The greatest investment I ever made was buying tools to start a window cleaning company.
The worst investment I ever made was buying a 45k SUV, took me 6 years to pay off.
So I have 40k that I put into a savings account and am planning to use it as a downpayment for a house in the future, problem is that houses around here start at 700k so until I save 30% (200k) i am no where near ready to get into the market.
Im getting impatient of seeing that 40k increase only 1 or 2k a month based on the extra money I save from my window cleaning jobs. How can I take a chunk of that money and double it and triple it over time?
My only thoughts are to go to vegas and gamble. or go to a local bar and bet on nfl games.
Ah, the dilemma of investing: safe investments rarely have good returns, and investments with great returns are never ‘safe’. And vehicles are always a losing proposition, lol.
I would suggest shopping around for a good investment planner. Do tons of research, and avoid any opportunities that sound too good to be true. Watching the show “American Greed” will open your eyes to just how many shady investment brokers are out there, and how convincing they can be.
But I think your greatest opportunity to grow your money is by reinvesting in yourself: by either growing and expanding your current company, or branching out into another business opportunity.
Oh, and I probably don’t need to tell you this, but, “I FORBID YOU TO GAMBLE WITH IT!” Either at Vegas, or on penny stocks!
Don’t ever invest money in the stock market with less than a five-year time frame. You could make 30%+. You could lose 30%+. It’s too volatile in the short-term. Five years or more reduces the volatility, although it doesn’t eliminate the risk. Congrats for saving such a nice amount. Financial self-control is really rare these days.
I have a friend that does the stock market thing, for all the time and discipline he dedicates to that, it sounds like a full time job. he could already have 100k in his savings if he worked $10 an hour at mcdonalds.
Humm, to start with numbnuts don’t usually have 40k.
But I’m surprised that people didn’t just list their wish list from the WCR store. 40K = 5 vans + WFP equipment + New gear for 10 cleaners. You could use that money to expand your business and try and take home a bigger paycheck every year.
But seriously, look up Dave Ramsey, download his podcast and he’ll give you some ideas. He’s also got some recommended local providers for various services including financial advice.
If you’re looking to get into a house in the next few years there’s not much you can do to safely increase your nest egg. Mutual funds are the way to go, but you should really be in them for the long haul (5+years) and you can reasonably expect 12% on a good set up.
well me and my brother (who is a plummber) have this ego battle going on…
he says any monkey can powerwash and any numbnut can clean a window. lol
i told him any pig or dog can dig a whole in the ground.