• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 40,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

I won 30k. What to do?

Discussion in 'Investing/Trading/Cryptocurrency/Altcoins' started by BusinessBen, Dec 20, 2017.

  1. BusinessBen
    Offline

    BusinessBen Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    327
    Likes Received:
    447
    Joined:
    May 29, 2014
    Gender:
    Male
    Location:
    Canada
    Rep Bank:
    $2,692
    Hey guys,

    So as you tell tell by the title, I just won 30k. I was gambling the other night playing blackjack and ended up getting up all the way to 30k. I don't want to talk about gambling. I'm more interested on hearing your perspectives on what you would do with 30k if you were my age (19 years old).

    My plan so far is to put it in a TFSA, collect interest and invest in the vanguard index funds. I would rather invest it as opposed to start another business. All my businesses have failed.

    So what would you do with 30,000$ if you were 19 years old?

    Thanks guys
     
    AgainstAllOdds, 100k, ruzara5 and 4 others like this.
  2. jon.a
    Offline

    jon.a Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

    Messages:
    4,315
    Likes Received:
    13,738
    Joined:
    Sep 29, 2012
    Gender:
    Male
    Location:
    Near San Diego
    Rep Bank:
    $78,326
  3. JAJT
    Offline

    JAJT Ha Ha! Business Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,573
    Likes Received:
    12,918
    Joined:
    Aug 7, 2012
    Gender:
    Male
    Location:
    Ontario, Canada
    Rep Bank:
    $64,789
    Call your gambling career a huge f*cking success and stop gambling immediately.

    Honestly, if starting a business is off the table I don't really know what you expect to hear from a group of entrepreneurs?

    If you don't want to start a business, sure, go throw it in an investment and go find a job you like doing for the next 40 years. Lots of people do this without 30k to start with so you're off to a great start.
     
  4. loop101
    Offline

    loop101 Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    549
    Likes Received:
    826
    Joined:
    Mar 3, 2013
    Rep Bank:
    $61
    Pay your taxes on it.
     
    100k, jon2089, Lex DeVille and 3 others like this.
  5. BusinessBen
    Offline

    BusinessBen Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    327
    Likes Received:
    447
    Joined:
    May 29, 2014
    Gender:
    Male
    Location:
    Canada
    Rep Bank:
    $2,692
    Here's proof 20171212_030210.jpg
     
  6. luniac
    Offline

    luniac Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    1,311
    Likes Received:
    1,787
    Joined:
    Dec 7, 2012
    Gender:
    Male
    Location:
    brooklyn
    Rep Bank:
    $10,253
    buy 30,000 Powerball tickets.
     
  7. theag
    Offline

    theag Most Aggressive Guy on the Internet on the Planet Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

    Messages:
    3,682
    Likes Received:
    10,143
    Joined:
    Jan 19, 2012
    Gender:
    Male
    Rep Bank:
    $50,268
    Models & Bottles
     
  8. AstonMartinOne77
    Offline

    AstonMartinOne77 New Contributor

    Messages:
    10
    Likes Received:
    16
    Joined:
    Dec 13, 2017
    Gender:
    Male
    Location:
    Montreal, Canada
    Rep Bank:
    $87
    Hi BusinessBen,

    Just like JAJT said, stop gambling immediately. Your lucky to have won 30k, gambling is designed so that you lose your money. So, it's great that you won 30k. I had my first 30k at 23 years old.

    Your afraid you will lose your money if you start a business ? Thats fine.

    Get a job and learn how businesses work on the side, so that eventually, you start your own.

    In the meantime, invest your money in the stock market, real estate, etc.

    Find a unmet need, improve on an existing product or service.

    Have you red The Milionnaire Fastlane or Unscripted ?
     
    TKRR and BusinessBen like this.
  9. jasoncuellar123
    Offline

    jasoncuellar123 I’m probably awake. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    1,773
    Likes Received:
    3,160
    Joined:
    Jul 20, 2015
    Gender:
    Male
    Location:
    Austin, Texas
    Rep Bank:
    $12,744
    I want this to be a thing now.
     
    Mikkel, Greg R, ruzara5 and 2 others like this.
  10. luniac
    Offline

    luniac Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    1,311
    Likes Received:
    1,787
    Joined:
    Dec 7, 2012
    Gender:
    Male
    Location:
    brooklyn
    Rep Bank:
    $10,253
    i can make some stupid app called Models & Bottles where u can dancing models and pour bottles?
    LOL
     
  11. karakoram
    Offline

    karakoram Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER

    Messages:
    172
    Likes Received:
    133
    Joined:
    Apr 9, 2011
    Rep Bank:
    $642
    Learn a skill to make more money. Learn it extremely well (get really good at it). For example, I had some windfalls and I've decided to focus all of my energy (outside of my day job) into becoming a consistently profitable trader. Its something I've been interested in for a very long time. I'm not saying you should become a trader, I'm saying I decided that this is the skill I wanted to get really good at to make more money with my windfalls. Please understand that its taken me a LOT of "screen time" and losses to be profitable. Most people can't even trade as profitably as I have so far (5 figure profits). Now I just want to compound that into becoming REALLY profitable (6 and 7 figure profits).

    You could start some kind of business instead. You could do a lot of different things with that money. Decide what really interests you. Make sure what interests you is something you can make a lot of money at if you leverage your skills/time and become really good at that skill. There are some really great stories on this forum of other entrepreneurs that turned a skill into a business.

    My day job is engineering, and I happen to be really good at it. If I was interested in pursuing that, I might consider designing a new product and bringing it to market. Of course, this requires a lot of other additional skills besides engineering, but I hope you get the general idea. I used to do a few consulting projects, and I used to get would-be entrepreneurs bringing me ideas for products they want me to design for them. Its ironic to me because they don't have the skills to get something made, but I do, but I'm not really interested in doing it myself (I've considered it though).

    My engineering background does give me a great understanding of the statistics, data, and math behind trading, and I find the subject of trading very interesting and exciting, so its what I would rather focus on.
     
  12. minivanman
    Offline

    minivanman Gold Contributor Speedway Pass

    Messages:
    680
    Likes Received:
    1,576
    Joined:
    Mar 16, 2017
    Gender:
    Male
    Location:
    DFW
    Rep Bank:
    $8,687
    There is a place in Fort Worth called Shorty's And 40's.
     
  13. minivanman
    Offline

    minivanman Gold Contributor Speedway Pass

    Messages:
    680
    Likes Received:
    1,576
    Joined:
    Mar 16, 2017
    Gender:
    Male
    Location:
    DFW
    Rep Bank:
    $8,687
    Ok, so what I think you should do with it since you suck at starting businesses is to send it to me in cash. Just message me for my address!
     
  14. ZCP
    Offline

    ZCP Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    1,922
    Likes Received:
    5,806
    Joined:
    Oct 22, 2010
    Gender:
    Male
    Location:
    Woodstock, GA
    Rep Bank:
    $21,215
    Put aside the tax liability now.
     
  15. papi016
    Offline

    papi016 Bronze Contributor I've Read UNSCRIPTED Speedway Pass

    Messages:
    139
    Likes Received:
    220
    Joined:
    Jun 16, 2017
    Gender:
    Male
    Location:
    Marlin, Tx
    Rep Bank:
    $293
    1st thing I’ll do if I was you is buy an insiders subscription
     
    TheCj, AgainstAllOdds and LeoistheSun like this.
  16. jasoncuellar123
    Offline

    jasoncuellar123 I’m probably awake. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    1,773
    Likes Received:
    3,160
    Joined:
    Jul 20, 2015
    Gender:
    Male
    Location:
    Austin, Texas
    Rep Bank:
    $12,744
    Jesus Christ
     
  17. minivanman
    Offline

    minivanman Gold Contributor Speedway Pass

    Messages:
    680
    Likes Received:
    1,576
    Joined:
    Mar 16, 2017
    Gender:
    Male
    Location:
    DFW
    Rep Bank:
    $8,687
    I've never been the strip bar type of guy but I'm guessing it's a strip bar but it could be just a normal bar with the females dressed skimpy.

    Better than the strip bar in Council Bluffs, Iowa called Lip Sticks & Dip Sticks.... both male and female dancers. lmao
     
  18. Raoul Duke
    Offline

    Raoul Duke viene el cucuy Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

    Messages:
    1,079
    Likes Received:
    3,701
    Joined:
    Feb 26, 2016
    Gender:
    Male
    Rep Bank:
    $2,951

    Marketplace - Biophase - 2018 Ecommerce/Amazon Business Coaching Program
     
    Deceiver and Scot like this.
  19. WJK
    Offline

    WJK Gold Contributor Speedway Pass

    Messages:
    573
    Likes Received:
    1,193
    Joined:
    Oct 9, 2017
    Gender:
    Female
    Location:
    Nikiski, Alaska
    Rep Bank:
    $7,692
    It's sounds like you already have a good plan. Pay the taxes and invest the balance for the moment until you have a strong feeling to do something else with the funds. Most of all, quit gambling while you're ahead. The odds are against you continuing to win.
    You have lots of time. Get some experience under your belt. Educate yourself. Live large. Love deeply... Best of luck!
     
    Last edited: Dec 21, 2017
    BusinessBen likes this.
  20. 96wells
    Offline

    96wells Contributor Speedway Pass

    Messages:
    45
    Likes Received:
    92
    Joined:
    Aug 25, 2017
    Gender:
    Male
    Location:
    virginia
    Rep Bank:
    $653
    What jon.a said. Ever since Bio put that up I cannot stop thinking about it. If you do sign up I would be very envious.
     
    BusinessBen likes this.
  21. Toshiro
    Offline

    Toshiro New Contributor

    Messages:
    6
    Likes Received:
    1
    Joined:
    Feb 10, 2017
    Gender:
    Male
    Location:
    Germany
    Rep Bank:
    $26
    buy some udemy courses
     
    BusinessBen likes this.
  22. JM35
    Offline

    JM35 Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

    Messages:
    125
    Likes Received:
    183
    Joined:
    Jul 13, 2013
    Gender:
    Male
    Location:
    Houston
    Rep Bank:
    $1,005
    Lets be honest, he's not going to claim that on his tax return. You would be stupid to do so.

    Put it in the markets if you don't know what to do yet. I'd personally wait for a pullback, but that's just me. Most of my stuff is in fixed income until we see the correction we have all been waiting for. Buy a bunch of Morningstar "All-Star" ETFs. Let it sit and grow until you have a good idea of what you want to put it into.

    Investing in the markets isn't ever a bad idea. I know a lot of people here would rather put it to Fastlane techniques and opportunities, but not everyone has the same risk appetite.

    You don't have to have an idea right away. If you put it all into some opportunity tomorrow, I'd be a little scared for you. Hold your breath for a second and wait for the right opportunity to put it to work.

    I would personally spend ~$15K on a website on Flippa that is somewhat passively making $500/month or so and then focus on growing that.
     
    BusinessBen likes this.
  23. JAJT
    Offline

    JAJT Ha Ha! Business Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,573
    Likes Received:
    12,918
    Joined:
    Aug 7, 2012
    Gender:
    Male
    Location:
    Ontario, Canada
    Rep Bank:
    $64,789
    You heard it here first folks. JM35 is willing to personally cover for any tax fraud costs associated with not claiming it!

    Super generous of you - not everyone would take that kind of risk for another person.

    The season's magic is certainly in the air.
     
  24. Eisenstein
    Offline

    Eisenstein customer is king Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    53
    Likes Received:
    86
    Joined:
    Dec 1, 2017
    Gender:
    Female
    Location:
    Germany
    Rep Bank:
    $439
    Congrats! I have to agree with JAJT, though. Stop gambling immediately!
    This is what I'd do: $10k to the stock market, so vanguard index funds sound great and reasonable. The other $20k are for business, books, and development. Even if there are further failures, you buy experience and this gets you closer to your goal :)
     
    BusinessBen likes this.
  25. Scot
    Online

    Scot Ductus Exemplo Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,430
    Likes Received:
    10,499
    Joined:
    Jul 10, 2016
    Gender:
    Male
    Location:
    Florida
    Rep Bank:
    $49,032
    God I hate stupid questions like this. Isn’t there a gold sticky thread on here somewhere, deliberately saying not to post these?

    But seriously, you’re on an entrepreneurship forum and you asked what to do with a $30,000 windfall...

    I’ll just say, I can think of all the things a $30,000 injection to my business would do.
     

Share This Page