Hey guys, I am a 26 year old robotics engineer in the US that has about $50,000 set aside to use for a side-hustle. I make good money at my day job (software engineering) but am tired of working for someone else and feel like I’m wasting my time doing so. I want to build something of my own. I could really use some guidance from anyone who has started a successful hustle/business what would be viable with this initial investment.
I have a ton of drive to do something… anything. It does not have to be something engineering related! Some of the things that I have considered, but have not started are:
Amazon shop
Photo booth rental business
Water/ice machine business
Vending machine business
Car wash business
Golf ball customization/sales (with company logos or whatever) with a UV printer
Creating a consulting-type business where I would help people kickoff their startups. This would include setting up their initial website (for them to maintain), create emails, setup basic budgeting software, etc.
I have made several websites in the past for family and friends for free. I kind of have an idea of what that might entail as a side hustle but could still use guidance if I went that route (i.e. promoting it through Facebook ads, Fiverr, etc).
I currently have the $50,000 invested in the stock market, and make a fine return, but that is just while I figure out what to do with it. I already put a lot towards retirement so this money can safely be used for something else.
@Masitsa
I buy a $400k house, put $50k into it. Mortgage and utilities are $3k. I make it 8 rooms and it cashflows $6,800 a month. Net $3,800 minus vacancies and repairs. I did 2 of these last year. The improvements are paid for by the seller and renters. (Seller gives me $20k at closing, renters pay me deposit and rent the first month). The rest goes on 0% credit cards. I also borrowed the down payment using my other properties as collateral. None of my personal money went into the deal.
Rayne said: @Peyton
What happens when the 0% teaser rate on the credit card expires? Also, what about when you have to pay the deposits back?
My 0% interest cards expire in 21 months. I net $10k a month in rentals and my credit card balance is $20k. Instead of paying down my HELOC I would just pay the credit cards. I could also transfer the credit card limit to another 0% credit card if I wanted; it costs 3%. If I’m concerned about paying $800-$1500 deposit back, I wouldn’t be in real estate. Plus I usually fill the units before I have to pay back a deposit. I give myself 60 days to pay back a deposit in my lease.
If you donate it to me, I will give each of them a good life. I’ll send you 50,000 emails each day telling you how each one is doing that day. I’ll take good care of them and raise them as if they were my own.
Here is my advice. You have $50,000. With this, I would buy a business instead of starting. Buying a business is still hard but you have established infrastructure that you can use to grow upon. Do some research on buying businesses. Codie Sanchez is a good one to watch on YouTube. I really like service businesses. Maybe you buy a parking lot line striping company and all they do is stripe parking lot lines. Perfect add on a pressure washing service to it. Maybe you buy a septic tank service business. You have the truck so why not buy some porta potty’s and rent those out. These are some ideas to get your mind turning and how to approach things. Maybe the service industry isn’t where you want to go. That’s perfectly okay. Find the industry you like and know about, and then look for opportunities of growth there. If you have any questions I am happy to help.
buy hella dividend stocks.