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INTRO Influx of cash... what to do with it?

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gradiented

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May 28, 2019
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I've received a bunch of money and I don't want to just waste it away on bills. I was hoping for advice. "What would you do if you got your first $10,000, knowing what you know now?"

I'm unemployed at the moment because of Covid, but I've been given a sizable bit of cash by my father. $10, 000. It was wild. We're not usually able to throw that kind of money around, regardless of willingness.

Thank you for your consideration.
 

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Andreas Thiel

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I would think about it as a pile to add to over time. Too bad you did not post much background info in your introduction. We'd have to know a little bit about your situation for more specific advice.

Right now the whole world of finance is crazy and (in case you are looking for investment / speculation bet ideas) usually I'd say wait until there is less uncertainty - but that point might be years in the future.
You can put some of it in Bitcoin and / or Gold. Right now I think most assets are just too expensive.

Do you have projects that you are working on? Any ideas for business opportunities that you could pursue?
 

alexkuzmov

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Sep 20, 2019
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I've received a bunch of money and I don't want to just waste it away on bills. I was hoping for advice. "What would you do if you got your first $10,000, knowing what you know now?"

I'm unemployed at the moment because of Covid, but I've been given a sizable bit of cash by my father. $10, 000. It was wild. We're not usually able to throw that kind of money around, regardless of willingness.

Thank you for your consideration.
Tell us a bit more about you.
Where are you from, who are you, age, interests, skills etc.
 

Milonfz

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Here are two "unsexy" ideas that are paying out Fastlane $$.

First one is greenhouse lettuce farming:
Lettuce Farming

Second one is shrimp farming in rural Minnesota.
Shrimp Farmers

What's amazing to me is that there are farmers who have hundreds of acres, asset rich and cash poor, while these guys are raking in the cash on a fraction of the land.

The opportunity for both of these current businesses would be to license their knowledge and technology to others. At that point they will be planting "money trees" all over the world...
 

gradiented

New Contributor
May 28, 2019
4
2
11
I would think about it as a pile to add to over time. Too bad you did not post much background info in your introduction. We'd have to know a little bit about your situation for more specific advice.

Right now the whole world of finance is crazy and (in case you are looking for investment / speculation bet ideas) usually I'd say wait until there is less uncertainty - but that point might be years in the future.
You can put some of it in Bitcoin and / or Gold. Right now I think most assets are just too expensive.

Do you have projects that you are working on? Any ideas for business opportunities that you could pursue?
I'm 29. Not trained in anything, no really valuable skills. No projects, no businesses, no assets. No experience in the above. Lol, hard mode for advice givers, I know.

This is what's troubling me, the current state of things. There was always something to buy a couple years ago. Houses, stocks, crypto, whatever. If I had an idea that I think would take off, I'd go for it.

Really what I'm looking for is somewhere to dump the cash that will keep it abreast of inflation
 

gradiented

New Contributor
May 28, 2019
4
2
11
Here are two "unsexy" ideas that are paying out Fastlane $$.

First one is greenhouse lettuce farming:
Lettuce Farming

Second one is shrimp farming in rural Minnesota.
Shrimp Farmers

What's amazing to me is that there are farmers who have hundreds of acres, asset rich and cash poor, while these guys are raking in the cash on a fraction of the land.

The opportunity for both of these current businesses would be to license their knowledge and technology to others. At that point they will be planting "money trees" all over the world...
Northern Canadian greenhouse farms might be a thing, I suppose. Seems like some scientific and energy barriers to break through, though.

There are lakes here, maybe I can go in on something like that. I'll check it out to honor your advice.
 

Speed112

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Dec 5, 2013
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Bucharest, Romania
I'm 29. Not trained in anything, no really valuable skills. No projects, no businesses, no assets. No experience in the above. Lol, hard mode for advice givers, I know.
Well there's what you're missing and what you need to fix.

Inflation is an issue, sure, but if you believe you'll "keep abreast" without knowledge and skills, you'll be in for a bad time. There's a reason lotto winners or retired athletes go broke in a short while.

Simply listening to other people's tips on holding and making money is not gonna cut it.

So how about you make your father proud and you invest in your education? It's never too late.

And you don't have to get a degree and spend hundreds of thousands to do it.

Entrepreneurship is a difficult path that requires many skills, among them the skills that also make for a good investor: risk management, an eye for opportunity, discipline...

You can grow those skills, among others, while training yourself to create value. There are many valuable activities in the current environment. Learning how to solve other people's problems being chief among them.

What kind of problems would you like to solve?

Can you solve them through software? Through communication? Through grit and wit?

Whatever you find attractive, there are paths you can take to build the necessary mindset and skills for success, while not going broke, but growing your potential for creating value.

Going Fastlane starts with you. So I'd recommend investing in yourself.

Start by learning how to find ideas and ways of being valuable. How to help people. Shift your mindset from a consumer or saver, to a producer and investor.

Then take a risk in the benefit of others, and you'll also benefit in return.
 

alexkuzmov

Silver Contributor
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Sep 20, 2019
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Bulgaria
I'm 29. Not trained in anything, no really valuable skills. No projects, no businesses, no assets. No experience in the above. Lol, hard mode for advice givers, I know.

This is what's troubling me, the current state of things. There was always something to buy a couple years ago. Houses, stocks, crypto, whatever. If I had an idea that I think would take off, I'd go for it.

Really what I'm looking for is somewhere to dump the cash that will keep it abreast of inflation
A person should have some skill in his hands.
The money you've been given is a tool that you cant use yet.

Sounds like youve got no goal or plan.
Helping others and solving problems, start with that.
Read MJs books and the books he recommends, buy them with the money you have.

What is it that you want to do with your life?
Without a goal you wont get anywhere.
 

Andreas Thiel

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Aug 27, 2018
315
259
130
40
Karlsruhe, Germany
I agree that you should take some swings and find a mountain to walk towards (think: Neil Gaiman's "Make Good Art" commencement speech and "So Good They Can't Ignore You") ... and that will probably cost some money at some point.

That said, I think there is enough weight (and policies) behind the ESG efforts that it is a relatively save bet.
Before we see inflation I think we might see another deflationary shock. Of course that is not guaranteed.
To reduce risk in both cases you could consider cost averaging by putting $500 per month into an ESG fund.
You could still set $2,000 aside for projects and books and it would take 16 months for the remaining $8,000 to be invested.

Once we see evidence of supply issues (producing companies going out of business, supply chain issues, not enough products in stock etc.) and if asset prices keep going up from here, then you can still increase the monthly investments or make one big bang investment.
 

Matua

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Oct 4, 2020
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Virginia
"What would you do if you got your first $10,000, knowing what you know now?"
Budget first. Keep track of your needs, wants, and savings.
Then figure out what you want to do. It can literally be anything you set your mind to.
Otherwise, you have an army of ten thousand of one-dollar bills at your disposal. Use them in the process to get to your goal, whether that is planning to network, market, commission, etc.
 

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