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I have £1000 in my bank, i need to get that to £10k - where do i start

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bjd02

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Aug 2, 2020
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Im 18 and want to get into property renting, i can get started with around £5-10k, i want some advice on how i can start raising capital from home, it doesn't have to be a successful business venture that ends up becoming a multi-million company, i just need something now that will help me reach my goal of having £10k, what are some of my best options? I have a long term vision planned out in my head, i'm just not where i need to be to get started.
 

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Kasimir

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Im 18 and want to get into property renting, i can get started with around £5-10k, i want some advice on how i can start raising capital from home, it doesn't have to be a successful business venture that ends up becoming a multi-million company, i just need something now that will help me reach my goal of having £10k, what are some of my best options? I have a long term vision planned out in my head, i'm just not where i need to be to get started.

What about starting a web design business? @Fox got some great threads about that.
You can scale it to 5k/month and then have enough money for your plans. Or you end up loving it and create a different path for yourself.
 

bjd02

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United Kingdom
What about starting a web design business? @Fox got some great threads about that.
You can scale it to 5k/month and then have enough money for your plans. Or you end up loving it and create a different path for yourself.
I’ve tried coding before, i can’t see myself doing anything like that, i really don’t enjoy it
 

smark

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Im 18 and want to get into property renting, i can get started with around £5-10k, i want some advice on how i can start raising capital from home, it doesn't have to be a successful business venture that ends up becoming a multi-million company, i just need something now that will help me reach my goal of having £10k, what are some of my best options? I have a long term vision planned out in my head, i'm just not where i need to be to get started.

Personally, I can't offer much guidance in terms of what you can do.

However, as a 23yo who is in a very similar position as you I would advise you first to *relax.* Always thinking that you're not where you could be is a very growth-stunting thought pattern that I promise you will be highly detrimental both to your entrepreneurial & personal future.

You're young. This means you have time and options. Don't rush to put all your effort & money into one thing and subsequently watch that break apart to a million pieces. Try different things. Think of how you can possibly change your overall plan to suit your current circumstances. Observe the world around you. Is there an opportunity that you may had possibly missed?

Between the ages of 18 to 23, I changed my "strategic plan" more times than I can remember. This doesn't mean that I, or you in this case, were wrong. Not at all. It just means that we didn't have the appropriate information or the appropriate level of thinking/understanding to make better sense of what was in front of us at the time. Keep your head up and be curious. Everything will reveal itself to you when you're ready.

Besides all this, something you could do is to perform price arbitrage between different marketplace platforms to buy/sell items. This will only work if you live in a large-ish city/area, but it can definitely get you to those 10,000 pounds in a few months. You can start by first selling unneeded junk or "luxury" items you don't need (maybe a PS4 is such a "luxury" item for you atm). Then, look around to see what people are interested in. Sneakers are very popular for this, but it's a highly saturated market worldwide so perhaps you will have more success with more niche items. Research and think intuitively before you take on any risk.

Feel free to PM me at any time if you need any help. I was there not too long ago.
 

bjd02

Contributor
Aug 2, 2020
32
23
39
United Kingdom
Personally, I can't offer much guidance in terms of what you can do.

However, as a 23yo who is in a very similar position as you I would advise you first to *relax.* Always thinking that you're not where you could be is a very growth-stunting thought pattern that I promise you will be highly detrimental both to your entrepreneurial & personal future.

You're young. This means you have time and options. Don't rush to put all your effort & money into one thing and subsequently watch that break apart to a million pieces. Try different things. Think of how you can possibly change your overall plan to suit your current circumstances. Observe the world around you. Is there an opportunity that you may had possibly missed?

Between the ages of 18 to 23, I changed my "strategic plan" more times than I can remember. This doesn't mean that I, or you in this case, were wrong. Not at all. It just means that we didn't have the appropriate information or the appropriate level of thinking/understanding to make better sense of what was in front of us at the time. Keep your head up and be curious. Everything will reveal itself to you when you're ready.

Besides all this, something you could do is to perform price arbitrage between different marketplace platforms to buy/sell items. This will only work if you live in a large-ish city/area, but it can definitely get you to those 10,000 pounds in a few months. You can start by first selling unneeded junk or "luxury" items you don't need (maybe a PS4 is such a "luxury" item for you atm). Then, look around to see what people are interested in. Sneakers are very popular for this, but it's a highly saturated market worldwide so perhaps you will have more success with more niche items. Research and think intuitively before you take on any risk.

Feel free to PM me at any time if you need any help. I was there not too long ago.
thanks for the detailed reply, i will most likely pm you after i finish work, i feel like you will be able to help me a lot. thank you man
 

smark

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Why the 'wow'?

Even if he were to start a business in the future where coding would be an integral part of its operations (such as a software company of some sort) he could very easily hire coders and/or get a tech-savvy Co-founder while just learning the basics so he has a decent understanding of what's going on.

No reason in devoting time/energy into something which feels unnatural to you. That's like having a sprinter run endless laps around the track. Not gonna happen.

"Grit is work in the absence of love."
- Tony Holler (most successful high-school track coach of all-time in the US)
 

loop101

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Why the 'wow'?

Even if he were to start a business in the future where coding would be an integral part of its operations (such as a software company of some sort) he could very easily hire coders and/or get a tech-savvy Co-founder while just learning the basics so he has a decent understanding of what's going on.

No reason in devoting time/energy into something which feels unnatural to you. That's like having a sprinter run endless laps around the track. Not gonna happen.

"Grit is work in the absence of love."
- Tony Holler (most successful high-school track coach of all-time in the US)

I said "Wow" because he fit 3 self-defeating beliefs in to one short-sentence. I have self-defeating beliefs, but I don't think I could articulate them so tersely.

I did write a longer reponse, but I deleted it, because I didn't think he would want to read it. I think the best "option" for him, is to focus on how he will provide value to his customers, and only he can answer that.
 

ryandoak

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I’ve tried coding before, i can’t see myself doing anything like that, i really don’t enjoy it
You don't need to be great at coding, you just need to be good at sales. If you have to, hire a coder or just learn some basic code. I'm a computer science student. I'll code for you if you want. Just shoot me a message if you want to negotiiate something. I know html, css, javascript, c++, c#, and java.
 

sparechange

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roulette, 30-1 odds if you pick the right number, 1k bet to win 30,000, pretty good chance to win
 

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Ocean Man

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Im 18 and want to get into property renting, i can get started with around £5-10k, i want some advice on how i can start raising capital from home, it doesn't have to be a successful business venture that ends up becoming a multi-million company, i just need something now that will help me reach my goal of having £10k, what are some of my best options? I have a long term vision planned out in my head, i'm just not where i need to be to get started.
Does it have to be at home? Are you able to get a regular job? Have you considered retail-arbitrage? If you need 10K, try flipping items. Not everybody has to do a web design business.
 

bjd02

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Aug 2, 2020
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United Kingdom
Does it have to be at home? Are you able to get a regular job? Have you considered retail-arbitrage? If you need 10K, try flipping items. Not everybody has to do a web design business.
Im applying for jobs as we speak in sales, i have no experience so its hard, when you say flipping items do you mean buying and selling from ebay? or something like shopify
 

sparechange

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Thanks for the advice, just lost all my money :)

Well, you picked the wrong number, I said pick the right number!

Does it have to be at home? Are you able to get a regular job? Have you considered retail-arbitrage? If you need 10K, try flipping items. Not everybody has to do a web design business.

I've done this, bought a backpack on sale and resold it for $10 profit.

A good way to do this is just goto the store that has a sale, post up an ad with a picture of the product and sell it.

Then just go back to the store and buy it, and sell it to the person :thumbsup: Not exactly fastlane but a few bucks doesn't hurt
 

Ocean Man

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Im applying for jobs as we speak in sales, i have no experience so its hard, when you say flipping items do you mean buying and selling from ebay? or something like shopify
Ebay, Facebook, Instagram. Heck you can go to your local thrift store and see what they may have. All it costs is your time as you have to go from one place to another and you need to learn what products sell and what doesn’t.
 

Ocean Man

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Well, you picked the wrong number, I said pick the right number!



I've done this, bought a backpack on sale and resold it for $10 profit.

A good way to do this is just goto the store that has a sale, post up an ad with a picture of the product and sell it.

Then just go back to the store and buy it, and sell it to the person :thumbsup: Not exactly fastlane but a few bucks doesn't hurt
Yup, if his goal is 10K and he doesn’t have a job at the moment, it could give him a bit of income. But it’s a time-suck.
 

smark

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I said "Wow" because he fit 3 self-defeating beliefs in to one short-sentence. I have self-defeating beliefs, but I don't think I could articulate them so tersely.

I did write a longer reponse, but I deleted it, because I didn't think he would want to read it. I think the best "option" for him, is to focus on how he will provide value to his customers, and only he can answer that.

What's self-defeating about realizing what you don't enjoy doing and deciding that's not something you want to dedicate any time/energy to?

If Vincent Van Gogh was alive today and decided to host an art show at the local museum for an entrance fee, would you talk down on his decision to not code as a way to raise the money needed for the show because he doesn't enjoy it?

You even said it yourself: "the best "option" for him, is to focus on how he will provide value to his customers, and only he can answer that."

It's obvious considering the OP's current interests & personality, that coding is something he simply does not want to do/learn; i.e. it's not the best "option" for him in terms of how he can provide value at the moment.

And judging other people's threads is cetainly not a great way for you to provide value to this forum, so make sure to engage in some introspection before going ahead to judge others.
 

loop101

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What's self-defeating about realizing what you don't enjoy doing and deciding that's not something you want to dedicate any time/energy to?

If Vincent Van Gogh was alive today and decided to host an art show at the local museum for an entrance fee, would you talk down on his decision to not code as a way to raise the money needed for the show because he doesn't enjoy it?

You even said it yourself: "the best "option" for him, is to focus on how he will provide value to his customers, and only he can answer that."

It's obvious considering the OP's current interests & personality, that coding is something he simply does not want to do/learn; i.e. it's not the best "option" for him in terms of how he can provide value at the moment.

And judging other people's threads is cetainly not a great way for you to provide value to this forum, so make sure to engage in some introspection before going ahead to judge others.

All I said was "Wow", and you can go f*ck yourself.
 

The-J

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Get a job.

No, seriously. You want to get a job because (1) a stable income will make it easier for you to get financing to do your RE deals, and (2) you'll be able to save 10k GBP in less than a year if you keep expenses low enough.

You need to switch your thinking from short term to long term.

Kill expenses > get a regular income > save as a habit > grow income > start business > invest business earnings into hard cashflowing & appreciating assets. Your income will come from your business and your net worth will come from your assets. Eventually you'll leave the job but the job will teach you a lot, it will give you a stable income, and it will put you in front of business opportunities.

I know you're thinking this way sometimes, otherwise you wouldn't have had the idea to get 10k GBP for a real estate deal. Problem is, you end up focusing on the cash and not enough on the actual end goal: wealth and freedom.

Real estate investing takes money, or access to money. It's easier to get access to money if you know how to use your own. One day you'll be able to do RE deals with $0 of your own money because you'll know how to find good deals and you'll know how to raise cash. You don't know how to do either right now and if you only have 1k GBP in your bank then you don't even know how to make or manage money.

Think long term.
 

bjd02

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Aug 2, 2020
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Get a job.

No, seriously. You want to get a job because (1) a stable income will make it easier for you to get financing to do your RE deals, and (2) you'll be able to save 10k GBP in less than a year if you keep expenses low enough.

You need to switch your thinking from short term to long term.

Kill expenses > get a regular income > save as a habit > grow income > start business > invest business earnings into hard cashflowing & appreciating assets. Your income will come from your business and your net worth will come from your assets. Eventually you'll leave the job but the job will teach you a lot, it will give you a stable income, and it will put you in front of business opportunities.

I know you're thinking this way sometimes, otherwise you wouldn't have had the idea to get 10k GBP for a real estate deal. Problem is, you end up focusing on the cash and not enough on the actual end goal: wealth and freedom.

Real estate investing takes money, or access to money. It's easier to get access to money if you know how to use your own. One day you'll be able to do RE deals with $0 of your own money because you'll know how to find good deals and you'll know how to raise cash. You don't know how to do either right now and if you only have 1k GBP in your bank then you don't even know how to make or manage money.

Think long term.
Thanks for the reply, im currently job hunting, applying for many jobs, i never really spend my money anyway so that's not a problem, hopefully i can get a job soon
 

thechosen1

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Get a job.

No, seriously. You want to get a job because (1) a stable income will make it easier for you to get financing to do your RE deals, and (2) you'll be able to save 10k GBP in less than a year if you keep expenses low enough.

You need to switch your thinking from short term to long term.

Kill expenses > get a regular income > save as a habit > grow income > start business > invest business earnings into hard cashflowing & appreciating assets. Your income will come from your business and your net worth will come from your assets. Eventually you'll leave the job but the job will teach you a lot, it will give you a stable income, and it will put you in front of business opportunities.

I know you're thinking this way sometimes, otherwise you wouldn't have had the idea to get 10k GBP for a real estate deal. Problem is, you end up focusing on the cash and not enough on the actual end goal: wealth and freedom.

Real estate investing takes money, or access to money. It's easier to get access to money if you know how to use your own. One day you'll be able to do RE deals with $0 of your own money because you'll know how to find good deals and you'll know how to raise cash. You don't know how to do either right now and if you only have 1k GBP in your bank then you don't even know how to make or manage money.

Think long term.

I know in entrepreneurial circles jobs are disparaged and criticized, but they really are critical to your financial foundation as well as your initial learning. In fact, if you are really clever/lucky, you can often use a job as a way to get PAID to learn the skills you need for your next business. That’s the ultimate way to do it, if you know what you want to do (which is hard to choose, I know).

Not everyone will become a business owner, either. Jobs don’t have to suck. Remember, as a business owner, you’re going to be giving people jobs someday, so it’s good not to call them losers or make fun of them for working for you.

I got off topic, the point is: getting a job can help you in your long term journey.
 

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