Best way to invest $7500 or so - PeachParts Mercedes-Benz Forum

Nate · #1 03-10-2012, 10:53 AM

What would be the best way to invest $7500?

22 y/o, heavy automotive background with supporting friends who are starting a shop. Some medical training, but no degree.

I'm thinking that with a 2500 investment in a lift and some supporting equipment, I could easily set myself up for cheap car reselling. Plethera of gas misers in the sub $500 range with bad engines or transmissions that will sell for $1500-$2500 in running condition this summer... $300 share of rent/insurance per month for shared 4000 sq ft shop, with multiple access points.

Good ideas, bad ideas?

Would I be wiser to invest it in self improvement (Lasik)
Stock markets?

Hookers and blow arent "really" my style. I want to make the most of what I have.

This forum is truly appreciated for its diversity of members. We have all types here, and its a much better pooling area for questions of this sort then any where else I can think of.

Thank you for any and ALL opinions.
~Nate

lorainfurniture · #2 03-10-2012, 11:30 AM

Starting a shop with friends implies they will be your business partners. Once money gets involved they will not be your friends anymore. Once you install a lift in there, you will have a hell of a time getting it out. Every time I ever had a business partner, it cost me BIG money to get rid of them.

With that kind of bread, you can start your own repair shop.

MTI · #3 03-10-2012, 11:49 AM

I can send you a prospectus on a newly available limited opportunity for a historic mass transit structure spanning the East River in New York . . .

satyr · #4 03-10-2012, 12:27 PM

At 22 yo, you have one thing in your favor aside from $7500 and that my friend is time. My suggestion, spend some time doing some research and consider getting some education. You mention that you have medical training but no degree. Healthcare is and will continue to be in very high demand in the future. You might consider the fields you could enter with a degree from a state-funded school or community college- using your $7500 plus scholarships that are readily available- such as medical lab technician, radiology tech, respiratory tech, surgery tech or LVN/LPN. In two to three years you could have a job that earns a good wage, that affords you the ability to relocate, start/support a family or even travel and make even more money. Then spend your spare time fixing beaters to sell on the side if you want. Don't be in a hurry- check your options, but if you blow that $7500 on tools and a lift- the flexibility and your options are severely reduced.

Best of luck.

JiveTurkey · #5 03-10-2012, 01:09 PM

Quote:

Originally Posted by MTI

I can send you a prospectus on a newly available limited opportunity for a historic mass transit structure spanning the East River in New York . . .

LOL!

t walgamuth · #6 03-10-2012, 01:16 PM

Quote:

Originally Posted by satyr

At 22 yo, you have one thing in your favor aside from $7500 and that my friend is time. My suggestion, spend some time doing some research and consider getting some education. You mention that you have medical training but no degree. Healthcare is and will continue to be in very high demand in the future. You might consider the fields you could enter with a degree from a state-funded school or community college- using your $7500 plus scholarships that are readily available- such as medical lab technician, radiology tech, respiratory tech, surgery tech or LVN/LPN. In two to three years you could have a job that earns a good wage, that affords you the ability to relocate, start/support a family or even travel and make even more money. Then spend your spare time fixing beaters to sell on the side if you want. Don't be in a hurry- check your options, but if you blow that $7500 on tools and a lift- the flexibility and your options are severely reduced.

Best of luck.

I agree with this. Nobody can ever take your education away from you. And nearly every time I did partnerships with friends it ended with us not being friends any more.

Good luck!

tom

elchivito · #7 03-10-2012, 02:09 PM

1.) PPB: powder, primers and brass
2.) Good quality well cared for firearms. They're making 10% a year. No junk. American, Swiss, German, Austrian and some Czech. Nothing new.

Unless you're willing to invest hours daily, you might as well take your money to a casino as put it in the stock market.

t walgamuth · #8 03-10-2012, 02:19 PM

Quote:

Originally Posted by elchivito

1.) PPB: powder, primers and brass
2.) Good quality well cared for firearms. They're making 10% a year. No junk. American, Swiss, German, Austrian and some Czech. Nothing new.

Unless you're willing to invest hours daily, you might as well take your money to a casino as put it in the stock market.

You really think this is better than getting more education?

elchivito · #9 03-10-2012, 02:40 PM

Quote:

Originally Posted by t walgamuth

You really think this is better than getting more education?

No, but it might be nearly as good and would pay off faster.

lorainfurniture · #10 03-10-2012, 03:03 PM

Quote:

Originally Posted by elchivito

No, but it might be nearly as good and would pay off faster.

That is terrible advice. So you are saying my mark 23 that I bought 6 years ago for 2,800 bucks is worth $4,480? That is at simple 10% ($280/year non compounding)

I got a few others ill sell you at that kind of appreciation.

catmandoo62 · #11 03-10-2012, 04:17 PM

i think what he's saying is nothing "new" as in within the last 15 yrs or so.none of mine are anywhere near that new.

lorainfurniture · #12 03-10-2012, 05:07 PM

Quote:

Originally Posted by catmandoo62

i think what he's saying is nothing "new" as in within the last 15 yrs or so.none of mine are anywhere near that new.

Even if he was refering to antique/vintage guns still do not see it.

OP, I was in the same position as you when I was 18. I had an 88 5.0 mustang that I really liked. It was given to me with a blown engine, and I worked on it to get it going. I also had a couple grand saved up from doing work here and there.

I had an oppourtunity to buy a used furniture store for $8,500. It was the value of what little contents he had left, and a POS f150. I sold my car, borrowed some $$ and got into business. I had no idea what I was doing, but I did not have anything better to do either.

12 years later, I am still in the furniture business (same place) and am doing well for myself.

$7500 is not nearly enough to start having money work for you.

The Clk Man · #13 03-10-2012, 05:38 PM

Quote:

Originally Posted by lorainfurniture

Even if he was refering to antique/vintage guns still do not see it.

OP, I was in the same position as you when I was 18. I had an 88 5.0 mustang that I really liked. It was given to me with a blown engine, and I worked on it to get it going. I also had a couple grand saved up from doing work here and there.

I had an oppourtunity to buy a used furniture store for $8,500. It was the value of what little contents he had left, and a POS f150. I sold my car, borrowed some $$ and got into business. I had no idea what I was doing, but I did not have anything better to do either.

12 years later, I am still in the furniture business (same place) and am doing well for myself.

$7500 is not nearly enough to start having money work for you.

A success story from a MAN who stuck to his convictions at a young age. I have met this young man in person and find him to be a REAL man indeed.

t walgamuth · #14 03-10-2012, 06:12 PM

What is this sudden fascination with REAL men all of a sudden?

el presidente · #15 03-10-2012, 06:39 PM

Quote:

Originally Posted by satyr

At 22 yo, you have one thing in your favor aside from $7500 and that my friend is time. My suggestion, spend some time doing some research and consider getting some education. You mention that you have medical training but no degree. Healthcare is and will continue to be in very high demand in the future. You might consider the fields you could enter with a degree from a state-funded school or community college- using your $7500 plus scholarships that are readily available- such as medical lab technician, radiology tech, respiratory tech, surgery tech or LVN/LPN. In two to three years you could have a job that earns a good wage, that affords you the ability to relocate, start/support a family or even travel and make even more money. Then spend your spare time fixing beaters to sell on the side if you want. Don't be in a hurry- check your options, but if you blow that $7500 on tools and a lift- the flexibility and your options are severely reduced.

Best of luck.

Another vote for this!