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What to do with £7,000 cash and how to turn it into £50,000

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lantonio90

New Contributor
Jul 20, 2019
6
10
14
England
Hey guys,

This post isn't to brag or complain - I generally do not know what to do and hope your able to assist.

After reading MJ's book and working a full time corporate job, I quit in 2016 and now I run a 6 figure online business in a niche sports supplement market but do not take a living wage. So that I do not have to take a living wage from the business or get a full time job, I scaled back drastically since starting my online business so that my expenses and overheads are as low as economically viable (sold my car, no eating out, new shiny things etc.).

As a side income, I had offered 4 hours a day (2 in the morning and evening) to care for my elderly grandad who had dementia back in 2017 and cared for him up until this summer when he unfortunately passed away, so I no longer have this side income with which to save or live from. By living frugally and saving up as much residual as possible, I have saved just over £7,000 in cash (see below image).

28605

My business is now at the point of being able to cover my basic needs (taxable expenses ect.) so this is keeping my head above water, along with taking the majority of my time up during the working week. As a side income, my father in-law started an online golf wedge business not long ago, so I have agreed to take 10% of all of his earnings in return for running his business and applying all of the tools, marketing, strategies from my own business so that he can grow his. This is hopefully going to be the start of a business consulting business (if I can make it a success), but my real question is: How do I put this residual cash to work?

I have no idea on weather to invest in:

Marketing to grow my supplement business
Store it for a rainy day
Put into an ISA or savings account
Try get onto real estate market (but I have no fixed regular income as a entrepreneur so maybe wont get mortgage approval)
Buy or trading stocks, bonds, crypto, gold etc
Try start another e-com business from scratch
Buy and sell cars etc..

I get that this may be a nice problem to have, but it is still a tough question to ask nonetheless as theres a huge risk of losing it all if it's not used wisely. My goal in 2020 is to turn this into £50,000. I hope that you're able to offer some pointers.

Louie
 

Galacticum

Contributor
Nov 3, 2019
24
32
17
Out of all the options you listed you are most likely to grow by choosing to fuel your business growth with that cash.
All the other ones either have unknown variables or require more cash to see a decent return.
You are yet too "small" to spread yourself out.

Basically you do what you have been doing successfully and double down on it. You already have all the systems in place... It's now just a matter of fueling the fire.
 

Tourmaline

Gold Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jun 4, 2019
902
1,059
362
Texas
Exactly what the other two said...
 

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