If you had $10,000, which of these would you do?
Here are some ideas:
1) Invest in my tiny business (I have a small online t-shirt business that only offers ONE shirt but does rather well. I've thought of adding shirt designs, but it is around $200 per design to add new designs, and it is a big risk if nobody like the designs, but a good return if they sell).
2) Buy a website or a few websites that have a history of generating income (on flippa)
3) Pay towards my car (I owe $18,000 and the percentage rate is pretty bad because of prior bad credit, I think like 11%)
4) Other?
Note - I don't have credit card debt, just the car and an upside down house.
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M$11 Answers
I really would prioritize the car. Next, I would take the $200 per month (again, guessing) and then do one of several things... go ahead and invest, but limit yourself to the $200 per month. You can buy more stock or experiment with the T-Shirt Designs, or buy websites. The trick is to spend money to save money - that would be the $10,000 for the car. Side benefit - after you renegotiate, ask the lender to help with that credit situation. Critically important.
That's a drag about the house - I presume you were stuck with a Short Sale or Foreclosure. Hope you fare better with your car negotiations!
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M$In fact, if you can do so, it may make sense to cash out $18,000 right away from your savings plan and pay off the car loan. You can then divert your current car loan payments to paying back your savings. Consider that the return on paying off the loan early is 11% with 0 risk, while the return on your savings plan is only 5%. Once you've completely paid off the $18,000 you cashed out, you can add the monthly payment to the 10% of your income you currently devote to your savings/investments.
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M$
This is what I would of suggested, but i would also suggest spending a little on a vacation. Not much, just enjoy life while you can!
Not sure what you mean by the comment, but hopefully that was an enthusiastic endorsement of the usefulness of my answer :). If not, please elaborate and let me know what you'd like me to expand on.
I really do like your suggestions, but 1) there is no portfolio, really, just the stock purchase plan, and it is obviously all in one stock that bounces all over the place, so it is already higher risk but a blue chip stock that will almost certainly maintain its value or be worth more at the end of the year. 2) I agree that the money invested in the shirts is minimal, and I should cap this investment amount 3) I do not have the savings to pay the car off. I favor your response, however.
Holy ... wow.
My dos centavos.
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M$
I just think if you invest in your growing business you will shortly have the money needed to do all the other things.
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M$
As for investing money in ther business, let me give you the same advice I just gave a friend: DON'T STOCK ANYTHING. Unless it's a handbeaded design that you're creating, there are places like cafepress.com or spreadshirt.com which will host a store entirely free and produce the items on-demand. Not a penny invested by you except your time, and they give you a base price and you set the profit.
I did it as a joke many years ago, and my (then) wife bought a mousepad with my name on it, and a frie
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M$
I agree but there is a quality control issue with cafe press, very little profit margin (like $3), and the end price for customers is very high (generally $24-29 for a high quality shirt). By purchasing stock, I can offer higher quality shirts, sell them for $15, and STILL make almost $10 per shirt. I also have much more control over quality by using high definition vectors and a local shop that I can hold accountable for any issues... I guess it is simply a risk to benefit ratio, but I definitely see your reasoning.
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M$
Here are some ideas:
I think, the following option is the best (though I'm not a financial expert) as you have stated:
1) Invest in my tiny business (I have a small online t-shirt business that only offers ONE shirt but does rather well. I've thought of adding shirt designs, but it is around $200 per design to add new designs, and it is a big risk if nobody like the designs, but a good return if they sell).
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M$
As for the t-shirt business, maybe do a poll of your current customers, maybe have 3-5 designs and have them vote for the design they like best?
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M$
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M$
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M$http://www.lendingtree.com/auto-loans/advice/refinancing-a-car-loan/how-to-get-a-car-refinance-loan/
http://ezinearticles.com/?Do-Upside-Down-Mortgage-Holders-Have-Another-Option-Besides-Short-Sales?&id=3550934
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M$
Unfortunately, my mortgage company laughed at me when I tried to negotiate anything, and when trying to refinance my car, I learned that I owe more than it is worth, and therefore (like the house) nobody will touch it unless I have a good deal less than the value. Perhaps if I put the $10K toward the car, I could refinance it.
Unfortunately I have always paid my payments on time and have no plans to stop, so there is little I can do at this point, from what I know.
mrnemo my friend is in a similiar or maybe worst position than you with her home . She has not paid her mortgage since 2008 and she got involve in this mortgage reduction program https://www.naca.com/index_main.jsp and her mortgage interest reduced and her monthly mortgage reduced by $2,000.
Thank you so much! From the heart - been there. Hope it's all uphill from here. Best of luck!