Fastlaners, how to invest $30-50K, knowing what you know now...

[luke]

I'm looking for fastlaner advice on this one (preferably MJ himself). If he lost all of his assets except for 30-50K and he knew what he knew now, how would he invest/employ that money to get him back to where he is today? Looking for food for thought.

Business ideas, investments (too little I know), etc...

 

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[PatrickP]

I would say you need far less than 30 - 50K to start something good.

I would love to know how much MJ started with and how much he made in the first few years.

What was his first business which was his breakout company that took him to millionaire status?

 

[snowbank]

I'm looking for fastlaner advice on this one (preferably MJ himself). If he lost all of his assets except for 30-50K and he knew what he knew now, how would he invest/employ that money to get him back to where he is today? Looking for food for thought.

Business ideas, investments (too little I know), etc...

The $30-$50k is irrelevant. You need knowledge.(and work ethic- the fact that you gave zero background on your skills shows you're not interested in the work aspect of things- but the "give me the thing that will make me a lot of money" question)

Once you have knowledge you will know what to do with the money you have to scale it in a quick way. With no knowledge I can tell you exactly what to do to turn that into 7 figures relatively quick, but you're not going to be able to do it because you'd hit about 1,000 knowledge roadblocks along the way and need someone to tell you what to do when you came to them.

You should not be posting- you should be reading. Be a sponge for knowledge from people who know what they're talking about and you will scale your money the fastest.

Knowledge scales money.(when combined with work ethic)

 

[squall74]

If you're talking about somebody who's made their millions and they scaled back an enormous amount I doubt they would worry too much since they can rebuild quicker and easier they did the first time.

I've been reading some adversities people go through and the difference between settling, and never pursuing their goals, to people who made it are they PERSISTED AGAIN AND AGAIN, making mistakes but learning from them and never making the same mistake, minimizing their risk of the unknown.

 

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[Rickson9]

I agree with snowbank. The money is irrelevant to a talented entrepreneur. I would go as far as to say that money is a negative when it comes to building a business.

 

[Dory]

This is a good question. He's not saying he would do whatever MJ would do, but with the knowledge that MJ has "now", what would HE do. MJ might invest in his field of expertise (if it supplied a need or solved a problem), while the person that asked this question wouldn't have a clue to do what MJ already knows how to do. So it is true that it is the knowledge, and not neccessarily the money, but it would be interesting to see what MJ would do.

 

[snowbank]

This is a good question. He's not saying he would do whatever MJ would do, but with the knowledge that MJ has "now", what would HE do. MJ might invest in his field of expertise (if it supplied a need or solved a problem), while the person that asked this question wouldn't have a clue to do what MJ already knows how to do. So it is true that it is the knowledge, and not neccessarily the money, but it would be interesting to see what MJ would do.

If you and Luke have read any of MJ's stuff, you should know what MJ would do.(and why "what" MJ would do would be irrelevant) If you have read it and don't understand what he'd do, it's because of the knowledge gap. More knowledge breeds the ability to gain more knowledge. If you only spend minimal time trying to learn something, and then you read something that tells you the answers to the questions you are asking, someone who hasn't spent any time trying to acquire knowledge will not see the answer even though it's been given to them, but people who have spent the time will understand.

The answer is still "read more, post less." I know you guys don't like the "work" part of that answer, but the answer is not something as simple as MJ coming in and saying "I'd start a bowling site"- this would be followed by a post per week on the forum of someone asking how to start a bowling site, which would be exciting for everyone, but it's not that easy. You would interpret the wrong variables if you're asking this question.

 

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[RE Taipan]

Snowbank,

Kinda reminds me of....Think and Grow Rich....

 

[Rickson9]

The weird thing is that if a person's brain just happens to be wired to think a certain way about money, all the time, it's pretty hard not to become rich.

I used to be bored in 99% of conversations because it wasn't about money, making it, investing it, growing it. I'm managing my OCD a bit better now...

 

[biophase]

I'm looking for fastlaner advice on this one (preferably MJ himself). If he lost all of his assets except for 30-50K and he knew what he knew now, how would he invest/employ that money to get him back to where he is today? Looking for food for thought.

Business ideas, investments (too little I know), etc...

Ok I'll bite...

I would go to flippa and purchase an online store for $30-$50k and grow it to $100k-$200k a year.

 

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[MJ DeMarco]

I would love to know how much MJ started with

$900

how much he made in the first few years.

Probably in the $90-$120K range. It's hard for me to remember that far back.

but it would be interesting to see what MJ would do.

Start a business.

If you and Luke have read any of MJ's stuff, you should know what MJ would do.

Seriously, I'm surprised the question is asked. Were people expecting me to answer with "Invest in a growth mutual fund?" :shruggie:

 

[PatrickP]

$900



Probably in the $90-$120K range.



Start a business.



Seriously, I'm surprised the question is asked. Were people expecting me to answer with "Invest in a growth mutual fund?" :shruggie:

Thank you for the info, very nice of you.

And the last answer lol I like it

 

[luke]

I should have been more specific...

Snow, you're right, I should be doing more reading and less posting, I'll work on that. The reason for asking my question is to ask a fastlaner to zero-base (knowing what they know now they wouldn't or would do the following...) their financial choices. I'll admit, I wasn't exactly clear, no need to post two replies being hyper-critical. I thought we were in the "trust tree" here. If you thought my question was dumb, just ignore it.

Making assumptions about people is right up there with asking a stupid question... I've read MJ's book twice and I've been working on my business for over a year and it's been live for 2 months now.

Some people on this forum are looking for answers.

MJ, thanks for taking the time to reply, I really appreciate it.

$900



Probably in the $90-$120K range. It's hard for me to remember that far back.



Start a business.



Seriously, I'm surprised the question is asked. Were people expecting me to answer with "Invest in a growth mutual fund?" :shruggie:

 

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