do have to get off your a$$ and do something. So - do it and stop flailing around like someone is going to take all the risk out of life and tell you exactly how to win.

Ok, done.

Best of luck.

 

[Ecom man]

As someone who drinks coffee regularly but not always, I have passed by hundreds of coffee shops in the last few years. I have entered.... 2 brands, Dunkin and Starbucks. If you are starting a coffee shop what are you going to do different than those 2.

Why would someone chose your one off coffee shop over their normal French vanilla iced coffee with cream and liquid sugar at their local Dunkin? If you don’t know that answer or think you know the answer but haven’t tested it... don’t open a coffee shop.

 

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[luniac]

DONT WASTE IT -> 50k is rent money, bills, food, clothing, "F*ck you 9-5" money!
I could make 50k last me almost 3 years, id get part time job to help pay for business costs.

 

[ALC]

As someone who drinks coffee regularly but not always, I have passed by hundreds of coffee shops in the last few years. I have entered.... 2 brands, Dunkin and Starbucks. If you are starting a coffee shop what are you going to do different than those 2.

Why would someone chose your one off coffee shop over their normal French vanilla iced coffee with cream and liquid sugar at their local Dunkin? If you don’t know that answer or think you know the answer but haven’t tested it... don’t open a coffee shop.

I agree with you, but keep in mind that i'm in France and not in the US, Coffee Shop is new here, we only got some in Paris and some in major cities but nothing huge like you in US, i think theres room for my project.


What i wanted to do is a little bit different from what we can see on the market.