I am 17 right now and really want to make myself rich. I am a student but can devote as much time to any business. Can you suggest what I should do if I have around $5000 a month for investing already? And please exclude blogging from answers.
If you have $5000 already then I suggest you reinvest it. You have two real choices in my opinion: buy a site that already makes a lot of money ($300-500 per month) and then make the site even more popular so you start making money in just a few months, or invest the money in a new project, and start from scratch. With that amount you can spend a lot on advertising and make a very successful website or network of websites.
Do you have any special skills or interests? Pick a business that use those and it will give you an advantage and will also be more fun to work on.
I don't know if I am innovative enough but I daily come up with different site themes. But I am not a web(languages and softwares) expert to make sites like that. I'll be learning web languages and softwares for next some years but can't wait for so much time. The only option that lefts is hiring someone. But don't you think that if I tell someone else about that, then he will call that thinking, his own.
With $5k per month you can do so many things, but hiring someone is almost a definate plus. I had an idea a while back which was basically a network of people, probably around 10, meaning that there would be at least one of the people online all the time, and then hire them to give people advice. My idea was for web-related things, but you could do it for anyone. People can then pay either a monthly fee or an hourly fee to get all their questions answered by a real person as soon as they think of the question. I didn't have the money to start it up, but if you're getting $5k per month you can make a nice network.
Wow, this has to be the most vague answer ever! Tyrant, do you have any suggestions for what sort of site? It's like going to a restaurant and asking for "food"
lol, i love you people saying how you want to be rich and then asking other people how to spend your money
Real question here is "Where do you get 5k/month at age of 17?" And there definitely isnt just one right answer for your question about what to do with that money. You could do a lot of things, but IMHO you need to know something about internet business or you just gonna see that money going away without any return of investment.
I am already into internet business and some web services. I have some blogs and I also create websites for others with my friends. It is not just one place from where I earn. There are various sources I use to earn on average $2000 monthly. Actually I am going start a new site within this week with my friends and that will increase my monthly income and within this page rank update we have set target of $5000 a month. That's where the money comes from.
You need to define a clearer goal than "rich". Rich is not a goal. How much money are you looking to make? The more specific your target is, the more likely you are to reach it. Also, how do you want your financial goal to fit in with the rest of your lifestyle? Are you okay with working 60 hours a week if it means you'll earn $10 million a year? Or would you rather settle for $1 million a year if it meant you only had to work 15 hours a week. (I'm just throwing those numbers out there as an example, of course). You could do anything from sell affiliate products (through review sites, e-mail lists, etc.) to create a popular website and sell ad space, to create your own information product (maybe teaching people how you earn $2,000 - $5,000 a month) and have affiliates sell it for you. Honestly, I think those three models are the most lucrative business models on the net. But really it starts with you. Figure out exactly what you want your life to look like, and then put together a game plan and make it happen. Good luck!
Most financial advisors will tell people to put away just $20 a week & they would retire millionaires if they started in their 20s. $5K is a common Certificate of Deposit amount. If you were to buy a new 3-year CD once a month at an average of 4% interest you could have double that $20 a week to put away doing nothing but reinvesting your initial investments once a month after 3 years. Leaving you free to try things with the money you make at work/etc while still basicly being guarenteed to at least retire a millionaire.
You can trade forex $5k is only 5% of my start trading capital. If you have a capital like me,you can earn at least $200/day easily from fx
You mean you started with a $100,000 in forex. I know what forex but still don't know how to trade it it. $200/day means $6000/month. O.K that's fine. Can you tell me how I can understand forex.
start by learning from scratch, they you already have the money to outsource it when you find something higly profitable