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If you had 6 Figures sitting in a savings bank account, where else would you put it at?

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JRGEKKO

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Right now bank interests are pretty low like 0.02% APY. Just wondering what would everyone else do or plan to do to get their money to work harder for them?
 

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Tourmaline

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6 figures isn't much, I'd put it into business(es) to get up to 7 figures before at all considering passive income vehicles.
 

elusive97

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6 figures isn't much, I'd put it into business(es) to get up to 7 figures before at all considering passive income vehicles.
Thissss, wish I hadn't put 6 figure savings on a house rather than continuing to put it into business :happy:
 

ZCP

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nickgraham1234

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I would either
  1. attempt a house flip
  2. down payment for duplex? (house hack)
  3. buy a lacking business from a baby boomer and try to flip it
  4. develop a saas or some sort of digital product
  5. not let it sit in my bank account!
 

Ismails

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I think its a IF Situation

If I have debt, I would pay it
If I don't have debt, I would re-invest in the business/project
 

sparechange

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I'd just buy a house.

I'm bad with money, why not erase a life long expense in one shot? (goal of mine for this year)

ahhhhhhh just a few thousand sales away in my current business
 

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VigilantCMDR

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MJ DeMarco covers this in Unscripted,

I recommend I think it's chapter 48 where he talks about reinvesting it to start a money tree system. basically most of the investments are super safe and higher interest, it's like leaving it in a bank
 

SeanODG

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I'd second the house hack. Look for a property up to 4 units and you can get 20% down, or less, financing.

But, let's say you have $100,000. At at 25% down payment, you could buy up to $400K

For $400K, depending on market, you could get a really solid B class 10 unit property.

You live in one unit...you have 9 families paying you rent each month.
 

thefreedomoption

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Feb 5, 2020
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i'd put it into a long term portfolio and sell covered calls against all of it. Also would use very tight risk management with stop losses etc. i'd start with 10k and try to get a few percent a month before scaling up. Their are ways to make a few grand a month off 100k.
real estate is a good option but I hate not being able to instantly liquidate into cash. I love the idea of pressing a few buttons and having all your investments sold instantly. it really depends on your goals at the end of the day
 

Lemonade

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Feb 17, 2020
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Right now bank interests are pretty low like 0.02% APY. Just wondering what would everyone else do or plan to do to get their money to work harder for them?
If it’s sitting in a Savings Account, I assume you want some liquidity. You can try P2P lending, which typically pays interests ranging from 6-15%, & you can opt for short-term deals (3-12mths). I’d go for business-only deals & on platforms with low default rate (<1.5%). For risk mitigation, spread over several deals instead of going big into a couple of deals. Success!
 

Gutski

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I'd second the house hack. Look for a property up to 4 units and you can get 20% down, or less, financing.

But, let's say you have $100,000. At at 25% down payment, you could buy up to $400K

For $400K, depending on market, you could get a really solid B class 10 unit property.

You live in one unit...you have 9 families paying you rent each month.
Where do you live? A 10 unit property for 400k?! That‘s AWESOME
 

Cancakir

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Mar 20, 2019
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Since you cant buy a neat property, just put 80k in dividend stocks for 4-5% return each year (4k/ year, less than 400 a month)... which aint much.
And the rest to build new businesses.
But don't rest at 100k.

Option 2: Buy a small apartment for 40-50k in a rural area, not in a big city, and focus on building a business.
 

Kevin88660

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Right now bank interests are pretty low like 0.02% APY. Just wondering what would everyone else do or plan to do to get their money to work harder for them?
Alerian MLP ETF. Close to 10 percent dividend yield before tax. With oil price smashed thanks to the virus scare it is a good time to get into it.
 

SeanODG

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Where do you live? A 10 unit property for 400k?! That‘s AWESOME
Just a hypothetical example!

However, if you are okay with investing out of state, there are lots of locations around the country where you can get that kind property!
 

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