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Questions from a grad student

AristotlesOwn

AristotlesOwn

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I'm assuming that most of you are business/financially saavy and I need some real advice. Keep in mind that I'm not currently employed.

1. Is it wise (or legal) to invest a portion of my refund checks (from educational loans) in an savings/money market account with a decent interest rate (i.e. ING)? Also how is the earned interest taxed?

2. What is a good, part time, low cost (little to no overhead), and somewhat safe business to start. I'm a full time student trying to start building wealth now in my early 20s and I need a vehicle to start that process.

3. As black men (or women), how difficult/easy is it to find an investor in anything that you want to pursue (real estate, business), and how did you go about it?

4. Am I wasting my time with any of these books? And what books have helped you to accumulate your wealth?

Think and Grow Rich (Hill)
Beginners Guide to Investing in Real Estate (Eldred, McLean)
Investing in Real Estate (full edition) (Eldred, McLean)
The Millionaire Maker (Langemeier)

You don't have to answer all of these, any help would be greatly appreciated.
 
i'm pretty sure you can only invest earned income.

when you do you taxes and they see you have zero earned income and you have thousands invested then questions will be asked.
 
actually i'm sure its a law because they dont want people to do what you propose. your financial aid is supposed to be the government's investment in you and they dont want you flipping it.

same thing with why people cant get on welfare ad start flipping their aid check. america isnt built arround giving people a free ride.
 
Thanks for the responses. I'm not trying to get a free ride...I have plenty of business ideas, but I'm in school and feel stifled by the inactivity of my money. I just want to have some kind of nest egg when I leave so I have some room to breathe when I get out. Thanks again...anyone else?
 
Well, for one I see a need for people to get around to cheaper grocery stores in the city. For example, I have a friend who raves about Trader Joe's cheaper prices relative to places like Whole Foods, or even Pathmark, but it's on the other end of the Island. And there are mad people that want to go to places like Wal-Mart in Jersey..or even Target in the Bronx...we all know that getting to these places are logistical, time consuming nightmares...and not everyone is satisfied with mail delivery services. The point is...I see an opportunity for money to be made here...gas prices notwithstanding.

I also have some larger ambitions...but I don't want to put all that out there for fear of getting my ideas stolen...like this one might.

The real problem is...I'm not a numbers guy. An ideas person, but not a manager.
 
AristotlesOwn said:
I'm assuming that most of you are business/financially saavy and I need some real advice. Keep in mind that I'm not currently employed.

1. Is it wise (or legal) to invest a portion of my refund checks (from educational loans) in an savings/money market account with a decent interest rate (i.e. ING)? Also how is the earned interest taxed?

2. What is a good, part time, low cost (little to no overhead), and somewhat safe business to start. I'm a full time student trying to start building wealth now in my early 20s and I need a vehicle to start that process.

3. As black men (or women), how difficult/easy is it to find an investor in anything that you want to pursue (real estate, business), and how did you go about it?

4. Am I wasting my time with any of these books? And what books have helped you to accumulate your wealth?

Think and Grow Rich (Hill)
Beginners Guide to Investing in Real Estate (Eldred, McLean)
Investing in Real Estate (full edition) (Eldred, McLean)
The Millionaire Maker (Langemeier)

You don't have to answer all of these, any help would be greatly appreciated.
Click to expand...

1. not wise to put in a regular savings 1-2% put in a money market 4+% or ING Direct or another online bank until you figure out what you gonna do wth it.
2. There is no good, part time safe business to start. No matter what business you do you get out what u put in. you can make any business a successful business.
3. You are spreading yourself too thin, pick something you are interested in. Pick one idea ... write a business plan. Leave it alone for a week re read it then rewrite it. Attend some free seminars at your local SCORE office or SBA. There is someone at those 2 organizations that will look at your business plan.
4. I like what Loral Langemeier has to say ... you can find alot of her info for free on the web. Think and grow rich will help get you in that mindset cause if you don't believe in you nobody else will. oh eah after you're done planning take action!

:dance:

Good luck brah
 

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