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What to do with $50k of money?

Discussion in 'General Business' started by olddocks, Dec 15, 2010.

  1. #1
    finally grandpa is ready to give me $50,000 which is a small part of inheritance money i will be getting in 2011.

    i am thinking of starting a video game company and its been a real dream to me and i have no experience whatsoever in this industry. I am making a small amount of money with my websites online which i am ok i guess.

    i am not ashamed to admit here that i have poor leadership skills and i am so afraid to employ people to work for my company. At present i have no employees and i work alone.
    SEMrush
    I make small amount of money online which i am ok with.. I am totally lost here and dont know what to do. What would you do if you are in my situation?
     
    olddocks, Dec 15, 2010 IP
    SEMrush
  2. IsraeI

    IsraeI Peon

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    #2
    Here's my advice:

    -invest 50% in buying sites on flippa (sites that require little work), wait till you break even and watch the money roll in.
    -spend another 25% on starting new site(s) from scratch
    -and keep 25% as emergency money.

    Or

    -Mass content website monetized with adsense, hire writers to all the work for you.

    The second option is the risky one.
     
    Last edited: Dec 15, 2010
    IsraeI, Dec 15, 2010 IP
  3. satguy

    satguy Active Member

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    #3
    Splash out and send your MUM on a nice holiday...
     
    satguy, Dec 15, 2010 IP
    blade03 likes this.
  4. businessman413

    businessman413 Peon

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    #4
    One of the beauties of Internet Marketing is you need very little investment to get started. Don't know if you were wanting to do something on the Internet or go with something offline. Like the video game company. (If that was supposed to be offline.)
     
    businessman413, Dec 15, 2010 IP
  5. angeal

    angeal Guest

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    #5
    Never build a big business without any experience on it..

    I think that you must developt the skill within yourself first..

    ex:

    You want to make money on adsense. the first think you need is keyword research. Pick some low competition keyword with good amount of traffic and have good commercial value..

    after that you create a website based on your keyword list..

    After you create website, you must fill the site with content.. Not just content... but backlinks too!!

    There are several ways to get link for our site. The free and paid one..

    If you have great amount of money to invest, why don`t you outsource / buy service for your website?

    You just make some ideas, and someone will make it real :)

    that`s it :)
     
    angeal, Dec 15, 2010 IP
    olddocks likes this.
  6. olddocks

    olddocks Notable Member

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    #6
    Thank you angeal! very interesting comments!
    BTW is there anything else to do other than buying websites/online stuff?
     
    olddocks, Dec 16, 2010 IP
  7. emforce

    emforce Member

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    #7
    don't throw away $50k whatever you do. I would recommend that you put like $49k in the bank and use the other $1k to try and make a profitable website. That way you are only losing a thousand dollars rather than fifty.

    I would also try and learn skills like PHP and html and try to start creating your own templates and such as you could make a lot of money selling these skills!
     
    emforce, Dec 16, 2010 IP
  8. wptheme

    wptheme Well-Known Member

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    #8
    Keep 10K in your bank and just let it roll on in there while with a $40K budget, split the budget into 10 $4k budget and try to make around 10 site purchases with each site generating an adsense revenue of min $400 per month.

    Sit back and just focus on these 10 website for around a year.
    You should get $50k per year of passive income. Keep the 10K in the bank and redo what I told previously.
     
    wptheme, Dec 16, 2010 IP
  9. olddocks

    olddocks Notable Member

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    #9
    Thanks what gets me more worried is the number of scams in buying websites. You could just like that lose money with a chargeback or dispute, which is why i stay away from buying sites.
     
    olddocks, Dec 16, 2010 IP
  10. EM-Group

    EM-Group Member

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    #10
    Use escrow services when you are buying sites,with those services you can test sites for a week and see if they are worth.
     
    EM-Group, Dec 16, 2010 IP
  11. StephanieMojica

    StephanieMojica Peon

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    #11
    Save 25 percent, spend 30 percent on training/education, spend 35 percent getting an Internet business up and running and use 10 percent for either charitable contributions and/or paying off high-interest credit card debt.

    Good luck!

    Stephanie
     
    StephanieMojica, Dec 16, 2010 IP
  12. ApocalypseXL

    ApocalypseXL Notable Member

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    #12
    Study up , take 10k and invest in the stock market . If you have the brains to do it it will come up whit a mass profit . If you fail in stocks stay away from webmastering , stokes and other high volatility stuff and open up a small restaurant .
     
    ApocalypseXL, Dec 16, 2010 IP
  13. f5mtadas

    f5mtadas Member

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    #13
    I would join in GLAD club and start investing withn professional's recommendation. CLAD club is cool. It cost 300$ paid entry. There are many big investors, whose help the club
    members to be successful investors. I loved that. I you would do some really really big job in 2011 PM me.
     
    f5mtadas, Dec 16, 2010 IP
  14. chiquito

    chiquito Well-Known Member

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    #14
    buy sites, make them little more nice build some fast backlinks with SB, Sick marketn, xrVmer , then jsut resell it
    buy and sell , - thats the big boom ;)
     
    chiquito, Dec 16, 2010 IP
  15. mt33

    mt33 Active Member

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    #15
    you can do a lot of things with $50k such as : making a multiplay online game , website about a popular niche , sell and buy products and so on , it depends on your interest , in my opinion you save this amount in your account's bank then use ineterest it for investing on projects offline like game net , coffee shop or sandwich shop, they are profitable and will back money during 6 month.
     
    mt33, Dec 16, 2010 IP
  16. Laceygirl

    Laceygirl Notable Member

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    #16
    Oh yeah. We were talking about that a few months ago.

    How is the gaming world going?
     
    Laceygirl, Dec 16, 2010 IP
  17. omarabid

    omarabid Well-Known Member

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    #17
    Don't yourself into something you are not experienced in. Also, a programmer salary in the third world is at $12-15K. You'll need two-three programmers, a marketer and may be a technical assistant and certainly a designer. Don't forget the need for some TVs, computers, consoles...

    That is, if you are in a third-world, you'll need no less than $200k. for USA, it's 1 million or even more.

    Good luck
     
    omarabid, Dec 16, 2010 IP
  18. phenominal

    phenominal Peon

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    #18
    Start reading up on books and articles about video game companies and other companies, check out the website under30ceo.com( has great tips on starting a business) look for articles on creating businesses.

    Experience:

    If you are not experienced with video gaming, get experienced now! There are hundreds and thousands of books waiting for you to read them. Get the knowledge and use it to your full potential.

    Investors:

    After you have the know how you will need some outside investment. Look for articles and books on VC investors and captial and read up on them. When you have knowledge on investors start looking for some.

    Create a unique video game company that goes beyond what people think of video game companies today. Don't copy anything except for the framework or Base of a typical video game company. Your goal is to be unique and different from the rest.

    When you have your video game concept, create a business plan, read up on how to create business plans and when you have created on pitch it up to some angel investors or VC's(venture capitalists) in your area or in a populated city.

    Start employing. Get your company incorporated. and create a management team.

    When your done with that start getting email list marketers to launch your first product and your off!

    Remember: Always keep it simple, complicated projects always get users angry!

    Good luck

    :)

    Josh, An Entrepreneur
     
    Last edited: Dec 16, 2010
    phenominal, Dec 16, 2010 IP
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  19. soniqhost.com

    soniqhost.com Notable Member

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    #19
    Put it all in the bank and due your due diligence on any venture, company or project you want to invest in. Basically treat that $50K like its your last $50k
     
    soniqhost.com, Dec 16, 2010 IP
  20. olddocks

    olddocks Notable Member

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    #20
    Thanks pheonominal, laceygirl and others for your input./
     
    olddocks, Dec 17, 2010 IP