What would you do with $5,000...

Spaazkaz · 12-03-2007, 06:29 PM

I have been saving up and recently my savings account got up to 5,000 bucks. Ive never had this much money and Id like to invest it... but i am young and dumb and impulsive. What would you do with it? Any input is appreciated... thanks, -Zack-

dfveteran · 12-03-2007, 07:16 PM

You should invest it into something you already know about, so you can turn a profit. What are you good at and know alot about?

For me, I would buy a small bulk order of digital cameras or mp3 players. Then resell them.

rogercbryan · 12-03-2007, 09:12 PM

Quote:

Originally Posted by Spaazkaz

I have been saving up and recently my savings account got up to 5,000 bucks. Ive never had this much money and Id like to invest it... but i am young and dumb and impulsive. What would you do with it? Any input is appreciated... thanks, -Zack-

Hey Zack, be careful when you tell people that you have $5000 and are young and dumb. There are a lot of people on here who might take advantage of that fact. Hide your weaknesses and shine your strengths. Take your time... I'm not sure how old you are, but $5000 can go along ways towards building a business.. it can also disappear in the blink of an eye.

I started my business in May of 2006 with $6500 that I borrowed.. this year I will do $800K in sales and I have a staff of 9 people. Move slow and keep your eye on the ball.... if you ever have any questions please feel free to send them over. I'd be glad to help you and I have no desire to do anything with your money...

rosshill · 12-06-2007, 07:33 AM

I'd stash $4k in the bank or maybe some popular shares and then brainstorm to see what business ideas you can come up with for $1k. If you lose $1k you'll know what to avoid with the second idea

If you get onto something good on the other hand you'll still have the rest of the cash to boost it up.

BusinessAdviser · 12-06-2007, 10:41 AM

Here's one thing that I've learned:

If you're out there LOOKING for a place to invest or spend the money or for a business to start, you're likely not going to find the best opportunity, because you're putting a priority on time (finding it NOW) rather than quality (finding the best opportunity for my dollar).

When the right opportunity or idea comes along, you'll know it, and you'll know it because it will likely be in an area that you are familiar with and enjoy.

If you just can't wait though, I can certainly tell you that the best place to invest your money for a startup business venture is with me! Haha. Seriously though.

sleighter · 12-06-2007, 10:58 AM

Look into anything health and fitness related.Due to the world obesity problem.Open the news.These business interests will skyrocket .

zoobie · 12-06-2007, 08:30 PM

Great, you have your savings. But be careful where to invest it. If you join affiliates, check them out before giving it a try. Good luck!

starline · 12-09-2007, 12:35 PM

I will sell computer part

radreality · 12-09-2007, 01:04 PM

Quote:

Originally Posted by Spaazkaz

i am young and dumb and impulsive.

How young?
how dumb?
how impulsive?

Age will sometimes limit you, but not most of the time.
Your knowledge will severely impact your success.
Impulsiveness will cause you to make unwise choices.

These are three points that you are aware of, since you said them yourself. I would be EXTREMELY careful with whatever you choose to do, until you have a better grip on those three points. There is nothing wrong with being patient and waiting until you gain more knowledge and have a better understanding about what you want to invest in.

There are tons of options out there. If you don't choose one thing, another thing will come along. There are good opportunities that come every day. Its not about the opportunity; its about you and if you are ready or not.

______________________________
Robert Falk
Business Developer / Investor
Self Help Forum | Business Resources

BusinessAdviser · 12-09-2007, 01:45 PM

Just understand that there's not really such thing as quick and easy cash. Take this as an opportunity to really learn about researching opportunities.

paul2145r · 12-09-2007, 07:22 PM

Well, for $5,000, I can offer you a phone-call consultation on the latest MLM trend out there, that will cost you $10,000 to join in on.

Just kidding. Seriously though- I don't ever recommend telling people how much money you have, and then expecting an un-biased response. As far as starting a business, the first step would be to find a good mentor with experience in whatever field you yourself are interested in getting involved with. The best mentor is one that doesn't have any monetary incentives in helping you. If they are getting paid, then they are a consultant or an employee. In that case- again- be careful who you choose.

Reselling is a great way to make some quick cash, but it is also fairly risky. You can take rosshill's suggesstion and only use some of the money, but that will cut into any profit margins that you are expecting. You have to look at how long it will take you to recoup the money in the event that you lose it. If it's something that you can afford to lose, go for it! There's no better teacher than experience.

sali · 12-27-2007, 02:04 PM

i'm involved many kind of small bussiness e,g mobile phone kiosk,agent for travel agencies,direct selling of ladies handbags etc..i have a lot of idea in bussiness,love to share with others-sali,m'sian.

crackshot22 · 12-27-2007, 07:20 PM

You say young and dumb ? That can limit or affect that desicion of your investment. IF you are a highschool student and you don't have and REAL exspenses then investing is a priority. If you have a cheap vehical and you can put the rest of the money on it ( being a few thous) you might want to do that before investing. If you do not like alot of risk you might consider fixed income securities ( bonds, cds " certified deposit" ) If you need income you can take that money ( interest and use that ) or compund the intrest.
IF you want more risk learn more about stock, real estate, buisness, ect.

But being young put it in something safe and then Research, buy some books on your investment you are looking in to and then take your time making the deal.

Lance_Best · 01-03-2008, 07:26 AM

Take a two week to china. Spend some time networking on line and finding 2 people (manufacture reps) to talk with ever day. Plan you trip, routs, meetings around these people.

Discuss products, pricing, volume discounts, shipping, and order processing. Come back, create a plan for selling/marketing those products. Pay to have a site build and market the heck out of it!

Just my $.02

ltressel · 01-03-2008, 11:53 AM

Quote:

Originally Posted by Lance_Best

Take a two week to china. Spend some time networking on line and finding 2 people (manufacture reps) to talk with ever day. Plan you trip, routs, meetings around these people.

Discuss products, pricing, volume discounts, shipping, and order processing. Come back, create a plan for selling/marketing those products. Pay to have a site build and market the heck out of it!

Just my $.02

Are you kidding me???? He won't have any left of his $5K. You should refrain from suggesting stupid things just so you could find an opportunity to display your signature.

LT