I am 19, I have around 100k ready to put into a business. What should I do?

[stefanm]

@bdubs This. Leverage that 100k and buy something like a 4plex. Live in one unit, rent rest. Live nearly rent free. Save save save. Build another business, use home office deduction. Mortgage deduction. PROFIT! Keep in mind, this will kind of tie you down, it’s a long term plan.

 

[bdubs]

@stefanm It is. The values of the properties will only go up as long as you keep them standing and not complete dumps. Sell them all in 30 years and make millions

 

[genericwhitegirl85]

@bdubs I mean again maybe Kansas or something, I get the idea but market is terrible right now for this kind of thing in 90% of cities. Also he’d need another 3-4% for closing costs

 

[bdubs]

@genericwhitegirl85 True. But rents are also up so helps with the higher mortgages. Builds equity too

 

[revkmj]

@genericwhitegirl85 Rochester, NY

 

[caca]

@igortachkent

1. Pick a business you are interested in and have an affinity for and some skills that would be useful in
2. Put your 100k in an index fund and don't touch it again
3. Get a job at the highest quality business in your chosen industry that you can at the highest level you can
4. Work in that business for a few years
5. Get funding to start your own business. Do NOT use your own money for anything more than incidentals
6. Build that business

The biggest mistake you can make is to use your own money with no experience.

If you can't convince anyone to invest in or loan money for your business, you don't have it ready to go.

Otherwise, bootstrap something. Just don't use your own money.

Did I say don't use your own money?

Don't use your own money.

 

[milan45]

@igortachkent You 19 and saved 100k no one here can tell you shit go with your gut. You been right this far.

 

[rj2396]

@igortachkent go to school - you sound British or similar (maths), so this is even more important given the enormous education gap. You are only young once, but you can be stupid forever.

 

[anonyme]

@rj2396 boomer advice, dude is already killing it. Why does he need school

 

[missambitious]

@anonyme To kill it even more? Never too late for school.

 

[paulakiser10]

@igortachkent I think opening a business should be dictated by being enticed by a specific opportunity, not deciding to start a business and then figuring out what you're going to do. Wait for opportunity to present itself. Don't mess it up because obviously it'll cost you a fortune. Continue to get experience in the meantime

 

[sistasali]

@igortachkent College. In a useful technical subject. It has a major impact on your technical skills and future earnings abilities.