what would you guys do with this kind of money?

[awptickes]

Go buy a used Civic Si (CPO even) and put the rest into your 401k. Done. Don't be the other end of the country-scratch-off-boy.


EDIT:
Actually, I missed the part about the business... Don't start a business with the money -- that's a horrible idea. Put it into your retirement, hopefully you'll make it back 2x (not figuring inflation) by the time you decide to retire.

 

[jeffie7]

STI is over kill for daily street use so you'll buy a wrx and mod it so its more like an STI.

You know where I stand. Ask yourself. Where will you be in 5 years, 10 years. Trust me I'd love a really nice car right now. I miss having nice cars. I have cash in hand to buy most any car I want, feels good knowing I could. Feels better knowing I'm not stupid enough to waste more money on cars when I should have that money open for investments and such.

If you really want to blow money. Come to Maryland and buy my STI.

 

[|Chaz|]

Down payment on a house.

 

[E_SolSi]

 

[awptickes]

I don't know your current stance on firearms, but if you want to blow money, machine guns are a good way to do that. Then you've gotta feed it. So it really will cost you 4x purchase price once you factor in ammo costs.

 

[B16]

Go buy a used Civic Si (CPO even) and put the rest into your 401k. Done. Don't be the other end of the country-scratch-off-boy.


EDIT:
Actually, I missed the part about the business... Don't start a business with the money -- that's a horrible idea. Put it into your retirement, hopefully you'll make it back 2x (not figuring inflation) by the time you decide to retire.

You can only put 17.5k in a year to your 401k.

Put a down payment on a house.

 

[jamesA]

I'd have damn near no debt left. Maybe 10k left on the mortgage if that happened.

 

[corvetteguy78]

OK so my car plans took a turn for the "WTF happened here" in a day. WHEN I have money in hand for my Sti the plan was to buy a reliable Acura for cheap.
Sti sold = $29,500~ to play with.
RSX was $3500. This would have been my daily and only car.

I still want a nice car to show off and cruise...silly but hey...it's me and my pleasure. Weeks before I was watching a beautiful Grand national Turbo T with 65k. SOOOOO I was thinking of using most if not all the money and finance the rest for stupid low payments and pay it off when I have the rest. But it was 'sold' before I could get money. I gave up on it.

fast forward to yesterday.
Acura was wrecked by some old lady pulling out in front of my buddy and the Turbo T is back on the market....WTF. lol. Acura is now being parted out since he can make more than money that way. I don't blame him. I didn't want a fixer upper and my sierra is still running good.

SO NOW I ASK YOU FELLAS
What would you do with $29,500 if you had an itch for something nice. Doesn't' have to be the fastest but definitely not something with the speed of a snail. For now I'll keep my Truck. now for the temptation so you guys know what I'm talking about.
https://www.flickr.com/photos/kingschariot/sets/72157644699836084/

I wanted to start a business but I can't think of anything that I want...which would survive in this town. Also, keeping it in the bank is a possibility for a house but I've got no problem selling the car when it's time to buy one. Plus, the place I'm at now will be my parents soon since they are paying the mortgage and I pay no rent. yes I'd love a house of my own but not in a hurry to leave a 3 bed 2 bath with fenced in back yard.

Not going to try to convince you otherwise like B lol.... though i agree.....

Here is what i would consider with that cash for a car

1). 2010 BMW 335 XI chipped

http://www.autotrader.com/cars-for-...t=[BMW[335IXD[]][]]&listingId=383543380&Log=0

2).2009/2010 Audi S4

http://www.autotrader.com/cars-for-...&mmt=[AUDI[S4[]][]]&listingId=378209221&Log=0


3). 2009 MB C63 AMG

http://www.autotrader.com/cars-for-...mt=[MB[C63AMG[]][]]&listingId=363484348&Log=0

OR if you are looking for stupid fast

4). 2001 Corvette Z06 550HP

http://www.autotrader.com/cars-for-...ORV[CORV%7CZ06]][]]&listingId=338995813&Log=0

 

[Briansol]

You can only put 17.5k in a year to your 401k.

Put a down payment on a house.

you can't really 'fund' a 401k directly anyway... but you can put 5500 in a roth... now and again on jan 1 for 11k of it put away in the next 3 months.

 

[BigJ]

Geez. This thread hurts my brain.

In one breath you're saying you got an itch you want to scratch but on the other hand you want to be a mature adult and act like you made it. Hence why you're asking the advice instead of laying down tire in front of the local honky tonk in the BGN.


Put 1/2 away. Put the other 1/2 into something fast with a baby payment that will get your jollies and be a conversation starter that you want so badly.

 

[Taco15]

very well put. That's why I ask the peeps here. To see what options are out there....granted Fl is totally different than most areas so house prices, some cars, etc are different but I still wanted to hear a good options. I knew B would chime in with some money saving advice for the future and I appreciate that. I've considered it and haven't rulled it out.

Since we've been chatting I'm going to explore the idea of opening up a second sister shop..... car audio business. My close friends own one on the ghetto (south) side of town. They are great at what they do and thankfully through the last 6 yrs the quality work has been proven to be the best in the city. in custom fabrication and they now have clients coming from out of town to see them. lately it's attracted many young country boys with mommy and daddy money to customize the lifted trucks they have. they are all from the opposite side of town. I can't invest in the current shop since they are already 3 owners so any expansion leading to profit would be swallowed up by owner split.

So I was thinking of opening a smaller one on the opposite side of town more tailored to the 'rich white folk'. I would run it but have it still be part of the 'Audio Addictions' branch. it would be more like a quick lube but for radio installs and other smaller jobs. little overhead, in and out jobs, etc. send the larger fab stuff to the bigger shop. My start up plan to get the word out would be to reach out to community with sponsoring and attending community events...we have many and this town is really small. also look into dealership accounts. working at a dealership i've seen how many people don't know you add audio upgrades without messing with warranty. better speakers for the base models, nav units, backup cameras for the elderly, etc.
essentially show the other side of town that there is something better and more cost effective than Best Buy (only mobile electronics store here now) and that it's not just about loud bass.

Later, add a detail shop next to it to do paint correction and real detail jobs for the high end cars, many classic cars in that area, etc. offer a more upscale for those picky people. I have a friend who is great at that and currently owns a garage door business but would like to open up a detail shop himself. Let it be more upscale style with professionalism and not having to go to the south side of town to get a audio work done. As much as I hate to admit, the north side of town doesn't go to the south too much...mostly because it makes them feel uncomfortable and well, they just don't want to leave that comfort zone.

and that's my small, silly, business idea

 

[Jeef]

Sound like an ok plan, but if you are using the workers from the 1st shop and using the same name you will kind of be attached to the other 2 owners. May be a big headache, consult with a lawyer before proceeding.

Do you have more than 30k set aside because I don't think it will be enough capital for you.

My small side contracting business costs me over 1,000 just to have keep open each year and this is a barebones operation for now. This is run out of my house and that is just what the insurance, licensing, etc cost without me even doing any jobs. Since I lost my biggest client, I am actually even considering not renewing my license next month.

 

[corvetteguy78]

Just to help you with your business idea...check out the link below and just pick your state and under 50k Opportunities and see if anything interests you....you might be better off with something already established with a customer base and reputation.

www.franchiseopportunities.com/

 

[jeffie7]

Launching a business even if piggy backed off another business with $29k... With any business. Plan on having enough cash in hand to open it and keep it open for 6 months without making a penny. If you can't do that you don't have enough money and are taking a big risk.

Any idea what the startup would be? LLC, permits, insurance, and so on? Every state is different but all things need to be in place or you could be personally attached to any issues. Someone installs a car radio on a Monday and causes something to short out while the owner is driving it. Car burns to the ground causing burns to the owner of worse car stops running while driving and causes as massive acident. You will be on the hook for millions of dollars if the business isn't setup correctly.

 

[Taco15]

I got to talk to my buddy first on what the best route would be. He's one of the owners but he's the one that they all look up to for business decisions. Either way, I'd like for it to me MY baby and me running it the way I see fit. HOPEFULLY if it goes well at first to conserve labor costs I'd get the 'paid' employee to come help me. All 3 owners are also the workers. They have one employee which is also a friend. We're all close friends so helping each other out is always out there. The ultimate goal here would be to have this shop sustain itself with 3 employees total while adding employees to larger shop and help expand as well.

Right now it's tough because they are the workers, the secretaries, the marketers, the book keepers, etc. So they can't be productive since they are also multi-tasking. If we can alleviate that i see this shop growing and putting the other one out of business.

 

[Taco15]

They are all certified technicians so please keep that in mind. This isn't a bunch of kids just twisting wires together and using a skill saw to make speaker boxes. lol

 

[jeffie7]

Doesn't matter. Shit happens. As long as the business is setup correctly you'll be fine. But for me the money just isn't there. You want to grow a business that is being run by owners/management by opening up another store. For me it's about getting a business running on its own. Being a owner/employee/book keeper/cpa and split it 3 ways after 5 years of business and still not being able to step away... I have cash in hand and could easily invest In a project like this. IMO it's way to risky at this point just knowing those small facts about the other business.

Here's the first thing you need to do before you drop a single penny. Write up a business plan.

Location
Clients
How much money will be needed to open the doors
How much money will be needed to operate for 6 months with zero money coming in
With your expected business income, how long until your investment is paid back?
What is your exit plan? How do you get out in a best case and worst case situation?

As the owner/employee your pay needs to be factored into it. You can't say you'll run it for free until you turn a profit. Anyone reading a business plan that sees that will automatically say no.

Lastly don't use your money. Always use someone else's money. Even if you have money in hand. Get a loan for it and write it off.

 

[Taco15]

thanks jeffie and peeps. Loan is definitely a must. I'm gonna start driving around a looking for locations to find which on would suit best. got to be careful with this one since that side of town has money....it also cost more to be on that side of town.

 

[jeffie7]

Just wondering. When's the last time you had $30k laying around?

 

[jeffie7]

Btw driving around is a waste of time. You have all the info at your finger tips online. Even if you see a spot for lease you won't have any details on it.