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Profit. It would have to be profit.![]()
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Guys, new challenge for you.
You have until the end of the year (so 2.5 month) to go from 10k to 100k. Your expenses are paid so you can play with all 10k.
You can't do anything illegal, but can do "grey" things (for example gambling at the illegal casino).
Again, no borrowing, no OPM.
I thought about it for a few days, herr's what I would do.
You need either insane scale or high magnitude. Scale is harder to do in a short time, so I will start with magnitude. Real estate? Probably not in 2.5 months. Same with cars, even if you're good at flipping, with just 10k and 2.5 months not gonna happen. What else is expensive AND liquid? Precious stones. So here's what I would do:
1. Read everything I can on emeralds. Pay a jeweller to learn even more. Become an expert in a few weeks or so of intense research.
Buy a plane ticket to Bogota, Colombia and buy a high quality emerald there for 5-7k.
Bring it to a country where emerald prices are highest, say it's Japan or Switzerland. Sell it there for a profir of 3-4K. Repeat until you reach 100k.
Is it guaranteed success? Probably not. But given extremely limited time it's probably your best shot.
How would you approach this?
I actually never watched gem hunt.
Problem with flipping cars, how muxh can you make with 10k initial? Say you're VERY lucky, you buy a car and it sells the next 2 days, netting you 1k. Not enough time.
Plus, cars are not liquid enough. There may be no deals today, or if there are, the guy is too busy to show it to you today. Supply is limited.
With emeralds or other stones you first purchase is 7k, your next purchase is 10k next one is 15 k, 22, 30, 40....
Again, I'm not saying it will work for sure, but I think you have more chances than with cars to actually hit 100k at some before new years.
[USER=23]@biophase
Emeralds is what I would do because I've been to Bogota and saw it myself. Supply is unlimited. You can't sell them on craigs, but most jewellers will gladly buy it from you if the price is right. Gems are extremely liquid when the price is right, so each transaction will take maybe 1 week.
Cars are liquid if the price is right too. But the problem is the other side. You need to find exceptional deals constantly. With emeralds you can just call your buddy Jose who sold you the first one and tell him you need 2 more like that tomorrow, he will get them for you. With cars, most people never even return your calls.
What would you do though? Cars or something else?
I will watch the episode, thanks![/USER]
@Andy Black
Don't get me wrong, this question was to just get my mind working hard. I did pick a direction and working on my fastlane project right now. I'm not looking for "get rich in month" scheme.
@biophase
Emeralds is what I would do because I've been to Bogota and saw it myself. Supply is unlimited. You can't sell them on craigs, but most jewellers will gladly buy it from you if the price is right. Gems are extremely liquid when the price is right, so each transaction will take maybe 1 week.
Cars are liquid if the price is right too. But the problem is the other side. You need to find exceptional deals constantly. With emeralds you can just call your buddy Jose who sold you the first one and tell him you need 2 more like that tomorrow, he will get them for you. With cars, most people never even return your calls.
What would you do though? Cars or something else?
I will watch the episode, thanks!
lol guy looking for secret sauce.
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Oh yes, let's listen to the expert here, sure you must have an idea right? Oh wait, uou have no idea. Nevermind.
Yeah, I don't have an idea because the whole premise is stupid... you're going to become a gem master in 5 weeks and go to Bogota and buy gems...and the one guy that said you could probably do it flipping cars, you say that's stupid............
yeah man, it's definitely so easy to become a gem master, get contacts buying and selling gems, and then profit. never mind the jewlers that do this their whole lives, no, no, 5 weeks of intense research and you will be a masterbator for sure.
so many dreamers in here.
you know what's actually going to happen to you? you're going to go to bogota, buy a gem that will 99% be fake.. you're going to fly it to korea, japan, wherever, and the gem dealers there are going to laugh in your face. That's what's most likely going to happen. or you will probably just get robbed for being a dumb gringo.
i never claimed to be an expert, but the one guy a few posts up giving you real logical responses, you just ignore it and keep going.
@hestati regarding Gem Flipping are you intentionally disregarding, customs costs, import duties or whatever taxes that might be applicable? Or this is just a fast cash scenario? ie disregard formalities
Not only you have no idea, you also have no tact.
I lived in Latin America for 7 months, I bought emeralds in Bogota with no much knowledge on the subject (few reads and few leads) and sold them in the US later because it turned out that it's too expensive to make custom jewelery for my wife. Sold it for profit btw, so the concept is tested.
I never said that flipping cars is stupid. I just gave a reason why I think it wil be impossble to make 100k in2.5 months by flipping cars.
Besides, this is not even the point. The point is to make you think, make your brain work, that's it. Have your way to share? Please do. Don't have anything to add? Well, then at least try not to demonstrate your lack of tact "dumb gringo"
Ok I'll take a whack at the 10k to 100k in 2 months. Buy a 10k truckload of toys. Resell on eBay/Amazon/web or Craigslist for 50-75k buy one more truckload for 10k sell for 50k boom 100 grand. Simple, clean, and certainly far more likely than traveling all across the globe trying to flip gems for a profit.
Buy toys from where? China? Ship by air? Sell on Amazon in 2 months for 7x profit? There is no such a profit margin in wholesale business, uneless you sell drugs and even then I'm not sure.l
Um.. well actually there is
You push the timeframe to 6 months and I'd say you can do it. It's not easy, but I bet at least a 50/50 chance.
7x is buy for $2 sell for $14.
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Buy toys from where? China? Ship by air? Sell on Amazon in 2 months for 7x profit? There is no such a profit margin in wholesale business, uneless you sell drugs and even then I'm not sure.
@daivey
I'm not even gonna bother to read your message. Good luck with your real estate business in Canada lol
@biophase yes, you can buy for 2 and sell for 14 this is what I'm doing now with private labelling. I buy for $3.5 and sell for $22. But after I add air shipping, duties, inspection, shipping to Amazon, Amazon fees, wire transfer fees, other fees I'm forgetting now each piece becomes $13, so there is less than 2x profit.
Now yes, you could ship by boat, but then you're looking for 30 days delay.
Am I doing something wrong? I know you've been in ecommerce for a while, so I'm not arguing, just asking.
Buy toys from where? China? Ship by air? Sell on Amazon in 2 months for 7x profit? There is no such a profit margin in wholesale business, uneless you sell drugs and even then I'm not sure.
@daivey
I'm not even gonna bother to read your message. Good luck with your real estate business in Canada lol
Update on my plan:
It didn't work. I'm not a millionaire yet. Lol.
However, I'm much further now than I was four years ago when I wrote that post.
Some things I've learned since then:
Hope this helps anyone just stumbling on this old thread and wondering if it's possible for them. It is possible: but it might take you longer than you hoped.
- $3,000 to $1m in 15 months is possible but highly unlikely if you've never started a business before. However, if you're a serial entrepreneur who has been in the game for a while, $3k to $1m is absolutely within the realm of possibility and, for some, it's expected.
- The process is long but it can be made shorter with the right contacts. Leave the house and meet people, in real life, and listen to what they have to say.
- A failed business isn't a failure in the grand scheme of things. The business I was working on at the time was a complete failure because I didn't know how to make it work. However, I learned enough to start the business I'm currently working on, and I would have never been able to do it if it weren't for that experience.
- Some people move slower than others. There are people who started learning the game of business later than I, who are now much further along. I think that's okay, and I try not to judge myself too harshly for it. (Doesn't always work though)
- These kinds of mental masturbation thought experiments are only very slightly useful. They're good for opening your mind to what's possible but they don't help you move forward.
What are you, then? What is your net worth?
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