What would you do with $10K?
- Thread starter goodington
- Start date
Mig Picante
Woodpecker
Buy a motorbike
Castle Rustler in regards to what you no doubt sarcastically wrote about Venezuela, assuming you don't get shot or stabbed or kidnapped (decent chance of these things happening) you will definitely return from Venezuela with the possibly the best memories you would ever have.
Goodington in regards to your question most side business that you could do with only $10,000 would be competitive as fuck. Its easy to look at some of the clever guys on Rooshv that have started internet business with minimal capital and are making decent bank, but for every one of these guys there are 100 other internet guys that failed. That is the reality of the situation. Don't be fooled into thinking making decent internet income is easy or achievable for the average Joe.
Personally my view would be invest some time (reading, paper trading, etc) learning to become an "active" investor in the stock market and pick some individual stocks to back. If you are successful the extra return on $10,000 won't make that much difference to your life but no doubt in coming years you will have more money to invest and it will start snowballing.
I realize you have a retirement plan but this investment money should be separate because a retirement plan cannot be touched until old age, whereas if you invest your money in your normal personal account you can spend some of the returns/dividends 5 or 10 years down the track when you have amassed a decent stock portfolio. Personally I think becoming a successful "active" stock market investor still has some risks but its way easier to achieve then creating a decent side hustle business.
Goodington in regards to your question most side business that you could do with only $10,000 would be competitive as fuck. Its easy to look at some of the clever guys on Rooshv that have started internet business with minimal capital and are making decent bank, but for every one of these guys there are 100 other internet guys that failed. That is the reality of the situation. Don't be fooled into thinking making decent internet income is easy or achievable for the average Joe.
Personally my view would be invest some time (reading, paper trading, etc) learning to become an "active" investor in the stock market and pick some individual stocks to back. If you are successful the extra return on $10,000 won't make that much difference to your life but no doubt in coming years you will have more money to invest and it will start snowballing.
I realize you have a retirement plan but this investment money should be separate because a retirement plan cannot be touched until old age, whereas if you invest your money in your normal personal account you can spend some of the returns/dividends 5 or 10 years down the track when you have amassed a decent stock portfolio. Personally I think becoming a successful "active" stock market investor still has some risks but its way easier to achieve then creating a decent side hustle business.
I always say I will buy chopper bike when I had extra money I don´t need. So that´s it.
LINUX said:
If you lose a dollar, you can always earn it back.
But if you lose a minute, you can't get it back.
goodington said:
I thought your post was a little silly when reading the OP, but it's gotten ridiculous after you've shot down pretty much everyone's suggestions of travel, fashion, crypto, etc. Essentially, what you're asking for is the secret to taking a very small amount of upfront capital, not work very hard at it and stack cash. Keep on dreaming if you think anyone - especially strangers on the Internet - are going to give you the keys to a unicorn business like that.
In all likelihood, even if you found some sort of side business that only required $10k, it'd probably take time and revenue away from your 9-5 or your other small business that's pulling in decent cash. Want something passive? Stick it in an energy MLP or a solid REIT like OHI which is yielding 8%+. Reinvest all dividends and in 10 years, you'll see your share count at least double with whatever capital gains come along in the process.
rorochido1
Sparrow
goodington said:
Was the suit bespoke, custom, or off-the-shelf? Just wondering.
rorochido1
Sparrow
BostonBMW said:
In the film Looper, invest in China!
goodington
Robin
booshala said:
I certainly didn't shoot down everything, or at least didn't want to imply that I was; trading crypto and buying an existing website seem like potentially good ideas that warrant further investigation, as does some sort of online shopping business if I can identify an underserved market. I'm willing to take a chance on something high risk in weird niche that could benefit from being managed by a guy like me with good business acumen. In many industries there's room for many small fish, so we're not necessarily competing against each other by sharing info.
My side business is basically a small, unscalable unicorn, but anyone could do it themselves. I'm just not disclosing it to help protect my identity.
The suit was off the rack, although I had to get the pants let out slightly so they would fit just right. No name brand, slim fit.
First and foremost I would put 100% of it towards whatever debt I have.
LINUX said:
Bang on the money. Boom.
Guys, always go for experiences over material things.
Linux is wise, and has worked that out. These moments are truely what life is all about.
Fuck buying a watch, gadget or suit for that coin, grab those life moments.
Tried to rep Linux, but of course I already had a long time ago.
RDF
Woodpecker
In the OP, you never really clarify exactly whether this $10k is basically your entire bank account savings, or whether you just had an additional $10k windfall that you're now willing to spend entirely.
If it is indeed simply the amount you have in your savings account, I need to stress this - $10k is NOT a lot of money. Assuming you don't live like a priest, it is not even close to a year of life expenses, probably less than 6 months. You mentioned you have kids. That makes this doubly so, since if things suddenly go south at your job or business, you have zero safety net not only for yourself but also for your children. I'd be terrified in that position
Trading crypto and starting another side business can both be great ways to make more money, but they have risk associated with them. Risk-free trades and risk-free businesses do not exist. That is a fact. If you have a family, it is extremely unwise to throw your entire savings account on a venture like that.
It's your call, but if you don't have more of a cushion than $10k, I would keep the money invested in safe ETFs and some in cash. If you do have a bigger cushion, then there's a lot of great advice already in the thread.
If it is indeed simply the amount you have in your savings account, I need to stress this - $10k is NOT a lot of money. Assuming you don't live like a priest, it is not even close to a year of life expenses, probably less than 6 months. You mentioned you have kids. That makes this doubly so, since if things suddenly go south at your job or business, you have zero safety net not only for yourself but also for your children. I'd be terrified in that position
Trading crypto and starting another side business can both be great ways to make more money, but they have risk associated with them. Risk-free trades and risk-free businesses do not exist. That is a fact. If you have a family, it is extremely unwise to throw your entire savings account on a venture like that.
It's your call, but if you don't have more of a cushion than $10k, I would keep the money invested in safe ETFs and some in cash. If you do have a bigger cushion, then there's a lot of great advice already in the thread.
goodington
Robin
RDF said:
In my case it's a windfall, or more accurately a portion of general savings built up over time. We have about $60K in various investments and cash that could be liquidated in case of job loss or an emergency. My inclination was to simply plow most of the cash into the stock market (ETFs) but having a slightly larger brokerage account isn't all that satisfying, and with current valuations it's not necessarily a good way to make outsized profits either. Hence why I made the original post!
Gradient
Kingfisher
goodington said:
He said, "...pretty much everyone's suggestions." And that included suggestions that would add value to the lives of your family. You didn't even mention booshala's other suggestions, which while not exciting, are good investments for their future value.
According to your answers - You've done all the traveling with all the hotties, and are already making all the investments you need, and have every physical object that you that you could desire. That's a lifestyle that many would kill for. Congratulations.
Perhaps you should consider charity. Choose 5 local charities, food banks, children's homes, or abused animal shelters, and give them each $2k. That money that you're will to toss away on a website selling fidgit spinners or some shit, will be vastly more appreciated and better used by properly run charitable organizations. (And you even get a tax break if they are 501s)
But in line with your other responses, I'm guessing that you already give 20% of your income to charities.
You know $10K will buy a lot of powerball tickets!
OP here's a serious answer. I would use the 10k and buy shares of BP, Shell (RDS.B) and Oxy. BP and Shell yield 7% dividends and Oxy is 5%. These are some of the biggest and most stable oil companies in the world, and their stock price will go up with the price of oil. You can cash the fat dividend checks while waiting for the price of oil to go up. Their stocks are super cheap right now compared to their all time highs.
Or you can go riskier and put some money into AMZA (MLP ETF). Dividend is around 20%.
I have money in all of the stocks listed above and have been happy with the results so far. Oil is a necessary commodity and isn't going away anytime soon. Oil prices have been at historic lows for years and in my opinion will only go up from here. There's not much else you can do with that 10k that will get you rich since it's not a large sum of money.
Or you can go riskier and put some money into AMZA (MLP ETF). Dividend is around 20%.
I have money in all of the stocks listed above and have been happy with the results so far. Oil is a necessary commodity and isn't going away anytime soon. Oil prices have been at historic lows for years and in my opinion will only go up from here. There's not much else you can do with that 10k that will get you rich since it's not a large sum of money.
