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What to do with $1 million?

Discussion in 'Ideas, Needs, Concept Feedback' started by Shawn50, Jan 30, 2018.

  1. Shawn50
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    Shawn50 Contributor

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    Hi.

    I’m looking for ideas on what to do with $1 million. I want to do something where I can get a good return, optimally 10-20% through a business or other avenue. I’m under 40 so I’m hoping I can generate income off this for a long time.

    Thanks for your suggestions.
     
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  2. Almantas
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    Almantas Nothing to Lose Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Hi,

    Buy these two and read them with the aim of understanding them:

    1. https://www.amazon.com/Millionaire-...8-1-spons&keywords=millionaire+fastlane&psc=1

    2. https://www.amazon.com/UNSCRIPTED-L...rd_wg=MFW9N&psc=1&refRID=56V6G3NVDAB8JQ9P2KDW

    I also suggest getting an insider's subscription and going through Gold threads, with the same aim - reading them with the goal of understanding them.

    When you finish reading the books and Gold threads, come back and I am pretty sure your question will look entirely different.

    Best of luck!
     
  3. LeoistheSun
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    LeoistheSun Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Theres a thread on this already. Cant you do a search or pay someone to do it for you?

    Sheesh.

    #landfill
     
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  4. A. Rodriguez
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    A. Rodriguez Contributor Read Millionaire Fastlane

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    Have you read The Millionaire Fastlane or Unscripted?

    You shouldn't be lacking ideas or businesses to invest your $1million if you've actually read any of the books.

    My $0.02 :smile2:
     
  5. Argue
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    Argue Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    A wise man on this forum once said, “models and bottles.” :rofl:
     
  6. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    No need to be an ass to a first time poster.


    Steady long-term income... how about buying some rental properties?
     
  7. LeoistheSun
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    LeoistheSun Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Methinks this is a drive by poster.
     
  8. JAJT
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    JAJT Ha Ha! Business Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Best way to ensure that is to treat them like one.

    Yeah, this is probably where I'd plant my flag as well. Pick up a few books on the subject, see if it's right for you.

    You certainly won't see 10-20% returns in any kind of passive investment (without some kind of gambling involved, anyway) so whatever you decide make sure it's something that you can enjoy being active in and that can hold your interest.

    Out of curiosity - is this windfall money, savings, or did you build up to it through other business ventures? Not that it really matters but it would be a good idea to take an inventory of your skillset and skill level before diving into something new. Understand anything is going to have a learning curve and while starting with a million bucks is nice, it's not enough on it's own to ensure success.
     
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  9. Shawn50
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    Hi Guys,

    Thank you for your help. Background on me is I have read Millionaire Fastlane several years ago as well as Unscripted.

    I have a fastlane medical business that I employ about 70 people and this is where the money came from. I’m looking to see what business to move into next whether passive or active due to slow downs in the medical industry.

    Thanks again.

     
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  10. JAJT
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    JAJT Ha Ha! Business Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    That sounds awesome!

    Sounds like a great story if ever you decided to post a thread on your journey. I'm sure there's a lot we could all learn from it!

    Welcome :)
     
  11. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Joined in 2014. Posting in 2017.

    Prob an occasional lurker.

    One with a Mil, so probably someone we could learn something from.

    Either way, I wouldn't be encouraged to post more if my first post resulted in people being an ass to me.
     
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  12. LeoistheSun
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    LeoistheSun Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I admit, I was a little harsh.

    But I think that if we all had a million dollars to spend, the last thing we would be doing is taking the advice of random people on the internet.

    In any case my advice would be to read the books.

    But there's a gold post on a topic like this, so I'm to assume that people do this all the time. "I have X amount of dollars. What do I do?"
     
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  13. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    This forum is not quite random people on the internet. Many here have made millions, and would have an idea of what to do with a Mil.

    With that logic, why would anyone start any thread on this forum?

    The random, faceless, people here have plenty of good ideas worth considering.


    Fixed your first post for you:


    Hi @Shawn50,

    Welcome to the forum!

    What to do with extra cash is a pretty commonly asked question here. Here's a gold thread on this topic that might help you out:
    GOLD - The final solution to all "I have some money what do I do?" threads.
     
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  14. Shawn50
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    Shawn50 Contributor

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    Hi Guys,

    Don't worry about being harsh. I've been in business several years and it is nothing but harsh so I don't get offended.

    Also, I am a big believer in Dale Carnegie's book, How to Win Friends and Influence People. He gave an example of Abraham Lincoln who would be upset with someone and then write a nasty letter to them and put it in his desk. He would pull it out two weeks later and if he still felt the same way he would send it. He never sent these letters. Basically, I believe the point is you control your own emotions and no one else does.

    One other line he mentioned in his book was "You get more flies with honey." That is very true.

    Funny story, I got into my fastlane business from a Craigslist posting so there is value from people on the internet. You just have to do your due diligence.

    But I think that if we all had a million dollars to spend, the last thing we would be doing is taking the advice of random people on the internet.

    In any case my advice would be to read the books.

    But there's a gold post on a topic like this, so I'm to assume that people do this all the time.
     
    Last edited by a moderator: Feb 1, 2018
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  15. GMSI7D
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    GMSI7D Gold Contributor I've Read UNSCRIPTED Speedway Pass

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    very simple

    i do need 1 millions bucks

    just send me the million bucks and i will open the hotel in the mountains for you

    you will be the boss and i am the local tenant

    so when you come to europe, i will be ready to welcome you with special gifts.

    your american food will be available as well as local foods

    so you won't be disapointed in any case

    i will think about everything and do everything

    just come when you want ,


    get the cash of the business


    and enjoy the mountains lifestyle and the good life

    and i am serious here

    .



    .
     
  16. MidwestLandlord
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    MidwestLandlord Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    $1 million, while a lot of money, isn't really enough to get any decent results from more passive investments. (At your level of success, I'm sure you realize that)

    My thoughts on your options:

    1) double down on your business. If there is a slowdown, that means competitors are seeing the same slowing of sales. Might be a good time to muscle your way further into your market, or expand into other markets in the same category.

    2) invest in or start another actively managed business. Difficult (at best) to focus your efforts on more than one thing though.

    3) active investments such as real estate.

    Whatever you do, be wary of the stock market (PE of 34+!!) and make sure you don't overpay for real estate, it's at the top in a lot of places as well.
     
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  17. inputchip
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    inputchip Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    MJ has a section at the end of Unscripted detailing the various types of investments he has been successful in. There's also a large thread on the inside with step by step instructions on trading options. I think MJ averages around 10% monthly.

    From my experience in taking losses in the stock market as well as private equity investments, I would much rather invest that money on my own business where I can maintain CONTROL.

    Take a look at some of @SteveO's content. The guy bought and rehabbed a golf course! This type of active investment sounds a lot better of an option then passively renting out a property or hoping your stocks will go up or pay a dividend.

    Look into business's such as storage garage's, condo's, and automated car washes. This can be very hands-off when managed properly.
     
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  18. JoannaGl
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    JoannaGl Contributor Read Millionaire Fastlane

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    Some simple rules that help me to make great investments and returns:
    1. Do not limit youtself to only one type of investment.
    2. Observe the market and follow up the bad news and scandals.
    3. When something is going bad and people are in panic it is probably the greatest opportunity to make money due to low prices.
    4. Do not buy when everybody is buying. Buy when everybody is selling.

    Examples:
    1. Volkswagen emmision scandal. The stock price was falling down and down as long as the bad news were on the first sides in newspapars. After about a month I bought them. Almost 100% return after about a year.
    2. Brexit. After the «scary» news about brexit the GBP has crashed. I bought some. Great deal!
    3. The oil price was really low for some time ago. What did it mean? You should buy something from that market.

    So I believe it is not a question WHAT to buy. My favourite question is: What is EXTREMELY CHEAP RIGHT NOW?

    I am looking for some new scandals. Any ideas?
     
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  19. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    You really get it! Kudos on those great investments.


    Bitcoin. Not really a scandal, per se, but just a deflation of the incredible hype bubble of November/December. Lost 50% of it's value in the last month, and still uncertain if it's got more dropping to do. We're just returning to the mean.

    I bought in in December... but I wished I'd have kept some cash on hand to buy more now!
     
  20. Tiger TT
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    Tiger TT Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    I'm not an expert on this topic. And I don't have $1 million.

    But a branch of ING Bank that's located in Turkey offers 4% interest rate on its savings account. That's for the first year and only to new customers and up to $250,000. There's 18% tax for profits on savings accounts for USD in Turkey (15% if you choose to stay more than 365 days).
     
  21. ZCP
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    ZCP Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    10 to 20% is going to take an active role. Angel invest, etc. Could you splinter off with a similar or supporting business from what you do now? Could you buy the building you are in or rent equipment to the competition?

    you could put $1M in tax free muni and pull about $3k per month.
    that is a nice beer / golf fund.....
     
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  22. JAJT
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    I have a buddy who has made very good income by doing exactly this.

    He basically looks at the bad news, decides if it's REALLY impactful long-term or if it's just some sensationalist short-term nonsense, and then if it's just nonsense short-term panic he buys the dip.
     
  23. JasonR
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    It’s not incredibly difficult to make a 10% ROI as an investor - are you saying $100k/year passive is not significant?
     
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  24. Shawn50
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    Thanks. What would you suggest for 10% return?
     
  25. SteveO
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    You will have the opportunity to make a lot more money off of your investments if there is an active role. I personally like taking undervalued "distressed" properties and bring them back to profitability. Then sell for the greater profit.

    You have a successful business. It would not make sense for you to invest this way as it would be a distraction.

    What might make sense is that you could put some of your excess cash into cashflowing real estate. Perhaps small apartment buildings, rental houses, NNN commercial properties. If you pay cash and hire managers to take care of these, you have cashflow backed by real assets.