Author Topic: Ideas for putting $50K to work?  (Read 2238 times)

Offline NWPilgrim

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Ideas for putting $50K to work?
« on: January 01, 2014, 01:19:53 PM »
This year I want to see about creating an alternate stream of income.  I currently do software project mgmt for a corporation.  I've done this for 20+ years and want to start something new and different.  I am 59 yrs old, so while I can still do manual work (and I do for charity and our property) I would like to start some income by means without relying on robust health. I've done logging, commercial diving, carpentry, roofing, home plumbing and electrical, installed hardwood floors, some watch repair, coin collecting, reloading ammo,  At this point in life I would like to take advantage of having a chunk of savings I can afford to put to work.

Some guidelines for what I am looking for:
- How to use about $50K cash (could do more for great opportunity) to get a supplemental income of say $25,000/year?
- Not looking for passive investment, but something I can add value to
- I learn quickly and love to research and dig into new subjects, and willing to put in substantial effort
- Ideally could start part-time and develop into full-time effort if need be
- Not interested in pure marketing/sales

I'm open to any ideas.  I've thought of things like buying some specialized machinery to rent out or sell my services with same. Or buying something in bulk to redistribute? Really getting into serious coin trading?  Buying older trucks and refurbishing them with minor repairs and resell?  Scour garage sales and Craigslist for some type of discounted items that I could easily resell for good profit if take time to advertise, clean up, minor repair?  i just can't pin down an exact product or service.

Any ideas how to take advantage of a lump of cash to get into a modest business?

Offline mxitman

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Re: Ideas for putting $50K to work?
« Reply #1 on: January 01, 2014, 11:05:14 PM »
Pm sent :D

Offline windchill

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Re: Ideas for putting $50K to work?
« Reply #2 on: January 01, 2014, 11:40:58 PM »
Buy a tow truck and integrate with a small but reputable auto repair center. You make some off having someone rent/operate your rig and get a kickback from exclusive delivery to the repair business of your choice or best price deal. Eveybody profits. Small shops around here have an advantage if they have their own tow rig, but a lot of startup shops can't afford it and if the owner has to pay the tow bill to a middle man they don't care where their car goes. In-house towing brings in business which is a money maker to an investor. Or you could give that money to me and I could hook you up with fresh eggs that you could resale at a higher price 8)

Offline David in MN

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Re: Ideas for putting $50K to work?
« Reply #3 on: January 02, 2014, 06:40:46 AM »
What are your hobbies? For that kind of money you could start a metal shop and build as time goes. It costs roughly $0 to start writing. Could you design management software for sale? Would you want to own a martial art school? Import wine? Small scale farm?

Finding a small business is about following passion. Generally, you either make products, educate people, provide specialized services, or exist as a capital investor. They're all fun in their own way. It's about knowing what you want.

Offline NWPilgrim

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Re: Ideas for putting $50K to work?
« Reply #4 on: January 02, 2014, 11:30:49 AM »
Buy a tow truck and integrate with a small but reputable auto repair center. You make some off having someone rent/operate your rig and get a kickback from exclusive delivery to the repair business of your choice or best price deal. Eveybody profits. Small shops around here have an advantage if they have their own tow rig, but a lot of startup shops can't afford it and if the owner has to pay the tow bill to a middle man they don't care where their car goes. In-house towing brings in business which is a money maker to an investor. Or you could give that money to me and I could hook you up with fresh eggs that you could resale at a higher price 8)

I like this idea.  I will have to talk to my neighbor about this.  He got laid off from a high tech job many years ago and did exactly this.  He now has several tow trucks of various sizes up to semi tractor.  He started driving for someone else, then bought his own, and then went independent.  He seems to be doing pretty well after just 10 years or so. I don't know how he would feel helping potential competition but perhaps I could look into working another area.

Offline NWPilgrim

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Re: Ideas for putting $50K to work?
« Reply #5 on: January 02, 2014, 11:34:31 AM »
What are your hobbies? For that kind of money you could start a metal shop and build as time goes. It costs roughly $0 to start writing. Could you design management software for sale? Would you want to own a martial art school? Import wine? Small scale farm?

Finding a small business is about following passion. Generally, you either make products, educate people, provide specialized services, or exist as a capital investor. They're all fun in their own way. It's about knowing what you want.

All good points.  I definitely want to get into something more hands on.  I've lived in the mental software world for 30+ years and while that was a fantastic career I want something more tangible now and I don't need the corporate salary to get by (want to semi-retire).  I'll have to think about the points you make and see what clicks.  Thanks for all the ideas.