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

What would you do with 10k?


  • Total voters
    77

Argue

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WJK

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Care to eloborate?
I've been in the real estate business for 42 years. I routinely invest my cash flow in residential rental rehabs, or buying trust deeds (mortgages). $10,000 won't even come close to doing either.

I didn't like the listed choices. I have played monopoly with real money all my adult life. I take calculated risks. I don't play the game unless the odds are in my favor, and the projected return on my investment dollars is worth taking that risk.
 

Argue

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I've been in the real estate business for 42 years. I routinely invest my cash flow in residential rental rehabs, or buying trust deeds (mortgages). $10,000 won't even come close to doing either.

I didn't like the listed choices. I have played monopoly with real money all my adult life. I take calculated risks. I don't play the game unless the odds are in my favor, and the projected return on my investment dollars is worth taking that risk.
Sorry @WJK, I misinterpreted your previous post. I thought it was directed at my post.

Your previous post is regarding the poll. My bad lol.
 

WJK

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Sorry @WJK, I misinterpreted your previous post. I thought it was directed at my post.

Your previous post is regarding the poll. My bad lol.
What you said makes sense. It's a good track to run on.
I have noted that my experience and knowledge is something that I should package and market -- people need and want that type of information. A lot of these younger people want to create a business based upon selling expertise that they don't have.
 
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Alex Nolte

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

First
I suggest learning the basics (assuming you don't know them):

M4HGrDL.png

  • 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.

Wow [emoji28] I was looking for something like that. I can‘t thank you enough for giving me a real action plan with all the steps!


Gesendet von iPhone mit Tapatalk
 

Knugs

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Nothing, because 10k is nothing.

Why risk your only capital you have on extremely risky investments than will tie away your money for a potentially long time.

Only invest in your start up if you are REALLY SURE you will recoup it.
 
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Raoul Duke

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This is WZAZ in Chicago, where disco lives forever...
 

ZCP

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Nothing, because 10k is nothing.

Why risk your only capital you have on extremely risky investments than will tie away your money for a potentially long time.

Only invest in your start up if you are REALLY SURE you will recoup it.
So how do you get anywhere if you never take a risk?
 
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HackVenture

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Voted!

Give your age and situation, I would suggest you just keep the cash until figure out a way to use it wisely on your business and even then, make sure to bootstrap as hard as you can, don't spend more than you have to.

As you can see from my profile, I'm one of those pro-crypto guys but I really don't think it's something you should touch with $3k if that is a significant portion of your networth.

Invest majority of the time you have into learning and networking, you're in an enviable situation, all the best!
 

ZCP

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......
Why risk your only capital you have on extremely risky investments than will tie away your money for a potentially long time.
......
So you gave him the 'crab tank' answer. What would be your 'positive direction' answer?
 
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lionls

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Hold on to the money and learn programming. There are so mich possibilities and ways, if you have the ability to code your own web apps. Invest in programming books ^^
 

Knugs

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So you gave him the 'crab tank' answer. What would be your 'positive direction' answer?

Start a Business. Dont touch the cash unless you really need it.
 
D

Deleted52409

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A lot of guys on here will tell you that you should to pursue an online business idea. As if anyone can JUST become a programmer/graphic designer/copywriter/etc...

That's not to say you can't achieve it. YOU CAN!!!! But it's better to discover your strengths and weaknesses before committing to anything.

I was in your very same situation 6 months ago. I ended up dabbling with multiple different ideas until I finally found a low capital business idea that I knew I would be passionate enough to commit to.

And guess what? It's not even internet related!!!!

Definitely take some time to discover what interests you and figure out what you are good at before you begin taking any major risks!!
 
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Argue

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

First
I suggest learning the basics (assuming you don't know them):

M4HGrDL.png

  • 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.
Learn the basics. I’m not saying become an expert. Just learn enough so you can understand how a business works, whether that’s offline or online. Learning these skills is better than doing NOTHING. Take 2 weeks to learn the basics. No harm, no foul.

Imagine you want to build a website. But, you don’t have any knowledge on HTML/CSS. How can you communicate with a web developer if you don’t know the basics?

Imagine outsourcing graphic design for your ads. How can you communicate with your graphic designer if you don’t have knowledge of the basics?

Saying things like I want my site to be the best, have lots of colors, big buttons, more HD etc is a nightmare. If you learn the basics, outsource the work, you and the freelancer communicate better.

Freelancers HATE when a client is unable to communicate their idea in the right words.

Every business consists of marketing, copywriting, coding/programming, or graphic design. This is FACT.
 
Last edited:

Action Mike

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First off congratulations and good job having the mindset at 18 to use the money for investing instead of blowing on having fun like 99% of 18 year olds would do!

One thing to always keep in mind, money is a tool, it won’t make you successful. Imagine you have a tool box full of the best wood working tools available. Fred see’s the box and thinks sweet, I am going to make an awesome dresser, Fred has never used wood working tools in his life and has not spent any time learning how to use the tools or what it takes to build a great dresser. Fred rushes in and starts working away, loses interest because he isn’t committed to what he is doing, goes back and muddles around and finally finishes his “dresser” and is left with a worthless pile of ugly wood.

Joe on the other hand takes the time to learn how to wood work, Joe understands the time and commitment that it will take to make the best dresser he is capable of and commits to it with everything he has. Joe takes the tool box and makes a beautiful dresser in half the time it took Fred to make his disaster.

The real value is your skills, knowledge and most important willingness and ability to take action. The money can speed that process up if it is used correctly.

IMO I would not spend any money on Crypto, especially with only 10k in the bank. If you are absolutely dead set on it and no one can talk any sense into you then I would not spend more than a few % of the total money saved. Or even better yet go out and find some jobs you can do, flip stuff on Germanys version of Craigslist and bank an additional 500-1,000 and use that to buy Crypto. When buying stocks and crypto never spend more than you can lose and not blink an eye unless you have a serious amount of experience with it and know beyond the shadow of a doubt what to expect. Even then trying to outsmart the markets is a losing game.

As far as coming up with ideas for a business. One thing you need to do is figure out what you like and what you are good at and try to capitalize on that, get out and try different ideas even for a month or two to see how adept you are, try a sales job, try coding, try writing copy, try whatever you think is interesting and see how it goes. You really need to dip your feet in the waters of life just don’t waste too much time on things that don’t move you closer to the goal of having a business.

Another thing that I like doing is get an audio book such as The Millionaire Fastlane and go for a nice walk in a nice area and think deeply as you listen. The act of walking in a nice environment helps start your creative juices. Use your phone and take notes as you have ideas, I have several pages of ideas, most end up being not so great once you go back and read them later but the act of writing them down and reviewing later has really helped me focus better.

IMO, if I were in your shoes I would keep as much as possible in the bank for the time being, maybe 100-200 of fun money if you want. Start working jobs in sales, marketing, learn coding writing, etc. while living with my parents rent free. I use the money form the odd jobs on books/audio books to learn more and learn the right mindset, DDALL listed a ton of great books to start with in the thread linked below.

https://www.thefastlaneforum.com/community/threads/the-chronicles-of-ddall-a-progress-execution-thread-damn-3mg-700knet.52939/

Take additional money earned and set up a budget to make sure day to day necessary expenses are taken care of and save the rest adding to the ~10k in the bank. With only 10k don’t worry about interest or getting returns at this point, save it like your beautiful gold plated tools in the tool box so when you are ready to use them they are there and will help you build something great :)
 
Last edited:

Alex Nolte

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First off congratulations and good job having the mindset at 18 to use the money for investing instead of blowing on having fun like 99% of 18 year olds would do!

One thing to always keep in mind, money is a tool, it won’t make you successful. Imagine you have a tool box full of the best wood working tools available. Fred see’s the box and thinks sweet, I am going to make an awesome dresser, Fred has never used wood working tools in his life and has not spent any time learning how to use the tools or what it takes to build a great dresser. Fred rushes in and starts working away, loses interest because he isn’t committed to what he is doing, goes back and muddles around and finally finishes his “dresser” and is left with a worthless pile of ugly wood.

Joe on the other hand takes the time to learn how to wood work, Joe understands the time and commitment that it will take to make the best dresser he is capable of and commits to it with everything he has. Joe takes the tool box and makes a beautiful dresser in half the time it took Fred to make his disaster.

The real value is your skills, knowledge and most important willingness and ability to take action. The money can speed that process up if it is used correctly.

IMO I would not spend any money on Crypto, especially with only 10k in the bank. If you are absolutely dead set on it and no one can talk any sense into you then I would not spend more than a few % of the total money saved. Or even better yet go out and find some jobs you can do, flip stuff on Germanys version of Craigslist and bank an additional 500-1,000 and use that to buy Crypto. When buying stocks and crypto never spend more than you can’t lose and not blink an eye unless you have a serious amount of experience with it and know beyond the shadow of a doubt what to expect. Even then trying to outsmart the markets is a losing game.

As far as coming up with ideas for a business. One thing you need to do is figure out what you like and what you are good at and try to capitalize on that, get out and try different ideas even for a month or two to see how adept you are, try a sales job, try coding, try writing copy, try whatever you think is interesting and see how it goes. You really need to dip your feet in the waters of life just don’t waste too much time on things that don’t move you closer to the goal of having a business.

Another thing that I like doing is get an audio book such as The Millionaire Fastlane and go for a nice walk in a nice area and think deeply as you listen. The act of walking in a nice environment helps start your creative juices. Use your phone and take notes as you have ideas, I have several pages of ideas, most end up being not so great once you go back and read them later but the act of writing them down and reviewing later has really helped me focus better.

IMO, if I were in your shoes I would keep as much as possible in the bank for the time being, maybe 100-200 of fun money if you want. Start working jobs in sales, marketing, learn coding writing, etc. while living with my parents rent free. I use the money form the odd jobs on books/audio books to learn more and learn the right mindset, DDALL listed a ton of great books to start with in the thread linked below.

https://www.thefastlaneforum.com/community/threads/the-chronicles-of-ddall-a-progress-execution-thread-damn-3mg-700knet.52939/

Take additional money earned and set up a budget to make sure day to day necessary expenses are taken care of and save the rest adding to the ~10k in the bank. With only 10k don’t worry about interest or getting returns at this point, save it like your beautiful gold plated tools in the tool box so when you are ready to use them they are there and will help you build something great :)

awesome thanks a lot Mike!! :)
 
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Tommo

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Id househack my first property and eliminate my rent expense.
Unfortunately in Germany the real estate market has not had a lot of growth for a long long time, if it's growth you are after not just accommodation but good idea most other countries.
 

Silver Silk

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If you do decide to invest into crypto don't expect huge gains short term, if your going after a long term approach may put in 300 - 500 dollars and build your port folio with that. Id look at the long term with crypto for sure but I wouldn't go in with a big sum of money. many people got burnt recently with the market correction, I believe the market will bounce back and hit new heights but I wouldn't go all in on it.

Read the classics on money ie think & grow rich, rich dad poor dad, how to get rich by felix dennis, the millionaire next door, tony robbins the giant within, you've already read mjs millionaire fastlane which is a fantastic book.

Keep training for the journey of life, the aim should be to excel in every area, mentally, physically, financially, socially, spiritually and all the rest. Its about having a good life and fulfilling your potential!
 

Lord Business

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1. buy e- and audiobooks for 500
2. downpayment for a rental
3. started learning like crazy
4. when the time comes to start something, use the rental as an collateral (is it the right word?) for a business loan
5. print moneys
6. cocaine and whores
 
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GMSI7D

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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!


start by building your reference library . you will use it for a lifetime

---> at least, if you are serious with your self improvement goal


( if you just want to be a sheep like everyone, just don't care and forget about the library )




it will costs you a few hundreds dollars out of the 10,000 you've got

---> this is not spending money, this is investing money

investing in you, you are your own main ASSET in life
not money in the bank, YOU

money is just a measure of your abilities



you need 3 things , the 3 mega niches of the human life

1) books on wealth :

make sure to own , AT LEAST , a copy of a Jay Abraham book in order to be exposed to his formidable thinking

i suggest this one :

https://www.amazon.com/dp/0312284543/?tag=tff-amazonparser-20




ab.jpg




2) books on health : whatever




3) books on relationship : whatever
 

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