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What Should I Do With My Life?

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GetShitDone

Bronze Contributor
Dec 20, 2012
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Hey guys,

I'm 23 years old from Canada. Been living in Australia for the past 5 years.

I've recently sold my company of 2 years and I have to go back to Canada in 2019.

I have 1 more year left in Australia (2018) before I go back to Canada. Although I can always come back to Australia as I will have a citizenship here.

I have around $20K to invest into Cryptocurrencies and $10K to invest in launching a business.

With that said, I currently have people who want to launch businesses with me both here in Australia and in Canada.

I have options on what I'm deciding to do:

1) Become a crypto day trader full time ($20K)

2) Just invest and hold cryptos long term ($20K) + launch a business in Australia and Canada ($10K)

3) Invest and hold cryptos long term ($20K) + Just focus on ONE business in Australia ($10K)


What do you suggest I do if I'm leaving Australia back home to Canada after 1 year?

I get I have to decide for myself, but I just want to hear some feedback from others to be able to come to the best choice for my biggest decision of 2018.

Please let me know your thoughts from a fresh outside perspective!
 

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theag

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I have no idea about crypto trading, but 20k doesnt sound like a lot if you want to day trade and live off the profits.

30k in general doesnt sound like a lot to do any aggressive moves. Or do you have more from the sale and this is just your playmoney?

If you dont have more, I would put 29-30k in the bank as a rainy day fund, get a job and use 0-1k to start a single new business on the side until it makes 2x your salary. Use the 30k to scale if you have a proven business model.

Or, if you're feeling lucky, put it all on red a couple of times and skip all the tedious hard work. :cool:
 
Last edited:

FriscoJP

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Dec 23, 2017
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OP, I'd use my two cents to agree with oag. I personally have been heavily investing in crypto - but this is because I'm fresh out of college and see it as an opportunity to more quickly get the money needed to do something more meaningful. Since you have already built and sold a business, my opinion is to use the money however it can grow the most and with the most control. If you think that $30k is enough to start your next huge idea, I'd put it there.

There's a lot of good info in the forum about purchasing multi-family properties to largely reduce your cost of living and remove your financial "needs." Perhaps this is a good time to consider that if you still have a rent payment?
 

socaldude

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Usually the best risk and return profile is always starting a business.

I mean, just off the top of my head you have about a 50% shot of building a business with a million-dollar valuation assuming you do the right things. You can directly manipulate the probabilities by working hard, hustling, thinking hard etc.

I mean your question is almost like saying should you start a business or invest the $20k in slot machines at a casino.

Option 1: Start business with $1k with the right criteria and knowledge. Worst case? Lose the $1k. Best case? Sell the business for millions.

Option 2: Buy $20k in in highly speculative cryptos and HOPE they appreciate. Worst case? Lose $20k.

I mean I think its pretty obvious which is the smart choice. Think about putting a numerical probability to these options.
 
Last edited:

Torty Emmanuel

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I have no idea about crypto trading, but 20k doesnt sound like a lot if you want to day trade and live off the profits.

30k in general doesnt sound like a lot to do any aggressive moves. Or do you have more from the sale and this is just your playmoney?

If you dont have more, I would put 29-30k in the bank as a rainy day fund, get a job and use 0-1k to start a single new business on the side until it makes 2x your salary. Use the 30k to scale if you have a proven business model.

Or, if you're feeling lucky, put it all on red a couple of times and skip all the tedious hard work. :cool:

This is just pure gold! Don't think too hard anymore. Just do as @theag said.

I have a full-time job as a web developer that I'm working hard to replace with the web app I am creating.

I invested some little cash in cryptocurrencies but I know it's a very volatile market. You may lose all your money in an instant if you don't know what you're doing.

Don't let crypto trading be your main vehicle to the Fastlane.

I strongly encourage you to do as he says. You would thank him later. :smile2:
 

GMSI7D

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Buy the book The Thinker's Toolkit: 14 Powerful Techniques for Problem Solving written by a former CIA agent. It is practical and will be useful to make big decisions in life.


thank you

most people don't care about that kind of books

they think : " well i don't really care. i am smart enough. the government is there for me and my family. i have a good bank account. i will spend the week end at the beach

whatever "


so there is room for educated people and others players in this game called " society"

the more educated you are, the more power you will have when it's time to make the right move



game.jpg



by the way, the answer to " what should i do with my life " seems obvious to me:


living according to your understanding of life : your mission, your values

95 % of people don't , won't or can't understand that

at all

.
 

chickenpie

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Jan 22, 2018
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Hey guys,

I'm 23 years old from Canada. Been living in Australia for the past 5 years.

I've recently sold my company of 2 years and I have to go back to Canada in 2019.

I have 1 more year left in Australia (2018) before I go back to Canada. Although I can always come back to Australia as I will have a citizenship here.

I have around $20K to invest into Cryptocurrencies and $10K to invest in launching a business.

With that said, I currently have people who want to launch businesses with me both here in Australia and in Canada.

I have options on what I'm deciding to do:

1) Become a crypto day trader full time ($20K)

2) Just invest and hold cryptos long term ($20K) + launch a business in Australia and Canada ($10K)

3) Invest and hold cryptos long term ($20K) + Just focus on ONE business in Australia ($10K)


What do you suggest I do if I'm leaving Australia back home to Canada after 1 year?

I get I have to decide for myself, but I just want to hear some feedback from others to be able to come to the best choice for my biggest decision of 2018.

Please let me know your thoughts from a fresh outside perspective!

Day trading is extremely difficult. More difficult than most people perceive when they first get into it. If you still really want to be a daytrader and haven't had any experience, I would advise allow a lot of learning before throwing money at it.The reality is most day traders lose money.

Just out of curiosity, what was your business before and why did you sell it?
 

MJ DeMarco

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I have around $20K to invest into Cryptocurrencies and $10K to invest in launching a business.

Oh? And who set these numbers? Why isn't it $30K for a business and $0 for crypto? Or $15k 15k?
 

Jane S.

New Contributor
Dec 25, 2016
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OP, I'd use my two cents to agree with oag. I personally have been heavily investing in crypto - but this is because I'm fresh out of college and see it as an opportunity to more quickly get the money needed to do something more meaningful. Since you have already built and sold a business, my opinion is to use the money however it can grow the most and with the most control. If you think that $30k is enough to start your next huge idea, I'd put it there.

There's a lot of good info in the forum about purchasing multi-family properties to largely reduce your cost of living and remove your financial "needs." Perhaps this is a good time to consider that if you still have a rent payment?

do you still have crypto it went down a lot lately
 

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Squanchy

New Contributor
Dec 12, 2017
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Australia
I would flip the investments around with $10k into longest term trading and $20k for your start up. My reason behind this is that the market at this moment is a down-trend and is unpredictable but it also a good time to buy since it's at the low. You are better off doing long term investing then day trading, you will be more likely to make more bank. My preferred method which is the most risky but profitable way is to invest into ICO's, always do you research before you invest into something.
 

Jane S.

New Contributor
Dec 25, 2016
12
1
20
41
I would flip the investments around with $10k into longest term trading and $20k for your start up. My reason behind this is that the market at this moment is a down-trend and is unpredictable but it also a good time to buy since it's at the low. You are better off doing long term investing then day trading, you will be more likely to make more bank. My preferred method which is the most risky but profitable way is to invest into ICO's, always do you research before you invest into something.

any good coins you see right now? what do you think of burstcoin
 

Squanchy

New Contributor
Dec 12, 2017
11
6
17
21
Australia
any good coins you see right now? what do you think of burstcoin

I'm not the one to give investment advice but I've invested into Indahash (IDH), Blocklancer (LNC), and Powerledger. I think they have much potential to grow. I also have some of the top coins as well like Neo and Ethereum. I haven't read much about burstcoin now that I think about it.
 

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