You're now in possession of an imaginary $50k, which happens to be your entire net worth.
How will you make this money to work for YOU?
Investing into stock/bonds is out of question. You would need at least a million or two to gain anything in those market(s).
Only three logical choices seems to be:
- spend it on learning something(self-investment)
- use as starting capital for a business/startup
- buy crypto
Am I on the right track of thought?
>People who drive Lamborghinis and jetset around the world did not get there because they “Got Rich Slowly” by investing in mutual funds, clipping coupons, and maxing out their 401Ks. Those techniques are not an effective road to wealth.
He has 50k, and finding a stock that will move $1 over a day/week is not that difficult.. That's one trade, $400.. Now rinse and repeat, youre generating a steady cash flow with simple investment techniques and a small amount of time.
From there you can look into starting other investment ideas such as a business and property.. You're just still making money while you study up on other areas you want to venture into.
Spent $20 a week on lottery tickets and assume you win the lottery before you die. Thats my actual plan.
If you're a first time buyer you can get a conventional mortgage with 3% down. With an FHA loan you can get in for 3.5% down. With an FHA 203k loan you can get in for 3.5% down AND build rehab costs into the mortgage. You can have the seller cover closing costs. You can also get a 2nd mortgage for closing costs if necessary.
>spend it on learning something(self-investment)
That's called an internet connection and it doesn't cost 50k
>use as starting capital for a business/startup
If you have an idea for a business then rent everything, use no more than 10k, if it starts earning any money use the rest to improve.
Yeah, and Avon cosmetics while you're at it.
Make three time deposits of 12k each, for three months each, waiting one month between making each deposit.
Keep the rest of the money in a savings account, use some of it to buy cheap nerdy stuff such as webcam, microphone, graphics tablet, etc., and see how profitable they can become.