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

[Envision]

All on Black.

 

[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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[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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[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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[amp0193]

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.

Second this.

100k can disappear much quicker than you can imagine.

Set aside 10k or less to start a business, and keep the rest in reserve.

 

[Andy Black]

All on Black.

You rang? (Munsters voice.)

 

[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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[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

 

[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.

 

[Deleted78083]

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

 

[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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[Bruno Calisso]

If I got that I would not touch it. I would just start a $100 business and grow from there. Failed? Repeat, it's only $100, you can try dozens of startups with this strategy, gain experience and be safe. If I couldn't make money after starting 10 small businesses I don't think I would make money with higher investments. Just be smart, start small, invest on reading and learn new skills.

 

[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.

 

[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.

 

[DiamondDog]

Start a business with 5 - 10k and see where it leads. If you see the business growing them pump some more money into it to speed up growth.

If it fails, well, try to break even and try another biz. You probably won't get it right the first time but with that much money in the bank, and being 22, you have a pretty good safety net.

Forget about investing passively if you want to multiply your money tenfold.

You should provide a little more info about yourself such as university studies and skills. Perhaps getting a job and some real life experience would be beneficial.

 

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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

 

[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.

 

[PapaGang]

Second this.

100k can disappear much quicker than you can imagine.

Set aside 10k or less to start a business, and keep the rest in reserve.

^ Third this. Twice in my career I had an idea for a business and got my first sale before I even spent a dollar. One of those sales was for 5 grand. I didn't even have a company name.

It isn't the money, it's the idea that counts.

You're lucky you have that kind of cash. It's hard to obtain, but easy to spend.

Also, if you are looking for someone to provide some feedback on ideas, I'll offer some of my time. I have made a lot of mistakes so I have excellent information on what not to do.

 

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[Lyinx]

I'm interested too

May I know more about the business where you made a sale even before you invested money?

Thanks!

I'd also love to know what PapaGang does/did.. but I'll take a guess.

The reason?
you need to learn to think for yourselves, if you're always copying other people, then you won't make it.

Did you hear that there are people having problems with rats right now? due to the pandemic, some stores are closed and animals that usually lived the high life are now struggling.
this is a pain point for the store owners/restaurants as they will chew through the wires and possibly valuable goods.

If you need work - put out an ad on facebook, showing what happens when rats infest a store. and then mention that you can come out and get rid of them for the customer.
You would commit to coming out on-site twice every week until they tell you to quit coming.
You would get a downpayment of $500 up-front and then batches of $500 every month or so.
then you go and buy rat poison and rat traps, and start coming out to sites twice a week.

Do you think that you can visit 5 locations every day? twice a week?

Working 6 days/week, and visiting twice a week, lets you visit 15 stores and keep visiting them the whole time.

If you charge $500/store, that comes out to $7,500 per month (before deducting expenses)

Here would be my top guesses:
1. Website design
2. re-roofing a house
3. extensive repairs on a vehicle
In all of these cases, a need was present and the customer needed someone to take care of it.

All you need to do is go out there, and look for a need.

 

[luniac]

Ill forward you my paypal.

 

[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

 

[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.

 

[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.

 

[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.

 

[Deleted78083]

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.

Yeah, you may need 2000 or 3000 dollars to start, but not a 100 000. And investing such a hard-spared money into a business that will most likely fail (because who doesn't fail the first time) is such a waste of potential. However, building a business with nothing teaches important lessons and having 100 000 in the bank assures some sort of financial security net.

In any way, it seems we are all very enthusiastic and knowledgable when it comes to spending someone else's money, something i am the first guilty of.

 

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[Sanj Modha]

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.

Listen to the guy with a fake profile. He's totally legit.

 

[PapaGang]

I'm interested too

May I know more about the business where you made a sale even before you invested money?

Thanks!

I had a professional colleague that learned about my new business service, and it was something that filled a need that his company had at the time, and thought that my service would lead to more sales.

So I sent a proposal for 5 grand and got the sale.

The digital asset I built for them went on to earn them over 2 million in a two to three year period. That's additional top line revenue. I'm not sure if he's on the forum, but he has read MFL and might be lurking around here.

The point is: your skills + your connections + value producing idea = money

 

[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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