What would you do if you had 10k and no business idea yet

[Alex Nolte]

Hi I hope I chose the right category.

I hope you are all doing great on your entrepreneurial journey!

So I'm turning 18 on thursday and I already know that I will get 10 thousand euros from my generous grandparents. I'm still going to high school and I'll graduate on the 22 of june (a levels) and thererfore school takes up a lot of time atm.

My question would be, what YOU would do if you were 18, lived at home and had no well developed business idea yet but +10k on your bank account from one day to another. Would you invest into crypto? Would you just leave it for execution of future business ideas? Would you invest it into travelling?

In my freetime I'm currently learning everything about crypto because my plan was to (wisely) invest around 30% of the money into the cryptomarket (some riskier coins with a bigger upside, and some safer coins with a smaller upside).

After my A levels I'll have one year where I just work here and there (income will be around 1000€ a month) until I start with my apprenticeship in the commercial area. I want to use that year to really focus on myself and my personal development. And I could use that year to work on my business ideas, which like I said aren't very well developed yet.

In my poll everyone of you has three selectable respones so you can pick several categories if you would spread the money across them.

Thanks to everyone who's up on this forum everyday to provide value to other people! I appreciate you!

 

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[TheDillon__]

$10,000 and no ideas

Make sure I had a decent laptop (don't go crazy.)

Buy two books that were going to point me in the right direction (don't go crazy.)

Put $8,500 in a savings account, and get a part time job as a barista to save more money until I get an idea worth pursuing.

 

[JoelM]

Would you invest into crypto? Would you just leave it for execution of future business ideas? Would you invest it into travelling?

Every time I hear someone mentioning crypto currency a red flag comes to mind.
Some people believe that traveling the world is a good investment. Not me.
I would not even think about the stock market.
Keep saving it and get educated. The opportunity will come.
And that’s what I have don’t in the past year and now the opportunity came to me. Then the execution comes.

 

[NanoDrake]

Hey Alex!

Honestly I wouldn't do nothing of the above
Let me detail further: if you have studied the crypto market and you can BURN 3K, then, go ahead and do it, you must invest money that you are prepared to loose.

Investing in a business idea it's always great but, to it looks like it's not something solid, and especially at 18 are you sure you have mastered some very basic skills to make yourself as successful as possible?

If I had 10K, I would evaluate my best shots: what can I do with these that allows me an aggressive strategy? (you are 18, not 65) can i invest them in a local student operated delivery to old people in the city during the summer? or I know jack about these operations so I should go for crypto?

Personally I would go travel, because for me travel resembles everything I want from the entrepreneurship life: challanges, self discover, meeting new people and places... and this is what I ask you: do you know yourself so well that you know how far can you go?

 

[Alex Nolte]

Make sure I had a decent laptop (don't go crazy.)

Buy two books that were going to point me in the right direction (don't go crazy.)

Put $8,500 in a savings account, and get a part time job as a barista to save more money until I get an idea worth pursuing.

Thanks for your reply Dillon, what are two books you would recommend me?

 

[Alex Nolte]

Every time I hear someone mentioning crypto currency a red flag comes to mind.

But why? Yes there are a lot of ponzi schemes and scams out there but what is the problem with currencies that are deflationary, digital and can be traded anonymously.
Thanks for your reply btw Joel

 

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[TheDillon__]

Thanks for your reply Dillon, what are two books you would recommend me?

Generally? Meditations by Marcus Aurelius and The Millionaire Fastlane by our guy MJ.

In terms of business - that's not for me to decide.

Are you going to learn how to program and build a tech MVP? Maybe I'd recommend a few programming books from O'reilly.

Are you going to be pitching to investors? Probably some books on how to tighten your pitch and be confident when speaking.

Want to sell the best vegan pudding on the market? I'd recommend a recipe book and a book on starting a food business.

Find your path, find the right material.
I said `2 books` as a benchmark to educate oneself without getting caught in the loop of endless research in spite of action.

 

[cottonbuds]

"In my freetime I'm currently learning everything about crypto because my plan was to (wisely) invest around 30% of the money into the cryptomarket"

On what basis you think that investing 30% of the money your grandparents gave you into a crypto currency is a wise idea? How are you valuing crypto currencies? or you playing Russian roulette?

I am in a similar boat as you with regards to not having a business idea so I cannot advise u much but I will try and share some resources that I found useful.

1. Book: Tinker Toys by Michael Michalko - I liked this book as it helped me think of ways of putting spins on existing ideas.

2. Book: Making It by Chris Lefteri - This book helped me understand the different manufacturing techniques available today so I could think of ideas that suit my financial situation.

3. I plan on reading this book called The Business Idea Factory by Andrii Sedniev as I like the concept of the book.

Do share what you have learnt etc. We all have a common goal.

 

[PureA]

It's so easy to fall in the trap of spending money because you have it (in business terms).

Oh I have 10k, let me get the PREMIUM business cards, and a new $60 stapler? Why not!

Act as if you have $500, when you REALLY (like actually, you aren't kidding yourself) need the cash, then double down on something that you are pretty sure is going to work out.

Honestly starting with $500 will build you into a far better businessman then starting with $10k, additonally it will kickstart good frugal habits which you can carry with you the whole way.

Good luck.

 

[Alex Nolte]

Hey Alex!
Let me detail further: if you have studied the crypto market and you can BURN 3K, then, go ahead and do it, you must invest money that you are prepared to loose.

Yes I am, I think some currencies have great potential.

Hey Alex!
Investing in a business idea it's always great but, to it looks like it's not something solid, and especially at 18 are you sure you have mastered some very basic skills to make yourself as successful as possible?

Thats what I was thinking as well and planning on doing in the "gap year"

Personally I would go travel, because for me travel resembles everything I want from the entrepreneurship life: challanges, self discover, meeting new people and places... and this is what I ask you: do you know yourself so well that you know how far can you go?

Any countries you can recommend? Thailand particularly attracts me at the moment.

 

[DrunkFish]

Make sure I had a decent laptop (don't go crazy.)

Buy two books that were going to point me in the right direction (don't go crazy.)

Put $8,500 in a savings account, and get a part time job as a barista to save more money until I get an idea worth pursuing.

I 100% agree with this.
I bought myself a good laptop and made sure i had a decently reliable car.
Then try to find out some type of business/service you can offer with lowish overhead.
Then keep the money and just use it for expenses when you need it or for when something else comes up, like medical or car issues.

Buy a few books, maybe buy some ACTUAL training on an industry you're going to get into, etc

 

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[JoelM]

But why? Yes there are a lot of ponzi schemes and scams out there but what is the problem with currencies that are deflationary, digital and can be traded anonymously.
Thanks for your reply btw Joel

That’s just me. First, I would not invest in something I don’t know. I don’t care about learning investment in its bubble market. I remember when I was excited about trading penny stocks. Crypto currency seems pretty much of the same. One day you can lose 30% or more. Is like trading a triple leveraged etf on steroids.

 

[Alex Nolte]

On what basis you think that investing 30% of the money your grandparents gave you into a crypto currency is a wise idea? How are you valuing crypto currencies? or you playing Russian roulette?

I see the potential and think its a better way to hold on to my money. I know that 7k in my bank account will be worth less at the end of the year, while my 3k in crypto will very very likely be worth more.

Thanks for the book recommendations! Added them to my "to read" list

 

[Alex Nolte]

It's so easy to fall in the trap of spending money because you have it (in business terms).

Oh I have 10k, let me get the PREMIUM business cards, and a new $60 stapler? Why not!

Act as if you have $500, when you REALLY (like actually, you aren't kidding yourself) need the cash, then double down on something that you are pretty sure is going to work out.

Honestly starting with $500 will build you into a far better businessman then starting with $10k, additonally it will kickstart good frugal habits which you can carry with you the whole way.

Good luck.

I see how friends of mine who got similar amounts of money spent most of their money on just food injust months... So that's a very interesting point i should consider, thanks!

 

[inputchip]

Buy an insider subscription and execute the killer idea @MJ DeMarco posted a couple days back.

 

[Alex Nolte]

Buy an insider subscription and execute the killer idea @MJ DeMarco posted a couple days back.

why haven't i considered that before? thanks man! I'll buy that subscription for real

 

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[ZCP]

Turn $1k into $2k. Find a way.

 

[NanoDrake]

Yes I am, I think some currencies have great potential.


Thats what I was thinking as well and planning on doing in the "gap year"


Any countries you can recommend? Thailand particularly attracts me at the moment.

Well, I've been all around in SE.A and Thailand defo got more touristy...Philippines and Vietnam are still my go to but I would totally go to China and Japan, the future

Otherwise I would go central america and Colombia,

 

[Parker fields]

Buy an insider subscription and execute the killer idea @MJ DeMarco posted a couple days back.

Which one?

Make sure I had a decent laptop (don't go crazy.)

Buy two books that were going to point me in the right direction (don't go crazy.)

Put $8,500 in a savings account, and get a part time job as a barista to save more money until I get an idea worth pursuing.

This. One of the hardest things to do besides make money, is to hold onto it. Setup yourself up by learning, watching, and dabbling in things without investing first. When you do find something, but aren't sure, give it the due diligence before you jump head first.

 

[cottonbuds]

I see the potential and think its a better way to hold on to my money. I know that 7k in my bank account will be worth less at the end of the year, while my 3k in crypto will very very likely be worth more.

Thanks for the book recommendations! Added them to my "to read" list

Bro this is a baseless statement. How do you justify this? You have some valuation method for crypto currencies? Your 3k in crypto can be worth $0 in the next week right?

I personally feel you don't have enough money to put into 3k into a crypto currency that you don't know anything about.

A good laptop I can second. It can help you learn a lot of stuff.

You welcome on the book recommendations. Pass it on

 

[The-J]

Hookers and blow

Also RHL's thread

GOLD! - The final solution to all "I have some money what do I do?" threads.

If you have no business idea and you have money, you do the same thing as someone with no business idea and no money. You do nothing until you have a direction.

 

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[TheDillon__]

Turn $1k into $2k. Find a way.

I really like this honestly.

I'm sitting on $1000 right now that I could throw into something.

I'm interested to see the outcome of what would happen if I dedicated every dollar of that money to the goal of doubling it!

 

[ZCP]

I really like this honestly.
I'm sitting on $1000 right now that I could throw into something.
I'm interested to see the outcome of what would happen if I dedicated every dollar of that money to the goal of doubling it!

You will learn more than any $1k spent on a 'class' or 'course'. You also just might identify a market for something bigger.

Challenge: start a $1k to $2k thread and post your process ...... link it here and we'll come over and try to help .....

 

[Alex Nolte]

Hookers and blow

Also RHL's thread

GOLD! - The final solution to all "I have some money what do I do?" threads.

If you have no business idea and you have money, you do the same thing as someone with no business idea and no money. You do nothing until you have a direction.

Just took a glimpse, great thread thanks man

 

[Alex Nolte]

Your 3k in crypto can be worth $0 in the next week right?

I personally feel you don't have enough money to put into 3k into a crypto currency that you don't know anything about.

I agree on the 0$ part but with this risk there also comes a big upside. And something like the bitcoin would never be worth 0$ as he is the granddaddy of cryptocurrency there's just to much demand for it.
And if you e.g. invest money in a business and it fails it's the same thing isn't it?

I don't want to invest into anything that I'm not 100% familiar with, just because everyone does. Like I said I'm first learning everything about it, to then invest wisely.

But yeah maybe 3k is still a bit straightforward. Will think about this...

 

[TheDillon__]

@ZCP Done and done.

EXECUTION - The Double My Money Thread: $1k to $2k.

 

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[Envision]

Id househack my first property and eliminate my rent expense.

 

[Dmorr]

Hookers and blow

Also RHL's thread

GOLD! - The final solution to all "I have some money what do I do?" threads.

If you have no business idea and you have money, you do the same thing as someone with no business idea and no money. You do nothing until you have a direction.

I agree. The 10,000 needs to be in a safe place and you need to live as if you didn't have it. I would read "Psyco-cybernetics" by Maxwell Maltz. It's not about business. It's about yourself, your conscious and sub-conscious mind. It relates to business. If you are in the right place mentally you will find a place for the money and you will know it when you find it.

 

[Argue]

I agree with @ZCP. Turn $1,000 into $2,000. Multiply your money.

First
Learn the basics (assuming you don't know them):

• You can find beginner courses (some for free) on Udemy.com.
• Spend two weeks learning the basics for each category.
• Learning the basics will help you communicate your ideas clearly.
• Lastly, you can execute on an MVP.

Second
Turn $X.XX to $XX.XX. There are several ways. You could start in e-commerce.

• The skills you learn will help guide you on executing your idea.
• If you have trouble in one area, outsource.
• Don't chase money, chase needs.
• You start developing ideas on how to help people.
• You can start in arbitrage.

Third
Make your money work for you.

• By now, you understand the markets.
• You can buy more inventory to get more profit for e-commerce.
• You can buy more real estate.
• You can hire more freelancers for your digital marketing agency.
• You can buy many items on Craigslist to flip.
• Cliche, but anything is possible.

Side-note: Read this GOLD.

 

[WJK]

None of the above...