Capital of 400K available: How do I get started?

[quit]

Hello everyone!

I am new here;

Briefly, I am a 40 yo resident of NYC and I slave my week into a 9 to 5 low paid
accounting job.
I am really unhappy to live like this, I feel trapped and depressed.

I dream of freedom and owning my own business, but I am not quite sure
on where/how to get started. I have some knowledge of real estate investing
but I am open to any kind of business.

I own a home back in Italy worth about 300K producing a mall 2% return.
I also have cash saved for 100K.

To change my life, I am willing to liquidate my house and use the cash to start
a small business.
The business I tried in the past: day trading and online mini sites. They all have failed.

Does anyone have a suggestion/idea please?

Thank you. I d really appreciated.

 

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[DeletedUser394]

This won't end well.

 

[MJ DeMarco]

1) Read TMF
2) Find a problem and create a solution. Or, create value where there is none.
3) Make sure you can deliver that solution/value to enough people to effect scale.
4) Act, Assess, Adjust, Repeat.

The business I tried in the past: day trading and online mini sites. They all have failed.

Perhaps they failed not because of YOU, but because they failed to address needs and value.

Just to clarify -- your rental home in Italy produces $6,000 in positive cashflow?

Welcome to the boards.

 

[Kak]

Just because you have capital doesnt mean you can start a business.

Start thinking about opportunities and when you find one that needs capital, use only enough to get started.

Read TMFL. keep your job and keep the house @ 2% until you figure something out. You will not even likely go from idea to business making what you currently make very quickly, it may take years. You will need money to live on and you WILL need to sacrifice.

 

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[Kak]

Perhaps they failed not because of YOU, but because they failed to address needs and value.

The may have also failed because he didn't realize the real sacrifice that goes in to building businesses.

 

[quit]

1) Read TMF
2) Find a problem and create a solution. Or, create value where there is none.
3) Make sure you can deliver that solution/value to enough people to effect scale.
4) Act, Assess, Adjust, Repeat.



Perhaps they failed not because of YOU, but because they failed to address needs and value.

Just to clarify -- your rental home in Italy produces $6,000 in positive cashflow?

Welcome to the boards.

hi, thank you!

The home produces about $7,000 / year after taxes; i think the value now is around 350 K

 

[Lights]

Why are you slaving away? You choose to slave away.

I have way less than you, and I'm not slaving away at a job. I'll never slave away my life again, screw that, I'm free already. I am using my free time hopefully constructively for myself.

Read the book.

 

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[Tiger]

Why are you slaving away? You choose to slave away.

No need to be a dick. The guy wants to make a change is looking for help.

 

[H. Palmer]

Quit, if I were you I would keep it simple.

Your own business should be something in accountancy.

First, this is a business that you understand and likely still enjoy.
Second, you don't need money for that, just customers. If you can't attract customers, no business would ever do you any good, so start from there.

As far as your wealth, I would sell the house in Italy.
Europe is a basket case, even in the long run. Don't count on any revival within 5 years, don't count on any renters that carry higher rents.
You're stuck with the 2 percent and I would repatriate that money.

If you can't find any investment in the US, even a regular certificate of deposit could pay you 2 percent.
If you are prepared to do your due diligence in real estate, there are loads of properties in the US that can easily throw off 10 percent or more. If you're unexperienced, take it one step at a time and don't put all your investment eggs in one basket.

 

[Lights]

No need to be a dick. The guy wants to make a change is looking for help.

Did you seriously read the book?

If you have then you know choices put you where you want to be. He choose to slave away at his job, and if he doesn't like it, then quit. It's not rocket science.

 

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[santa]

Hi quit, best thing really is to read the book first- it will really help you

 

[quit]

Hi, what book are you guys talking about? I was looking for a more practical answer like, "buy a laundromat" or "open dog gym" but i guess it would be a mistake...

 

[Lights]

The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime.: MJ DeMarco: 9780984358106: Amazon.com: Books

 

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[PatrickP]

Maybe open a dog laundry?

 

[moonjun]

Hello everyone!

I am new here;

Briefly, I am a 40 yo resident of NYC and I slave my week into a 9 to 5 low paid
accounting job.
I am really unhappy to live like this, I feel trapped and depressed.

I dream of freedom and owning my own business, but I am not quite sure
on where/how to get started. I have some knowledge of real estate investing
but I am open to any kind of business.

I own a home back in Italy worth about 300K producing a mall 2% return.
I also have cash saved for 100K.

To change my life, I am willing to liquidate my house and use the cash to start
a small business.
The business I tried in the past: day trading and online mini sites. They all have failed.

Does anyone have a suggestion/idea please?

Thank you. I d really appreciated.

About the house, if the net cash flow is positive, maybe you want to keep it.
If it is negative, you may want to sell it. Then again, you have to check
if you're selling it at a loss. How much has it appreciated in term of capital
gain since you bought it?

I suggest you don't try anything BIG like set up a big business when you have a lot
of money.

THINK REAL HARD about what problems need to be solved, and what solution you can
provide, before you actually do anything.

For now, I suggest you read MJ's book and more business books before you move on.

PS, my business mentor, generated 1.9 million in 1.6 year with just $9. Your money
don't mean shit if you have no idea what you are doing.

My 2c.

 

[Lights]

Maybe open a dog laundry?

genius

where else could you clean high fashion puppy wear
there's a market for this... in Hollywood.

 

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[Vigilante]

I think you should sell the house and take the $400k, rent yourself a cargo plane, and ...

well... they said it in Top Gun better than I could ever say it :

You'll Be Flying A Cargo Plane Full Of Rubber Dog Shit Out Of Hong Kong Sound Clip and Quote - Hark

 

[santa]

I was looking for a more practical answer

prac·ti·cal/ˈpraktikəl/
Adjective:

Of or concerned with the actual doing or use of something.
(of an idea, plan, or method) Likely to succeed or be effective in real circumstances; feasible.

= the book by the guy that runs this forum. Look it up

 

[onialex1]

Hello everyone!

I am new here;

Briefly, I am a 40 yo resident of NYC and I slave my week into a 9 to 5 low paid
accounting job.
I am really unhappy to live like this, I feel trapped and depressed.

I dream of freedom and owning my own business, but I am not quite sure
on where/how to get started. I have some knowledge of real estate investing
but I am open to any kind of business.

I own a home back in Italy worth about 300K producing a mall 2% return.
I also have cash saved for 100K.

To change my life, I am willing to liquidate my house and use the cash to start
a small business.
The business I tried in the past: day trading and online mini sites. They all have failed.

Does anyone have a suggestion/idea please?

Thank you. I d really appreciated.

Hi Quit. Just like you i am also new to this forum. I probably wont be the best person to give you some advice as i am yet to make it myself. What i can tell you is that you have certainly made a good decision in joining this forum and i would very strongly recommend that you buy MJ's book (the millionaire fast lane). The book will definitely inspire you and give a lot of answers to the questions you have.
I wish you all the best.

 

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[PatrickP]

genius

where else could you clean high fashion puppy wear
there's a market for this... in Hollywood.
View attachment 4036

I meant something more like a place where a dog could go and get themselves washed.

 

[PatrickP]

But I guess you never have a new idea no matter how unique you think it is.

 

[Maxjohan]

The Internet is definitely a good vehicle to make money from. Even if you have failed with the "mini sites business".

Invest in a good domain name. And then create a business out of that domain name with the help of a good web designer and maybe a coder, if you need that too. Think "huge market" which allows huge scaling possibilities. Then focus on getting a good ROI(return on investment) every month. If you have your own twist or an edge on the market, compared to your competition, even better.

You can test the waters out by advertising on Google Adwords. If you can make it profitable, keep finding advertising spots and tweak the sales process along the way. You only need two things to make money online. That's traffic and great conversion rates.

If you don't want to invest a few thousands, and go all fastlane, then think of a way that you can make money with a small investment only. Like selling ebooks for example. Selling subscriptions to services or products. Coaching, or other ways.

These are all good ways to get started on a small scale and test out the waters and make a few grand a month, and then you can work yourself up. Or test other bigger opportunities, later on.

But what you should really do first, and I think it has been mentioned a few times in this thread already, that is to pick up the "The Millionaire Fastlane " book. It can help you pick the right business model and so much more. Just remember, you don't want a job. You want an almost auto-pilot business. And with the Internet, you can even make money when you sleep.

Good luck, and take care.

P.S. I must admit that I'm doing nothing fastlane right now. So what I'm saying is all theory and ideas I have about making money online. I have a few projects on my self though. But right now I'm doing nothing online that makes real money. I have a few domains that get a around 80-90 visitors a day, all together. But the income is minimal. But I have made a little money before as an affiliate for clickbank. And other products.

P.P.S. Investing isn't risk free. I take no responsibility if you lose money and you said that you followed my plan to the letter.

 

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[Rawr]

But I guess you never have a new idea no matter how unique you think it is.




View attachment 4039

Tell my wife, I love her.

 

[PatrickP]

You can tell her.



Just speak a little louder because with that soap in her ears it makes it more difficult for her to hear.










































: ) j/k

 

[msj484]

@Quit:

I know there are a lot of ways to make money, especially when you have that type of capital you are working with. In my years of being of self employed, I have learned a lot of lessons; as I am sure many of the guys here have.

You asked for ideas/suggestions, and the best one that I think I can give you based upon all the successes and mistakes that I've had... get into something that you LOVE. What I mean is, find a business that is related to or is exactly what you LOVE. I have noticed that every business that was attached to the emotional side of how I felt about it, that has greatly determined the success it had.

I have not read the book that everyone is talking about yet, as I am new here as well... but since so many are suggesting it... I imagine that it can't be a bad idea. I always encourage people to start an online business because:

a) you can work at home
b) in almost every case that you start from the ground up... you don't need much money at all(if any)
c) so many people have been successful at it that you can learn from their experiences and get help
d) you can have full control of what you do and do not want to do
e) customers in almost every niche look for you, by way of using the search engines
f) there are tons of other reasons but I'll keep them to myself for now but if you want to talk more about it, I would love to... just get in contact with me via PM. I am up for this because I have never paid a penny for the knowledge I have on being successful working on, I have always gotten help from other successful webmasters.

Another option/idea could be to take some of your capital to purchase an existing online business that already makes enough money to cover your expenses, and then you wouldn't have to regret possibly leaving your 9 to 5. Anyway, I hope some of this helped. If you ever have any questions about working online, please feel free to let me know. I have seen time and again(with my own career and those of others) that the 2 things that can guarantee success working online is time(which you can have if you leave your 9 to 5) and believe in yourself(because in most cases, the people around you will think you are crazy). Having capital is the icing on the cake that will help your success come even faster. Take care.

 

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[Talisman]

Red/Black at the Casino.

At least you tried, right.

... seriously.

 

[onialex1]

You asked for ideas/suggestions, and the best one that I think I can give you based upon all the successes and mistakes that I've had... get into something that you LOVE. What I mean is, find a business that is related to or is exactly what you LOVE. I have noticed that every business that was attached to the emotional side of how I felt about it, that has greatly determined the success it had.

@msj484, your comments show exactly why you need to buy MJ's book and read it. While its generally not a bad idea to start a business that is related to what you love doing, the business is going to fail unless there is a real NEED for that business. No one is going to care about what you love doing if the business you set up didn't solve any of your customers needs. The best thing is to figure out a need and then think of setting up a business to solve that need. You really hit the bull's eye when what you love doing relates directly to solving a need but always think about the needs of your customers first.

 

[devil 2000]

First sorry for bad english.
Selling house in this time and crisis is bad decision, especially in Italy. But, you can sell house and with 400k buy one larger or more smaller houses or apartments.You will have bigger return.
Investing 400k of YOUR hard earned money in first business with no expirience is STUPID (at least).
The only choice is between starting business part time or do it full time.
I recommend part time for at least a year, after that you will learn what works and what don't in your particular business.

I am in similar situation like you.Except i have 8% annualy and i can live very well in my country with that money, so I quit job and now trying to create IT business that would me generate at least 1million because i already (and you) have couple of 100k so creating business for another 100k is pointless for us.But for that goal i decided to quit job and get really hard (16 hours a day) for at least one year, with my 20years of IT expirience, and then to see if i am on the right track.
But unfortunately,peak for web site,mobile app etc. businesses, is way behind us, it will be VERY HARD to recreate success.But new opportunities will be coming soon.You will have to be prepared and success will come.
For brick and mortar business, if you don't have expirience, i wouldn't recommend, because of large investment-low return-big risks.

 

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[miked_d]

@quit

Read the book.

Read these forums.

Get to know this place along with some of the characters that hang out here.

 

[OzGrinder]

2% is a woeful return. Cash in the bank here generates around 6% (before tax), and that's practically risk and maintenance free. With a rental yield that low you'll need to see some significant capital gains on the value of that property to warrant keeping it. If you don't foresee those capital gains anytime soon it may be worth considering where else you could be sitting that capital. That is of course if you think you can sell the property for 300k-350k, a property is only worth as much as someone else is willing to pay for it, regardless of independent evaluations, and it's certanily not the best time to be trying to sell property in Europe.

Disclaimer: I am not a financial adviser, this post is only my personal opinion and is not intended as financial advise.

On a side note I just got back from Europe. I saw the Madrid protests/riots first hand along with the Lisbon protests. From what I experienced, I agree with the economists when they say that Europe is slipping down the economic crapper. All the protests and strikes are counter productive as well, who wants to vacation in a country (or do business in a country) where all the business (including major tourist sites) and train stations are closed due to strikes/protests? Maybe next time I'll spend my holiday $ elsewhere.