So I'm making 20k a month
- Thread starter wickid12
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futuremills
Power Member
- Nov 19, 2009
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For anyone wanting to know where to invest money - Learn about Munis issued by local government, they are tax free. Otherwise invest some time into learning the stock market.
Wizgizmo - "If you are smart enough to be making 20K a month then it goes without saying that you should be smart enough to know where to invest it."
Qft
Wizgizmo - "If you are smart enough to be making 20K a month then it goes without saying that you should be smart enough to know where to invest it."
Qft
imo, that's a bad example. nba players cant be compared to internet marketers. nba players dribble the ball to make dough whereas internet marketers promote a product/service. internet marketers have a better understanding of how business works and for someone making $20k monthly, that's no excuse. surely, if you spent so much time developing that campaign you should have the knowledge to know what's worth the investment and what's not.
jus my 2 cents.
mgs
Regular Member
- Apr 7, 2007
- 230
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Yeah I agree with that, we've seen a couple of other threads like this .. I guess the best investment you can do is make an ebook teaching people your method to make 20k per month.. no !?
Anyway, invest on something else in the same time
CSalt2
Power Member
- Feb 5, 2009
- 761
- 362
most of this threads like that the op thinks he can make $20k a month but he still didn't do it maybe you have made $1k now you're thinking oh yea next month im going to make $20k and coming here asking this questions get the money first
I think you figured it out lol....:slap:
callmelucid
Regular Member
- Feb 15, 2009
- 487
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i was thinking about muni's too in my area (california) but then i started thinking what if california cities declared bankruptcy and defaulted on all their debts? i would be f'ed. its a great deal if you know you are going to get the money 100%
Krazy Kitty
Regular Member
- Feb 11, 2008
- 383
- 158
One word : plastics.
Absolutely not.
Look at all the people who come into money and then blow it: American Idol winners and Pro athletes come to mind. Oh, and people who become rockstars.
Managing money is COMPLETELY different from earning money.
COMPLETELY.
TheTRUTH
Regular Member
- Oct 1, 2008
- 344
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I skipped a fair number of the responses above...I've made what you make for many years now from my offline business - I have the opposite problem you do - I have come to be bored with my offline stuff and I am trying to generate the same $$$ online.
So you are making $20K/mo. Let's break that down. I don't know what your monthly expenses are but let's assume $5000 (probably high).
You also need to save 40% for taxes (unless you were smart enough to set up a S-Corp properly) - so that's another $8000.
That means you have $7000 free and clear every month.
Here is what I would do - sit on it.
When you have $150,000 or so - invest in commercial rental property with property management. You will not make much monthly - but long term it will pay off.
The next time you have $150,000 put it into a completely different area - for example, buy index funds, dollar cost averaged over time (ie, buy this as you "save" the 150K, instead of all at once)
The next time - go for something high risk.
Keep repeating those three - and retire early. Some will pay off. Some will break even. Some will fail.
So you are making $20K/mo. Let's break that down. I don't know what your monthly expenses are but let's assume $5000 (probably high).
You also need to save 40% for taxes (unless you were smart enough to set up a S-Corp properly) - so that's another $8000.
That means you have $7000 free and clear every month.
Here is what I would do - sit on it.
When you have $150,000 or so - invest in commercial rental property with property management. You will not make much monthly - but long term it will pay off.
The next time you have $150,000 put it into a completely different area - for example, buy index funds, dollar cost averaged over time (ie, buy this as you "save" the 150K, instead of all at once)
The next time - go for something high risk.
Keep repeating those three - and retire early. Some will pay off. Some will break even. Some will fail.
bmac
BANNED
- Dec 26, 2006
- 411
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I can tell you from personal experience that investing on offline businesses is not always the best idea if you are not experienced in running businesses. I have been in about every type of business you can think of from car dealerships to bars and while online businesses not not always stable they have one key element that make them a good investment and that is lack of fixed overhead.
I owned a bar for several years and most months I would make $10k to $20k in profits on about $100k a month in revenues but I had $60k a month in fixed overhead. The problems come in when you have a down turn or just a slow few months. With that kind of overhead if your sales are off you can quickly loose a lot of money. With the online businesses when you have a bad month you might not make a profit but at least you dont loose $20k.
And on the franchises that someone mentioned I have owned several of those and several have been some of the biggest and the franchiser is the one that makes most of the money and not the operators.
Real estate is not going to make you rich overnight but it is safe and not a bad investment but find a good financial advisor and he will make you 20% a year on your money.
I owned a bar for several years and most months I would make $10k to $20k in profits on about $100k a month in revenues but I had $60k a month in fixed overhead. The problems come in when you have a down turn or just a slow few months. With that kind of overhead if your sales are off you can quickly loose a lot of money. With the online businesses when you have a bad month you might not make a profit but at least you dont loose $20k.
And on the franchises that someone mentioned I have owned several of those and several have been some of the biggest and the franchiser is the one that makes most of the money and not the operators.
Real estate is not going to make you rich overnight but it is safe and not a bad investment but find a good financial advisor and he will make you 20% a year on your money.
NewWayInvest
Junior Member
- Sep 29, 2009
- 106
- 34
you must be crazy.
greyhatdude
Regular Member
- Sep 13, 2008
- 377
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I mean no disrespect and I am not an expert, but I'm going to say a lot of things that are contrary to what others have said. I'd say you need to lock-down your future and not gamble. $20k per month is nothing to sneeze at but it's not enough of a nest egg to assure that you will always be comfortable, so you need to use the money as a tool to ensure that you will always be secure. I personally would definitely stay the hell out of the stock market and not invest in real estate. The market has not hit bottom yet and a recovery is not assured. Total economic collapse, dollar devaluation, and defaults on national debts are realistic possibilities that governments are trying to avoid. The unemployment rate is almost equal to the unemployment rate of the great depression, and that number is low because they stop counting people as unemployed when their unemployment benefits run out. This should freak you out.
(a) Buy a house that you can pay off quickly. Pay cash if possible. Do not think of your first house as an investment, think of it as an insurance policy. It can ensure that you will always have a roof over your head no matter what. (Well, almost no matter what.) I personally think that buying a house is pointless if it doesn't ensure some degree of safety and stability in addition to comfort - if you can't grow (some) food on your land or live in your house without electricity, then it is not much of an insurance policy. If you think you're not ready for a house, buy a camper/RV and some cheap land meant for RV vacationers. You can actually buy both of those things for less than $20k if you are frugal, resourceful, and buy used. Don't invest in speculative real estate until after you invest in a home. (b) Pay for an education to learn the skills you need to take yourself to the next level. Assume that you will never have the money to hire any employees to take you to that level, and it should become apparent what skills you need to learn. YOU are your best and safest investment and investing in yourself will always give you the biggest ROI. (c) Buy the tools you need to take yourself to the next level. That usually means at least one server, no matter what you're doing online. If you're transitioning to the offline world then you need material goods and supplies. (d) Last, but not least, plan for the next step. You're making 6 figures. What do you have to do to take it to 7 figures? Are you going to scale up or switch to something different? Map it out - all of it. I would not consider relaxing until I had 7 figures in savings, and you already know I wouldn't invest it in real estate or the market. Don't put all your eggs in the same basket - do some business offline and emulate the most successful people. You need to read magazines like Fortune and Worth to get a glimpse of what they do, and then relate it to your own skills and capabilities.
(a) Buy a house that you can pay off quickly. Pay cash if possible. Do not think of your first house as an investment, think of it as an insurance policy. It can ensure that you will always have a roof over your head no matter what. (Well, almost no matter what.) I personally think that buying a house is pointless if it doesn't ensure some degree of safety and stability in addition to comfort - if you can't grow (some) food on your land or live in your house without electricity, then it is not much of an insurance policy. If you think you're not ready for a house, buy a camper/RV and some cheap land meant for RV vacationers. You can actually buy both of those things for less than $20k if you are frugal, resourceful, and buy used. Don't invest in speculative real estate until after you invest in a home. (b) Pay for an education to learn the skills you need to take yourself to the next level. Assume that you will never have the money to hire any employees to take you to that level, and it should become apparent what skills you need to learn. YOU are your best and safest investment and investing in yourself will always give you the biggest ROI. (c) Buy the tools you need to take yourself to the next level. That usually means at least one server, no matter what you're doing online. If you're transitioning to the offline world then you need material goods and supplies. (d) Last, but not least, plan for the next step. You're making 6 figures. What do you have to do to take it to 7 figures? Are you going to scale up or switch to something different? Map it out - all of it. I would not consider relaxing until I had 7 figures in savings, and you already know I wouldn't invest it in real estate or the market. Don't put all your eggs in the same basket - do some business offline and emulate the most successful people. You need to read magazines like Fortune and Worth to get a glimpse of what they do, and then relate it to your own skills and capabilities.
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rocsk79
BANNED
- Sep 23, 2008
- 409
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LOL.........offline business is not stable. most business' fail in the first 5 years.
plus online business requires little to no capital.
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