1k investment to 500k return. Challenge accepted.
Discussion
Here we go.....
I have for years had an idea I wanted to try something mad, taking a small amount of money and buying, selling, investing my way up to a serious amount of cash. This seems completely unrealistic but when I thought about it there is no reason why it shouldn't work, with a little luck, hard work and encouragement.
The rules I have set myself:
£1000 invested cannot be added to from external funds, if I lose £500 on my first deal then £500 is what I have left. If things are going well, I cannot top up from my own money either.
I cannot withdraw money from the challenge kitty, no treating myself after a success or propping up other areas of my life/business no matter how skint I am.
I must try wherever possible to not interfere with my other businesses, there is no point making extra money doing this to let my other ventures suffer. No taking time off that I would have usually worked doing something else. This will likely be a weekend/evening thing.
Likely outcomes:
Early failure due to the enormity of what I am trying to achieve setting in and me bottling it.
Failure due to not being able to stick to my own rules, it will be hard to potentially explain to my better half that we can't pay the rent with my crazy scheme money, or that I'm working on something with no short term benefit.
Why:
After a divorce and bankruptcy around five years ago, I am still in rented property and see no end in sight for this. 500k would be enough after taxes etc are paid to buy my family a decent little house.
No matter how well/badly things are going with my main business we never seem to be able to save much money, this is completely ring fenced money that I MUST NOT touch.
If I completely mess up, at least I tried. I've put this on here rather than just quietly doing it on my own for some accountability and for any advice that can be offered. Even if its just "don't be daft buy an mx5 with the £1000 and forget about it"
I think that's enough for now. I have a potential first purchase in the pipeline I'll add to the thread as and when it happens.
TLDR: ex bankrupt reckless business idea shocker.
I have for years had an idea I wanted to try something mad, taking a small amount of money and buying, selling, investing my way up to a serious amount of cash. This seems completely unrealistic but when I thought about it there is no reason why it shouldn't work, with a little luck, hard work and encouragement.
The rules I have set myself:
£1000 invested cannot be added to from external funds, if I lose £500 on my first deal then £500 is what I have left. If things are going well, I cannot top up from my own money either.
I cannot withdraw money from the challenge kitty, no treating myself after a success or propping up other areas of my life/business no matter how skint I am.
I must try wherever possible to not interfere with my other businesses, there is no point making extra money doing this to let my other ventures suffer. No taking time off that I would have usually worked doing something else. This will likely be a weekend/evening thing.
Likely outcomes:
Early failure due to the enormity of what I am trying to achieve setting in and me bottling it.
Failure due to not being able to stick to my own rules, it will be hard to potentially explain to my better half that we can't pay the rent with my crazy scheme money, or that I'm working on something with no short term benefit.
Why:
After a divorce and bankruptcy around five years ago, I am still in rented property and see no end in sight for this. 500k would be enough after taxes etc are paid to buy my family a decent little house.
No matter how well/badly things are going with my main business we never seem to be able to save much money, this is completely ring fenced money that I MUST NOT touch.
If I completely mess up, at least I tried. I've put this on here rather than just quietly doing it on my own for some accountability and for any advice that can be offered. Even if its just "don't be daft buy an mx5 with the £1000 and forget about it"
I think that's enough for now. I have a potential first purchase in the pipeline I'll add to the thread as and when it happens.
TLDR: ex bankrupt reckless business idea shocker.
I’m going with the cheap car idea first, I have some limited experience in the field and have a lead on a 530d with no mot that was discussed in a curry house last week. Going to have to be high risk with such a low startup and high target.
The biggest issue I’ll be facing with flipping cars will be insurance and warranty etc.
The biggest issue I’ll be facing with flipping cars will be insurance and warranty etc.
Welshbeef said:
Are you staying legal?
If not then surely buying £1k of bulk “drugs” then splitting them down you should make a huge return. Illegal though and might lead to nasty characters in your life
I reckon you are on to something but I have no idea who to sell to or where to source them. Although I do have a little bitcoin :-)If not then surely buying £1k of bulk “drugs” then splitting them down you should make a huge return. Illegal though and might lead to nasty characters in your life
Mikedknight said:
I’m fat and getting old.
Isn’t that called a hungry bear in the Male gay scenario? Either way there is money to be made from it. You could drag the Mrs in (masks on) and sell you 2 making out. “Real amateurs” Fat thin tall short tiny huge average ugly superstar makes no difference there is a market for it.
(I wouldn’t though - well if utterly potless and had to find £ then anything legal would be ok)
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