I won 30k. What to do?

[theag]

Models & Bottles

 

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[JAJT]

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

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.

 

[jon.a]

Sign up for @biophase's deal.

 

[luniac]

buy 30,000 Powerball tickets.

 

[minivanman]

Models & Bottles

There is a place in Fort Worth called Shorty's And 40's.

 

[JAJT]

If you find $100 on the ground, do you stash $25 of it in your mattress for your tax liability?

Is he receiving these funds in the form of an anonymous briefcase filled with cash under a park bench?

Or an easily traceable digital transfer?

Come on...

 

[Deleted2BB3x9]

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

 

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[Kak]

Go buy physical gold. It’s harder to liquidate than an equity fund since you’re allergic to having money.

If you don’t know what to do with 30 grand how are you going to ever handle more?

 

[loop101]

Pay your taxes on it.

 

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[karakoram]

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.

 

[Scot]

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.

 

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[CareCPA]

Is he receiving these funds in the form of an anonymous briefcase filled with cash under a park bench?

Or an easily traceable digital transfer?

Come on...

+1.
Plus, I didn't think this was a forum where we actively encourage tax fraud.

 

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[Coalission]

Keep "gambling" with it.

I'm not kidding.

Stick with me and you'll understand what I mean.

Was 30k your peak, or did you get up to 100k and go on a losing streak and cashed out your last 30k to stop the bleeding?

If 30k is your peak, then you're not done gambling. Separate at least 5k, or whatever amount you think will hurt, and lose it back or make a million. That's money donated to the Gambling Gods. The Gambling Gods don't let you walk away at a peak. It simply doesn't happen. For the next few weeks, you'll think "What if I could get it up to 100k? What if I don't get greedy and just make $200 a day and walk away with profit daily? What if I can do this professionally?" and eventually you will be back.

I can guarantee you all this advice from people saying "Stop gambling immediately" is from well-wishers who have never gambled and don't know what it's like. It's like telling a meth addict "stop doing meth immediately". Wow thanks! I'm cured! That's all I needed to hear!...doesn't work that way.

So separate that 5k for money that will be spent recklessly living out your gambling fantasies, with the hopes that when you lose it you realize that there's no future in gambling against the house, and this is where the other 25k comes in. If you put it in some savings account, it will be gone within a year at most. You're a gambling addict, you need the action. The way to get that action is to get really good at high-risk activities where it is possible to out-work and out-learn your competition, and start doing it. Start working towards getting that edge, because this will replace your need for gambling.

I will repeat that, because it's the most important lesson, I say this from harsh experience. The way to get that action from now on is to get really good at high-risk activities where it is possible to out-work and out-learn your competition, and start doing it. Start working towards getting that edge, because this will replace your need for gambling, and the feeling is 10x better because YOU did this, not random luck.

You will still get the action your body is addicted to, but you won't be betting against the casinos, you'll be trading against Joe Public in the stock market, you'll be playing against fish at the poker table, you'll be trading against newly-minted crypto experts who sell every bottom and buy every top, you'll be starting a new business in a high-risk market with a high barrier of entry, etc.

I know you said you don't want to start a business because all of them have failed before. And? You've lost gambling before, did that stop you from gambling again? Do you become celibate because you've had a few girlfriends and it didn't work out? Business is not a game, it's not some shit you play a few times and quit when it didn't happen. It's a lifelong search for "The One".

You're 19, not 70. You have time to fail and rebuild, then fail again and rebuild again multiple times. Use the money to learn some shit that's risky, but that 95% of people in the world are too scared to dedicate time and money to mastering. That's how you'll change your life, and now you can "gamble" forever, while never having to go to a casino again.

 

[TonyStark]

Models & Bottles

I want this to be a thing now.

 

[luniac]

I want this to be a thing now.

i can make some stupid app called Models & Bottles where u can dancing models and pour bottles?
LOL

 

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[458]

Buy a book.

 

[eliquid]

As far as what I think he should do with $30k at 19...

I'd prob travel and live life.

$30k comes and goes. $100k comes and goes.

Shet $1M pretty much goes nowhere once you buy a house, a newish car, pay some debts you had, and put back for retirement and live off it a few years.

If I was 19 and had $30k, I'd pack my bags and travel as much as I could, as cheaply as I could, for about a year to all the hot digital nomad places on Nomad List and network with as many entrepreneurs as I could learning the ropes and making connections.

Best learning and lifestyle mix compared to Uni or working some BS 9-5...

.

 

[papi016]

1st thing I’ll do if I was you is buy an INSIDERS subscription

 

[minivanman]

Jesus Christ

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

 

[JAJT]

Lets be honest, he's not going to claim that on his tax return. You would be stupid to do so.

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.

 

[MJ DeMarco]

God I hate stupid questions like this. Isn’t there a gold sticky thread on here somewhere, deliberately saying not to post these?

GOLD - The final solution to all "I have some money what do I do?" threads.

 

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[AgainstAllOdds]

As far as what I think he should do with $30k at 19...

I'd prob travel and live life.

$30k comes and goes. $100k comes and goes.

Shet $1M pretty much goes nowhere once you buy a house, a newish car, pay some debts you had, and put back for retirement and live off it a few years.

If I was 19 and had $30k, I'd pack my bags and travel as much as I could, as cheaply as I could, for about a year to all the hot digital nomad places on Nomad List and network with as many entrepreneurs as I could learning the ropes and making connections.

Best learning and lifestyle mix compared to Uni or working some BS 9-5...

.

Do this.

F*ck it.

You're obviously not at the point yet where you have a dying want to start a business and create freedom, so get a taste of freedom. Bounce around. Do cool shit. Sign up for entrepreneur groups and meet people. Talk to people. See what they're doing to make money.

Come home.

Get a spark for a life of freedom and entrepreneurship.

Make sure to put a tradeshow in China on your list.

 

[ZCP]

Put aside the tax liability now.

 

[Raoul Duke]

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

Sign up for @biophase's deal.

Marketplace - Biophase - 2018 Ecommerce/Amazon Business Coaching Program

 

[eliquid]

Ah my bad, I misread the sentence where I said I was a CPA and would indemnify and hold harmless anyone who acts upon my opinion.

The gambling site he won the money on is in Malta. I highly doubt they are reporting his earnings to Canada. If you find $100 on the ground, do you stash $25 of it in your mattress for your tax liability?

I never thought I would get audited by the IRS. I thought this for years.

One year, someone I was contracted with never sent me the 1099 they owed me. No worries, I still added it in as money I made and paid the taxes on it. I didn't fret too much not having it.

Next year, that a**hole sends it in.. unknown to me.. to the IRS finally.

Wanna know what the IRS did? They sent me a nice letter asking me why I didn't file taxes on that money. Even though I mailed back with proof and a signed letter from my tax attorney I had ( it was included in the grand totals ), I still got audited.

Best part, they wanted to see prior years and go through them too.

Glad I didn't have a $30k bump in unexplained income sitting in my bank account 3 years ago, they could have seen that and asked me questions I couldn't explain away.

See how an audit this year, could uncover $30k I made from gambling 3 years ago that I didn't pay taxes on? Yeah...

You really need to rethink shet dude.

.

 

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[AstonMartinOne77]

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 ?

 

[JM35]

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.

Ah my bad, I misread the sentence where I said I was a CPA and would indemnify and hold harmless anyone who acts upon my opinion.

The gambling site he won the money on is in Malta. I highly doubt they are reporting his earnings to Canada. If you find $100 on the ground, do you stash $25 of it in your mattress for your tax liability?

 

[Eskil]

I would rather invest it as opposed to start another business. All my businesses have failed.

Most / all of us here who run businesses have had many many businesses that failed before it. Don't be afraid to reconsider and try again - but of course - spend VERY wisely in the beginning. Even if you set aside just 10% of your winnings earmarked for your first product, that investment could grow into something that pays you back that money and then some within a fairly short time. Just be very selective of every dollar you put in or start the new business as if you didn't make any winnings at all.

Alternatively, @racyred09 's suggestion is also something you could consider.

 

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[fastbo]

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...

Better yet he's on an entrepreneurship forum asking what to do with $30k EXCEPT START A BUSINESS.

That's like me hopping on an internet gambling forum and saying hey I just flipped a house and make $100k, what do you think I should do OTHER THAN GAMBLE WITH IT.

If that isn't trolling I don't know what is.

 

[WJK]

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.

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!

 

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