LiveHappy
New Contributor
I was telling a colleague a couple of days ago that I believe any of us can do anything we really put our minds and focus to. So today he challenges me to make 10k outside of my w2 job by next Sunday 10/23. I would be able to use any resources I currently have. I accepted the challenge.
Wow this is a doozie! I have had conversations with myself about this all day long...
-First, I started thinking of what I have going on right now and how I would have to put that on hold. I am reading a book called "Building Wealth one House at a Time". I want to learn how to rent out a properties to I can live in a duplex and rent the other side.
-Second, I started thinking of all kinds of possibilities of accomplishing this. Throwing out any ideas that would take too long. One of the first I thought of was buying from alibaba and selling on eBay, as I read a thread here about that and it seemed like a good way to make money - but shipping takes way to long. I really like how this has been making me think and the sense of urgency.
-Third, I started to think of my resources. I have a 401k, what if I pulled out money to buy approx 5-6 used cars around 4-5k each. If I made a 1,500 to 2,000 profit on each that may get me there. I have a friend who used to have his own car lot and agreed to look over the purchases with me if I made them and before I made them. He lives here but was in the car business out of state, so he is not in it right now nor familiar with the market so thats kind of a bummer, but he has a heck of a lot more experience that I do - which is none in car sales. I am in furniture retail.
-Fourth, I started to consider not doing the challenge after all.
-Is it going to sidetrack my plan? My plan is to start a business as soon as possible. What I know best is furniture but that requires a lot of capital to start a retail store. And I also know have heard about a book that is on my to-read list - the e-myth. I am a manager in Furniture retail, not the owner - I still have so much to learn. So since I have a lot to learn and not enough starting capital, my plan Is to raise capital and learn as much as I can. i.e. one of the books I am reading right now is also an accounting text book I got from my sister who Is in business school.
-I am also planning on moving into a duplex so I am already reading a real estate book and feeling that I am getting side tracked a bit and not working on my dream. So in terms of taking a week to learn about car flipping which isn't a business model I was looking to pursue anyway - I prob should do it if it means I get 10k, which however brings up the next thought...
-Is this a pitfall? Is it wise to risk money on something I have not studied much? I would much rather test the market and my decision making one car at a time, so if I make a mistake I minimize risk to one car. If I screw this up I could risk making the same mistake on all 5-6 cars and loosing the money I plan to use to start a business.
1. Should I continue with the challenge?
2. If, so do you think the car flip is a good idea or do you have any other ideas?
3. Has anyone ever borrowed from their 401? If so is that even a good idea, or could I even get the money within a day or two?
I apologize for the cliche question, I have looked for and found another thread about a 10k challenge in a month, if I decide to go forward, I will be taking action and keeping everyone posted... Any advise would be greatly appreciated... Thank you!
Live Happy
Wow this is a doozie! I have had conversations with myself about this all day long...
-First, I started thinking of what I have going on right now and how I would have to put that on hold. I am reading a book called "Building Wealth one House at a Time". I want to learn how to rent out a properties to I can live in a duplex and rent the other side.
-Second, I started thinking of all kinds of possibilities of accomplishing this. Throwing out any ideas that would take too long. One of the first I thought of was buying from alibaba and selling on eBay, as I read a thread here about that and it seemed like a good way to make money - but shipping takes way to long. I really like how this has been making me think and the sense of urgency.
-Third, I started to think of my resources. I have a 401k, what if I pulled out money to buy approx 5-6 used cars around 4-5k each. If I made a 1,500 to 2,000 profit on each that may get me there. I have a friend who used to have his own car lot and agreed to look over the purchases with me if I made them and before I made them. He lives here but was in the car business out of state, so he is not in it right now nor familiar with the market so thats kind of a bummer, but he has a heck of a lot more experience that I do - which is none in car sales. I am in furniture retail.
-Fourth, I started to consider not doing the challenge after all.
-Is it going to sidetrack my plan? My plan is to start a business as soon as possible. What I know best is furniture but that requires a lot of capital to start a retail store. And I also know have heard about a book that is on my to-read list - the e-myth. I am a manager in Furniture retail, not the owner - I still have so much to learn. So since I have a lot to learn and not enough starting capital, my plan Is to raise capital and learn as much as I can. i.e. one of the books I am reading right now is also an accounting text book I got from my sister who Is in business school.
-I am also planning on moving into a duplex so I am already reading a real estate book and feeling that I am getting side tracked a bit and not working on my dream. So in terms of taking a week to learn about car flipping which isn't a business model I was looking to pursue anyway - I prob should do it if it means I get 10k, which however brings up the next thought...
-Is this a pitfall? Is it wise to risk money on something I have not studied much? I would much rather test the market and my decision making one car at a time, so if I make a mistake I minimize risk to one car. If I screw this up I could risk making the same mistake on all 5-6 cars and loosing the money I plan to use to start a business.
1. Should I continue with the challenge?
2. If, so do you think the car flip is a good idea or do you have any other ideas?
3. Has anyone ever borrowed from their 401? If so is that even a good idea, or could I even get the money within a day or two?
I apologize for the cliche question, I have looked for and found another thread about a 10k challenge in a month, if I decide to go forward, I will be taking action and keeping everyone posted... Any advise would be greatly appreciated... Thank you!
Live Happy
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