Crazy Money At 16!! What Should I Do?

[Olliewhe]

Hey guys right now I'm 15 and am making £15,000 a month (around $20,000) and I don't want to stop growing my income. Right now I'm going to bank 90% of what I make and probably more as it goes up.



But by march 2024 I will be doing 70,000 GBP or around $85-90k what business would anyone recommend getting into to seriously build their wealth.



I was thinking about Airbnb and start having a massive portfolio of houses around the world or hear me out a luxury car rental company with Lambos and all that lot which could easily make me in the 10-15m mark by 25.



Any advice?

 

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[BizyDad]

Congratulations on your success.

Cars are a depreciating asset, real estate done right will appreciate.

I love the idea of owning more than one business. Just be careful about spreading yourself too thin with too many businesses. Whatever business you have now, you don't want to take away from it.

You might want to consider investing instead of a business at some point. There is a good thread on the inside about how MJ invests in options.

 

[locomotiv]

shot dude that's impressive, what are you doing at 16 to make that much money? Sorry that this comment won't help you in any way but i just had to ask

 

[Olliewhe]

shot dude that's impressive, what are you doing at 16 to make that much money? Sorry that this comment won't help you in any way but i just had to ask

Hey bro I have a print-on-demand company

 

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[Olliewhe]

Congratulations on your success.

Cars are a depreciating asset, real estate done right will appreciate.

I love the idea of owning more than one business. Just be careful about spreading yourself too thin with too many businesses. Whatever business you have now, you don't want to take away from it.

You might want to consider investing instead of a business at some point. There is a good thread on the inside about how MJ invests in options.

Ok thank you I'll have a look

 

[Envision]

Make a Roth and dump as much money as you can into it and dont touch it.

 

[savefox]

Hey bro I have a print-on-demand company

With a 90% margin?

 

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[Subsonic]

With a 90% margin?

Its couterfeit gucci I bet

 

[Olliewhe]

With a 90% margin?

Hey bro I meant I'm banking 90% of what I earn, So 15k I'm banking 13,500

 

[Olliewhe]

Its couterfeit gucci I bet

hahah no lol

 

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[Olliewhe]

Make a Roth and dump as much money as you can into it and dont touch it.

Ok thank you for the advice

 

[Guest-5ty5s4]

Make a Roth and dump as much money as you can into it and dont touch it.

Ok thank you for the advice

You'll still need to invest it in something after opening the Roth and contributing cash to it.

Most people just buy index funds in their Roth IRA.. It's a slowlane method, unless you're earning fastlane money.

 

[Chet Shen]

Hey guys right now I'm 15 and am making £15,000 a month (around $20,000) and I don't want to stop growing my income. Right now I'm going to bank 90% of what I make and probably more as it goes up.



But by march 2024 I will be doing 70,000 GBP or around $85-90k what business would anyone recommend getting into to seriously build their wealth.



I was thinking about Airbnb and start having a massive portfolio of houses around the world or hear me out a luxury car rental company with Lambos and all that lot which could easily make me in the 10-15m mark by 25.



Any advice?

Hey man! Congratulations on your success! I'm turning 16 this year and I'm so damn inspired right now.

Congrats man

 

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[Michal__]

Congrats!

How do taxes work in your country? In my country, if you make lots of money before you can legally start a business (18), you have to invoice through your parents license or somebody else, who is willing.

It would not matter if you made only a couple thousand, but this amount...

 

[ErickMendez]

man... when the barbie move came out, imagine how much money people made selling pink shirts using POD.

I missed out.

 

[BizyDad]

man... when the barbie move came out, imagine how much money people made selling pink shirts using POD.

I missed out.

That's a fad bro. Sure, you can imagine about "making money". You know what's better?

Building a sustainable business. That's what we're all here to do.

 

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[Kak]

I wouldn’t put it in an IRA. Locking money up for 50 years isn’t my idea of fastlane advice. If you’re still on a cash basis, and you probably are depending on country, you can invest it back into the company in the same year you made it and expense it.

Since it is print on demand, could you buy other machines? Could you hire a salesperson? Could you benefit from paid advertising? Make sure you stabilize the business on this positive trajectory before you go looking for other stuff to invest in.

Small businesses can evaporate quickly if you don’t keep improving.

It’s working. Now make it stronger. Or as @BizyDad said, sustainable.