Business Idea, what to do with $40,000?

  • Thread starter Thread starter thalitabffdes
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thalitabffdes

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I am about to receive a settlement of $40,000 from my insurance company but I want to open a business or something, something to make profit with. Can someone please give me an idea?
-Thanks in Advance!
 
60% of new businesses that started in 2008 are now out of business.
You could easily lose all your money in a blink of an eye.
Call an investment broker like Fidelity or Schwab.
Open 2 accounts.
1. A ROTH ira - and put $5,000 a year into this account.
2. A brokerage account

Both accounts will let you invest in anything your heart desires.
I recommend stable things like cd's or bond funds if you are a beginner.
Do not invest in stocks - not yet.
You can ask for a personal advisor and tell them you want "safety".
This recession could easily turn into a depression with possible unemployment of 13%, and foreclosure rates hitting 30%.

A roth is a great idea.
Remember if you are 18 right now, you will need 2.3 million just to retire above poverty level.
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Having made the same mistake, I would invest the money in 3 or 4 good mutual funds and forget a business. At this moment in the world economy, the deck is stacked against you in terms of success. Also, $40,000 seems like a lot of money, but when it comes to starting any sort of legitimate business, it will be gone quickly. Very few good businesses can be started for $40,000.
 
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