$5000 sitting in the bank

[thelastsurvivor]

I am working a 9-5 right now to support myself and starting my fastlane business and making this a lifestyle. However, I have $5000 just sitting in the bank right now doing nothing and I dont like that. I dont have any idea about investing but I want to make my money work for me instead of it just sitting their rotting. I have expenses paid and make enough every week to support the bills so its not really needed for that. Anyone have any suggestions on where i should invest this money?

 

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[Andy Black]

I am working a 9-5 right now to support myself and starting my fastlane business and making this a lifestyle. However, I have $5000 just sitting in the bank right now doing nothing and I dont like that. I dont have any idea about investing but I want to make my money work for me instead of it just sitting their rotting. I have expenses paid and make enough every week to support the bills so its not really needed for that. Anyone have any suggestions on where i should invest this money?

Do you have a rainy day (emergency) fund?

If you lost your job then how many months living expenses do you have?

 

[thelastsurvivor]

Do you have a rainy day (emergency) fund?

If you lost your job then how many months living expenses do you have?

I’m living with my parents right now till I can build myself up it’s sweet and I’m taking full advantage of this opportunity so that’s not a problem. And I work multiple jobs one of which I am 98% certain I’ll never lose so living expenses such as food car gas and all that is covered

 

[YanC]

Look, I don't want to sound condescending, and good on you for putting some money aside, but you probably shouldn't be thinking about investing at the 5000$ net worth mark. Let's say you earn a respectable 10% on your money, this is 500$ a year. Is 500$ a year worth the risk ? Even if you somehow 2X it, is 5000$ a year worth the 95% likelyhood of losing all you have (usually the higher the return, the higher the risk) ?

At this point, you're better off having your money sitting in a bank, available at all times if need be, for emergencies or kick-starting your business journey (getting a product MVP design for example).

Good luck.

 

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[EngineerThis]

I am working a 9-5 right now to support myself and starting my fastlane business and making this a lifestyle. However, I have $5000 just sitting in the bank right now doing nothing and I dont like that. I dont have any idea about investing but I want to make my money work for me instead of it just sitting their rotting. I have expenses paid and make enough every week to support the bills so its not really needed for that. Anyone have any suggestions on where i should invest this money?

I'm sure you are aware that the money in the bank, is not yours, and it doesn't exist.. Use that money to invest in a commodity... Like learning a new skill, and buying tools... Leaning a new sport, and buying equipment.. A set of power tools or a mountain bike won't depreciate. They will rise with inflation, you can sell them next year for more $ if you need. Money in the bank will buy even less next year, never to early to buy precious metals!

Or! Use it to start a business, create a website, or hire me to design an invention for you haha. Plenty of options! This is just my opinion, but I keep credit cards for an emergency fund.. If it is an "Emergency" I'd rather spend the bank's money, than mine.

 

[Andy Black]

I’m living with my parents right now till I can build myself up it’s sweet and I’m taking full advantage of this opportunity so that’s not a problem. And I work multiple jobs one of which I am 98% certain I’ll never lose so living expenses such as food car gas and all that is covered

Save up for a deposit on a house?

Unskill yourself so you're more valuable?

Spend $5/day on ads to get something going?

 

[thelastsurvivor]

Look, I don't want to sound condescending, and good on you for putting some money aside, but you probably shouldn't be thinking about investing at the 5000$ net worth mark. Let's say you earn a respectable 10% on your money, this is 500$ a year. Is 500$ a year worth the risk ? Even if you somehow 2X it, is 5000$ a year worth the 95% likelyhood of losing all you have (usually the higher the return, the higher the risk) ?

At this point, you're better off having your money sitting in a bank, available at all times if need be, for emergencies or kick-starting your business journey (getting a product MVP design for example).

Good luck.

Your not I’m a student right now in the game of finance. And that’s what I thought most of the answers would be hearing from people saying unless you have a good amount of money (100k+) don’t invest but my living costs are super low living with parents that having a little passive income even a couple hundred bucks would be awesome

 

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[ZCP]

$1500 for a course for YOU to get better (that can never be lost)
$1500 try to start / buy / run a business
$2000 open a fidelity account. find a youtube dividend investor you like and do what they do.

goal .... begin to put money in your INVESTMENT account. pay yourself first. turn $1 into $2. find and try new opportunities. eventually use your investment account to acquire assets and create an exit event like MJ talks about. CENTS. then money system.

parcel any new money into education / execution / investment

 

[thelastsurvivor]

$1500 for a course for YOU to get better (that can never be lost)
$1500 try to start / buy / run a business
$2000 open a fidelity account. find a youtube dividend investor you like and do what they do.

goal .... begin to put money in your INVESTMENT account. pay yourself first. turn $1 into $2. find and try new opportunities. eventually use your investment account to acquire assets and create an exit event like MJ talks about. CENTS. then money system.

$1500 for a course for YOU to get better (that can never be lost)
$1500 try to start / buy / run a business
$2000 open a fidelity account. find a youtube dividend investor you like and do what they do.

goal .... begin to put money in your INVESTMENT account. pay yourself first. turn $1 into $2. find and try new opportunities. eventually use your investment account to acquire assets and create an exit event like MJ talks about. CENTS. then money system.

parcel any new money into education / execution / investment

Appreciate the advice will do. I got this.

 

[MJ DeMarco]

GOLD! - MINDSET - The final solution to all "I have some money what do I do?" threads.

It was definitely the most potent idea of Rich Dad poor dad, but it really didn't sink in until I read TMF because it was explored outside real estate in such a comprehensive way. It all boiled down to the answer to this one question... We see it on here all the time: "I have a thousand...

www.thefastlaneforum.com

 

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[thelastsurvivor]

GOLD! - MINDSET - The final solution to all "I have some money what do I do?" threads.

It was definitely the most potent idea of Rich Dad poor dad, but it really didn't sink in until I read TMF because it was explored outside real estate in such a comprehensive way. It all boiled down to the answer to this one question... We see it on here all the time: "I have a thousand...

www.thefastlaneforum.com

This money will never be spent on dumb shit only to help me escape the rat race. I am currently in several courses to learn new skills to earn more income but I would like a idea of investing this in something that can passively make me income even if its a small amount as I can learn about investing as I go.

 

[Raedrum]

Save up for a deposit on a house?

Unskill yourself so you're more valuable?

Spend $5/day on ads to get something going?

Agree with that

In your situation:

- Skill yourself (mainly in marketing) (do not pay too much, beware the bro marketer) eventually get paid tools
- Micro test ideas on market to engage and gain XP and insights
- Developp network: Use it to pay the fee to enter entreprenneurs groups or buy leads

 

[WJK]

Do you have a rainy day (emergency) fund?

If you lost your job then how many months living expenses do you have?

That was my first thought too. One must have an emergency fund so you don't confront an unfortunate moment that you cannot meet. I figure I need 3 months at a minimum and it's better to have 6 to 12 months on hand. No matter what happens, my life goes on. I call it my “freedom account”. It gives me wiggle room.

Here's the second fund that I always need. I keep a fund I call my "strutting money". When a deal or an opportunity comes up, you must have the money ready to go. Cash talks and BS walks!

 

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