Let’s say a magical fairy hands you $10k each month…lol, that you may stop receiving after a few years. How could you build a business or invest that money so that it becomes a reliable income? And you have zero schooling, just starting from scratch. E-commerce? Buy a food truck? Day-trading? Real estate? What would you do if you were starting from zero and this is all you had? Sorry for the stupidity of this question!
I’d probably get back into renting cars out on turo
First, buying property, convert to HMOs and get tenants in asap. After the first year, re-mortgage and buy another property, do the same. Should now have enough income from the properties to be self sufficient. Possibly even £4,800 gross per month assuming 4 tenants per property (8 in total) and each paying £600 per/m.
Whilst the 10/15k is coming I’ll keep buying property, converting to HMO and re-mortgaging. I may be inclined to do some ‘3 bed family homes’ too to help diversify and get some long term tenants.
The goal here is to become self sufficient and earn my own £10k or so per month once the free cash ends.
With extra cash, I would look to invest in businesses, and create some sort of online business. Maybe online course related s this can scale easily up to £40k per month or so, NET. But also I would take a ton of courses in online marketing and trying to understand business more to the best I can. I want to be more knowledgable than the competition.
Now that I’m self sufficient and should have around at least 50k in per month. Time to move to Dubai, setup a company there. Base myself there so that I mitigate tax costs. But also a great place for networking and becoming even richer.
Once I’m bloated with cash, probably return to the UK, buy a super lush property of a few million and basically retire early; all with passive income. Maybe even buy or start up a lettings agency so that I can do all the property management stuff in-house and save further.
I think the point is, once you get an initial bit of self sufficiency which would enable you to purchase property to let, then you’re sorted in life.
This is a shit plan. Or written in 2012. Mortgage rates are sky high right now and property values somewhat stagnating.
Thank you!
I would invest it into my software and get more developers and 10,000x it
I would do real estate! Or digital marketing! I do both! :)
It sounds like you lack both original ideas and experience. I’m not trying to be mean, just calling it as I see it.
If you want to get into the business world the best education you can get is getting a job at a startup/early stage company. You’ll get experience in range of aspects of running a business whereas in a regular job you tend to be stuck in a narrow tightly defined role.
In my previous startup my first ten employees were kids straight out of university and a majority of them were either promoted internally to senior roles as the company grew or left to work in senior positions in other companies - some starter their own businesses.
That being said none of those kids were “normal”. They were either highly intelligent, unusually creative, or driven AF. Often a mixture of the three.
At only 10-15k a month, I don’t understand why your post mentions “temporarily” because wage-ies that make 6 figures make that on a monthly basis. I don’t think this figure is anything special.
My word of advice: people who are shilling real estate right now probably aren’t making good returns.
Can confirm. Lots of empty office buildings around. And anyone who has a balloon payment coming up in the next 24 months is sweating big time.
There are always good deals to be found on real estate if you are patient and cautious, but broadly speaking, this is not the time to be taking out a commercial mortgage, if you can even get one.
I think that the best investment is to invest in yourself.
Git gud and you will earn more.
Bro if you’re making 10k a month, you’ll know what you need to do next to double it. There is no magical fairy that will drop 10k in your lap without you having any idea what you did to get it or what your next step is.
Man just accumulate money and invest it wisely if you want to play safe . If you are a risk taker you can easily start any business you like simple I my case i will surely go for 2 option my dreame startup
Wait so you guys are getting 10k-15k a month from magical fairytale hands… Without me :(
I’d put 1-2k into starting an ecommerce, test some marketing strategies and once I see it works I’d invest the rest on ads.
Shits hard :( lost over $6k on dropshipping, trying to master Facebook ads. I’m tempted to try again but that’s a lot of money.
I would say just put it into s&p and just enjoy the modest return, because other ideas require a fairy tale person that is willing to at least learn something, or show that they’ve ‘taken an interest’ in something. this fairy tale person literally has done zero with their life and shouldn’t own a business or come into the conversation until they’ve done some homework.
Real estate is always a good business.
But it can also be so many things - depends what you wish to achieve - may be you already have a company or an idea, so invest the money in developing the ideal product.
Buy shit to rent out. Trucks, vans, trailers, construction equipment, recreational equipment like kayaks or rv’s and shit. Just think of things you or your friends and family may have rented in the last couple years.
I’d earn the money before wondering what to do with it.