I won 30k. What to do?

[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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[458]

Buy a book.

 

[HackVenture]

The first thing to realize is that you got LUCKY, and that you're not "GOOD" at gambling. I always tell people the luckiest people never win anything at casinos, so they know to stay the hell away.

I personally know people who've built fortunes from their businesses through the years and subsequently lost everything in casinos cos they thought they were good at gambling.

Now that's off my chest, I realize you're probably looking for tactics and not for life advice though.

Knowledge is power and you should definitely take a chunk out of your winnings and learn more about investments. I've made good money from cryptocurrencies in the short time I've been doing it, but I've spent hours upon hours learning and networking with people who know what they're doing.

There is alot of hype around crypto at the moment but I personally believe it will be around for the long term and especially since you are so young, I would encourage you to look into blockchain technologies and perhaps even get a job in the industry to learn the ins and outs, the potential in the industry is ginormous.

 

[ZeroTo100]

Build something!

 

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[StartToday]

1. Stop gambling
2. Pay your taxes
3. Pay biophase's course

If you don't invest that money now, you're going to end up eating all of that money at some point in your life.

 

[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.

 

[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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[B. Cole]

Sign up for @biophase's deal.

This. And hunt down @Eskil's deal.

 

[Deleted49964]

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.

@BusinessBen
This is GOLD.

 

[RogueInnovation]

Just save it man, put a bit in bitcoin if you want etc
If you get another 10k or a good job you can buy a one bedroom apartment in another country and rent it out, live there etc

I've won big money in poker tournaments, don't do what I did and go to high roller tournaments afterwards for the experience
Just zip up your ambitions, put it away, and think about what to do with it later

Of course consider taxes etc

 

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[RogueInnovation]

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.

Thats called a bank roll
Basically anyone who does poker etc knows you need 50x the stakes you play at as a bank roll
He can just withdraw the rest

Its extremely stupid to just throw 5k to the gambling gods chasing a winning streak thats gone cold, you need actual budgetting and common sense to not throw it away
:/

Btw, poker was great for my budgeting skills and learning how to risk money
Business is usually a much bigger risk than poker
In poker you know the odds, and you spend like not even a thousand dollars and have an ok bankroll, in biz you spend 5k or more on advertisements and inventory and set up etc
You are still risking money on percentages vs competitors

Anyways, don't throw away any of the wins, just maintain a sane bank roll, cool off for a bit, stash the money away, far away, so you arent tempted to throw it away, then as you get better at biz you can consider how to use it. But you wont know for a while how to use it.

 

[racyred09]

Buy a business! Although at 19 you may have the same problem I have (being non-American)...you need 3 years' credit history to get financing. You may be able to get a business for that price minus the taxes you pay. Then you can pay off the cost from the profits and keep growing it, and as it's already proven you don't have to worry about another failing business.

 

[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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[NewManRising]

Invest in Cryptos!

 

[jlwilliams]

The 19 year old me had a clear answer to this question. Hookers and blow. Waste not one minute, procure both and proceed hedonistically until completely broke. Now... I'm not so sure that's really the best bet. Maybe I'm getting stupid as I age, but i just lack the clarity to jump on that train as enthusiastically as Young Me would have. Middle-aged Me might do something along the lines of buying one or two mobile homes to rent out or maybe lock it into a CD to force myself to think for a few months.

My advice, do whatever you want. Just don't f### up. (Yes, the advice from Young Me falls into that category.)

 

[3things]

1: Open self-directed trading TFSA
2: Stick however much you're comfortable gambling with into the HMMJ pot stock ETF, or split over one or two of the mid-larger cap weed stocks (see /r/weedstocks subreddit for good source of news/info)
3: Go away for 5-6 months and hold - forget it is there
4: Come back around legalisation and collect your tax-free gains

Pot stocks right now are pretty much as insane as crypto. That ETF has gone up 50% in the last 14 days alone. Will it continue? Most likely not at that pace, but likely worth a gamble to hold for the next 6 months...

Disclaimer: am random internet stranger, not financial advice, can go down or up, etc etc.

Good luck!

 

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[Alex Nolte]

Learn everything that you can learn about crypto currencies and then invest some of the money into several currencies.

 

[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.

 

[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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[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...

.

 

[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.