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15 year-old with $1400.. what should I do? (alien.top)

submitted 10 months ago by real-venomrl@alien.top to c/entrepreneur@indiehackers.space

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As the title said, I’m 15 years old and have AU$1400 saved up. I no longer have a job and am working on a small business of mine, which has just $300 in revenue in the last few months.

The reason I’m here is because I’m not sure if I should invest in some compounding assets or something else, and if I should educate myself on stocks/dividends before making a decision?

I have read finance books such as Rich Dad Poor Dad, the Warren Buffett Way, and others, so I do know a lot about finance/business considering my age.

I previously had a job as a dishwasher for AU$16 per hour, and so I got $1700 from that after working for 5 months.

If I should ask this on a different r/, please direct me there so I can figure out what I should do :)

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[–] Environmental-Bus9@alien.top 1 points 10 months ago (2 children)

I remember being 15 just a few years ago making posts just like this. Honestly if I could go back and tell myself what I know now, I'd tell myself to spend at least a year just full focus studying all aspects of business before actually trying to start a business. Maybe even two years. You'll save yourself a lot of time, effort and money doing that.

[–] the_isao@alien.top 1 points 10 months ago (1 children)

This sounds slow. I think jumping in head first is the way to learn. Especially if the costs are relatively low. Nothing teaches better than hands on experience.

[–] TarTarkus1@alien.top 1 points 10 months ago

I think jumping in head first is the way to learn. Especially if the costs are relatively low.

This I think is so crucial! Learning by doing is a fantastic way to learn and managing costs is everything. Those who don't consider costs mostly just take losses or don't really know what they're doing.

Let's say you own rental real estate as an example. It's cheaper for you to unclog the toilet at your rental property yourself than it is to hire a plumber. Besides, what's more important? Your potential profit or you not wanting to unclog a toilet?

Most people that hire the plumber want to "feel rich" rather than actually become rich by properly managing expenses and making sure they're cash flow positive or working towards that goal.

Plumbers and other experts come in handy when a job is simply beyond your abilities.

As another example, if you, let's say don't have the equipment to remove the transmission from your car to replace it, hiring someone to do that that has the equipment and experience to do it right makes sense.

Just my thoughts.