* buy a new car - I have an old toyota that is about 14 yrs young, but it still runs good. 215K miles, and needs some repairs (oil leaks, gasket crack)
* start a business - I'm not going to quit my day job, but I'm going to try to develop my business so that i don't have to work as an engineer anymore. I prefer to do marketing =) I really don't like my job, but I want to be there for a year at least so that I can count it as a good reference (fortune 500 co.)
* buy a house for rental income. - I cant afford to buy a house in california, so I'm looking at the houston market where my family is moving. I can easily afford new houses there, I thought about getting a town house. $200-$700 monthly income after expenses possible
* apply to grad school - I have a BS degree in engineering, but my real love is marketing, so I want to get my MBA. I thought that if i had enough rental property I could supplement my expenses while I'm in school
2007-03-27 08:38:44 · 6 answers · asked by MM 5 in Business & Finance ➔ Other - Business & Finance
Let me also add that I have a BS degree in software engineering, 12 years of design/art experience, and a job with $85K salary.
2007-03-27 08:39:27 · update #1
Yeah it is doing just that.. being saved up. I want people's input. Thats why I'm asking this question duh.
2007-03-27 08:49:10 · update #2
I have excellent credit! ^_^
2007-03-27 08:59:22 · update #3
great answers. I wish I had a million more!
2007-03-27 09:01:21 · update #4
San Jose, California.
2007-03-27 10:36:45 · update #5
Hmmm. I'm not trying to drop all of my saved up money on a car or a house. Rather it's only for getting leverage on a loan. I'm trying to think of ways to get passive income, either via business or real estate.
2007-03-27 10:37:46 · update #6
-- all the while meeting my personal goals of getting a new car, getting an mba etc.
2007-03-27 10:38:14 · update #7
1st thing - if you are going to buy a new vehicle, get one with 0% financing. If your credit isn't good enough to get the 0% financing, then use the funds to clean up your credit. Never pay a high interest rate on a new vehicle if possible.
Don't start a business which will take up a great deal of your time. Do something where you are making your money work for you and it takes up very little amount of your time. Most businesses take up so much time that at the end, it's not worth it.
Buying a house for rental income is a good idea. However, make sure you are buying it in an area where the house will go up in value over the years substancially. Getting rental income is good, but may as well get some money back on the house itself.
Regarding the grad school, really figure out exactly what sort of job you want first. With already making what you make, and being interested in finding passive forms of income, grad school may not be the answer for you. You may instead get the rental income thing going (your 1st form of passive income) and then look into other forms of passive income. That way you can not work so many hours later in live once your passive income is enough. Will grad school help you with passive income, or help you continue to work 60-80 or more hour weeks?
2007-03-27 08:54:56 · answer #1 · answered by Sly Girl 3 · 1⤊ 0⤋
Buy the house for rental income. Try to get education expenses paid for by your company. Attend local business groups for small business start-ups and become eligible for seed money to start your business, when you can. You can also meet mentors and experienced business professionals at these community groups. These are scheduled classes or workshops. They help you create a business plan and budget, and connections to the business groups you need. They are ethnically diverse, and usually advertised with the housing group classes. These offer incentives for first-time home buyers. (they will pay $3000 to $5000 down payment and closing costs, with no repayment if you occupy the dwelling) There are classes for homeowners who want to rent, also, and the allowances are greater. Don't spend all your own money, much of this is federal money, and if you don't use it, it goes to a disaster victim, whom then moves on. Invest in yourself and America.
2007-03-27 08:56:56 · answer #2 · answered by Marissa Di 5 · 1⤊ 0⤋
I guess getting the rental house & using that income to help with going to grad school. To be completely honest the fact that you're asking this question on here it sounds like you really haven't made up your mind. Maybe you should just save the $12,000 for a rainly day or open up a high interest savings account with it until you decide.
2007-03-27 08:43:28 · answer #3 · answered by Dishy 1 · 1⤊ 1⤋
Where are you from?
$12,000 wouldn't buy a crappy car where I'm from never mind buying a house or start a business.
You're earning $85,000 a year.why dont you put more aside?
You also have good credit so why don't you set up a limited company and leave the company take out the loan-no risk to you
2007-03-27 10:26:35 · answer #4 · answered by Anonymous · 0⤊ 1⤋
well..right now is a good time to buy a house. therye so cheap. You can buy one in Detroit for $7,000! although i wouldnt recommend it..lol.
Then of course you'll have the rental income to do everything else you want to do.
2007-03-27 08:49:19 · answer #5 · answered by Anonymous · 1⤊ 0⤋
my answer : the second answer is better, start a business. so the future you'll be get rich
2007-03-27 18:30:38 · answer #6 · answered by Mochamad S 1 · 1⤊ 0⤋