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

[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.

 

[ZCP]

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

 

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[P3HSB]

Here is what I think you should do

$10,000 to start your Fastlane Business
$70,000 in the stock market
$20,000 should be stashed away in a high interest yield savings account

 

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[Lyinx]

^fourth this
If you can use 50k to buy into an existing business, that might be one way of doing it (honestly, that would be my personal pick as I already own a small share in the company that I work in, but would gladly buy another 50k if I'd have the money)

I can't stress this enough, if you are already part of a business, you know much more about it than anyone outside the business. And you can influence decisions from the inside.
If you like the business that you work at, ask the boss if he'd be interested in having you buy a small part of the business?
Put in 5K for 6 months and see what kind of return that you get. If returns are good, then put in another 45K.
Put the other 50K towards another business somewhere else (don't put all your eggs in one basket)

 

[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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[SEBASTlAN]

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

 

[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.

 

[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).

 

[PapaGang]

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

 

[PapaGang]

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

"SQUEEZE THE ORANGE!"

 

[PapaGang]

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

It was definitely the most potent idea of Rich Dad poor dad, but it really didn't sink in until I read TMF because it was explored outside real estate in such a comprehensive way. It all boiled down to the answer to this one question... We see it on here all the time: "I have a thousand...

www.thefastlaneforum.com

 

[Lyinx]

^ 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.

^fourth this
If you can use 50k to buy into an existing business, that might be one way of doing it (honestly, that would be my personal pick as I already own a small share in the company that I work in, but would gladly buy another 50k if I'd have the money)

 

[fastlanedoll]

^ 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.

I'm interested too

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

Thanks!

 

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[PapaGang]

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.

^^ yep.

 

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[PapaGang]

Did you hear that there are people having problems with rats right now?

Did you read my owl post

 

[Lyinx]

Did you read my owl post

No, but sounds like a good idea... I'll have to read up on it.
Follow up sales, a month later, ( Do you have problems with Owl poop? get our xxxx company to come clean up for you) you get them coming, and going...

Additional followup: problems with owl cleanup guys stealing furniture from your store while they clean? hire our security services!

 

[goodleader]

Some real estate, some ETF, and some for your personal development like travel once this all clears up and courses online through universities or colleges.

 

[sparechange]

Get one of these and start an Instagram page. Instant millionaire status

 

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[lomb]

View attachment 33766

Get one of these and start an Instagram page. Instant millionaire status

Finance it and while your at it buy yourself a gold Rolex and a beach holiday, then you know youve made it until you go bankrupt and end up on the sidewalk..

If I had 100k at 22 I would likely lodge it in a savings account. The stock market is risky at the moment who wants to invest in the current crisis losses of 40-50% are possible if everything turns to crap. Long term interest rates are near zero on the markets so inflation doesnt look like an issue for a few years.
As advised dont go out and sink 50 or 75k into a business unless its low leverage low risk real estate.
If you did nothing for 10 years the 100k would still probably be worth 100k in my opinion. I dont buy the inflation line with automation and coronavirus. Many countries have sold 10 year bonds at negative interest rates, even 100 year bonds are being sold at less than 1%. Real estate can yield 7% if you leverage it you could get more cash on cash but the risk increases if its not cashflowing for some reason. Stockmarket could also yield 7% over the long term but you could be stuck if it crashes for a few years.