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Hey all,
So the title states basically everything. I currently have around $200k from a house sale. I am unemployed and fine with that currently after some large life events. I have an 831 credit score and around $80k in credit line across numerous cards. I have no debt to my name at all.
I am very burnt out from the corporate rat race, working in an office, reporting to a boss daily, blah blah blah. So isn't everyone else. I've been researching somewhat risky but possibly rewarding investment small business ideas (creating a product for Amazon, dropshipping, "dumb" website design for ad revenue, other ecommerce avenues, passion projects, etc.) I do not think I have enough money to afford opening any kind of a physical storefront in my city.
So onto my questions:
How much of my free cash should I look at immediately stashing away in stable investments? It's currently sitting in a bank account from the house sale and not with a good interest rate. Not exactly sure what to do with any amount of this.
With my "bankroll" if we are looking at this as a gamble to start a business or investment that possibly tanks, how much of $200k should I feel "comfortable" investing and losing? I know some people throw all of their $500k into a small business and then are absolutely fucked when they have lost everything. I know it's personal choice how much I can choose to "risk", but what would be a financially sane amount to throw at a side venture with the chance of being a full time venture?
Is there any benefit to having a part time job as a bartender or in the food/bev industry for steady income proof? Not that I'm thinking of making any large purchases soon, but is having something like that on paper worth having, or would it just be for some extra cash coming in regularly vs. a start up small business that can ebb and flow.
Out of some of the business ideas (which I clearly have not researched in full at all, merely in the "thinking" stage) which is most likely not to ruin my life and my current personal assets and possibly actually be turned into a full time business that I can live off of? (Loaded question for sure)
Thanks all!
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- 1 year ago
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