I am 30 years old, wife is 29. We both have steady 9-5 jobs and gross about 110k together. We have about 40k total in savings. We both contribute the max to our 401k's. I have started a business on the side that is making me about 2k extra every month left over after expenses. I am not including this in my net gross above. I want to use the 2k every month to invest. I hope to expand my business or possibly open a new location or something like that. The 2k is from a route I own and I have someone work it. 2k is after paying everything including putting money away for repairs every week. How would you invest that money? It doesnt have to be the stock market. I am game for just about anything as long as I can have a nice chunk put aside in lets say 20 years. I would like to retire at 50. I figure that 20 years * 2k = 24k a year saved = 480k in 20 years without any interest. So I am hoping for 1-2 million if that is possible at all? I just want to count the 2k a month I am going to be putting into something. Not our 401k's, not our home, just the 2k a month. The home we live in now is a modest home valued at 225k. I will have that paid by the time I am 50 also. I know there are some people on here in my same boat or have gone down this path and I would appreciate it if you would share what you have done or want to do. Thanks
I would maybe put the 2 thousand every month into the highest dividend paying stocks that I could find. What kind of side business is it if I may ask? Good luck to you..you and your wife sound like you're both on your way to early retirement...good for U-2
I work in transportation for my full time job. I seen an ad with a local trucking company that needed independent contractors to deliver palletized freight to mainly businesses and occasionally residences. I work in the business and know about it so I got a truck, hired a driver and have him deliver goods for the local trucking company. I average about 400-550 a week profit. I hope to possibly add another truck or 2 in the future. But for now, it is safe to put away 2k. I got more plans, investing in real estate, getting in with more trucking companies but I just dont have the necessary capital to do it all at once. Rome wasnt built in a day so I got to take it slow and easy!
yeah what kind of business??? to have fun with the money open a scottrade account, just put 1k in a different stock once u get it. make yourself a big portfolio of a bunch of shares everywhere, diversify all over.
Jnet, It is with a trucking company. You can find some in your area I am sure that are looking for IC's to help them out. Some trucking companies buy their own trucks and pay per hour, some do the IC route and some do both! Also, fedex has many opportunities like that, there are many, many routes you can buy and hire people to run for you. MANY!!! the route brokers . com is a huge place for buying and selling all sorts of routes. It just depends on the amount of capital you have to put up to buy into one. Fedex routes go from 10k to 100k. tropicana OJ routes can cost 200k, snapple routes can fetch 300k. Good thing with them jobs are you make about 3-4k a week and work under 40 hours in some cases. Not too shabby and you dont need a Phd to get into them!!! Just cold hard cash will do the trick! Then manage the business and there ya have it! Maybe in the future I could go that route, I dont have 200-300k to put up. Nice ROI though, especially if you work it for a few years, you could get your money back and then hire someone and be on easy street. I just want to invest some of the profit I am making into something other than businesses. Maybe buy notes? I dont know!!!!!
nice, i dont see why u have to pay to get a route when they are paying you weekly, who are u buying these routes off of?
Go to www.dividendachievers.com and pick stocks from the index that is on that site. These companies have increased their dividend every year for the last ten years and seem to be safe bets.
I parsed a short piece of your post that caught my eye below in italics. The Foreclosures are hitting bout' now. You might be able to pick up depressed situations in slow markets and turn them over, or become a landlord (creative leases can accelerate your income while reducing risk). You might even find a niche and be able to discover them direct before the people have to deal with the banks... Sounds like you folks are pretty sharp people and value your time....keep in touch. Maybe buy notes?
When diversifying, I like the minimum of 25% yield per year on my money at risk...minimum...Time, reserves, material and labor...etc are completely extra. When buying cashflow, it is good to get a return within 1 year on your original investement...or its just not good business. I can buy a CD at the bank and do nothing for 4 or 5% a year with very little risk...