50k will probably get you through a year and a half, a small business at times can take longer to show anything substantial in terms or returns, if you end up having to keep pushing your savings into it, you might end up finding yourself on the streets within months. My advice, live off of the money while you take the time to gain a strategic skill that could land you much better opportunities in the future. Heck, if you live alone and are not a homeowner, move to Phuket or Bali where $50k will give you more time and then work on yourself... A coding skill, marketing skill, Social Media management skill, there are a lot of skills which can land you a great job or help you become your own boss.
im_next_
joined 11 months ago
Look towards a 3rd world country... In my own country Nepal, you can get up to 10% interest on a fixed deposit, which is $2500 a month with 5% tax. But beside the fixed deposit, I've seen a lot of foreigners make a fortune with what in their country would amount to a small investment. A guy from the us makes about $10k a month from a pizzeria here, another guy started an apparel factory he started with $20k who makes $7-8k a month now and is now scaling
Or "Quid-itch"
I'm new to Reddit which is why I ask this.. is this subreddit helpful at all to entrepreneurs or is it just like a FB group where usually, everybody's trying to sell their own stuff?
Look, I'll tell you this from experience, I started out in my late teens to set out to become my own boss before my mid 20s, didn't work out so well... Doesn't mean it doesn't work for everybody BUT I made it in the end in my early 30s and I am financially free but that came with a lot, a heck of a lot of effort and equal amount of pain... The one thing I regret not doing when I had all the time in the world I.e. my teens and my early 20s is that, had I put my effort into learning modern day skills like social media marketing or coding, I could have gone a lot further, I'm doing it now but with so many responsibilities that comes with age, it gets quite difficult to take time out for your own self so my advise, take the time to master one or two skills and then move forward with your business pursuits... I know at this time, you might not feel you have the time to explore skills development... I did too when I was your age but trust me, I had time, so do you... You want to go into drops shipping but you don't if it'll be relevant anymore by the time you get there??? Learn social media marketing, once you master that, you can sell anything... I turned $300 into $150k....TRUST ME! Don't rush it, focus all your free time and then some into learning a new skill first... Best of luck!