Would you quit your job if you had 200k savings in 2020?
- Thread starter NapoleonDynamighty
- Start date
Hello All, i'm a newbie here and couldnt open a new thread about this. Everything i've read here was pretty informative though.
A bit of background;
Turkish guy, 32 years old, working on cruise ships since 2011(just finished paying family's debts),worked in alaska for the cruise season. So far i've got 10k USD cash. My monthly earnings range from 3k-4k USD with no rent.
My job is to sell diamonds to customers on cruise ships or in alaska when cruise ships dock. Although i got a bit too much into it, went to indonesian/african diamond mines, bought/sold rough/polished diamonds with little success(i had lack of knowledge how trade works).
I would like to live in Turkey in the future(lets say after i reach 40 y/o) for low cost of living due to dollar-lira ratio. Although that is only possible with USD income(or any other foreign currency really).
Here are some plans that i was thinking about;
-Invest in a diamond mine in indonesia; needs about 20k USD to buy the machinery(dredge basically) which will hasten the process of recovering diamonds. Profits go %40 to me, %40 to miners, %20 to land owner. A local guy will supervise the mine. Even though i bought rough diamonds from him,i have doubts that moment i leave the country, i wont get accurate results of production(or if they will be honest with what they find). Supervisor is a local diamond trader with many buyers and references.
The issue here is that im not investing in a company since its a small mine. Lets say if something happens,i dont have any legal claims.
Potential profits= well, if something big is found, i can get 10x of my money in a day.
-Invest in brazilian diamond exchange; that is tricky. I dont know the guy but we have mutual friends. He promises %18-35 ROI in a year(brazil has the largest amount of colored diamonds in the world which increases massively in value). Minimum investment is 4000 USD. Never visited them in real life though.
-Invest in an entirely new diamond/gold mine in Sierra Leone; For this, i need to save up 200.000 USD. This project will be headed by an extremely experienced american gemologist who lives in Sierra Leone(originally from baltimore tho,vietnam veteran) since 1994, married with a local, he was a consultant to many big jewelry companies in NYC to procure their rough diamonds. This project is legally supported by Sierra Leone government as well. I did some trade with him and he's VERY trustworthy and no bullshit guy.
Daily expenses will be covered by daily gold recoveries from the river and nothing can be mined during high season where rivers flow. Basically mining season is about 5-6 months in a year or so.
Potential profits; Massive since they found big diamonds in that area last couple years. But it can be nothing as well. I will need to be present for the first few months until we finish prospecting the area, building tents, machinery etc. Then i can get out of the country and chill.
-Invest in airbnb rentals; I intend to live in Capital(born and raised also) of Turkey, a city about 5 million people. Airbnb goes about 20 usd per night here. There's little tourism, but quite a few comers and goers for government related business,etc. 1 bedroom apartments are about 25.000 USD, Studio apartments are same, 2-3 bedroom apartments can be found for 30.000 USD or so. Advantage is, government doesnt charge tax on airbnb.
Another option for airbnb can be found Budva(montenegro) for about 25-30k euro apartments are available for airbnb rentals. Downside is; its seasonal tourism. Only in summer. There are companies which can take care of those airbnb's for you for about %20 fee.
-Invest in a bank and get interest; So far I've found georgia and azerbaijani banks give about %10 interest yearly. To be honest though,i dont know much about it.
-Invest in businesses; I have found quite a few food businesses(local) primarily which is small, but has potential to grow. Invest in those and get paid dividends every month or so.
Alternatively,i can open a manning agency here and send people to cruise ships. I will get paid when they finish their contracts(6 months) and its contingent of me getting authorised by cruise companies. I plan to do this as an additional income thing, basically not to get bored. Turkey's potential is massive about this(a lot of young people are unemployed, dollar is lot more valuable,etc).
My aim is to get 3-5k USD income. If it can be passive,even better.
Until i reach 40,i aim to have about 100k-120k USD or so.
Any other recommendations on what to do?
Thanks everyone for answers,
A bit of background;
Turkish guy, 32 years old, working on cruise ships since 2011(just finished paying family's debts),worked in alaska for the cruise season. So far i've got 10k USD cash. My monthly earnings range from 3k-4k USD with no rent.
My job is to sell diamonds to customers on cruise ships or in alaska when cruise ships dock. Although i got a bit too much into it, went to indonesian/african diamond mines, bought/sold rough/polished diamonds with little success(i had lack of knowledge how trade works).
I would like to live in Turkey in the future(lets say after i reach 40 y/o) for low cost of living due to dollar-lira ratio. Although that is only possible with USD income(or any other foreign currency really).
Here are some plans that i was thinking about;
-Invest in a diamond mine in indonesia; needs about 20k USD to buy the machinery(dredge basically) which will hasten the process of recovering diamonds. Profits go %40 to me, %40 to miners, %20 to land owner. A local guy will supervise the mine. Even though i bought rough diamonds from him,i have doubts that moment i leave the country, i wont get accurate results of production(or if they will be honest with what they find). Supervisor is a local diamond trader with many buyers and references.
The issue here is that im not investing in a company since its a small mine. Lets say if something happens,i dont have any legal claims.
Potential profits= well, if something big is found, i can get 10x of my money in a day.
-Invest in brazilian diamond exchange; that is tricky. I dont know the guy but we have mutual friends. He promises %18-35 ROI in a year(brazil has the largest amount of colored diamonds in the world which increases massively in value). Minimum investment is 4000 USD. Never visited them in real life though.
-Invest in an entirely new diamond/gold mine in Sierra Leone; For this, i need to save up 200.000 USD. This project will be headed by an extremely experienced american gemologist who lives in Sierra Leone(originally from baltimore tho,vietnam veteran) since 1994, married with a local, he was a consultant to many big jewelry companies in NYC to procure their rough diamonds. This project is legally supported by Sierra Leone government as well. I did some trade with him and he's VERY trustworthy and no bullshit guy.
Daily expenses will be covered by daily gold recoveries from the river and nothing can be mined during high season where rivers flow. Basically mining season is about 5-6 months in a year or so.
Potential profits; Massive since they found big diamonds in that area last couple years. But it can be nothing as well. I will need to be present for the first few months until we finish prospecting the area, building tents, machinery etc. Then i can get out of the country and chill.
-Invest in airbnb rentals; I intend to live in Capital(born and raised also) of Turkey, a city about 5 million people. Airbnb goes about 20 usd per night here. There's little tourism, but quite a few comers and goers for government related business,etc. 1 bedroom apartments are about 25.000 USD, Studio apartments are same, 2-3 bedroom apartments can be found for 30.000 USD or so. Advantage is, government doesnt charge tax on airbnb.
Another option for airbnb can be found Budva(montenegro) for about 25-30k euro apartments are available for airbnb rentals. Downside is; its seasonal tourism. Only in summer. There are companies which can take care of those airbnb's for you for about %20 fee.
-Invest in a bank and get interest; So far I've found georgia and azerbaijani banks give about %10 interest yearly. To be honest though,i dont know much about it.
-Invest in businesses; I have found quite a few food businesses(local) primarily which is small, but has potential to grow. Invest in those and get paid dividends every month or so.
Alternatively,i can open a manning agency here and send people to cruise ships. I will get paid when they finish their contracts(6 months) and its contingent of me getting authorised by cruise companies. I plan to do this as an additional income thing, basically not to get bored. Turkey's potential is massive about this(a lot of young people are unemployed, dollar is lot more valuable,etc).
My aim is to get 3-5k USD income. If it can be passive,even better.
Until i reach 40,i aim to have about 100k-120k USD or so.
Any other recommendations on what to do?
Thanks everyone for answers,
kel said:
no,indonesia is very recent.
Cruise ship retail is one of the fastest growing industries in the world(also cruise ship industry in general, about %20 each year), and i get to meet vendors, sometimes represent their collections onboard,etc.
But i prefer to quit that lifestyle at one point,hence the reason why im looking for something else.
do you have any valuable insights?
kel
Ostrich
Unfortunately, no. I've been wanting to get a passive income stream going for a long time and I want to start up an (active) business, but I've been busy and my "real" job is nice enough that I've been able to not prioritize it. I read threads like these with interest, though, to get the juices flowing for myself. The risk and "fuzziness" of these things seems daunting to me - visiting mines, trying to judge whether people I don't know are trustworthy with large amounts of my money, sorting through scammers, etc. I'm a tech/science guy, I like clean mathy things that fit in a database, but I know you don't get to be independent like that.
its less glamorous than it sounds like.
indonesia is safe,but people can be tricky and few knows how to do *western* style business.
in africa, you have to deal with safety issues+corrupt government+uber super high licences and all bunch of other shit.
difference is,in africa you get better diamonds.
It is possible to make money out of those if you are an established investor who can handle that kind of loss of money(in case things go wrong).
indonesia is safe,but people can be tricky and few knows how to do *western* style business.
in africa, you have to deal with safety issues+corrupt government+uber super high licences and all bunch of other shit.
difference is,in africa you get better diamonds.
It is possible to make money out of those if you are an established investor who can handle that kind of loss of money(in case things go wrong).
The Resilient
Ostrich
with my plan to settle down in the next couple of years, I'll need exponentially more than that to have 3 kids and a wife that i'd prefer to only work a part time job vs being a career woman. 200k would be a drop in the bucket. Back when i owned a trucking business (small 2 truck power only capacity) I could blow through 200k like it was nothing.
New Engine ? Used cheapest Caterpillar engine that i wanted was 12k...
200k would go quick especially if you have a family. Bump the number to.....700k and i think i could maybe make it work for about 10 years
New Engine ? Used cheapest Caterpillar engine that i wanted was 12k...
200k would go quick especially if you have a family. Bump the number to.....700k and i think i could maybe make it work for about 10 years
KYT88
Robin
I have experience in hiring unskilled workers in Indo and it can be very challenging if you are not on site or have some one trusted to manage the site. If you are paying the workers a daily rate with a commission to find stones be aware that they will often be poached and they won’t have any loyalty to one location. Also in a few months it is Ramadan and they expect double pay that month
KYT88 said:
thanks for the insight. Very appreciated.
Our agreement(anything that comes out from the mine and sold) is %40 me, %40 workers, %20 landlord. A guy that i did some trade(local) suggested that he wants to do the daily operations of the mine.
Any way to ensure smooth operation?
KYT88
Robin
I would be hesitant if it was me personally and I couldn’t be onsite to manage the operations.
If you look back at the Kimberly mines that CR opened up and the ingenious ways the miners were secreting out the rocks and they had overseers and inspectors to check them coming in and out, internal searches etc.
If you are remote managing the operation you will have none of the capabilities to monitor the workers let alone the overseers in charge of looking after the site.
I guess your landlord would be BDI, do they force you to use a particular channel when selling your diamonds? Are you able to hold or do you have to sell immediately?
If you look back at the Kimberly mines that CR opened up and the ingenious ways the miners were secreting out the rocks and they had overseers and inspectors to check them coming in and out, internal searches etc.
If you are remote managing the operation you will have none of the capabilities to monitor the workers let alone the overseers in charge of looking after the site.
I guess your landlord would be BDI, do they force you to use a particular channel when selling your diamonds? Are you able to hold or do you have to sell immediately?
i actually doubt BDI will be the landlord.
When i met traders there, it looked to me that they have their own land and own mines(i visited few, small though) and they are very organised. Most of the buyers are indian with few aussies/jews.
apart from cempaka mine which is now a tourist attraction, i've seen independent places too.
When i met traders there, it looked to me that they have their own land and own mines(i visited few, small though) and they are very organised. Most of the buyers are indian with few aussies/jews.
apart from cempaka mine which is now a tourist attraction, i've seen independent places too.
worldtraveler3
Kingfisher
Why u don’t buy the mine
KYT88
Robin
You can own land in Jeju Island(South Korea), Batam(Indonesia) both Freeport status along with a few other places with various levels of restrictions.
The easiest way of ownership is to lease the land, when I acquired a farm in Bali the “purchase” was a 25 year lease with option to extend at the end of the period. It was very straightforward but if you looking to extract resources below ground I think there are other ways it can be done without having to own the land either
The easiest way of ownership is to lease the land, when I acquired a farm in Bali the “purchase” was a 25 year lease with option to extend at the end of the period. It was very straightforward but if you looking to extract resources below ground I think there are other ways it can be done without having to own the land either