I have 50 grand. What should I do with it?

[Richard Purdy]

I want to be financially independent. Looking for advice on what I should do with it.

Here's my situation:

Currently 21 years old. Living at home with my brothers (I work with them with wholesaling real estate, and they take care of all the bills) I want to be an online coach for personal development but don't know where to start. Mostly selling video courses. Feel like I need more experience in life myself to help others though. At some point I do want to completely rely on myself financially instead of relying on my brothers.

No debt of any kind, other than a few court tickets. Living expenses aren't a problem at the moment. It's mostly just saved money. I'm not investing in any stocks. 

Open to all suggestions. P.S. I've always had an interest in selling things.

[SeaMonster]

53 minutes ago, Richard Purdy said:

Feel like I need more experience in life myself to help others though.

Honestly, take some of that money and travel and gain more of that experience.

 

[aurum]

@Richard Purdy

First off, appreciate your situation. Most people would kill to have 50k sitting around and have basically no expenses. Don’t blow this money on something stupid.

In general I’d say you need a stronger vision. But you’re pretty young still so it makes sense that your vision may not be that clear.

Watch Leo’s series on advice for young people. Gain experience and invest in yourself. If you want to coach people on personal development, what aspects of personal development most interests you? How can you contribute and help people? What training or skills do you need? Start figuring all this out.

You don’t have to be an entrepreneur tomorrow if you are not ready. That’s a move that needs to be made strategically and with careful planning if that’s what you want. You could spend the next 10 years working somewhere before you leap into entrepreneurship.

[Realms of Wonder]

Core issue I think of when seeing this post is that you dont know yourself well enough to build an authentic vision for your life. 

 

If I were in your position I would use that money to get training in areas that excite me , things I inherently want to do, skills or competencies that I am drawn to, while at the same time developing an understanding of my self by answering these questions and ones similar to them.

 

What do I really want out of life?

What would I regret not doing in life?

What thing do I love to do that I can do for long periods of time without getting tired?

What energizes me?

 

if you sit down for an hour or two and really flesh out the answers, that will help a lot, do this 10-20 more times and you'll understand yourself and what to do much deeper.

 

[FourCrossedWands]

50k isn't that much to be honest. You can buy a website/online business for 50k, but it is always a risk and the profits are usually low. You will have to work really hard to make a living with only 50k invested.

[Staples]

@Richard Purdy Move out. Then you'll be financially free from them. (And also you'll feel free to pursue your own thing).

Don't accept advice on here about what to do with that money, no one here knows your situation better than you.

[ZenAlex]

I'd personally be just getting a mortgage on a decent property, have my own place, and just enjoy being financially secure, and live your life. 

I love having 5 figures in the back simply because it's there for security.

[UDT]

@Richard Purdy  Depends on your skills.

If you ask this forum what to do dude, take 15k and travel for 6 months in asia. come back with some ideas.

 

[Igor82]

BUY TIME!

BUY TIME!!

BUY TIME!!!

Live as cheaply as possible while being as healthy as possible (figure it out, if you wish);

and MASTER LIFE.

Invest all your time in following your soul's purpose or FOLLOW YOUR HIGHEST: EXCITEMENT, PASSION, AND JOY (if that is what you wish to do); at all times, to the best of your ability, taking it as far as you can until you can take it no further, with zero expectations as to what the outcome ought to be:
 

 

Edited February 3, 2023 by Igor82

[DieFree]

See if you want to get into futures trading. I'd recommend "The Day Trader next door" on YouTube. Just type that in. There's also another guy on youtube whose name I forget who sometimes does futures. Type in something like "futures trading with 1k account" and you should find him. Younger guy out in California. Not a phony or trying to sell you some sort of discord server membership. You can start with any amount and futures trading is basically 24 hours. 

[Mada_]

I'm 21 and struggling financially. 

 

If I was in your situation I would invest in creating a heart felt business, I want to be financially independent whilst creating my art; maybe dropping serious money on a camera setup for youtube, dropping serious money on an Eben Pagan or Dan Kennedy marketing course. 

[UDT]

3 hours ago, Mada_ said:

I'm 21 and struggling financially. 

 

If I was in your situation I would invest in creating a heart felt business, I want to be financially independent whilst creating my art; maybe dropping serious money on a camera setup for youtube, dropping serious money on an Eben Pagan or Dan Kennedy marketing course. 

Dont do this OP lol

[universe]

On 4.2.2023 at 3:16 PM, Mada_ said:

If I was in your situation I would invest in creating a heart felt business, I want to be financially independent whilst creating my art; maybe dropping serious money on a camera setup for youtube, dropping serious money on an Eben Pagan or Dan Kennedy marketing course. 

Yes, invest in yourself and also try to network with other people in your industry. Volunteer, work for them etc.

[tezk]

Go and rent out a cheap hut in the woods for a week. Bring only what is necessary. Contemplate by yourself. Maybe bring some mushrooms.

[Eternal Unity]

@Richard Purdy Invest.

[ZenAlex]

Give it to me plz

[DreamScape]

One word. Pokémon.

[ZenAlex]

On 2/3/2023 at 9:54 PM, Igor82 said:

BUY TIME!

BUY TIME!!

BUY TIME!!!

Live as cheaply as possible while being as healthy as possible (figure it out, if you wish);

and MASTER LIFE.

Invest all your time in following your soul's purpose or FOLLOW YOUR HIGHEST: EXCITEMENT, PASSION, AND JOY (if that is what you wish to do); at all times, to the best of your ability, taking it as far as you can until you can take it no further, with zero expectations as to what the outcome ought to be:
 

 

What the hell....

[Israfil]

On 27/03/2023 at 5:23 PM, 001 said:

what do you mean by kill?

lol this is insanely worng

Literally kill. 50k USD is life-changing money in most parts of the world.

[mr_engineer]

There is a Bruce Lee quote that's one of my favorites - 'I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times'. 

If I were in your position, I would spend my 50 grand exploring things that I'm interested in, figuring out what that 'one kick' is for me and then practicing it 10,000 times. Then, your future is set!