Can anyone give me any advice? I have always wanted to start my own business...maybe a franchise because it brings the least amount of risk. However, I am open to many things as long as they are investments than bring in residuals on a regular basis for the rest of my life.
2007-03-26 17:45:22 · 4 answers · asked by Jason N 2 in Business & Finance ➔ Investing
Personally I love real estate, and it has never done me wrong. They aren't making anymore land, my dad always reminds me. If you are willing and able to work (mostly yourself) You can buy a fixer upper and do quite handsomely. Residual income, consider renting or contract for deed.
If you want a business you need to find your passion first. You will do better if you are personally involved. I'm part (1/3) owner of my building and business which is engineering.
My friends who are financially the best off are personally vested in the business they work at. Shoe sales (with ownership), one runs a small land company, and one with a start up physical therapy business.
Personally, I think finding a small business in the field you love and becoming a big part of it offers you more potential of future ownership, freedom, fulfillment and monetary success than being a small faceless part of a huge company with a goal of becoming "management"
2007-03-26 18:00:16 · answer #1 · answered by G's Random Thoughts 5 · 1⤊ 1⤋
With due respect to the poster above, this may not be the best time to get into real estate. (Though I like the bit about not building any more land... Except in Dubai of course...)
Over a 7 year haul the stock market is probably a pretty good bet. Stocks tend to go up more than other asset classes over the long haul (roughly 10% per year on average, though this can vary widely). You can get into the market quickly and easily by doing the following:
Open a brokerage account: Scottrade, tradeking, etc. Specifically you want an account with low comissions and no 'yearly service charge' for maintaining the account (especially important if your initial investment is below a few grand.) I think Scottrade or tradeking should fit the bill.
Buy exchange traded funds (mutual funds that trade on the stock market) that track a market index. Two that track the S&P 500 (a list of the biggest US stocks) are the iShares fund (IVV) or the SPDR fund (SPY). This saves you the trouble of picking individual stocks and mostly eliminates the risk that you'll accidentally pick the next Enron.
Good luck.
2007-03-26 18:43:41 · answer #2 · answered by Adam J 6 · 0⤊ 0⤋
One thing you said scares me. Franchise in no way minimizes risk, in many cases it can actually increase risk. Starting your own business is a great idea, but depending on how you structure from the begining, you could end up married to it.
Investing is a difficult decision for many people. Most think that 401k's, mutual funds, IRA's, etc... are the best ways to go because they think these are low risk investments. Unfortunately they are misinformed. These are high risk low return investments. You have no control. The less control you have the higher the risk.
I like real estate as well, but I cannot say this is my personal favorite because liquidating these assets can be difficult. Remember in real estate your personal home is a liability not an asset.
My personal favorite is trading in the forex market. I have found this to be an excellent source for long term investment. I have found that aligning yourself with a truely, proven, successful system like FreedomRocks you can really limit the time spent on your investment to less than 30 minutes a week. I have tracked all my different investments and thier respective ROI and none have even come close to the forex using the FR system. In one of my accounts I realized a little over 500% ROI within 500 days. I actually have the spreadsheet to prove it if you would like to see it.
See in the forex your money is liquid and accessable within the hour. Your one investment is earning in three ways: Buying low/selling high, market moves in your favor, and 400:1 leveraged daily interest. It just makes sense to me.
Check out these sites when you get a chance:
http://www.babypips.com
that one will fill your brain with info about forex.
http://www.yourforexinvestor.com
this one will allow you to set up a "paper account" or free trial to see how it all works.
Feel free to contact me with anything I can do to help you get started in business. I have started 5 from scratch and pulled 2 out of BK. There is another investment idea, but very high risk and a lot of holding costs. Good Luck.
To Your Success,
Brandon Wells
1-877-773-5345
bjwells@yourforexinvestor.com
2007-03-26 18:39:52 · answer #3 · answered by yourforexinvestor 2 · 1⤊ 0⤋
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2007-03-26 19:08:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋