I have $50,000 CAN. HELP ME.

[richter 0]

Hello.

I'm a student currently residing in Canada.

I've just graduated high school. I'm 19.

urr... The reason why i'm writing this message is because I need advice.

 

Here is my situation.

 

I live alone, and i'm paying for a $775 rent. (One Bed, Apt)

I work in a local grocery shop.

In my bank account is $50,000 dollars.

 

.........The problem is, I would like this money to generate some sort of income.

But I've no idea where to invest.

 

I was thinking of purchasing a commercial property of atleast 800sq ft. of space.

Downpay $50,000 and pay off the mortgage by renting it out.

 

or start a business of some sort, under the base of a internet cafe, operating internet marketing, mlm, creating softwares, and with services and etc...

 

But obviously my plans are not realistic at all. I have absolutely no experience in business whatsoever.

 

Most people around me says it would be wise for me to Purchase a Apt W/ 2 or 3 Beds so I won't have to worry about paying rent. But what I would like to do is generate well enough income to pay for my tuition.

 

Could someone experienced in marketing/investing please direct me to a great source that has little risks generating income? Or please give me a great suggestion toward where I should invest this money in. HELP !!!

[MichaelC 160]

richter, my first suggestion is to keep the money safe and secure. Do not go around announcing you have $50K to invest. There will be more people with more ideas telling you what you should do and how they can help. I assure you this will lead to a quick emptying of that account.

Next, take a conservative approach with this money and do nothing in the immediate future. You need to slow down and make an informed decision, not an emotional one.

Let me ask you a question. What is it that you want to do with this money? I know you want it to generate income for you. But, I mean, how? For example, you can invest in real estate while not needing to touch that money. You've seen examples on this board how this can be done. Is this an interest of your's? If not, you'd be well advised to avoid this arena, and pursue your interests. Follow your heart and the money will follow you.

I can tell you that I would advise against buying a commercial property with that $50K. You have no real estate experience. And if something unexpected goes wrong, you have no financial backup since you put all your money down on that one deal. Start small, gain some experience, and you'll be around for another day.

As you noted, "I have absolutely no experience in business whatsoever." Then placing all your money into a new business venture is not a wise move.

or start a business of some sort, under the base of a internet cafe, operating internet marketing, mlm, creating softwares, and with services and etc...

Are these areas you have background in, or a passion for?

The bottom line, as I see it, is to take a step back and slow down. You don't need to make a decision today. Do you? Decide what your interests are in the business world. Decide what your goals are with the money. (Be specific. Saying you want to invest for a profit doesn't help you or anyone else trying to help you.)

Once you do that I think you will know the answer to what you should do with your money.

[Jason (AL) 1]

Could someone experienced in marketing/investing please direct me to a great source that has little risks generating income? Or please give me a great suggestion toward where I should invest this money in. HELP !!!

Keep your $50k where it is.

Use some of it to buy a legit, meat & potatoes course.

I haven't purchased Michael's manual. But I've yet to hear anything bad or negative about it.

It's what....only $97?

 

You can invest with none of your $$$$. Read up on this site as well as other REI sites. Find what you think would interest you and tailors to your personality.

You can get started just by reading the message boards.

 

If you're gonna invest your $$$, invest in yourself.

Don't blow it on anything.

Education seems to be the best investment.

 

What was that quote....?

 

If you think education is expensive, try ignorance..."

 

 

All the best,

Jason

[<Steve> 82]

Ritcher-

 

I think what you are doing right now is probably the smartest thing you can do, and that is asking those who have been around the block and are successful at what they do, like MichaelC, for their experience and ideas. Ultimately though, it is your decision.

 

Not to get off the subject and preach but:

Many would go out and buy that new car or other toy. That 50k can go fast!!! My thinking is if you are tempted to buy a toy, buy an investment property first and let the property pay for the car or toy. When the car, or what ever it is, is paid off, you still have the investment and the cash in the investment.

 

I am not a commercial real estate invester. I hang on the residential side. When I started in REI I was fortunite to have 40k in my bank account. My thinking in real estate was similar to the stock market to deversify and not put all my money into one basket, and putting as little of my own money into each property I purchased. That 40k has turned into 700k to 800k worth of real estate and has been the best thing I have ever done. My wife was able to quit her job and stay with the kids. The goal for me now is to do the same for myself. After studying more, and learning from responsible sites/forums like this one, I know I could have done even better with that 40k.

 

Ritcher, stash the cash. Your at the peak of your learning career in collage. What ever your major, study creative real estate investing also. It may be right for you. Unfortunatly and I am guilty also, many people study and go to collage to get that good job. I can only speak for myself; however, many might agree that "trading hours for dollars" is not finacial freedom. With real estate this can be your vehicle to success and your bank role a step in that direction.

 

Good Luck, and think smarter than the average Joe.

 

OK, I'm off my soap box now.

Steve